A Quote by Robert Kiyosaki
The idea of working all your life, saving, and putting money into a retirement account is a very slow plan.
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The truth is, if you are a woman saving 10% of your income for retirement, and you put it in the bank account, your chances of retiring well - living on 90% of your pre-retirement income for your full life - is 0%.
Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
In money, and in life, you are very often your own worst enemy. You promise yourself you're going to diet, then eat not one or two French fries but a whole plate. You decide to really commit to saving for retirement, only to wind up with a new pair of shoes in your closet.
Money isn't everything, but it is when you start thinking about putting money away for your retirement days.
Working hard to earn more money and then giving it away in higher taxes isn't financially intelligent, even if you do put some of it into a retirement account.
Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund. Since your goal is in the future, money for investing belongs in stocks.
If you're just starting out in the workforce, the very best thing you can do for yourself is to get started in your workplace retirement plan. Contribute enough to grab any matching dollars your employer is offering (a.k.a. the last free money on earth).
With money we really fool ourselves. We are our biggest enemies with money and there are some things we can do about it. Automatic deductions are a wonderful thing. But ideally, you should wait until the end of the month, you can see how much extra money you had, and you should put that in your savings account. We don't do that too well, and if we did that, we would never save. So, what we do, is we take money out of our pocket into the saving account at the beginning of the month, take it outside of our control and as a consequence, we spend less and we save more.
Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid.
When you first come in the NBA, you have a lot of conversations about saving your money, financially educating yourself, not just trusting whoever it is handling your money, not just having those meetings once a year, and not really putting the effort into learning the same way you learn your craft on the court.
When you understand that making, saving, and spending money is all based on the thoughts you're thinking and the actions that these thoughts lead to, you can completely transform your reality - and your bank account.
Plan your hours to be productive...Plan your weeks to be educational...Plan your years to be purposeful. Plan your life to be an experience of growth. Plan to change. Plan to grow.
Going through chemo is like investing money in a retirement account. You feel the hit right now, but later in life you get to reap the benefits - by still being alive.
The most important thing in your life is your health and your body. You can have all the education and you can have millions of dollars in the bank, but if you've got headaches every day, if you're fat and you are out of shape - what good is your money? Your health account and your bank account, build them both up!
There are fast ideas and slow ideas, just as there are fast trains and slow trains. When it comes to money, most people are on the slow train looking out the window watching the fast train pass them by. If you want to become rich quickly, your plan must include fast ideas.
The basic idea of retirement income is, to me, to get a check, two checks every month, one from your fixed income and one from equity account. And you want them to grow over time.
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