A Quote by Sallie Krawcheck
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%.
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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.
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.
If you depend on your company to take care of your retirement, your future income will be divided by five. Take care of it yourself, and you can multiply your future income by five.
Your manner of life now is already determining your life in those years of old age and retirement, without your realizing it even, and perhaps without your giving enough thought to it. One must therefore prepare oneself for retirement.
You can survive your income falling if it's not dramatic. Your income can decrease for a long time before you start living beyond your means.
The idea of working all your life, saving, and putting money into a retirement account is a very slow plan.
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!
Remember life insurance is intended as income replacement to help dependents and or/spouse pay for things that your income would have covered. When you get to the point that you're dependents (Your kids mostly) aren't dependent on your income, you could reduce the amount of life insurance you are carrying.
People look at things differently. Imagine going to a village in Southern Sudan and try to explain to someone there the concept of life insurance or retirement. Go to Vietnam and say retirement. Retirement in another country is your body is too racked with pain and your hands are too arthritic from the life in the rice patty fields, so you can't work anymore. So you move in with your son and his new wife takes care of you because that's how families work there.
Your wealth is the value of your assets - your retirement accounts, your home, the unsold stocks - minus your debts, like your credit-card bill and your mortgage.
Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.
Your retirement comes before your children's tuition. That's because there's no financial aid for retirement, and there's still a good deal available for college.
If you're a wealthy heir with a trust fund, and you sell stocks, make your 10% gains since Donald Trump, and then you buy other stocks, you can avoid paying taxes. And if your accountant registers your wealth offshore in a Panamanian fund, like Russian kleptocrats do - and as more and more Americans do - you don't have to pay any tax at all, because it's not American income, it's foreign income in an enclave without an income tax.
Focus on all four of your net worth factors: increasing your income, increasing your savings, increasing your investment returns, and decreasing your cost of living by simplifying your lifestyle.
Your income is a direct reward for the quality and quantity of the services you render to your world. Whatever field you are in, if you want to double your income, you simply have to double the quality and quantity of what you do for that income. Or you have to change activities and occupations so that what you are doing is worth twice as much.
If your employer pays your health insurance, that's not counted as income to you. And any economist would say that's your income, because they'd pay a higher wage if they didn't take it. That's a huge loss to the Treasury.
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