How would you plan it out if your where to retire young?
What would be your retirement strategy?
Say in 1 to 5 years?
2007-05-31 08:32:44 · 8 answers · asked by Sam 3 in Arts & Humanities ➔ Philosophy
I'm actually on the road already. I'm building my home business to a level where it replaces my current income as well as it would be in exactly the position I want it to be in about 15 months. I've charted the course and am executing CONSISTENTLY. When I retire I'll still be following my passion and charging a fee for it but it would be mostly for the love of it. The rest of business will sustain me.
It's the concept of residual income.
2007-05-31 08:36:30 · answer #1 · answered by thebigachiever 3 · 0⤊ 0⤋
It is good to save for retirment in vehicals like IRA's, 403(b)'s, & 401(K)'s. However, these vehicals DO NOT let you spend $$$ efficiently until you're 60.
So the best strategy is to save 5% in retirment vehicals, and save 15% in non-retirement vehicals (Individual, JTWROS, UGMA's, & Trust Accounts). Of this 15% ... 5% should be swept into a savings/checking account ... the remaining 10% should be swept into mutual funds, and stocks.
Make sure you've got BASIC (low cost) insurance for car's, house, and umbrella insurance is cheep. Worry about more insurance when your net worth reaches $150,000.00 (house equity + valuables + non-retirment $$).
Each time you get a raise, put 60% of that raise towards more savings.
2007-05-31 08:47:39 · answer #2 · answered by Giggly Giraffe 7 · 1⤊ 0⤋
In 1 to 5 years. Buy many, many lottery tickets. Otherwise, plan on working hard for a lot longer than 1 to 5 years.
2007-05-31 10:16:11 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Keep maxing out your retirement plans, of course. Also keep spending to a minimum, and stick tons of money into savings.
2007-05-31 08:38:56 · answer #4 · answered by chaseunchase 4 · 0⤊ 0⤋
I wouldn't be able to stop working. I would get so bored. That is, unless I had a go-cart track, pool, music studio, and a sports center for the ages.
2007-05-31 08:43:36 · answer #5 · answered by igoh900 5 · 0⤊ 0⤋
Become a desperate housewife who lives on a rich man`s salary!
2007-05-31 08:36:35 · answer #6 · answered by Ariadne on TAURUS 2 · 4⤊ 0⤋
get a fairly well paying job with good benefits and invest as much money as I could wisely. live within my means.
2007-05-31 08:37:08 · answer #7 · answered by wendy_da_goodlil_witch 7 · 0⤊ 0⤋
Invent something that changes the world.
Good luck...
2007-05-31 08:35:39 · answer #8 · answered by swbl89 1 · 0⤊ 0⤋