Will you be in the 92% or the 8%?

[Road2Riches]

I heard a statistic that said that 92% of people will be broke or almost broke at the age of 65 years old and only 8% will be financially set.

That doesn't balance to well. So I got to thinking that I want to be in the 8%. And in order to do that I am going to be commiting myself to my business and investments now in order to be financially free and won't have to worry about being broke at 65 years old.

It's sad when you see these older folks working at Publix or somewhere bagging groceries or greeters at Wal-Mart. It's not because they want to, it's because they have to because social security is not something they can live off of. And not to mention the cost of insurance and the cost of medication or those who are taking care of their children or grandchildren.

So my question to you guys is ----Are you going to be in the 92% or the 8% when your at your retirement age.

I would like some feedback, what do you think about this?

[Muddy]

I want to be broke.

[Road2Riches]

I'm so sorry to hear that Muddy...being broke is no joke

[young-entrepreneur]

it's pretty obvious we all want to be financially set when we are 65 years old.

i think the question you really need to ask yourself is "how am i gonna stay on top of things during the years towards my old day?"

some of you may think "ah, don't worry, i know html, so i can build and manage websites until i'm 65, making money off of them".. the truth is, innovation and new technology will get tougher to keep track of when you get old.. and there's gonna be newer things that will replace html (or any other skill you might have).

remember asking yourself how those 13 year olds manage to create fantasic games in flash, while you are in your early 20's and don't know the first thing about it..

just my 2 cents, i'd love to hear your opinions.

[Road2Riches]

I'm not relying on my online business solely to becoming financially set. With money, it's not how much you make it's how much you get to keep.

I am pretty money savvy and I keep track of my spending and savings. After reading Robert Kiyosaki's book "Rich Dad, Poor Dad", I started to understand the different ways you can have your money work for you. So the money I make from my business I want to use that Extra money to make more money either by investing in to mutual funds or properties. These kind of activities and having these investment portfolios will maximize your net worth and keep me from ever getting into debt.

My goal now is to save money in order to buy my first home. Either to live in then sell or rent out within 5 years after building value or equity. A friend of mine who is 23 has done this and made over $100,000 after selling one of his properties and is making a residual of about $1200 from a couple who is renting his duplex.

I'm also learning more about the stock market and how it works and the benefits of mutual funds.

I'm all about being financially set and not having to live paycheck to paycheck like my parents did. Or working for someone else for the rest of my life and them telling me when to come to work, when to leave, how much i'm getting paid, and when I can take my vacation. I prefer to be my own boss and to make all those decisions above on my own.

So for the meantime, I am determined to working my online business in order to supplement and eventually replace my current job income so I can concentrate on what I want to do in life.

[Road2Riches]

"remember asking yourself how those 13 year olds manage to create fantasic games in flash, while you are in your early 20's and don't know the first thing about it.."---young-entrepreneur

Umm...that really isn't my area of interest. But I do acknowledge and congradulate those young kids who are able to use their God-given talents in order to do that.

[NeeJam]

I'll keep this short and sweet by the time im 65, i'll have been already finacially set for a while before that

[Road2Riches]

I like that, that's good thinking. That's a good goal and a good way to look at!!

[jpmorgan13]

at 65, many elderly try to give away all their wealth so that they can be considered "poor." this is so they can get the goverenment to pay for all their health expenses through medicare/medicaid. the "poorer" you are on paper the more the government will give you. this is why lots of older folks give to charity, put property in the names of other, etc.

i have a feeling this is why the 92% stat is flawed!

it could also be because many plan on using just social security as their primary form of income while retired and have neglected to save.

[NeeJam]

I like that, that's good thinking. That's a good goal and a good way to look at!!

Thanks You for your comment

[akula]

I heard a statistic that said that 92% of people will be broke or almost broke at the age of 65 years old and only 8% will be financially set.

That doesn't balance to well. So I got to thinking that I want to be in the 8%. And in order to do that I am going to be commiting myself to my business and investments now in order to be financially free and won't have to worry about being broke at 65 years old.

It's sad when you see these older folks working at Publix or somewhere bagging groceries or greeters at Wal-Mart. It's not because they want to, it's because they have to because social security is not something they can live off of. And not to mention the cost of insurance and the cost of medication or those who are taking care of their children or grandchildren.

So my question to you guys is ----Are you going to be in the 92% or the 8% when your at your retirement age.

I would like some feedback, what do you think about this?

Ok...

1) The statistic you're referring to is taken out of context and is often manipulated by snake oil merchants for their own gain.

The original stistic refers to 99% of retired people having average incomes below the median wage for the population as a whole.

This makes sense because people in retirement need less money: their children have left home and their mortgage is paid off.

So don't freak out. People are not destitute when they retire.

2) You're talking about money here and how to have lots of it. The golden rule of money management is "it's not what you make, but for how long you keep it".

Sure, it's important to throw around ideas on how you're gonna make a quadrillion dollars - but do realise that there are plenty of ex-millionaires out there. There are a lot of people however, who make average incomes but have exceptional habits which lead them to accumulate vast wealth over time.

3) It doesn't matter what decile you're in. As science has proven, pursuit of what you're talking about leads to severe unhappiness.

[chadwick]

Wow, the reasoning about the large percentage of "failure" is used by some to try to pretend that network marketing is not a viable answer for financial freedom...AND YET, we find that most people fail financially IN GENERAL. So let's quit guys!

[Road2Riches]

Lol Chadwick. It's either quit or keep doing what your doing?

One of my favorite quotes is:

"Winners never quit, and Quitters never win"

[Jerimi]

Akula just stole my thunder of saying the stats are way off lol

The misuse of stats should be a crime! Ok maybe not, but think these things through before you believe numbers simply because they are...... numbers.

[Muddy]

Also I would like to comment on this stupid poll. Its like saying do you want to be rich when you grow up or homeless?