 why a million dollars yearly is not enough. Hey, have you been thinking, hey, a million bucks? I mean, a million bucks is a lot of money. That's all I need. If I had a million bucks a year, I'd be set. Well, unfortunately in this video, I'm gonna show you why a million dollars a year is just not quite enough. Hey, I'm JR Fisher. Thank you for watching this video and visiting my channel. And if you haven't subscribed yet, please do so. Hit that big subscribe button down there. And when you do, there's gonna be a bell that's gonna pop up, bell notification. You gotta ring the bell, turn on all bell notifications. If you do that, you will be notified. You will be part of the Fisher family, the VIP group, who gets notified every single time I do one of these videos. And you'll also be told when I'm going live and maybe we can chat back and forth. Do me a favor, put any questions below. If you're thinking a million dollars a year is plenty, put that below and tell me why. And if you don't think it's enough, put that below too. Okay, so I remember as a kid, I thought, wow, a million dollars. If you had a million dollars, you'd just be set forever. You could have anything you wanted. You'd have cars and boats and planes and all these things in big houses. And the truth is a million dollars was not what I thought it was. As you get older, you start to realize what a million bucks is. And even though it sounds like a lot of money, it really isn't. So there's a couple of ways of looking at this. Do you have a million dollars a year and just net income coming in? Or do you have a million dollars a year in sales in your business? Because those are two vastly different things. If you're thinking about retirement, that's another angle, is a million dollars enough to retire. And I kinda wanna cover all three of those things in this video and kinda let you know where you stand. Okay, so let's start with number one. If you have a business and your sales are a million dollars a year, are you set? Well, you may be and you may not be depending on what your cost of sales are. Now, with any product, whether it's a digital product, whether it's a physical product, whether it's a service, you're gonna have some cost to those sales. So we sell survival food. And our survival food, there's a cost to that canned meat that we put in a box and there's a cost to the warehouse and there's a cost to the boxes that it goes in and there's a cost for the shipping. So when you figure all that in, you don't really have a million bucks if you're doing a million dollars in sales. And I will share with you how I got to a million dollars in sales at the end of this video. And I did that in 24 months. So let's take a look at this, though. If you are generating a million dollars a year in sales, you have to look at employees, you've gotta look at rent, you've gotta look at, like I said, your cost of your goods sold and how much you will have left over. And that's one way of looking at a million dollars, okay? The other way of looking at a million dollars is a million dollars a year in income coming in. Now, if you have a million dollars a year of income coming in and that's just pure money coming in, yeah, I mean, you're gonna be probably set as far as the US standards go. However, most people don't have that advantage. Most people are trying to save for retirement and they're trying to figure out how much money do I need for retirement? Now, here's the question. If you had a million dollars for retirement, you had a million dollars cash saved, is that enough to retire? Well, there's so many factors that go into this and I wanna kinda go over all those so you know what you need to do and you know where you need to be and I can kinda show you how to get there, too. Okay, so let's first break it down. A million dollars, first off, what does it cost the average American to retire? They say on average, and you may be different, it's about 66,000 dollars a year. So once we start figuring that in and looking at a million dollars, we gotta factor in how long that's gonna last us. Now, to get to 66,000 dollars a year, that's about 5,500 dollars a month and that's food, housing, entertainment, clothing, anything you need, you're gonna need about 5,500 dollars a month, or on average. Now, your expenses may be more or less. Maybe you only spend 40,000 dollars a year or maybe you're accustomed to spending 100,000 dollars a year. Those would change but we're gonna use the 66,000 dollars as an example and then you can adjust it to fit your income. Now, if you're planning on retiring 10 years from now with economic adjustments and inflation, you're gonna need actually 1.7 million dollars in the bank to be able to live at that rate of 66,000 dollars a year. So basically, a million bucks, well, it's a good start but it's not gonna get you there. So you may be thinking, GJR, I know we're close to having a million dollars right now and I'd like to retire in a few years. Well, there are things you can do. You can obviously cut back your expenses. I mean, I know of people who've actually moved to foreign countries. They've moved to the Philippines. They've moved to Mexico where the cost of living is a whole lot less and if you don't wanna do that, then you gotta adjust how much money you have to live on. According to the Bureau of Labor Statistics, the average person between the age of 55 and 64, 58% of them still have a mortgage. So you're still probably gonna be servicing a mortgage at that time. Now, the average mortgage payment for somebody at that age is 1,010 dollars or roughly $12,000 a year. So that 12,000 comes out of that 66,000 that we figured. So other things are actually factored in here too, like where you live, how much you wanna travel, what your entertainment expenses are, that's gonna change how long you can live off that amount of money. So when you retire, of course, you can travel. If you're going to travel to a campground and pitch a tent, well, that's gonna be a whole lot cheaper than going to Paris or England or some foreign country that's gonna cost you a lot of money. So you have to factor all that in. That's why I say this million dollar number is just a starting point. Now the average person over 55 spends $3,350 a year on entertainment, yours may be different. Now keep in mind, if you do have an income, you're gonna have to withdraw a little bit more money to pay the taxes. Taxes are still gonna be there even when you retire. Now keep in mind, when you plan on retiring has a drastic effect on how much you need to save and how much you need to have. If you're planning on retiring very soon, we can use these numbers. If you're planning on retiring 25 years from now, that's a big difference, but the upside is you have a lot more time to save up. You also have to factor in, do you have any debt? You know, credit cards, car payments, all those things can really add up, especially during retirement, when your income is probably not going to go up. Now, here's the other question. Do you wanna retire, okay? I work online and I really don't have an inclination to retire because I'm not quite sure what that means to me. Would that mean that I would get up every day and just watch TV? I can't picture myself doing that, okay? I have to have something to do. And I can actually travel now, and you know, there's a course I wanna tell you about, it's below in the description here. You can grab this course that will teach you how to sell stuff online, how to make money online. But because if you have a job like that, a position like what I'm in where I can earn money online, what's the point in retiring? All I do pretty much is talk and type and you know, sell stuff online so I can do that from anywhere in the world, which means I can travel anywhere in the world. Now, I also told you, I wanted to share with you a story about how I went from zero to a million dollars a year in sales in only 24 months. My second year, I did hit a million dollars in sales. Now, there were a lot of factors there. And some people say, well, J.R., you sell survival food. So, you know, that was really hot when you started out. And that's why you got that money and that's just a luck thing and it has nothing to do with anything else. And nothing could be further from the truth, okay? The truth is I started selling things online. I learned to sell things online. And maybe I would have gone in the, you know, health and fitness area. Maybe I would have sold supplements. Maybe, which is also very popular. Maybe I would have done something in love and relationships, which is also very popular. The point is I got started. And I think that is the number one problem with most people is they go, well, gee, I've got to find the perfect thing, the perfect product to make all this money. And, you know, you lucked out because you found survival food. Well, I got to tell you, survival food did really good when I started out. But depending on who's in the White House, it can go up and down, okay? And we've had big swings in that. Right now we're in the midst of coronavirus. Yeah, survival food's doing great. We're doing really, really well. Prior to that, we weren't doing as well. We've always been able to make a living. We've always been able to sell it. But the other thing I want to share with you is don't put all your eggs in one basket. You know, if you had money to invest in the stock market, I don't think you would take all the money you had and put it on one stock. I know I don't do that. You would probably buy a whole bunch of different stocks. And that way some go up, some go down. On average, you're probably going to get an increase. However, when you're selling things online, you need to do the same thing. Yeah, we sell survival food, but I also have a course that shows you how to set up a drop shipping store. I also have a course that shows you how to set up a Shopify store. I also have a course that shows you how to work Facebook ads. I also have an emailing course. You know, I have a whole bunch of different courses because I don't want to have all my eggs in the same basket. I don't want to own just one stock in the stock market because some of those things can do well and some of them can do poorly. So it's really important to remember, number one, get started. Okay, get started. Get started with your savings plan. Get started with learning how to make money online. You grab my course down there, it's absolutely free. All you have to do is click the link and learn. But make sure you are getting started, okay? With that savings plan, with that learning on how to make money online. And maybe you'll find that, you know, you want to make money online and you don't even want to retire because it's a pretty good life. You can shoot some videos. You can, you know, work on your computer. You can travel the world and you can still make money and not have to retire. And I don't think, you know, near as I can figure, being retired and sitting around the house is probably not good for you. I'm figuring health-wise, if you just sit around all day and you just watch TV and you don't really get much exercise and you're not out walking, you're not exercising, you know, it's probably going to be really bad for you. So I would suggest, number one, you watch this video to see what a million dollars a year would be like and maybe thinking of retiring. And I'm here telling you, I would not retire if I were you. I wouldn't think it was the thing to do because it's not healthy. It's a whole lot better to learn how to make money online. And this is the environment for it. If you think about it, guys, we're in the midst of a pandemic now, but what it's done is it's taught a lot of people that they can buy online, that they can order their food online, that they can get their clothes online, they can get their exercise equipment. You know, gee, if I think back over the past five months that we've been in this coronavirus, I think it's been about five months, maybe four months, four and a half. I bought a lot of stuff online and I've actually changed some of my buying habits. I used DoorDash and Postmates and all those things, Grubhub, to get food to come to the house of which I'd never used before. Now, I'm not that fond of that because I'm thinking, you know, the guy at Grubhub may pick up four different houses, meals, and drive them around town and you're not gonna get hot food. So I'm not that fond of that. However, there are people who started using Instacart to get their groceries or Grubhub or Postmates and they love it now and they would have never tried it before. So the market out there now for people buying online has never been better. If you're in a job right now and you don't like the job, you don't like what you're doing, I gotta ask you why you're doing it. There are alternatives, okay? You can do this. You don't have to be a genius. You could grab my course down there, you could get started today. So that's my suggestion to you. Million bucks, mm, not much money, not as much as I thought it was when I was a kid, but it is a start, okay? And you can do it and it doesn't matter what age you are, it doesn't matter if you're very young, very old, okay? You can start making money because time's gonna pass anyhow. You might as well do something with it. I really appreciate you watching this video. I thank you so much for that. Do me a favor, if you haven't subscribed yet, go down there to that subscribe button and turn on bell notifications. Make sure you ring the bell, okay? If you ring the bell, you'd be part of the Fisher family, the VIP group that gets notified every single time I do one of these videos, especially when I go live, you can also participate in that. So make sure you do that. Now, I wanna hear your comments below. What do you think of a million bucks? Is that enough? Do you think a million dollars is enough? Have you started saving? Tell me what your saving plan is. Have you started online? What did you do online? How has that worked out for you? Has it worked out really well and you wanna share some of your successes? Put that in the comments below. Thank you so much for watching this video and I'll see you in the next one. Hey, thanks for watching my video. Don't forget to subscribe to my channel and click that little bell right here so you can be notified every time I do a new video. Also, click on one of those videos there. Keep watching on my channel.