Leaving a Legacy

Baby step 7 build wealth and give. To me this baby step is about molding a legacy while alive and after death. If you follow all the baby steps in order you will have more money to give. Money to give in the present. Money to give in the future. Money to leave after death. Look at the potential in the pictures.

This picture illustrates that a 25 year old that saves $433 a month at 12% interest will have about 4 million dollars at retirement at the age of 65. If the individual arrives at at 65 with 4 million in retirement and withdraws 2.5% for his/her living expenses that generates an income of 100k a year. (After the first year you can just withdraw a 100k a year instead of the 2.5% and you'll have further growth) Remember they are debt free. House paid off, they don't owe a dime. Can you live off a 100k? Of course you can! Here is the legacy building part.

If you let your money continue to grow in the same funds the growth after retirement is huge. At retirement you no longer have an income from employment. Since you are taking 2.5% out of the 12% you make that means the remaining funds grow at a rate of 9.5%. Lets say the individual lives from 65 to 90 well within the reach of healthy person. Look what happens to that 4 million in 25 years. It turns into 36 million dollars. I could build a school or two with that type of money while still changing your family tree. You now have a goal to strive for. Take control of your money otherwise your money will control you!

"The desire to accumulate wealth is an original affection of our nature, implanted there by our heavenly Father for noble ends." Ellen G. White

If you have questions don’t hesitate to ask here. Take charge of your money!

Your biggest cheerleader on social media,

Gio Marin

P.S. Day 336 please pray for the 7.2 million goal for 2020


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