David Hawkins is passionate about giving everyone, young and old, the benefit of his investment experience. And if you're a young person, David especially wants you to hear what he has to say. You have time on your side, so investing small amounts of money in dividend-paying stocks can lead to great wealth as long as you're disciplined and keep feeding the investment money machine.
In other words, if you avoid spending your money now on immediate gratification, you'll thank yourself later.
In this episode, he talks about the dos and don'ts of IRAs. Should you put your money into an individual retirement account or is there a better way to save for the future? Listen and find out.
David is the author of Ask the Mailman: A Simple Plan of High Yield Stock Investing for Uncommon Wealth. The book is available on askthemailman.com and Amazon.
Ask the Mailman —Retirement Accounts
This is At Home Radio, a welcoming space for conversation, insight, and stories that help us master our financial destinies.
I’m your host Kate Jones here with my friend David Hawkins, author of Ask the Mailman: A Simple Plan of High Yield Stock Investing for Uncommon Wealth.
David, welcome back!
The last times we were together, we talked about home ownership and the different types of home loans. In today’s episode, we’ll talk about retirement accounts — what to do and what not to do.
Great topic, David. Everyone wants to accumulate enough money to be able to stop working someday.
So my first question is: There must be right ways and not-so-right ways to go about saving for retirement. Please talk about that from your own experience.
I always wanted a job that provided a pension. That didn’t happen.
Once I realized that wasn’t going to happen, I asked myself: How am I going to have enough to retire on?
I’ve outlined how compound interest makes stock investment a winner to get financial freedom.
My retirement accounts are still growing because of compound interest.
They will continue to grow even though I am taking money out.
That’s the key: You don’t want to outlive your money.
Please give an example.
If you’re a 20-year-old who is saving $500 for 15 years, you will have more money than a 40-year-old who saves $1,000 until retirement That’s twice as much.
This is the value of a fast nickel vs. a slow dime. Compound interest!
An example of why high yield dividend is the surest way to financial independence?
Today’s young people have the potential to be wealthy beyond imagination. Instead, they will be in financial duress because they spend money they don’t have.
My goodness, David, that’s a powerful statement. What will we cover in our next episode?
Do you need an IRA? I was a charter member of the IRA. Ronald Reagan started this program in 1980, and my take on this may surprise you.
Can’t wait! Thank you, David!
In the meantime, to order a copy of Ask the Mailman: A Simple Plan of High Yield Stock Investing for Uncommon Wealth, visit askthemailman.com. David’s book also is available on Amazon.