A Golden Goose?
What I learned this week was – While it would be awesome to plan to have a multi- million-dollar income and be able to fly all over the world… in reality ‘if you could replace your current income in retirement without actually having to work…’ is a good comfortable goal to aim for and in fact, by following the right plan, can be easily achieved!
Although, while working, negative gearing can be very beneficial, if you are heading for retirement too heavily negatively geared, you could create a financial noose around your neck rather than finding the financial freedom we all dream of. Firstly, you won’t have your working income to claim any tax benefits against and secondly, you will need to find extra money to pay the shortfall. Again, getting the right advice and having the right strategy in place for this phase of your life can help you avoid this problem.
Some people can feel they have left their run too late. They are looking down the barrel of retirement and know they don’t have enough and don’t feel they can rectify it. Whilst it’s ideal to start this process in your 30’s, wouldn’t it be a huge relief to know that people with 5 to 7 years prior to retirement can still improve their retirement income by putting the right strategies in place as soon as possible. It is all in the planning and strategies.”>
When did you last have your Think Money review? Or as I like to call it a “check up from the neck up” Contact us today if you would like to know more. Remember, knowledge is the key to success.Chat next week, Lynn
Lynn Levitt – Think Money Wealth Coach and Goal Mapping Expert.