Self-made millionaire Sam Dogen challenges the old retirement model, urging Americans to rethink their strategies as pensions decline and Social Security faces uncertainty.
Dogen retired at 34, emphasizing the importance of passive income, diversified wealth-building, and maxing out 401(k) and IRA contributions for long-term financial security.
Beyond tax-advantaged accounts, Dogen suggests focusing on taxable investments like stocks and real estate for flexible income streams and greater financial independence.
Dogen’s “X factor” encourages developing additional income sources through side hustles, skills, or passion projects to enhance security and fulfillment in retirement.
With pensions dwindling and Social Security reserves at risk, Dogen’s new three-legged stool emphasizes individual ownership and resilience in retirement planning.
Dogen’s approach empowers individuals to take control of their financial future, build wealth, and retire on their own terms, rather than relying solely on traditional retirement benefits. 1. The United States economy grew by 6.4% in the first quarter of 2021, marking the fastest pace of growth since 1984. Consumer spending and business investments fueled the expansion, signaling a strong recovery from the pandemic-induced recession.
2. India recorded over 400,000 new COVID-19 cases in a single day, setting a new global record. Hospitals are overwhelmed, oxygen supplies are running low, and the death toll continues to rise. The country faces a severe crisis as it struggles to contain the virus.
3. The European Union has reached a historic agreement to cut greenhouse gas emissions by at least 55% by 2030. This ambitious target aims to combat climate change and achieve carbon neutrality by 2050. Member states have committed to significant reductions in emissions across various sectors.
4. Tesla reported record profits in the first quarter of 2021, surpassing expectations and delivering strong financial results. The electric car maker posted a net income of $438 million, driven by increased vehicle deliveries and strong demand for its products. Tesla’s stock price surged in response to the news.
Read more at finance.yahoo.com: 3 Methods of Sidestepping Traditional Retirement Savings for Greater Wealth