IRA Financial’s Adam Bergman is excited to share details of his new book, “Seven Figures by Seventy,” a comprehensive, yet easy to read, book about how almost everyone can amass at least $1,000,000 by the time they reach retirement.
IRA Financial founder and president, Adam Bergman, has already authored seven books about retirement planning, self-directing and taxes. “Seven Figures by Seventy” is the eighth book he has written. This one focuses on the main aspects of retirement savings and how anyone can be a millionaire when they retire. You just need to follow the three main tenets: Start early, be consistent and trust the process.
What is Seven Figures by Seventy?
His previous books all focused on one subject each. Topics include the Self-Directed IRA, Solo 401(k), Roth IRA and the Rollover Business Startup Solution (aka 401(k) Business Financing). However, this book is a more general look at retirement planning. This is not specifically about those looking to self-direct retirement funds into alternative assets, such as real estate. The book focuses on the simple math that is retirement saving. The earlier you start, the more you are able to contribute, the bigger your balance will be for when you retire.
It’s not about what types of investments you make. Historically, the markets return six to ten percent annually. Obviously, there are down years and, even better, up years. So long as you are investing in something, you are on the right track. Of course, if you are interested in nontraditional investments, self-directing your retirement plan is ideal.
The two basic concepts of retirement planning is the powers of tax-deferral and compounding. All funds saved in a retirement plan grow unhindered. You do not pay taxes each year on the assets held in an IRA, 401(k) or other plan. Traditional plans offer an immediate tax-break and taxes are deferred until you withdraw during retirement. On the other hand, Roth plans do not offer an upfront break since they are funded with after-tax money. However, all qualified distributions are tax free!
The younger you are and the earlier you start saving, the better off you are. The book presents this concept in two ways. First, you as an individual and saver. You should always pay yourself first. Put aside funds so that you can retire some day. Secondly, you need to pass along this information to your family, friends and especially, your children. Give them the knowledge that many of us didn’t have growing up.
Excerpts from the Book
We wanted to share a few excerpts from the book to illustrate how easy the concept is:
The “Seven Figure” strategy can be employed by anyone, especially millennials because of their age. For millennials, which consist of individuals born between 1977 and 1994, the ability to generate retirement wealth is made easier and more attainable due to the many years the account can grow tax-deferred until the individual turns 72. It doesn’t matter what type of job you have or whether you work a full-time or part-time position. The “Seven Figure” strategy will work. It will help your family build tax-free generational wealth and turn yourself, children, grandchildren, and very likely their grandchildren into multi-millionaires just by starting to employ the “Seven Figure” strategy.
A quote from Albert Einstein:
The “Seven Figure” strategy is not something I developed or designed. It’s actually based on what Albert Einstein has called the eighth wonder of the world – tax deferral and compounding returns. As Mr. Einstein so eloquently stated, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
and one last one:
The good news is that in this case, winning the lottery ticket does not involve any luck whatsoever. The outcome is, in fact, pretty much guaranteed. However, winning the lottery will take some financial sacrifice, which may not be small for everyone, but is definitely achievable at some level for everyone. And let us not forget it will take patience, patience, and more patience.
Find it on Amazon
Seven Figures by Seventy is now available on Amazon for Kindle for $3.99. It will soon be available on paperback for $7.99. Just a few bucks can help you become a millionaire by age 70! Feel free to share with your friends and family! Thanks for listening to the podcast. As always, you can catch up with all of our episodes on SoundCloud
Do yourself a favor and check out the book. It offers great insight into how everyone can save for retirement. Start early, even it means just $1 a day. Be consistent and put away money each week/month/year. Trust the process and let your money work for you. You already have the winning lottery ticket. You just have to wait awhile before you can cash it!