Bring Your Wealth Number to FinCon12!
Here’s a message from Romeo Clayton of Life and Personal Finance Reflections.
Last year at the first annual Financial Blogger Conference, I enjoyed listening to, drinking with, and even “getting down” on the dance floor with some of the most profound financial writers in the blogosphere. What I found most remarkable, however, were our conversations.
We shared, in person, not only our failure and success stories, but also our personal money concerns that we write about every day, as if we were all longtime friends. It was comforting to learn that behind our urls, we were all normal people with normal financial concerns just like the people for whom we write.
That being said, normal people oftentimes, unintentionally, neglect important concepts. While it is important for us bloggers to tell both our self and our readers to save for retirement, it is equally important to ensure the understanding of how much retirement savings is truly needed in order to live the desired retirement we want.
I learned during our FINCON11 interactions that many of us simply save arbitrary amounts towards retirement by “saving 15%” or “maxing out” one, or two IRAs. Is our savings enough? Could we retire under this saving plan? If we found that we could, for how long?
Hence, I’ve created the Wealth Number Challenge. I am challenging all the attendees of FINCON12 to determine their wealth number–the amount that they’ll need in a retirement savings account that will result in a monthly income stream equal to their anticipate expenses in retirement.
Obtaining our wealth number is a much better way to measure how much we should save and how prepared we are for retirement. If you’re up for it, join the challenge by finding out your true wealth number.
I’m looking forward to hearing your wealth numbers at FINCON12!