Whether they admit it or not, many business owners wrestle with anxiety surrounding their financial futures. Maybe you’ve dealt with this yourself. But you don’t have to be fearful about your retirement savings if you plan properly.
I’d like to share a quick calculation with you to help put your fears into perspective and even create plans to put them behind you. What calculation could help to ease your fear? The wealth gap calculation! Basically, it’s the difference between where you currently sit, financially, and where you need to be to live the lifestyle that you want to live during your retirement.
Imagine you’re standing on a riverbank. The side you’re standing on represents your current financial picture. This is made up of your income and all your current assets. On the opposite riverbank is your retirement. The river in between is the distance between your current situation and your retirement goals. That gap is what you must plan for.