BiggerPockets

Money Management

Friday, August 13

It's one thing to be making tons of money. That's already pretty tough to do. It's a completely different ball game when it comes to keeping it. Now that's an even more difficult task to accomplish. 

There's a reason why most lottery winners never keep their wealth. It's simple. They were never meant to be wealthy to begin with. They fail to understand how to make money grow and to save it. They were never trained to maintain and grow their income. They don't realize they can use their money to make more money! 

Now if you believe the 401K or IRA is going to be the key to your retirement success, you are just like the lottery winners. Sure you are making it big right now, but what about when the income stops. Where is the money that you are going to use? It's in the retirement accounts right? But how well is that doing? 3% at best? Inflation roars in America at 4% so every year you are loosing wealth! 

Now if you are looking to take control of your wealth and your financial future, grow your wealth. Better yet, grow it tax free. Make sure you keep track of your dollar. Don't just let it sit!

Comments

1. 

   Bryan Hancock Reply
   almost 2 years ago

   Yeah....I think most of the folks on this site are pretty familiar with self-directing their funds to grow them. That is the beauty of this site!...Learning from others.

2. 

   Greg B. Reply
   almost 2 years ago

   I do agree Michael. I let someone have control of my 401k through 2001. They lost 50%of my money but they still got paid. I pulled my money and began self directing. I figured, hell, I can lose 50% of my money and not have to pay someone for the effort. I have be doing alright since taking over.

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