Nothing to write home about. As I expected I sat around for a few hours and then hustled my butt off after midnight. I did meet an interesting character who told me that the next time he came in I should wash my hair in rosemary and eat garlic. Whatever floats your boat buddy!
I have several pressing items on my agenda today, so I don’t have time for a long post. Instead, I would like to highlight a post from Kim Kiyosaki’s blog at www.richwoman.com I’m a huge fan of hers and have been gradually shifting from the traditional retirement plan to the RichWoman planning method for the past 3 years.
Everyone has a retirement plan. The problem is, most people don’t have a very good retirement plan.
Traditional retirement plans work on the assumption that you put away money during your working years into a “nest egg” that you live off of when you retire. This plan has some serious flaws:
• You may live longer than you planned for and run out of money.
• You may encounter unexpected expenses that consume your nest egg prematurely.
• Inflation will eat away at your nest egg’s purchasing power, and is difficult to predict.
• An unexpected market downturn (or crash!) can wipe out years of savings in a matter of days.
• The sheer amount of money you’d need to save is staggering.
If you miscalculate in your predictions for your nest egg plan and don’t save enough, you may have to accept a lower standard of living in retirement, or you may not be able to retire at all.
Instead of “nest egg” retirement planning, the Rich Woman method focuses on building cash flow. Investing for cash flow means that your investments make you money continuously for as long as you own the asset. The benefits of cash flow investing are:
• Because you can build cash flow in 10 years or less, you don’t have to wait until you are old to retire. That means more time to enjoy a truly fun and meaningful life.
•You cannot outlive your cash flow. As long as you own the asset and it is managed well, it gives you passive income every month.
• If your expenses go up you can buy more cash-flowing assets to cover them. Saving your money in the short term to buy cash-flowing investments allows you to maintain a prosperous standard of living indefinitely.
•If something happens to destroy your cash flow, you will have the skills and knowledge needed to rebuild your cash flow with new investments. Even in a worst-case scenario where you are starting over from scratch, you can use your financial intelligence to recover in a relatively short period of time. This means that nothing life throws at
you can keep you down permanently!
Even during these uncertain economic times there are good cash-flowing investments to be had. Invest now in your financial education so you can tell the good deals apart from the bad deals out there. Then implement a “retirement” plan that will allow you to “retire” on your own terms!
Suffice to say, I’m much happier today holding my DestinationAvalon asset, my option/futures Trading Company asset, my stripping business, and soon to be re-released Dancerwealth.com asset…than I would be if
I was using David Bach’s Latte Factor method. One advantage of being an entertainer is that I was forced to think outside of the box. Unlike traditional careers where my income increases as I reach middle age…the majority of my income is earned when I am in my 20s and 30s. So I know I can’t follow traditional financial planning advice and win.
Instead, I had to find a way to Strip and Grow Rich. DancerWealth was my first step. I thank Adam Sternberg every chance I get for pioneering that program six years ago. He taught me how to make more money in the strip club. But making a lot of money doesn’t mean squat if you don’t funnel it into the appropriate cash flowing assets that will eventually replace your dancing income.
It took a lot of mistakes, a few failed investments, personal bankruptcy, two decimated trading accounts, and A LOT of perseverence to figure out this path. I’ve been sharing snippets of it with you through this blog. You ain’t seen nothing yet!!!!
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