When you look at what we’ve been told to do financially, and you look at where we are as a society, something is clearly not walking! Today Patrick Donohoe and guests talk about their overall strategy for financial security and prosperity: The Perpetual Wealth System. The Perpetual Wealth System has three major stages, usually (but not always) taking place at different points and ages in a person’s life.
The first stage of the Perpetual Wealth Strategy is growth. The growth stage is about accumulating money, accumulating savings, and keeping your money safe from the fluctuations of wall street, and hopefully out of 401(k)s.
The second stage of the Perpetual Wealth Strategy is income. It’s incredibly common as people grow older for them to realize that living off of their savings is an incredible stressful and sometimes even non-existent option. The solution to this problem is to find some way, whether through starting a business or through real estate, to maintain income into our retirement.
The final stage of the Perpetual Wealth Strategy is legacy. The legacy stage is about insuring a future for your children, and about finding out the best ways and things that you can do with your money to leave something meaningful behind when you go. As much as we all want ourselves to be financially secure, we want our families to be financially secure even more, and leaving a proper legacy is a great way to insure that they are.
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