This week, retirement expert David Alemian looks at the concept of Mastermind Groups and how they can contribute to the success of your retirement planning.
How can you know you’re making the right financial decisions? The answer is… get educated!
Unfortunately, there is a mountain of financial information available on the Internet, and most of it is conflicting. For every positive article you read about one thing, there is a negative article about the same thing. After a while, it all becomes a blur.
Here is a fun way to educate yourself and your colleagues at the same time. Form a mastermind group based on the mastermind principle found in the book Think and Grow Rich, by Napoleon Hill. I personally love the unabridged audio version. You can get it online and download it to your smartphone. You’ll want to get a hard copy of the book too, and have everyone in your group do the same thing, so that you’re all in sync together.
The goal of your mastermind group will be to formulate a retirement plan. Get together with four to eight of your friends and colleagues, and meet twice a week. Make a commitment with your group members to continue meeting each week until you reach your goal. Start your group with a discussion on the Seven Retirement Killers: taxes, inflation, market losses, major medical illness, a late start to saving, college for your kids, and the death of a breadwinner. Examine each of the retirement killers and explore the various retirement vehicles available. Discuss in your group if the retirement vehicle will help you avoid the retirement killer. You will eventually come to your own conclusions on what is the best retirement savings vehicle for you. You can then find a financial advisor to set up the retirement vehicle you have chosen.
The purpose of your group is to educate yourselves to the point where you and your group members are self-reliant enough to make the right financial decisions on your own.
I'd really be interested in hearing about the results of your group, because I already know it's going to be amazing.
If you have questions, send an email to David@TheAlemianFile.com.
One last thing, I have a special invitation for you. On Wednesday, March 30, at 8 pm Eastern/5 pm Pacific, my friends at Next Generation Trust Services are presenting a live webinar on self-directed IRAs. I’ll be on the webinar, too, talking about the Seven Retirement Killers. We’ll have a live open question and answer period, and you can ask me any question about retirement you like. It’ll be a great opportunity for us to interact together in a live open forum.
Absolutely, make sure you come back here next week to Physician’s Money Digest for another edition of The Alemian File.