The Retirement COLLAB Blog

No matter how old you are, it’s never too early to start planning for retirement. However, while there are many different elements to this process, it helps to break it down into a few core components. Today, we’re going to cover how to plan for the top three expenses in retirement. 

Making sure that you have enough money to last through your golden years is imperative. No one wants to run out before it’s time. However, it’s not just enough to worry about sources of income during your retirement. You also need to plan how you’re going to be spending that money. 

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Chain of Wealth podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast talking with Denis and Katie. They have an awesome podcast that talks about all things personal finance and they just recently reached over half a million downloads….CRAZY!

As the old saying goes, money doesn’t grow on trees. However, if you pay attention to some people’s spending habits or online pictures, it can certainly seem that way for them. These days, it’s never been easier to be jealous of everyone else, particularly if you’re on a tight budget. 

But why do we think people have more money than us? What’s really going on here?

We have some super exciting news around here at NextGen Wealth. We have taken our trademarked financial planning process, The Financial Freedom Blueprint®, and turned it into a do it yourself online course.

So, if you’re the do it yourselfer type when it comes to your personal finances, you now have a financial planning process laid out for you that will take you through every step of the way.

What kind of legacy are you going to leave when you die? If you haven’t pondered that question yet, now is the perfect time to start. If you have money or any property that you want to pass on, it’s well past time to get a plan in place for when the inevitable happens. 

However, when it comes to estate and legacy planning, you will want to include your children in this process. It may be tempting to try and figure everything out on your own, but it’s often much better to keep them involved. 

Whether you’re a first-time real estate investor or an experienced veteran, you can always do a little bit more to maximize profit in your investment properties. Here’s how you can get the most bang for your buck. 

Fix-and-Flip for Cheap

One of the most common types of investment properties are fix-and-flip properties. For the uninitiated, a fix-and-flip investment is when you buy a house that’s undervalued, most of the time because it’s old and run-down. You purchase it at a cheap price, fix it up and make it nice—thus improving its value—and then you sell it to make a profit.

Long term financial planning is not an easy task. You have to consider a myriad of potential setbacks, changes and opportunities that will arise over an extended time period. It can be exhausting to map out your plans, but still more draining to do what you need to do when sticking to those plans. 

Fortunately, once your plans are set you can put them out of your mind unless there is a major life transition. It’s those transitions that are the hardest to plan for financially.

We’re headed for another recession. At least, that’s what people are saying, both on the news and elsewhere in the media. However, with an economy that’s thriving right now, where is all of this recession talk coming from? 

While we’re not going to dive into the many variables that are included in modern economics, one element that has financial analysts shook is the inverted yield curve. However, outside of stock exchanges and broker offices, chances are that you don’t understand what this curve is and what it means for the economy. 

The newest version of the iPhone just came out, and it seems like all of your friends are getting it. The latest console has just been unveiled, and your buddies were some of the first to buy it. Does this sound familiar? 

These days, it seems like more and more people are participating in “conspicuous consumption.” Back in the ‘50s, this was referred to as “keeping up with the Joneses.” The Joneses were a well-to-do family that always had the latest appliances and vehicles, and they forced everyone on the block to catch up to their level. 

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 60's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 60's. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.