How To Avoid A Diet Of Cat Food In Retirement

Winning In Life : How To Avoid A Diet Of Cat Food In Retirement

This week on Winning In Life, Angus Pryor the #1 Google-ranked dental marketer in Australia will be sharing with you how to avoid a diet of cat food when you retire.

How to avoid a diet of cat food in your retirement. Well, I can tell you this cat food is delicious. Thank God, it’s not cat food. But here’s the thing. There’s been a number of studies done that have shown that in retirement, and number of pensioners actually eat cat food does that horrify you?

If you’re watching this, and you’re a person who’s working, maybe you’ve got a business, whatever the case may be, the idea that what you’ve got to show at the end of your life is a budget that extends to eating cat food just horrifies me. And the data in relation to there was a study done it was the Bureau of Statistics data that looked at a bunch of people, they’re all have the same kind of wealth and health at age 25. And then they looked at, you know, where they could expect to be at age 65.

Now curious, about a quarter of them were going to be dead by then that’s a bit morbid. One out of 100 was going to be wealthy, I think it was five out of 100, we’re going to be comfortable, another 25%. That was 24%, we’re going to be dead about another 25%, we’re going to be needing to continue working at age 65 to put food on the table. And then almost half. And this is a strange alien data from the Australian Bureau of Statistics, almost half of the group, we’re going to have to rely on some form of welfare to make ends meet.

And I just looked at that and went that’s ridiculous. Like, how can that be? I mean, for most people, even, you know, a fairly basic job where you’re getting, let’s say, $25 an hour, that’s about 50 grand a year. You know, if you work for 20 years, that’s a million dollars that you’ve earned during that time. And of course, the big problem is that people, they play pretty good offense, they earn good money, but they play bad defense, and they spend a lot.

So I just worked just to something that really occurred to me. And the one person that I’ve seen that’s done a really good job of describing as a way to avoid that is a guy called Dave Ramsey. And here’s his simple system. Step one, put $1,000 in an emergency account. And he said, almost no matter what you’re earning, you want to have it because it’s really the emergencies that cause us to sort of come a Cropper.

Step two, use what he calls a sort of I forget the term, but it’s basically a way of paying off any debt except for your mortgage. And what you do is you pay the smallest debt first, then you use that that funds to pay the next debt. And of course, there’s no interest now, you know, and so it’s this sort of cascading system. Then after that, you want to put three to six months’ salary in an account, and that’s for emergencies. And then you start investing so there’s a pretty simple strategy for avoiding a diet of her cat food in retirement.

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