We often feel an urgency to start saving for retirement at a young age. “Start saving in your qualified plan (401k) now or you won’t have enough money for retirement!” Maybe we should change our thinking and accept that the economy is changing, and what worked for our parents and grandparents might not necessarily work in this developing economy. Join Daniel Ameduri, https://www.futuremoneytrends.com/ (of Future Money Trends), and WTR as we discuss why having a passive income could be what you need for building wealth and living the life you thought was merely an illusion, and what you can achieve if you adapt to living in the present.

Ingenious tactics to accumulate wealth, for people who see things differently.

Daniel Ameduri

Website:https://www.futuremoneytrends.com/ (https://www.futuremoneytrends.com/)

Facebook:https://www.facebook.com/FutureMoneyTrends/ (https://www.facebook.com/FutureMoneyTrends/)

Twitter:https://twitter.com/FutureMoneyTren (https://twitter.com/FutureMoneyTren)

YouTube:https://www.youtube.com/user/FutureMoneyTrends (https://www.youtube.com/user/FutureMoneyTrends)

Notes:

Kevin: Daniel is the author of the new book “https://www.amazon.com/Dont-Save-Retirement-Millennials-Financial-ebook/dp/B07TVW1JPH (Don’t Save for Retirement)” and the founder of https://www.futuremoneytrends.com/tag/daniel-ameduri (Future Money Trends)

Clearly, you tend to think outside of the box. What inspired you to get to where you are today?

Daniel: I’ve always had a fascination with money

Unfortunately, when you make a lot of money in a bubble when you’re young, you’re destined for a blowup which happened to me

Kevin: Robert Kiyosaki says “The poor way of thinking is ‘I can’t afford that’, whereas the wealthy way of thinking is ‘How can I afford that?'”

Daniel: The biggest thing that you can to cut spending is moving (either out of state, out of the country, or to another part of the state you reside it)

Can reduce the expenses by about 50%

Buying for cash flow instead of buying for appreciation

Most retirement savers are just speculating and hoping things go up, but my book focuses on how you can rethink that

If it doesn’t bring you a check don’t buy it

Kevin: I find it interesting in you saying not saving for retirement because typically, when people are talking about money in terms of retirement, people say they’re going to save for retirement and put money into their retirement savings account, which usually is a 401K or another IRA

We make a distinction when we talk about money where you have two tanks for money

Investment tank that has risk (you could lose money)

Savings tank that is relatively safe

If you put your money in a 401K or an IRA, it’s in a mutual fund and in the market, meaning it has risk (not a savings account)

Daniel: So many people don’t know what they’re invested in and they continue to hope that it pays off

It’s time to start asking ‘Is this even working?’

According to VanGuard, the median account holder who is 65+ with a 401K is only $58,000

Kevin: How could you survive with $58,000? For most people, that would get them by living a minimal life for approximately 2 years or so

Daniel: It is very minimal. Perhaps they’re dependent on social security now

You wonder what the lost opportunity was that they had just bought something that would pay them a dividend or pay them a yield, let’s say whether they’re investing in real estate or maybe they want to buy a single family home

Kevin: I’m assuming that you would invest those dividends back in maybe to another property or expanding into other investments?

Daniel: It depends what stage of the game you’re at

If you’re young and you have great active income then go for it

Later in life you may decide you want to use...