"Moss emphasized the importance of Donna's financial security, stating, 'I'm worried about you, Donna. I want you to figure out how to make this thing work.' He advised against funneling her limited surplus into custodial accounts for her grandchildren, warning that it could jeopardize her own financial future."
"Moss explained the Rule of 72, saying, 'If money goes up by 7.2% over 10 years, money doubles.' He noted that Donna's $500,000 could potentially grow to $1 million by age 67, but stressed that her assets need to be invested for growth rather than sitting in cash."
"Co-host Christa DiBiase pointed out, 'There are no scholarships for retirement.' She highlighted the importance of not sacrificing personal financial stability to support grandchildren, reinforcing the need for Donna to prioritize her own retirement savings."
Donna has $20,000 in her retirement account and $500,000 in assets with no debt. Wes Moss advises her to focus on her financial security first. He explains the Rule of 72, suggesting that if her assets grow at 7.2%, they could double in ten years. However, he cautions that a conservative investment strategy may not achieve this growth. Social Security benefits will also contribute to her income. Co-host Christa DiBiase emphasizes that retirement should not be sacrificed for grandchildren's needs.
Read at 24/7 Wall St.
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