Today we launched a new season and our first guest is financial wizard, Sarry Ibrahim, who is going to tell us how we can grow older not only with gusto but how to grow our money with gusto!
Here are some of the topics we covered in this episode:
The 3 Keys To Better Understand Money When You Are Younger
- Know your financial self. Become familiar with your current savings, income, debt and average expenses.
- Know your habits; understand how you spend and save money. Identify any previous successful financial projects.
- Understand the concept of opportunity cost; what it really means to save, invest and spend.
What To Do At Each Age To Prepare For The Future
25- 45 Years Old: Accumulation Phase; buy a home or rental property. Grow your savings and pay down debt. This includes 401K’s IRA and Infinite Banking.
45-65 Years Old: Protection Phase; Paying down the majority of debt and increasing your net worth.
60 Years Old+: Gifting Phase; plan on passing on your net worth to the next generation using an estate plan and other resources.
How To Motivate Yourself Prepare for Retirement?
Think of your future self. Consider the tax component of your money.
What is helpful is starting a “forced savings”. It’s like a recurring bill.
What is Wealth Weapon The Ultra Wealthy Use As They Grow Older With Gusto?
Sarry gave the example of a wealthy tech client who decided to put his earnings in a cash value life insurance policy. It’s like a savings policy with dividends, it’s protected from taxes and you can borrow against it.
How can We Make Social Security Work In Our Best Interests?
Make sure its joined with other retirement accounts. Whole life insurance can help not increase your taxes on Social Security.
3 Keys To Financially Grow Older With Gusto
- Live life on your own terms. Dream Big. Visualize what you want financially.
- Get involved in compound growth early.
- Identify ways of protecting your money from risks; economical, market, financial, or legal.