Passive income: making money while you sleep. Sounds great, right? This is the entire idea behind “retirement.” I use quotations, because most people nowadays agree that retirement simply means not having to work — it doesn’t mean doing absolutely nothing (how retirement used to be viewed).
You know the goal-setting basics. You must set goals, and write them down, and look at them daily, etc.. And you know about S.M.A.R.T. goals, right? Goals should be Specific, Measurable, Attainable, Relevant, and Time-Bound. I’m not saying any of that is wrong, but goals won’t get you anywhere on their own.
As I was working diligently on getting the kid’s finance course created, a curious thing happened that halted my progress… I got deployed to the Middle East. That will do it. That actually halts a lot of things. But it’s ok, because the course is still coming in 2020.
38% of US households have credit card debt. 43% of people with student loans aren’t making payments. Most people feel like they could be doing better with their money. In fact, the average American feels like a failure when it comes to finance.
It’s hard to look at retirement statistics and numbers across generations, because of proportionality. Baby Boomers (born 1946-1964) have saved the most, followed by Generation X (1965-1978), and then Millennials (1979-2000). And of course that makes sense because the older you are, the more time you’ve had to save.
When I started reading non-fiction, it seemed like I learned a new concept on every page. Some proved to be helpful in a life-changing way, while others sounded 10x better than reality. There are timeless, classic concepts that everyone can use.