Bummer! You're not a
Stitcher Premium subscriber yet.
Learn More
Start Free Trial
$4.99/Month after free trial
HELP

Episode Info

Episode Info: Previously, we have discussed why it is important to start your plan with the end in mind. We covered the need to understand where you are financially, where you want to be, and when you want to arrive to your financial destination. We also discussed that NOW is the right time to start thinking about where you want to be. Recap: We asked the following questions on the previous blog. When is the right time to think about winning the financial fight At what age do I desire to reach the ultimate victory? [I like to also ask this question as saying...How long do I want to be dependent upon someone else dictating how much income I receive?] How much money will I need per year to live comfortably during my latter years? In the previous discussion, we answered question number one. Now let's talk about what age you want to reach the ultimate victory. Before we answer this question, let me ask you a couple other questions. Do I enjoy someone else telling me when I have to be at work, when I have to take a lunch, when I have to leave work and when I can take vacations? Do I think I will enjoy someone else telling me when I have to be at work, when I have to take a lunch, when I have to leave work and when I can take vacations when I am 65 years old? Do I want to wait until I am 65 years old for the time to be over when someone else telling me when I have to be at work, when I have to take a lunch, when I have to leave and when I can take vacations? Do I want to spend the best years of my life breaking my back to make someone else's dream come to pass? If your answer to any of the questions above is "no," then you need to determine when you want all that madness to stop. I can imagine most people want this pseudo-slavery to end sooner, rather than later. When I ask most people when they WANT to be financially free, they give me ages prior to when they reach 50. Interestingly, when I ask them are they on track to becoming financially free at their desired age, most say "no" or "I don't know." It's time to set some definitive milestones in place. Choose your optimal age of retirement right now (I'll give you 10 seconds to think of it). Write this age down. Keep in mind this is your desired age; the age you want to be financially free. You may not currently be on track for that but we will work through the details later. You just need somewhere to start. Now it's time to think about how much money you will need per month/year
Read more »

Discover more stories like this.

Like Stitcher On Facebook

EMBED

Episode Options

Listen Whenever

Similar Episodes

Related Episodes