Collin County Living Well Magazine July/August 2018 | Page 38

CONFESSIONS
OF A RICH…
By John J. Checki Jr. CPA CFP® CRC®
B
oomers used to be the largest generation in United
States history that time has passed, and that’s okay
with me. We are older, and if we’re lucky we have
the education, experience, and seasoning to be
wiser. Let’s get to the rich part, shall we? their businesses and outside their businesses. Some long-
term employees of major companies are lucky enough to
have a pension as well as a 401k––if they saved and in-
vested over a long career, some of them finished up with
over a million dollars.
Throughout my research and experience, movies, maga-
zines, TV, and now Facebook, YouTube, and other media
outlets, keep telling us about overnight successes. Further
reading reveals a very different story. The quickest way to
financial riches seems to be “start early and never stop.”
Spending less than we make, while saving, investing, get-
ting and remaining married, buying one home and staying
put, and keeping and maintaining cars, health, family, and
friends helps too. It also helps to work hard and smart,
work long and with skill, have a goal, plan and work the
plan, and get and follow good advice. Meanwhile, school teachers in Texas, thanks to the Texas
Retirement System pension, can have a lifetime of income.
Many of them have also saved and invested during their
careers and ended up with income and assets to support
them along with health insurance. Yes, that teachers’ pro-
gram is being modified. Engineers who worked in the de-
fense industry seem to have pensions and 401ks. Some
of them saved 10 to 15% percent of their gross pay, had
diversified portfolios, and retired with over one million
dollars, plus a pension.
“Oh, I thought this article was going to give me the magic
bullet.” Here is what history and current trends indicate:
Many families with at least one million dollars of investable
assets were or are business owners who have invested in
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COLLIN COUNTY Living Well Magazine | JULY/AUGUST 2018
What do most people do? None of the above, is the short
answer. What can we do? If you are one of us who have
saved and invested during your long career and it worked
out, congratulations. If not, get started now saving, invest-
ing, and spending less than you make. How? Glad you