Wealth Building DNA

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Category Archives: Plan For Retirement

Why It’s Time to Retire the 401(k) or at Least Insure it

Stephen Gandel, writer for Time Magazine recently did an article on “Why It’s Time to Retire the 401(k).”

Here’s part of what Stephen said…

“The ugly truth, though, is that the 401(k) is a lousy idea, a financial flop, a rotten repository for our retirement reserves. In the past two years, that has become all too clear. From the end of 2007 to the end of March 2009, the average 401(k) balance fell 31%… In what must seem like a cruel joke to many, the accounts proved the most dangerous for those closest to retirement.”

Yup, he’s got some good points here but does he have a solution? The fact is, nearly half of all Americans have a 401(k). Some financial experts say most Americans don’t contribute as much as they could, thereby leaving free money (from the matching amount employers contribute) on the table. Although that may be true, in this economy I’m guessing some people who put their money somewhere besides a 401(k) are probably grateful they DIDN’T contribute to the max!

Planning for Retirement with 401(k)s
The sad thing about this retirement tool is that most people do not know how to use it properly. The average 401(k) is about $35,000 right now. Not exactly retirement utopia. And the irony is that every time we take our meds, get that surgery, and add a few more years to our lives we make our original retirement strategy a little weaker. The funds might run out before we do.

The 401(k) Solution
In his article, Gandel suggested something that my business partner, George Antone and I have been saying for a long time. He suggested insured accounts might offer part of the solution. George and I have been teaching for years that the proper combination of investments and the right type of life insurance instruments can create tax advantaged environments and make guaranteed returns a lot easier.

The ERISA Industry Committee (ERIC) is a group that represents our nation’s largest employers. In Gandel’s article he states that they have proposed to the government, a system of exchanges that allows individuals the ability to buy a guaranteed retirement account on their own. And… I believe this type of retirement plan flexibility will require the use of insurance instruments to be effective.

When American’s stop counting on their employer or Uncle Sam to plan their future, they will finally see the benefits of long-term financial planning. There is a place for 401(k)s but that place is inside a solid, well thought out, wealth building strategy.

If you’re tired of depending on anyone else to plan your retirement, join us at our next Infinite Wealth System workshop and take charge of your financial future!
Here’s Stephen Gandal’s Time article.

Learn more about our Connector Coaching calls and start taking all your legal tax deductions and planning a retirement strategy that will last as long as you do.

Have a prosperous day.

Gabby Huguenin
Wealth Coach

208-263-7202

P.S. If you are planning for retirement, looking at saving tax money, or just trying to create a new plan for total financial freedom, call me! There is no charge for your initial consultation. Watch this video to learn how to grow your money in a tax advantaged environment:

Disclaimer:
This information does not constitute a complete description of all or any one aspect of financial planning. There is no offer to sell or buy any financial product in this video or on our website. Please consult with a qualified financial, legal and/or tax professional before investing or modifying any aspect of your taxes, assets or finances. This information is strictly educational.

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Money, Taxes, Assets, what are we doing to prepare to rely on ourselves in this financial climate?

Faith is not always enough to Save the Day: sometimes re-evaluating how we approach things is necessary.

There is a famous saying: if it’s not broke, don’t fix it. Sounds logical doesn’t it?! However, when applied to our finances or business success that point of view can sometimes lead to complacency. That, as anyone knows, can spell out a slow and painful death of all we have worked hard to achieve.

People are so busy that they don’t take time to look around them and really notice what is happening to their financial health, life, money, retirement, assets, and taxes!

Looking outside of our current list of advisors can sometimes yield unexpected results. In addition, if we begin to edge a little further out and explore some new ways of thinking or approaching an old subject something amazing can happen. We can find that what we needed was sitting here all along.

You want advisers that have a VESTED interested in your financial health and are in it to win it with a win / win playing field.

I have a long term friend of mine, whom I consider family, has elderly parents with failing health, the bills have been piling up, and their attorney has instructed them to keep their assets in their names, and let their children fight over the assets upon their death. Why do you think that is?? It is simply because the attorney will earn more money for himself by letting the assets go through probate upon their deaths, and then the heirs will be left with not only the pain of losing their parents, but the pain of paying the estate taxes, probate tax, and losing the things that they grew up with.

How to turn that corner is often the hardest step to make. It means acknowledging that what has worked so well in our wealth building journey for so long no longer has the horsepower to work. It means acknowledging that our financial education is a little rusty, and our long-held goal of financial independence is slowly slipping away,

In fact, financial freedom may have completely gone off the tracks. Avoidance of this fact is easy in the short term. Unfortunately in the long term, it will mean that our retirement has often been eaten up by shoring up our current situation or our hard won assets are now at risk.  Not such a pretty picture is it.

However, there is a point of view – a skill set – available to everyone who believes their family, business, retirement, assets, tax planning and every other aspect of their lives is worth protecting. It is when you recognize that you need help and that help can come in the form of an advisor or wealth building coach.  If you think of any successful sports person or team, wealthy person or business you know they have at least one top-notch coach they can depend upon.  You can have the same level of commitment as well.

Try looking around for the coach (and their approach) that will work best for you. Look at their references, past track record and important information that backs up all their claims. For instance, if they talk about saving money on taxes: just how much have they saved and can they prove it? How do they protect assets? What is their proposal for long term financial health for you and your family? Is it customized to YOU personally? Is it able to be implemented? Will your advisers be able to support it, and does the IRS and laws of the nation we live in support it?! All of these things are very important when choosing the right wealth building coach for you.

Have a prosperous day!

Gabby

Plan for Retirement While Planning to be Here

Does your plan for retirement include you being there, fit and fine? I got a lot of feedback from my students yesterday on a few of my simple wealth building, health building tips so I thought I would add a few more.

If you want to see your retirement planning efforts pay off then you’ve got to take care of yourself in the meantime! We always talk about estate planning, establishing asset protection strategies and creating wealth in a tax-advantaged environment but we don’t always talk a lot about our health!

You need to be strong and healthy to enjoy the fruits of your financial labor! Here are a few more health tips/wealth tips that we all need to be practicing by the time the retirement planning process ends and the retirement living begins!

Breathe to Achieve!
Too many of us live on caffeine while operating on high stress and low energy but the truth is, you’ll achieve more when your stress level is low and your energy is high. By learning to calm your nerves with focused breathing throughout the day you’ll have more energy, a lot more fun, and maybe make a lot more mun!

•    Let go of stress before a meeting starts by asking everyone to take just a minute or two to close their eyes, relax, and concentrate on relaxed breathing. Do the same thing for yourself when you are alone and about to start the next project.

•    “Slow down and breathe” is not a metaphor. Actually slowing down and taking a few extra deep breaths every hour refreshes the mind and re-energizes the body.

•    Be aware of your breathing throughout the day and actually focus your breathing on “inhaling all that is good” and “exhaling all that is not.”

Manage the Snack Attack
Snarf down some donuts and coffee and you’ll be flying high for an hour or two but unless you get another sugar fix soon, you’ll hit the wall hard! Having balanced energy throughout the day assures higher productivity, more pleasant communications, and a lot less stress! Here are some snacking tips to keep your energy up and the stress levels down:

•    A great snack in between meals is a combination of raw or dry roasted nuts (for protein) and some fresh fruit (for healthy carbohydrates and natural sugars). It might be an apple, walnuts and light cottage cheese or non-fat low-sugar yogurt.

•    Avoid so called energy bars on the market that boost energy with massive sugars, artery clogging fats, and excessive carbohydrates. Avoid snack bars that use sugar alcohols. Sugar alcohols are a major reason many people cannot stomach most energy bars on the market today.

•    Make sure your snacks are tasty and enjoyable. Keep healthy snack options convenient and available at all times so you make healthy choices. Carry only snacks that include a balance of high quality proteins, healthy fats, and energy enhancing carbohydrates. The best snacks are natural. Fruits, nuts, and veggies!

Start Your Stress Reduction Action Plan Now!

There is no time like the present to implement a plan for change! If you are planning your retirement and haven’t included your health maintenance strategy, this might be a good day to start!

Wealth without health is not that much fun!

Have a prosperous day!

Gabby Huguenin
Wealth Coach
208-263-7202

P.S. Total financial freedom doesn’t have to be hard but it does take a little effort. But we’ve made it a lot easier with weekly classes, one on one wealth coaching and all kinds of audios, videos, and books to help you create your wealth building action plan. Have a question? Call me!