Personal Financial Success Blueprint pt5 - Max out retirement. E130: Talking Money in the Morning LIVE!
Most people don't realize that the American economy is split and have 2 sets of rules. One set is for employees and another set for business owners and investors. If you are ever going to achieve real personal financial success you'll eventually have to learn to play by the rules of the wealthy. Wealthy people, play on the side of business owner and investor.
Part 5 of our Personal Financial Success Blueprint encourages us to max out our retirement contributions. In part 3 we established the habit of investing and got our knowledge up in the subject. Part 4 we paid off most of our debt which feed up more of our money to invest. Now we want to take it to the max. As a master of your cashflow, a mini emergency fund in place, having a better understanding of investing with minimal debt now is the time to contribute the most we can to our retirement accounts. That's up to $24,000 in a 401K plan as an employee or up to $6500 in an IRA. However, if you're a small business owner or self employed you can contribute up to $54,000 into your investment account without penalty.
So again winning or losing financially comes down to the particular set of rules you're playing by. As for me and my family, we're going to play by the rules of the wealthy! Check out the replay of Talking Money in the Morning LIVE below. Be sure to leave a comment and let us know what you think.
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Talking Money in the Morning LIVE E130
Financial Success Blueprint pt 5
Max out retirement account
Daily Book Excerpt: Today's excerpt came "The Millionaire Next Door by Thomas J Stanley, Ph.D. and William D Danko, Ph.D.
Daily Book Excerpt Sponsor: This could be your website or link. Advertise with us here! Your support of our sponsors is greatly appreciated. We do earn a small commission with helps us keeps the lights on continue to bring value to the working class!
This months book list: My personal goal is to read 5 books per month.
See the books on the list for the month so far. Your purchase of these books through my affiliate link earns me a small commission which helps in the production of the show so by investing in yourself you're investing in me too.
1. Overcoming Time Poverty - Bill Quain, Ph.D
2. The 21 Day Financial Fast - Michelle Singletary
3. Are You Fired Up? - Anne Whiting
4. Think and Grow Rich, A Black Choice - Dr Dennis Kimbro
This Months Book List is sponsored by: Best Services Unlimited LLC
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