We’ve been talking all week about the need to shift our approach to personal finance and retirement planning. The Age of Paper Wealth has ended… and what worked reasonably well the last forty years is not likely to work well going forward.
Yesterday, we dived deep into the art of asset allocation. And we pointed out that if we want true financial security, a robust asset allocation model is how we get it.
If that narrative shifted your perspective, brace yourself, because today we’ll be challenging a deep-seated notion even further. The entire idea of retirement.
When we say ‘retirement plan’, what’s the first thing that comes to mind?
For most, it’s a magic number. Maybe it’s $1 million. Maybe it’s $5 million. Maybe even more…
We’ve been conditioned to believe that if we can just hit our number, we’ll be able to retire early and finally be free from the job. We can hit the golf course in the morning and lounge by the pool in the evening.
But I have to ask… Have we ever stopped to question the very foundation of this idea? Is it really necessary to compartmentalize our life like this?
Let’s consider Mike W. for a minute. Mike was the very first member of our investment membership The Phoenician League. In fact, Mike helped me pioneer the approach we advocate within the membership.
Starting from nothing, Mike built a passive income stream of over $4,000 monthly. All in just a few years—using our approach to “retirement”.
Translate that into a yearly figure, and we’re looking at over $48,000. That’s not eye-popping. But it’s nothing to sneeze at either. Who wouldn’t want an extra $48k coming at them every year?
Plus, Mike’s just getting started. He will continue to grow his passive income year after year after year.
Now, if Mike had utilized Retirement Inc.’s magic number approach, where would he be today?
That of course would depend on how his financial portfolio performed—which we can’t possibly know. But what we can know for sure is this: with their approach Mike would have no passive income today.
Then if Mike needed to tap into his retirement funds, he would have to sell some assets and pay taxes on the proceeds. Talk about a fragile model. You can only do this so many times before you’re out of money. Then everything you spent your life working for is gone.
But with passive income streams, the concept of ‘running out’ becomes obsolete. As does the entire idea of retirement.
This isn’t just theory. It’s a revolution in financial planning.
The concept of retirement is rooted in an era gone by. It’s based on a time when pensions and fixed incomes were the norm. What’s more, it was designed to kick old people out of the work force to make way for the next generation of workers.
In our current economic climate, with its uncertainties and volatility, wouldn’t it be wiser to aim for continuous streams of income, rather than banking on a lump sum that might or might not last you through your sunset years?
That’s not to diminish the importance of savings. But imagine a scenario where instead of chasing a magic number, you cultivated multiple streams of passive income. In this narrative, ‘retirement’ isn’t an end-goal but rather an ongoing journey of financial stability and growth.
It’s about changing gears from saving for retirement to investing for income. With passive income, the concept of retirement fades away. Instead, we witness the dawning of financial freedom, where you’re not bound by age or a set figure in your bank or brokerage account.
Now, this shift in mindset doesn’t come without its challenges. It requires guidance, mentorship, a network, and above all, action. This is where The Phoenician League shines.
We’re not just about information; we’re about transformation. And implementation. Our model helps members transition from the conventional to the revolutionary. Our network and community provide the tools and support to make this shift seamless and profitable.
Remember, many of our members, like Mike W., have started building passive income within just a month or two of implementing our approach. You could be one of them.
As we gear up to open our doors to the wider public next month, a window of opportunity presents itself for those who seek a different path—one where retirement isn’t the destination, but financial freedom is. If you want to be part of this revolution, now’s the time.
Join our waitlist today at The Phoenician League Membership Platform to lock in today’s rates. We’ll be in touch very soon.
-Joe Withrow