Retirement may seem like a distant dream, and it can be a source of stress if you’re not sure you have enough saved.
For many Americans, retirement savings plans are an important way to build wealth, according to the Pew Research Center. But what if one smart investment today could help you retire like a millionaire?
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GOBankingRates spoke with Keshman Property Management CEO Joseph Keshi and Dr. David Ghozland, ob-gyn and owner of David Ghozland MD, about the best $10,000 they spend to prepare for retirement.
“I achieved financial independence early on through disciplined real estate investing and long-term planning,” Kersh said. “My $10,000 is primarily invested in consulting services from a good accountant.”
He added that these were achieved quickly through legal services and estate tax savings.
“We reviewed my investments to identify costly mistakes; prepared to set up a trust to protect assets from creditors and death taxes, and then set up an LLC to provide liability protection,” Keshi noted.
He was educated on sustainable income in rental real estate and exit planning, eliminating the unknown.
Read more: I retired as a millionaire — the best $30,000 I spent on retirement
“I have over 20 years of experience in the medical field and run my own practice, and financial education helped me become a millionaire,” Ghozland said.
He said the best $10,000 he ever spent was in 2007 on hiring a financial advisor to work with doctors.
“Most doctors make good money, but we start late because of student loans and years of training,” the doctor added.
Gozlan’s advisers helped him set up automatic payments to retirement accounts and index funds so the money was transferred even before he spent it. This choice provided him with more than $850,000 in retirement over 15 years because he never touched the money or thought about spending it.
“I see other doctors in their 40s who have waited too long and are now stressing about catching up, when they could have made it easier on themselves from the beginning,” Gozlan noted.
Common ground? Both Keshi and Ghozland turned $10,000 into the foundation of long-term financial security by investing in knowledge, guidance and planning, not just assets.
Whether it’s expert advice, legal protection or automatic retirement contributions, smart upfront spending puts them on the path to a comfortable, confident retirement.
