Social security is the biggest ponzi scheme every invested and for those of us between the ages and 25 and 55, we’d ought to be worried whether the system will even be there by the time we reach retirement age.
Saving is good, but most people don’t make enough income to be able to save their way to a healthy retirement. In order to retire wealthy, you need to go INTO debt. If you want to become a millionaire and you aren’t already making millions, you need to borrow, not save. I know that may sound unconventional, but most of the wealthy got that way by leveraging through debt. Ask Donald Trump.
Do you realize if you bought just a million dollars worth of real estate and just paid it off, you’d be a millionaire? In this market, it’s only about 4 or 5 houses in most markets. And, with inflation, that means the values will also go up, meaning you so will your rents. In other words, you don’t have to necessarily adjust your strategy for inflation, it will do so automatically for you.
Debt is not always a bad thing, if you are using it properly for leverage. Once you master the leverage principle, you will become wealthy and retire better than 95% of Americans.
