The title of this post comes from the book I just finished reading entitled “Retire Inspired: It’s Not an Age, It’s a Financial Number” by Chris Hogan. Chris Hogan is part of Dave Ramsey’s financial team. If you are not familiar with Dave Ramsey, you need to get familiar with him. While you may not agree with everything financially that he talks about, if you agree and can start practicing just a few strategies, you will be better off in your journey through life.
Some people feel like you should start working towards retirement in your 40’s and 50’s. This is far, far from the truth. By the time you are in your 40’s and 50’s, if you do not have a retirement strategy it will be very hard for you to have your dream retirement. We, as millennials, need to start working towards our retirement NOW. This book starts at the budgeting phase of your financial journey because this is the key: BUDGETING. I had a previous post about this. If you do not have a budget, you will spend too much money than you bring in and you will fail. It might not be immediate, but somewhere in your journey it will happen. Before you start investing heavily into retirement (15% recommended or higher), you need to become debt-free (minus the mortgage if you have one). I recommend the Debt Snowball method if you need to become debt-free. Stay persistent, it takes time but it will happen.
After Chris Hogan goes through the budgeting phase, he discusses the different investment methods for retirement. I won’t go into a lot of detail because it does get specific, but I encourage you to read it. This book is simplified as much as possible, I believe, while still providing a good, precise method for getting to your dream retirement. There might be some parts of the book that could get a little boring, especially if you are not as into the accounting and math aspect, but I would encourage you to press on towards the end.
In this book, Chris Hogan mentions finding out what he calls your R:IQ number. This will help you determine how much money you would need to have your dream retirement. You can find out your R:IQ number at: https://www.chrishogan360.com/. I would also encourage you to seek an investment/financial adviser. When you go get your R:IQ number, you will be able to find investment advisers that are Dave Ramsey endorsed.
Keep pressing on towards your financial goal.
Originally published at Simple Words.