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According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably.

This is how it should look:

By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings)

By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings)

By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings)

The Times also reports that less than 13% of Americans have a pension or a solid retirement plan.

How does your situation looks? Are you on track to retire comfortably?

If not, no need to panic.

We can guide you in getting there.

If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires.

Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly.

This amount alone could easily be used to fund your retirement plan.

When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings. 

To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.

 

 

PIC retire.jpg

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  • Have you checked out Joe's Latest Blog?

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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.
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