Everyone wants to be successful, rich and retire earlier, and fulfill life-time dreams like traveling around the world or surfing on Hawaii all year round or… you get the idea.
But not everyone can… So, why is that?
There are over 250 million people in North America who work hard yet live paycheck to paycheck with a tiny chance of saving a reasonable amount of money for the future, be it a large one-time spending or a vacation, not to mention retirement.
The truth is practically any of us is capable of saving money to get an additional $200K to $500K for their retirement. To achieve this goal two basic things should be done, namely 1) being disciplined in personal financial planning and daily spendings, and 2) investing these daily savings efficiently and wisely.
Just think of this, saving every month $300 and investing it at 7% of annual growth brings you $353K in thirty years or $746K in forty years. With $500 extra monthly saving the amounts are doubled! So, if you’re in your mid-twenties or early-thirties, and you’re following these simple rules of wise personal financial management, it’s absolutely doable to get an additional half-million dollars at the time you’re going to retire.
The question is how to save that $300 (or $500, or at least $100) monthly, and what is efficient and wise investment, as many of us had not been taught that. This is why we designed WealthLab, a tool that can help you automatically build and stick to your personal monthly financial goals and your daily spendings, and enable you to invest your daily savings with the highest possible rate.
Based on your past and current purchasings, WealthLab builds your personalized and itemized purchasing/spending lists and then provides you with reminders, notifications and recommendations about when and what to buy, or the opposite, to prevent over-spending. On top of that, WealthLab business partners offer you personalized discounts or cashbacks for using their services. That all results in more disciplined and wise money management, and ultimately brings you extra few hundred dollars monthly.
Once having these “extra dollars” handy, you choose between multiple options as how to spend them. You can throw a party, buy a new phone or a bike, put them onto your savings account, hoping to get enough by the time of your summer vacation. Or you can invest the money yourself or via one of your financial partners. And here is when WealthLab comes on again offering you to join a group of millions of individuals who prefer getting reasonable high rates (5%-12%) to what banks traditionally offer (0.5%).
To sum it up, getting an additional half-million dollars at the time of retirement is absolutely doable, however it requires right financial habits and behavior, as well as easy-to-use yet smart and powerful tools. WealthLab provides you with the latter while helps you nurture the former, to move you a few steps closer to fulfilling your dreams. As Gary Vaynerchuk says “If you’re not dreaming big for yourself, who’s doing it for you?” – well, we are…
Be wealthier,
WealthLab Team
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