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Using Debt To Increase Your Net Worth

On a recent trip to Panama, I was surprised at the number of Americans that were living there. Many of them had retired and in some cases, they gave up their American Citizenship because they felt they would be farther ahead tax-wise.

One of the reasons for giving up their citizenship was because the IRS taxes you on your worldwide income. Some of these folks were very well off financially and wanted to enjoy life without paying high taxes. Plus, the cost of living is very low compared to the US.

Brings me to the point of asking when you retire are you going to have enough to live on without compromising on your standard of living? Unless Congress does something, Social Security will be bankrupt very soon.

Also, the majority of retirement programs are underfunded. If you are employed by a governmental agency whether state, county, municipal (fire, police teachers) there is a very good chance that your pension program is underfunded. Don’t wait till it is too late and then you are wondering what to do.

Unfortunately, your pension funding is at the mercy of politicians who are more worried about their pension than yours. Look at Social Security and see what happens when politicians rob it for pet projects.

Social Security (SS) over the years has been a “dip in a pot” for Congress at the expense of you and I. They used funds for everything except what it was meant to be for. They robbed the kitty.

What are you doing to ensure you have enough when you need it? A recent article in Sovereign Man Simon Black outlines how bad things are going to get as Social Security is expected to be broken by 2034. Northwest Mutual released new data that 1 in 3 Americans has less than $5,000 in savings.

When was the last time you checked the financial health of your bank? Is your bank on the watch list with the FDIC? You should check at least once a year. Several years ago, I changed banks because mine went on the watch list.

Most people are living beyond their means. They want the shiny things rather than postponing gratification for the future. If SS is going to be broke in the near future what are you going to do?

Would you like to build your wealth by using notes?

If you do not have a self-directed IRA to accumulate wealth tax-free you should act now. An IRA is a great way to ensure you will have money for the future.

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