Americans are losing the money game. Freedom is our innate human tendency, yet that beacon of Americanism has dimmed over the last decade. It's an abstraction to some and a fantasy to others. Our society has replaced the foundational principles of self-reliance and entrepreneurship with security and dependency. The price we've paid for this transfer responsibility continues to compound. However, the opportunity to create financial freedom is far more available than it has been for your parents and their parents' parents. Patrick Donohoe, founder and CEO of Paradigm Life and PL Wealth Advisors, says it all starts with your financial education and your mindset. You may need to question everything you know about money and wealth investing in retirement, but it's available to you. Patrick talks about his new book, Heads I Win, Tails You Lose. His work centers on educating clients to reach their financial freedom by building wealth, creating cash flow, and establishing a legacy.
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Americans are losing the money game. Freedom is our innate human tendency, yet that beacon of Americanism has dimmed over the last decade. It's an abstraction to some and a fantasy to others. Our society has replaced the foundational principles of self-reliance and entrepreneurship with security and dependency. The price we've paid for this transfer responsibility continues to compound. It's evidenced by these incredible statistics. The US national debt is at an all-time high and has been for a very long time. It's currently over $20 trillion. Half of our earned income goes to taxes when you start to factor in sales tax, property taxes, utilities and inflation. Both Medicare and Social Security now comprise over 200% of our GDP, the gross domestic product. The retirement savings gap is at a staggering $14 trillion. Consumer debt is also at an all-time high at $20 trillion or over $20 trillion.

45% of the workforce has $3,000 saved for retirement, almost half of our workforce has only saved $3,000. Our outstanding student loan debt is over $1.5 trillion and to make that worse, student loan default rates are over 50%. This is a big problem that the government is going to have to step in and deal with. Employment satisfaction and engagement, which are critical because you need to love what you do and have a passion for it, are staggeringly low. If you don't believe me, just ask ten of your friends, but there is hope. The opportunity to achieve financial freedom and a life of fulfillment is available to more people now than ever before. We have the speed of communication, technology and the internet. Things have been democratized.

We have a great opportunity. The opportunity to create financial freedom is far more available than it has been for your parents and their parents' parents. It all starts with your financial education and your mindset. You may need to question everything about money, wealth, investing and retirement. I love the blockbuster movie, The Matrix. I use this movie as a metaphor all the time. Picture yourself in a similar seat as Neo with Morpheus extending his hand to you, offering you the following choice. He says, “You take the blue pill, the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes.” It all starts with your mindset and financial education. You may need to question everything you know about money and wealth investing in retirement, but it's available to you.

If you missed our last episode, be sure to listen to 7 Steps for Picking a Strong Real Estate Market.

Enjoy the show!

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