8. Calculate the Amount You Need to Save Each Year—for Your Designated Time Frame—to Close the Gap and Potentially Achieve Financial Independence

This is the hard reality point of the nine-step process. Some investors may start rationalizing and making excuses, such as, “I think my house is going to be worth a lot more than it is right now.” Or “I plan to sell my company for a lot of money. That’s a big part of my retirement plan.” Or “I’m going to inherit my business from my family, so I’ll have plenty of assets.” Or “I’ve had a very successful investment strategy, and I think I can keep doing what I’ve been doing.”

The difficult truth is that it’s just too painful to take an honest look at those numbers and then admit that “If I continue on ...

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