FLINT, Mich. (WJRT) – The story of Gary Kendrick, a deceased Flint auto worker who died a millionaire, has inspired ordinary people to want to know more about building wealth. When Kendrick died a large portion of his more than $1 million fortune was divided among Make Wish Foundation and St. Judes Children’s Hospital charities.
Kendrick worked 35 years for General Motors Flint Assembly. According to union officials he saved a lot of his money through a personal savings plan. He paid himself first.
“It’s not so much sacrificing as it is deferring gratification or delaying gratification.” said Financial Advisor Gary Fisher from GL Fisher Capital Management.
He said that is how people should think about wealth building for their retirement. Saving for retirement can begin at any age, but being younger gives you an advantage.
As for building weather for retirement, Fisher has a few tips.
“The younger you are the less you need to save to have a lot of money when you retire,” said Fisher.
He said the concept is the time value of money. If you are trying to build wealth for your retirement there are a few core things you should do.
“So you wanna stay out of debt because if you are digging yourself out of a debt hole you can forget about being a millionaire. You can forget about a lot of successful things,” he said.
Secondly you should always pay yourself first.
“If you have a retirement savings opportunity at work take advantage of it, especially the free money part of it,” he said. ” If you are in business for yourself, set up something for yourself.”
Fisher said if you are not using a retirement plan, it does not mean you cannot save and invest in other ways.
He advises people who are nearing retirement who have not saved as much as they would like to consider multiple streams of income.
“What does that mean? Well, you can start a business, you can start a small business, you can do a consultancy,” he said.
He gave a few examples. “You can write poetry, music, books.”
Fisher said it doesn’t have to be big; do what comes natural to you. “You don’t have to be the next J.K Rowlings, you don’t have to be the next big, big star. You just have to have other sources where you are imparting knowledge to other people that you have acquired over your lifetime,” he said.
If you are serious about building, Fisher recommended getting a financial advisor that you trust and respect.