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"I'll have what she's having." When Harry Met Sally, 1989 Bill and Kate are both successful executives. They each earn a healthy six figure income that puts them in the $500,000.00 per year range, but they still don't have a substantial amount of money set aside to deal with the surprisingly unsurprising surprises of life, to pay for college for the three children, to pay themselves when they retire or to leave any kind of legacy beyond a legacy of debt. Bill and Kate do, however, have what everyone else in their social circle has; a house that is far larger than they and their children need and that requires a housekeeper to keep the many rooms they never use clean and a gardener to keep the grounds that they seldom walk manicured; two SUV's and a luxury sedan - all leased to assure that the family will have new vehicles every three years; private schools for the children, tutors to make sure they can keep up, and a nanny to watch over the tutors due to the parents busy schedule; membership in a country club that they are rarely able to use; annual vacations that cost more than most people earn; and on, and on, and on... Bill and Kate have an investment program too. Like their possessions, however, it is cobbled together based on casual conversations with their co-workers, friends and family, the unabashedly self interested advice of their "investment" advisor, and their own insights based on the casual and occasional reading of the Wall Street Journal or spending an hour watching a TV shill touting his or her flavor-of-the-day investment strategy. Their "I'll have what she's having." portfolio is not performing well - as you might guess. Many Americans in all walks of life and at all income levels make the mistake of following the advice of people they know; people who themselves know nothing more than they do - the blind leading the blind. This is what I call following conventional wisdom - doing what others are doing and repeating what others have said as if it were the gospel just because that's what they are doing and saying. There are strategies and tactics that work. Bill and Kate began applying the principles and following the practices of the EUREKONOMICS'™ Money for Life Model a short while ago. They started by sitting down with a Money for Life Guide and taking stock of the way they were spending their substantial incomes. It is no surprise that they were astonished at how many people they were helping to achieve wealth by denying themselves the same opportunity. They began making changes:
Bill and Kate reduced the amount of money they were transferring to others by almost $200,000.00 per year and gave up nothing other than the loss of that money. With the guidance of their Money for Life Guide, they bought several large whole life insurance policies [their EUREKONOMICS™ Account system] and built a foundation for their successful personal economy. Bill and Kate put aside enough money to allow them to look forward with confidence and never to have to look back with regret. They were on their way to:
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Right on Jeffrey