I wish I had known about The Million Dollar Baby Plan 32 years ago. The other day my family went to a building generational wealth seminar. They talked about the Million Dollar Plan, and I just had to share it with Harlem Macaroni Kid families.
This hit home statistics that showed that out of every 100 Americans that entered the workforce at age 26, by age 65
51 have income above the poverty level but must reduce their standard of living in retirement
20 have an annual income below the poverty level
96 out o 100 are dependent on Social Security or dead
Only 4 achieve financial independence
It also takes care of the lifetime needs of a child in adulthood, such as
Death Benefit Protection (adulthood)
First home purchase (typical age 30)
Second-home (typical age 45)
Retirement income (typical age 65 and on)
Access to death benefits (while living)
As a parent, we want to ensure our children have the best possible outcome in life, and this was my wake-up call to ensure both my 32-year-old and my 10-year-old have an income they can rely upon. For a $50 a month investment, it was well worth it.
You can review the webinar below: