I’ve got a confession for all of you: I’m getting impatient! It was approximately 10 years ago that I first learned what a 401k was (I had never even heard of one before) and began my first steps towards saving for retirement.
Like many of you, I knew the path to create wealth would be lined with hard work, lots of saving, and choosing the right investments. I took the conventional financial advice and began with a modest 10% savings rate. It wasn’t until the last few years that I’ve tried to accelerate my results by bumping my savings rate to extremely high amounts.
So is it any wonder that when I look at my 401k balance and see how long I have to go that I feel I’m playing a rigged game? Sure if I stay the course I might have a decent nest egg in 20 to 30 years? But what about NOW? What if I’d like to experience financial freedom sooner rather than later? Isn’t there a better way to build your wealth beyond simply saving for the next +30 years?
I was very pleased with the level of interest and positive reaction I received for my previous post on how I plan to retire early in Money Design update in October. However, that update was only merely a sketch of where I wanted to be. As I’m sure any designer can tell you, no blueprint is ever really complete until you put numbers to it – even if it’s a blueprint for your plan on how to achieve financial freedom.
In this update, we’ll seek to build upon my earlier retirement income strategies by making some assumptions about how much money my family could expect to take in from our multiple developing income sources. Please feel free to compare my decisions and estimations to what you think would be reasonable for your own situation.
I hope everyone had a great time on Halloween! Ours went pretty well. The kids scaled the neighborhood in about 30 minutes, which was perfect for Mrs MMD since she was freezing her tail off walking them around. The haunted garage was another hit, and I took down a lot of great ideas for next year. My only complaint was that I wish we had had more visitors. Things in our area were a little caught off guard by the cold and rain, but I’m not going to complain since just about anything is better than the mess they had to deal with on the East coast.
I will have an epic post next week that will literally melt your eyes out! Your head may possibly also explode. I’m not kidding. If you think you’ve seen the full extent of my “money design” plan, you haven’t seen anything yet!