Tag: Wealth
Acute Wealth Advisors has tips on spending in retirement
user 0 Comments Tips for Retiree's
So you’ve save save save your whole life and then it comes time to retire and you’ve got to start spending that money down well for many baby boomers spending that cash isn’t as fun as they thought it would be Matt Deaton of acute Wealth Advisors he is here this morning to explain and Matt is one of the valleys leading financial advisors he and his partner Damon they have a weekly retirement radio show and they help folks prepare for retirement and Matt it’s it’s mind boggling really when it comes time to actually go out and spend the hard-earned money that you’ve worked hard for you said that some people can’t do it they’re they’re fearful why well part of its they’ve they’ve developed habits of saving their whole life and now it’s time to start spending I’ve got this client that I’m working with right now she had hurt us at one of our workshops and she came in and she was currently being with her advisor once a month because she was so worried about her money she had just retired she didn’t know what to do and as she talked and she talked through these things I found that she was basically paralyzing or spending she just really didn’t know what to do she I told her I said you have some investments but you don’t have a financial plan you don’t have a plan for how you’re gonna spend this money and so you’re really really scared about it oh yeah and so so we’re working with her to kind of put that plan in place so that she can you know and she doesn’t have to meet with her advisor every month right and be worried about this that she can go out and enjoy retirement all right so how do you suggest that those folks out there who might be like her how do they overcome their fear well I think there’s a couple things number one I think knowledge is power the more you can understand about a subject the better and so we believe when we sit down with someone to educate them and teach them and so we spend the first few appointments just talking and educating about those the other thing that we have started to do is we’ve started to do these college courses okay so we hold these courses that’s a community college close it’s two nights it’s for two hours each night so it’s not long it’s not extended but it’s enough time to go into depth on these classes in this subject so that people can now own their finances because now they can learn about fees they can understand how to analyze their statements all these things that people get petrified and worried about that cause the issues when they were and so this to our class it’s two nights for two hours it’s a I mean are we you’re teaching us basically how to spend so we’re taking notes oh there’s a workbook we’re gonna teach people how to maximize their social security so the first thing we’re trying to teach people is how to get the most out of their money okay but then once you understand that you’re gonna know okay this is the money I need to set aside for the income I’m going to need ten years down the road but this is the money money I can spend now so I can have some fun while I’m young and I’m healthy and I can move and I can go on the cruise and all the things you’ve been doing so it’s it’s a it’s a course that just starts from the basics and builds on them alright so after we finished this two-day course you’ve given us a plan of action our distribution plan do you suggest that we update that oh absolutely so just because you go to the one class or just because you’ve sat down with a financial advisor at one time you cannot just stop there you need to continue to develop and make changes to that because things are gonna change your health is going to change your spending is going to change and so you need to make adjustments to your financial plan and I would have to imagine that after they have this plan that they the fear is lifted a little bit absolutely because again instead of just having investments you have a plan and so if you’re an emergency and you have a plan a lot of the fear goes away you know what you’re supposed to do that class and go gosh darn it I gotta get out there and enjoy my retirement well that’s all probably overwhelmed and and excited well she’s turning to become more excited you know she’s been overwhelmed she’s been fearful now she’s starting to get where she’s like okay I can really enjoy the travel I don’t do it I can do it and I think that you know that fear is normal because we’re not getting the income anymore so we don’t want to stop our current lifestyle right great information well let’s give you some information let’s to give you the tools that you need to enjoy retirement if you want to learn more you can attend that upcoming two-day educational course that we were just talking about hosted by acute wealth advisors there are two courses that you can choose from in October now one is going to be held at Mesa Community College the other at Glendale Community College and if you call in the next thirty minutes you’re going to receive 50% off the tuition for that course so it’s half off four eight zero six two zero six nine zero seven is the number to call spaces filling up so be sure to reserve your seat today acute wealth advisors they have offices across the valley for your convenience learn more by visiting acute wealth advisors dot-com
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How to Replace a $70,000 a Year Salary with Real Estate Investments and Rental Property
user 0 Comments Retire Wealthy Retirement Planning
How can I replace $70,000 a year in annual income with rental properties that is the subject of today’s video hi everyone I’m Clayton Morris the president of Morris invest let’s dive into it so how do we replace seventy thousand dollars a year in annual income with passive income with rental property income from tenants every month providing cash flow from the properties that we own you might think that that sounds like a tall order but it’s not and I’m going to show you how simple it can be to actually replace that annual income you know a little story about me that’s in fact how I got started I was frustrated sitting down with my wife one night I said we were frustrated with our bills and I said how come at the end of the month where we still have more bills to pay and we don’t have enough paycheck to cover it aren’t we doing well what are we doing wrong the problem was that we weren’t putting the money to work for us to start creating cash flow in our lives and creating passive income so I put together and it was really the foundation of my freedom cheat sheet it’s the number that changed everything for me by the way that link you can download a free pdf it’s like three pages long sit down with your husband or wife and go through it totally free the link is right below this video and it’ll walk you through step by step with some numbers and figures on exactly how to figure out how many houses it will take for you to recover that annual income but I want to tackle the $70,000 question specifically most of the houses that I buy and that my company rehabs and sells are in that forty to forty five thousand dollar range okay single family homes two bedroom one bath three bedroom one bath and some duplexes okay duplexes or you know door on each side typically and two bedrooms on each side or three bedrooms on each side those are the types of properties that I buy now I buy them low and I fix them up and I place a great tenant in the property each of those properties will cashflow about $700 let’s just say for round number $700 okay now think about how much is $70,000 a year how much are you probably making per week well let’s bring out the calculator so $70,000 a year let’s divide that by 52 weeks that’s about thirteen hundred and forty six dollars a week that you are earning from your paycheck okay thirteen hundred and forty six dollars a week so now let’s figure out how many houses it would take us to replace seventy thousand dollars a year in passive income seventy thousand dollars right it’s a simple formula if each of our houses is bringing in seven hundred dollars a month that’s a simple formula right seven hundred times 12 gives us $8,400 okay now let’s take that 70 thousand dollars and let’s divide it by eighty four hundred that’s eight houses that is eight point three properties eight houses bringing in seven hundred dollars a month now imagine if you’re buying a forty thousand dollar house if you had to bring a little bit of money to put down as a down payment or deposit you were able to reach out and get private financing or seller financing on a property then you’re able to accrue these properties very quickly now some of the things I didn’t talk about in this video and I can dive a little deeper now that we always want to take out money for for vacancy and repairs on our numbers right so that eighty four hundred dollars a year let’s multiply that now times point six so we’re gonna remove forty percent for vacancy repairs and expenses this is just to be totally conservative with your numbers so let’s take that eighty four hundred dollars and let’s multiply that times point six so we’re bringing in about five thousand and forty dollars per property per year okay so now let’s take that five thousand and divide it by seventy thousand so this will be a totally conservative number but this will help us really make sure that we’re totally covered should something go wrong maybe we have a vacancy for a few weeks or a month or two in one of our properties this will take in that into account so seventy thousand dollars let’s divide that by five thousand forty that gives us thirteen point eight properties so let’s round that up fourteen properties fourteen properties would bring you about seventy thousand dollars a year in net income that would replace that $70,000 paycheck that you’re making every year then in other videos in this series I’m going to go through exactly how to find properties how to acquire properties but just for the sake of this video I wanted you to start to put your mind in a place where you can begin to reverse engineer that number for a lot of people you don’t think that you’re going to be able to create passive income or bring in that much cash every year hogwash I do it hundreds of thousands of other investors out there do it every day they do it exactly the way that I do it some buy residential properties some buy commercial properties it doesn’t matter it can be done that’s what I do I’m Clayton Morris
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