Getting S M AR Tlivelikeabanker.com › wp-content › uploads › 2015 › 04 › Eliminate... ·...

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Eliminate Your Income Gap

Copyright 2014 Content and Design, Inc.

Getting S M A R T

• In Session 1 we S tarted with a plan focused onidentifying your projected income needs atthe time you’ll want to stop working.

• In Session 2 we M aximized your AcceleratorMargin so it would be available to capitalizeyour Private Bank.


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Getting S M A R T

• In Session 3 we explained and A ctivated yourPrivate Bank.

• In Session 4 we used your Private Bank toR emove your debts one-by-one.

• In Session 5, we T ransitioned into investinglike a bank.


Getting S M A R T

•And in this Bonus Session we’re going to focuson ways to eliminate the Retirement IncomeGap you probably identified in Session 1.

• If you had a surplus on your Session 1worksheet, congratulations!

•However, this Session will still be profitable foryou.


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•And we’ll start with a question: Is your Gapstill the same?

•The information and exercises in Sessions 2-5may have changed your Gap amount.

•So, recheck your Session 1 figures in light ofany changes you made following Sessions 2-5.

•This will identify your updated Gap amount.Copyright 2014 Content and Design, Inc.

Time to downloadyour worksheet


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•As you see on page 1 of your worksheet, we’retalking monthly incom e

•Retirement is not about a certain amount ofaccumulated wealth.

• It’s about the dependableincome you knowwill be there every month.


•We’re also talking about your expectedmonthly expenses at the time you’ll want tostop working.

• In Session 1 we gave you a spreadsheet tohelp you estimate how much your expenseswould be at that future date.


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•However, in Session 2 we drilled much deeperinto your expenses to expose opportunities forreducing them.

•And in Session 4 we showed you how to useyour Private Bank to eliminate your debts, soyou won’t carry their payments intoretirement.


• In light of these potential changes, you maywant to revisit the spreadsheet of yourestimated retirement expenses from Session 1and revise them downward.

•This will help close your Retirement IncomeGap.


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•As we explained in Session 1, the 2 levers –both of which you control – that willdetermine your Retirement Income Gap:

–Are your retirement expenses.

–And your retirement income.


Let’s start with reducing yourretirement expenses

•Up to this point, all the ideas we’ve suggestedfor reducing your expenses have beenbudgetary.

•However, there’s a higher level opportunity tochange your expense profile, and it’sstructural.

•What am I talking about?Copyright 2014 Content and Design, Inc.

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• In the Bonuses Area of the web page for thisSession there’s an audio presentation titled,“Redesign Your Life.”

• It explores more dramatic changes that couldprovide more dramatic savings, like relocating to aless expensive house or even a less expensivecommunity in a less expensive part of the country.


•Like all the bonus audios in the SMART WealthSystem course, you can listen to thispresentation streamed over the web by justleft-clicking on the link.

•Or you can download the file by right-clickingand saving it, so you can listen to it on anydevice that plays MP3 files.


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•This audio will challenge you to climb out ofyour box again and consider morepossibilities.

•Life offers do-overs, and they can bereenergizing.

•Keep your mind open.


•OK, let’s move on now to closing yourRetirement Income Gap with the income lever,using…

–Your Private Bank.

–A small business.

–A Part-time job.


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We’ll start with your Private Bank

•Regardless of its near-term purpose, theultimate purpose of a Private Bank is buildingpersonal retirement wealth.

•But, remember in Session 1 when we clarifiedthat a given amount of “wealth” is notnecessarily what we’re after.


•We want a retirement incom estream .

•Well, the wealth accumulated in your bank’scash value can be converted to a stableincome stream for a set number of yearsbeginning at a set date.


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•During your free WealthConsultation with yourPrivate Banking Agent, heor she can show you whatyour future income streamwould look like for a givenpremium amount.


Your Private Bank

The size of the incomestream will be determinedby the size of yourpremium, the time leftbefore you’ll need theincome stream to begin,and how long you’ll wantthe income stream to last.

A ge P rem ium

Incom eS tream

w ithdraw als

Incom eS treamloans


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• If you can invest a sufficient premium now,you can completely close your RetirementIncome Gap with this incom estream featureof your Private Bank.

$$$


•To increase your premium amount, you mayneed to increase your income.

•There are definite strategies and tactics thatcan help you accomplish that,

•And I explore them in the audio titled, “ How toIncreaseYourIncom e.”


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• It’s in the Bonus Area on the web page for thisSession.

• In it I examine everything from how to get araise, to how to get promoted, to how to get abetter job, to how to change careers tosomething that pays more.


•Now let’s shift to discussing how to increaseyour retirement income through a smallbusiness of your own.

•The majority of new millionaires each yearmake their money in a business of their own.


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•When you work for someone else, theycontrol your income potential.

•A business of your own gives you control overyour income potential.


• It’s the same when you invest in otherpeople’s businesses through a 401k or IRA.

•The managers of the mutual funds, as well asthe managers of the businesses whose sharesthe funds hold, control your income potential.

•Again, with a business of your own you havecontrol of your income potential.


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•Let’s look at a few ways you could have abusiness of your own:–Freelance/E-lance

–Product or service

–Consulting

–Network marketing

–Join us as a Private Family Banking™ Partner


We’ll start with freelancing

•www.freelance.com

•www.freelancer.com

•www.elance.com

•www.guru.com

•They each offer a lot of useful information andopportunities.


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•However, to offer your skills as a freelancer,you must first have skills to sell.

•You’re essentially selling your skills on theopen market amongst other people offeringsimilar skills.


• If you’re good at what you do, you’ll get customerswho will not only reuse you in the future, butthey’ll tell their colleagues about your services.

• Peruse these sites to see the variety of skills thatcan be sold via freelancing.

• Freelancing can make a nice home-based business.


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• If you have a product or service OF YOUROWN to offer, you can build a profitablebusiness with it.

•However, this is the hardest model, becauseit’s the most capital intensive and can take thelongest time to turn profitable.

•www.entrepreneur.com/


•When beginning this kind of business, it’stempting to start with production sources,facilities, equipment, and the like.

•But the most important thing to determine firstis whether there is a significantm arketforyour product or service, filled with people whowill pay enoughfor it to make you profitable.


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•You also need to identify cost-effectivechannels to communicate with this market.

•As with any business, m arketingis the mostimportant function.

•Without profitable sales happening, you don’thave a business.


OK, how about being a consultant?

•To become a successful consultant, you shouldalready be at the top of your gameprofessionally.

•You should also have business contacts forgaining new clients.

•You’re essentially going from one boss tomany bosses.


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• Good communications skills are essential.–You don’t have to be chatty

–But you do need to be able to effectively market,effectively explain proposed solutions, and effectivelymaintain client relationships.

• www.consultingsuccess.com/

• There are many books and seminars onestablishing a consulting business.


•How about increasing your income with anetwork marketing business?

• It is doable, but you need to know that successin network marketing requires a lot of activityand personal contact.


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• Now that may be right up your alley and fit yourpersonality perfectly,

• But, if a lot of activity and personal contact is notfor you, it could be difficult for you to succeed.

• However, consider that stretching yourselfoutside your comfort zone can lead to expandedopportunities and rewards.


• One last thing…• Forget making millions on the internet in your PJ’s

with network marketing.• It’s a face-to-face, people business.• http://networkmarketingpro.com/• http://firstclassmlm.com/• www.dsa.org/


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•Next, let’s consider a way to increase yourincome with a home-based business you maynot have thought about.

•Becoming a Private Banking agent yourself.

•Watch the video titled, “ JointheP rivateFam ily Bankingteam ” in the bonuses area forthis session.


•Private Family Banking™ is the brand name forour the team of agents who work with us.

•There are advantages to working with us, andit’s a lot simpler than you might think to getstarted with us.


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• We’d be happy to help you each step of the wayand provide weekly online training.

• You’ll be bringing people a powerful financialsolution they won’t likely hear about fromanyone else.

• To find out more, talk to the Private Bankingagent whose contact information is on all theemails associated with this course.


• Lastly, let’s talk about increasing your retirementincome with a part-time job.

• Now this is not, strictly, a solution to yourretirement income needs under the SMARTWealth System model.

• Our goal is to close your retirement income Gapwithout havingto work.


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• However, working part-time in retirement can beas much about socializing and staying active as itis about income.

• In this case, you can be more selective aboutwhat job you take, only doing something you’llenjoy.

• But don’t forget to consider the income’spotential effect on Social Security income limits.


•Once you’ve chosen a path to increase yourretirement income, estimate how muchmoney you’d make with it.

•Then take your estimated netincome and seeif it closes your retirement income Gap fromSession 1.


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• If it does, congratulations! You can retire.

• If it’s insufficient to close your retirement incomegap, rinse and repeat this Session until you’vefound sufficient income streams to close it.

• I’m sorry, but the harsh reality is that youprobably don’t have any enjoyable alternatives.


• At the very moment I was writing this part of thepresentation, a news alert popped on mycomputer. Here’s the first paragraph:

• “More than half the country's pre-retirementhouseholds — 52 percent to be exact — are at riskof being unable to maintain their current livingstandards when they retire, according the Centerfor Retirement Research at Boston College.”


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•So, this is not a drill.

• It’s not a frivolous exercise.

•What you do with what you’ve learned fromthis course, and the ACTION you take withthat information, will literally determine thequality of the rest of your life.


•You may be able to move in with your childrenor other family members if you run out ofmoney, but is that what you’ll want?

•The sooner you can close your retirementincome gap, the sooner you can relax and lookforward to your retirement years.


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•We sincerely hope you have gained life-changing insights from the SMART WealthSystem course.

•We have certainly worked very hard to fill itwith valuable, actionable, and dependablesteps you can take to a much betterdestination.


And don’t forget the Session 6 bonuses

•Audio: R edesignYourL ife

•Audio: How toIncreaseYourIncom e

•Video: Join the Private Family Banking™ Team


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•Thank you for all the time you’ve investedwith us in this course.

•You can always come back and review any ofthe contents, including the recordings of thelive Q&A sessions.


• If we can otherwise be of assistance to you ,contact us by email at:

• [email protected]

•[email protected]

•Thank you and God bless you and your lovedones. They’re your greatest wealth.


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