Uncommon vs Common Incomes

The debate is over. Warren Buffett says retirement planning is like the game of chess, where thinking two moves ahead and making unconventional moves can lead to extraordinary outcomes. Embracing the uncommon retirement strategies that align with your vision will position yourself to be in a position of financial strength for when the retirement game reaches its final stages. Smart advice. So how can you know if your income is common or uncommon? Well, everyone knows that if you have an uncommon income, you'll be required to take uncommon retirement planning advice, right? So let's jump on screen here and let's play a little income game. So would you say that your income is common or uncommon? Let's take a look. Let's play a little game. It's called the income game. And let's see if your income is common or uncommon, or what percentile of American households are you in? Where do you rank? The reason why this is important is because common financial advice requires a common income. Uncommon financial advice or retirement planning advice requires an uncommon income. So let's take a look at this and see for yourself if your income for your household is common or uncommon. Then you'll be better educated as to which advice you can take. So most people, when I go through this game, they say that a common, you know, income at top 50%, you know, of American households is somewhere around $50,000. Top 25, typically people say around $75,000. Top 10% got to be around $90,000. Top 5% got to be maybe $200,000+. And then the top 1% got to be in that $400,000 range. Doesn't really matter what number is in there. We're going to go through the actuals here. 50% of the people in America make $42,184. 25% make $85,853. 10%, $152,321. 5%, $220,000. Actually, we're pretty close there. And the top 1%, pretty close there to $548,000. Here's the percentage of taxes that each of these brackets pay. And so look at this, what's on the screen, and ask yourself the question, is my income common or uncommon? Do I need common financial advice, retirement planning advice, or do I need uncommon financial advice or retirement planning advice? It's a very important question to ask yourself. Okay, so if you're someone who knows now that you have an uncommon income or a common income, then you know it's very dangerous for you to take on a common retirement and financial advice strategy. It goes without saying, if you have an uncommon income, your retirement strategy is going to require uncommon strategies. Hi, my name is Jim Striker, and I help people with uncommon incomes plan for their dream retirements. Now here's something that may surprise you. Common income strategies are are the ones that have you paying off your home as fast as humanly possible so you can rid yourself of the mortgage payment in an attempt to save money in the future. We've all heard this advice before. That kind of common advice may be okay for common incomes, but it will cost you big time if your income is uncommon. I remember an awesome young couple that I recently helped about a month ago. Jeff, he's 39 years old, and his lovely wife is Layla, who's 36., and they have a 2-year-old son Jack and a baby girl on the way. And they both have uncommon incomes. However, they were following common retirement planning strategies, and as a result, they thought they were doing everything right. But after our first meeting, they quickly learned the result of following common retirement planning strategies when they have uncommon incomes. And so they could retire at 67 just like they had planned, but they would run out of money at age 83. And be forced to go back to work. Not good, right? We solved their common retirement planning problem with an uncommon retirement planning strategy so that they're never going to run out of money. We'll adjust that with inflation and taxation. We created an extra $2 million in net spendable cash, and we increased their estate by well over $1 million. Here's the most important thing, though. You can always double-check if you're following common retirement planning advice that could cost you your dream retirement, that could cost you from going from surviving to thriving to retirement by getting the answers to the 4 most important retirement planning questions that everyone must know the answers to if they're serious about a retirement strategy. You're going to want to write these down. Number 1, what rate of return do you need to earn on your money so that your money will last throughout your whole life? What's that rate of return? Number 2, how much do you need to save on a monthly basis while you're still working to have enough to make it? Number 3, at what age does your retirement plan say you can retire at? Number 4, how much will you have to reduce your lifestyle in your retirement to make sure your money's going to last until your full life expectancy? Now regardless if you have a common income or an uncommon income, knowing the answers to those 4 most important retirement planning questions will provide you with the certainty that you are looking for in your dream retirement strategy. I don't know about you, but when I choose to retire, I don't even want to think about reducing my retirement lifestyle or risk having to go back to work because I have to. No way. So what are the big questions when determining a retirement strategy with an uncommon income? Do you want retirement planning advice packaged for the masses, or do you want a custom strategy crafted for you and your uncommon income and retirement cash flow scenario. You want that in mind. Number 2, are you transferring away wealth unknowingly and unnecessarily by implementing common retirement planning advice and strategies on an uncommon income level? Look, there's a lot at stake, and risking it all by following common retirement planning strategies may have you end up running out of money during your retirement or having to go back to work during your retirement, or even worse, being forced to significantly reduce your lifestyle. To meet the needs of a common retirement strategy. So if you're ready to stop listening to the common financial advice, retirement planning advice meant for the masses, consider working with a uniquely trained retirement planning specialist at the Masters of Wealth team. Our retirement planning specialists have the tools, the knowledge, and the training to provide uncommon retirement planning strategies tailored to the unique needs of an uncommon retirement lifestyle. The website link will be below. Look forward to talking to you. Take care.