MICHAEL JORDAN, KYLIE JENNER AND TAYLOR SWIFT...
They all have three things in common:
Imagine if you did too.....
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Planning for the financial future helps people in many ways, including improving their ability to set goals, budget, save, borrow wisely, invest, manage risk and taxes, plan their estates and more. People who create financial plans are better able to reach their life objectives, make major purchases, provide for children’s education, retire comfortably and handle emergencies. Financial planning reveals reality, imposes discipline and exposes people to potentially helpful strategies they may not have considered.
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How much money do you need to retire in Canada?
While $1.7 million is a big number, it’s possible to retire in Canada on that amount, if you start an RRSP early in life and contribute to it every year.
If you’re just starting out on the long road to saving for retirement, you may have heard about BMO’s recent poll, which found that Canadians say they will need $1.7 million to retire.
Because of inflation, according to the press release, that number is 20% higher than it was in 2020, when it was $1.4 million. You’d have to put away $42,400 every year in a registered retirement savings plan (RRSP) for 40 years (between the ages of 25 and 65) to reach $1.7 million. That’s more than double what even top earners are allowed to contribute. But, as you can see below, if you start saving in an RRSP early enough, you won’t need to save nearly that much each year.
How to save $1.7 million for retirement
Certainly, I sympathize with the Canadian Millennials or Gen Zers feeling discouraged by such a huge number. At a 4% rate of return (ROR) a year, $17,000 a year in RRSP contributions for over 40 years should get you to $1.7 million. And, as I wrote on my blog, my quick-and-dirty take assumed a 4% ROR, either from fixed income (such as guaranteed investment certificates, a.k.a. GICs) or Canadian dividend-paying stocks. Those assumptions may seem unduly conservative.
With an annual 4% ROR, $17,000 annual RRSP contributions should get you to $1.7 million over 40 years. But if you invest in your 20s, you won’t need to save anywhere close to that much because of compounded investment returns that are tax-deferred inside an RRSP. Because of the added value of time in the invested money, even the modest 4% compounded annual investment returns will, over the course of 40 years, get you to the retiree’s promised land.
7 REASONS TO BECOME AN AUTOMATED ENTREPRENEUR
REASON #1
YOU WORK ANYWHERE, ANYTIME.
THERE IS NO CLOCK TO PUNCH. NO ONE TO REPORT TO.
REASON #2
YOUR PAY EQUALS THE VALUE YOU DELIVER…
NOT THE HOURS YOU WORK.
REASON #3
YOUR WORK CONSISTS OF CONNECTING WITH PEOPLE ON YOUR LIST.
YOU MIGHT CHOOSE TO CALL THEM, TEXT THEM OR EMAIL THEM.
EITHER WAY, YOUR MAIN TASK IS TO CONNECT EVERYDAY.
REASON #4
YOUR REVENUE INCREASES WILL BE BASED UPON YOUR COMPANY’S MONTHLY PROMOTIONS,
WHICH WILL BE CREATED AND PROVIDED FOR YOU.
REASON #5
YOUR COACH TEACHES YOU WEEKLY SUCCESS STRATEGIES.
YOU LEARN… WHILE YOU EARN.
REASON #6
THE SUPPORT TEAM WORKS WITH YOU TO CREATE, LAUNCH AND MANAGE
AUTOMATED SOCIAL MEDIA MARKETING PLATFORMS.
IT’S ALL DONE FOR YOU. JUST PLUG AND PLAY!
REASON #7
YOUR INITIAL EFFORTS CATAPULT A SERIES OF 24 DIFFERENT EXCLUSIVE PROGRAMS
POTENTIALLY GENERATING 7-FIGURES OF PASSIVE, RECURRING INCOME!
SAY GOODBYE…
TO THE 9-5!
SO, WHAT’S YOUR NEXT MOVE?
COMPLETE THIS SHORT SURVEY.
WE WILL CONTACT YOU TO HELP YOU BOOK A PRIVATE ZOOM CALL,
WHERE WE WILL ANSWER ALL YOUR QUESTIONS AND GUID YOU TO YOUR NEXT STEP.
YOUR DECISIONS TODAY, FORGE YOUR FUTUTRE TOMORROW.
Mowing the lawn
Time is a very elusive quality. We each have the same amount of time and yet how we use it is very different. How successfully we use the time we have determines our level of success – whether financial, spiritual, or emotional.
four freedoms
Financial freedom—having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family—is an important goal for many people. It also means growing a nest egg that will allow you to retire or pursue any career you want—without being driven by the need to earn a certain amount each year.
Unfortunately, too many people fall far short of financial freedom. Even without occasional financial emergencies, escalating debt due to overspending is a constant burden that keeps them from reaching their goals. When a major crisis—such as a hurricane, an earthquake, or a pandemic—completely disrupts all plans, additional holes in safety nets are revealed.
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SIDE HUSTLE BENEFITS
Nowadays, it seems like Side Hustles are the new hobby. And why not? Everyone likes a little extra cash in their pocket, especially if it’s from an activity they enjoy. Whether a Side Hustle involves using your tech skills to help people set up their computers or selling photos you take cute pups, it can be a great way to build an additional revenue stream.
What Is a Side Hustle?
A Side Hustle is a job or work, in addition to full-time employment, that helps boost an individual’s monthly income. It can involve ways to make money from home (say, as an online tutor or writer) as well as a part-time job outside the home.
Maybe you do some pet-sitting when people in your town go on vacation. Or perhaps you have a Sunday gig as a barista. Or maybe you hunt for treasures at local yard sales and resell them on eBay or Etsy. These are just a few examples of Side Hustles, which will vary based on a person’s skills and interests.
Side Hustles have become popular in recent years, perhaps spurred by the rise of the Gig Economy, with many people doing freelance “gig” jobs. In fact, one recent survey found that about one in three Canadians has some kind of side hustle going, and that most were started in the last three years.
Interested is starting a Side Hustle?
WWW.AutomatedEntrepreneur.ca/Business/IGNITE
SPARK A NEW FUTURE
Letting short-term financial goals, as well as midterm and long-term, is an important step toward becoming financially secure. If you aren’t working toward anything specific, you’re likely to spend more than you should. You’ll then come up short when you need money for unexpected bills, not to mention when you want to retire. You might get stuck in a vicious cycle of credit card debt and feel like you never have enough cash to get properly insured, leaving you more vulnerable than you need to be to handle some of life’s major risks.
Even the most prudent person can't prepare against every crisis, as the world learned in the pandemic and many families learn every month. What thinking ahead does is give you a chance to work through things that could happen and do your best to prepare for them. This should be an ongoing process so you can shape your life and goals to fit the changes that will inevitably come.
Let’s chat about how we can help you launch a new chapter…
Visit us @ www.automatedentrepreneur.ca/plan
EVERYBODY WANTS TO BE WEALTHY
Few people know how to go about getting Rich.
Despite the confusion, FOUR PILLARS have become evident:
First, the younger you start, the better.
Second, you must never stop learning!
You must become an aggressive student of wealth.
You must learn the Rules of Money.
GETTING A JOB FOR LOSERS
GET YOUR MONEY RIGHT
THE ONE WITH THE PLAN RULES THE WORLD