Accumulating Wealth:
| John Rukosky of Rukosky & Associates |
We believe there is a critical difference
between our firm and others that
perform only financial planning: while
others will refer you to a tax advisor
after having designed a financial plan
for you, at Rukosky & Associates
Financial Group Inc. you are
consulting with a tax accountant, so
we know your plan will succeed.
between our firm and others that
perform only financial planning: while
others will refer you to a tax advisor
after having designed a financial plan
for you, at Rukosky & Associates
Financial Group Inc. you are
consulting with a tax accountant, so
we know your plan will succeed.
Contact us:
508 Driewood Court
Raleigh, NC 27609
Office: 919.781.9319
Mobile: 919.906.4234
Fax: 919.791.0990
Email: john@rafginc.com
Raleigh, NC 27609
Office: 919.781.9319
Mobile: 919.906.4234
Fax: 919.791.0990
Email: john@rafginc.com
Accumulating wealth, as you are about to see, is a relatively easy thing
to do, and the following article provides many details for you. But, there
are many traps to avoid and many considerations to make along the
way. The key is planning your accumulation and distribution. For that,
you will want to consult a tax and financial planner to succeed.
to do, and the following article provides many details for you. But, there
are many traps to avoid and many considerations to make along the
way. The key is planning your accumulation and distribution. For that,
you will want to consult a tax and financial planner to succeed.
From the time you were a child, you understood the secret of building
wealth. Disagree? Recall whether you had a penny jar. Or, a drawer full
of things you collected. The secret is simple: save. And now that you
are an adult, and someone pays you to work, we’ll just replace “saving”
with the phrase: “Pay Yourself First.”
Unfortunately, Americans, at their core, are consumers, not savers. We
are taught to compete, and that means buying things. With the advent
of technology, we have been taught to replace (about every three years)
to remain current. And, then, of course, there’s just good ole’ fashion, “I
want it.” We spend…and spend…and spend. Consider that consumer
debt, as of June, 2007, stood at $2.4 trillion dollars.
So, your first challenge is to re-orient yourself: Pay yourself first. Here
are some reasons to consider doing it: (1) Social Security will only
replace about 20% – 25% of your current income when you retire. (2)
Credit is tightening. Significant down payments for home purchases will
more than likely be necessary again. (3) Those of you in your thirties
stand to live until you are at least 85 years of age, meaning that you will
need savings to last you about fifteen years longer than it did for your
mother and father. (4) It is estimated that one out of two of us will use a
long-term care facility sometime after we retire. The cost today is about
$70,000 per year, and the average stay is about two and one-half years.
(5) Since you spent your children's inheritance, your children may not be
willing to support you when you run out of money! (Just kidding…but
maybe not).
Best Regards,
John Rukosky
wealth. Disagree? Recall whether you had a penny jar. Or, a drawer full
of things you collected. The secret is simple: save. And now that you
are an adult, and someone pays you to work, we’ll just replace “saving”
with the phrase: “Pay Yourself First.”
Unfortunately, Americans, at their core, are consumers, not savers. We
are taught to compete, and that means buying things. With the advent
of technology, we have been taught to replace (about every three years)
to remain current. And, then, of course, there’s just good ole’ fashion, “I
want it.” We spend…and spend…and spend. Consider that consumer
debt, as of June, 2007, stood at $2.4 trillion dollars.
So, your first challenge is to re-orient yourself: Pay yourself first. Here
are some reasons to consider doing it: (1) Social Security will only
replace about 20% – 25% of your current income when you retire. (2)
Credit is tightening. Significant down payments for home purchases will
more than likely be necessary again. (3) Those of you in your thirties
stand to live until you are at least 85 years of age, meaning that you will
need savings to last you about fifteen years longer than it did for your
mother and father. (4) It is estimated that one out of two of us will use a
long-term care facility sometime after we retire. The cost today is about
$70,000 per year, and the average stay is about two and one-half years.
(5) Since you spent your children's inheritance, your children may not be
willing to support you when you run out of money! (Just kidding…but
maybe not).
Best Regards,
John Rukosky
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