financial planning and budgeting

Miss Money Sense: Will you retire in the 1%?

Miss Money Sense: Will you retire in the 1%?

By Teneshia “Miss Money Sense” LaFaye

When I was 24 years old working in my dream job at my hometown newspaper, I received an email that changed my life forever and sent me on a journey to make sure I retire rich.

The email included four statistics: 63% of the people who begin working at age 21 and retire at age 65 will depend on the government, family, friends and charity, 32% are dead, 4% are well off, only 1% are rich.

This was right after I found out from a co-worker that our newspaper job wasn’t offering a pension when we retire. I had planned on working on that job into my 60s. But I quickly starting thinking of alternatives after finding out there was no pension and that most workers my age were headed down the road to retire broke.

So now more than a decade later, I can happily say that I am well off by building three businesses that offer multiple income streams and will most definitely help me to retire rich. But just as important, I am teaching others how to achieve wealth and multiply it to retire rich.

My hope is that this article inspires you to stop the insanity of overspending and not saving or investing enough or stop working on the same job that doesn’t make ends meet. If you want to be among the 1% who retire rich or the 4%  who are well off, you have got to take control and make a plan. Find ways to earn an extra income. Start a new business. Meet with a financial advisor to create a plan to invest for retirement.
Last week, I had the pleasure of speaking in front of hundreds of college students in a national campus activities conference, and I was able to share with them my story of receiving the email in my early 20s and several of them stated that they are going to retire in the 1%.Which group are you going to retire in? The broke, the well off or the rich?

Teneshia LaFaye is a former award-winning newspaper journalist and a nationally certified financial education instructor. She owns a health insurance agency and has written two books, What My Mom Taught Me About Money and Mom’s Money Lessons, available on her web site www.mytensense.com. Get her FREE daily money tips to work on improving your financial mindset by “liking” her MissMoneySense page on Facebook.

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