Financial Literacy: The Key to Retirement Success
Financial literacy is an important skill that many Americans lack. This blog looks at the consequences of this lack of knowledge and how it affects retirement plans. It also looks at how to improve financial literacy and ensure a secure retirement.
Clint Murphy
I simplify psychology, success and money by sharing advice from millionaires, expert authors and my life.
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I read a few sad statistics recently.
— Clint Murphy (@IAmClintMurphy) June 8, 2023
30% of Americans can't retire until they're 80, and life expectancy is 77
Roughly 40% of Americans think winning the lottery is a good retirement plan
I thought of these two statistics when my Dad texted me today... pic.twitter.com/rWiv2jmMHw -
• Financial Literacy
— Clint Murphy (@IAmClintMurphy) June 8, 2023
I come from a family like many of you.
We didn't have money growing up and nobody taught my parents or their parents about money and financial literacy.
Without sufficient knowledge, my dad falls into the trap of so many people.
He plays the lottery... -
• Preying on the Poor
— Clint Murphy (@IAmClintMurphy) June 8, 2023
Lotteries prey on vulnerable people.
Those most likely to play the lottery regularly are typically:
• Poor
• Largely minorities
• And often drug addicts
Lotteries are a Regressive Tax which place a greater burden on low-income earners. pic.twitter.com/P9tPciMfKz -
• Get Rich Quick
— Clint Murphy (@IAmClintMurphy) June 8, 2023
Another group that preys on the poor are Fake Financial Gurus...
The Jet Renters and Lambo Loaners sell people:
• Pyramid Schemes
• Get Rich Quick Schemes
The Bottom Line is there is no Get Rich Quick.
Financial Literacy is about getting rich over time. -
• Complex Made Simple
— Clint Murphy (@IAmClintMurphy) June 8, 2023
Finance is simple.
It isn't easy, but it's really, really simple:
1. Earn more
2. Spend less
3. Invest the rest
This account is here to help you Live Better, Achieve More and Become Financially Free.
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• Earn More
— Clint Murphy (@IAmClintMurphy) June 8, 2023
Too many in the financial independence community focus on spending less.
Long-term, it's better to grow your earnings:
• get a raise
• start a new job
• generate side income
There's a limit to what you can cut.
There's no limit to what you can earn. -
• Spend Less
— Clint Murphy (@IAmClintMurphy) June 8, 2023
You will not become wealthy by trying to look wealthy. That is a path to the poor house.
You need your money working for you.
Spend less than you're making and invest:
• as soon as you can
• as much as you can
• as consistently as you can -
• Invest in You
— Clint Murphy (@IAmClintMurphy) June 8, 2023
The greatest investment you'll ever make is an investment in you.
This is why I told my dad, I am MY LOTTERY TICKET.
I am focused on what I can control and will get rich by increasing my:
• Skills
• Network
• Luck Area
• Knowledge
Every Day, Better. -
This thread has been a "brain dump" to help you understand there is a better financial independence path than the traditional story or the lottery.
— Clint Murphy (@IAmClintMurphy) June 8, 2023
If you found value, please:
1. Follow @IAmClintMurphy
2. Retweet the 1st Tweet:https://t.co/7T7Tx8EPCV -
That's a wrap.
— Clint Murphy (@IAmClintMurphy) June 9, 2023
It doesn't have to be.
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