How Much Do You Need Before…
IF YOUR INCOME STOPS TOMORROW
I’m not “yet” in position to answer the question I am about to ask. Although this is the case, I think about this often because it is a target worth shooting for.
How much money do you need before your income stops? Another way to look at this is: Will you be set if your income stops tomorrow?
My wife always asks me when is enough enough? I tell her I will know when I get there. (What a cop-out!) I’m not much on writing down goals. I have my goals, I just don’t like to write them down. One of my goals is to have a certain amount of money (or value) set aside because you have to be prepared if your income stops tomorrow.
WORK UNTIL YOU HIT THIS GOAL
Some people are content to work until the day they die. That’s what they say at least, but do they really mean it? Of course not! (it’s a cop-out!) This is the same as when “I” don’t set goals and write them down. It’s the fear of commitment!
What will happen to you if your income stops tomorrow? Are you prepared? What is meant by the statement: work until you hit this goal? Isn’t that the same thing as working until you are 65 years old and can retire? Why 65? People are being very productive until they are 70-75 years old, so why 65? This is just a milestone that someone in their infinite wisdom came up with so people could have a goal for retirement.
The next question is: Why retirement? Let’s not get confused with the idea of too old to work versus earning your reward for the years you worked!
The purpose of writing this today is to express the aspect of having enough in your portfolio to prepare you for that day of if your income stops tomorrow. Why do I stress this? Because years ago, I remember reading that if you had $1 Million Dollars in your retirement portfolio, you would be set to retire with enough income to last you until you passed on. Now, “they” are saying this is NOT ENOUGH!
This is based on average people, so why be average?
WHY BE AVERAGE
This is what my wife doesn’t understand. I don’t want to be average.
As a member of Compumatrix, I AM NOT AVERAGE!
In my wife’s blog (Details Forth Coming), she wrote the following:
Since you can never go back, maybe you need to spend your attention moving forward. This is the time for building a legacy. In the pursuit of the answer to the question: why are we here(???), we must ask ourselves what are we going to leave behind for others to remember the footprint we made.
What are we doing here with Compumatrix if NOT Building a Legacy.
- Not being average means you are not going to limit yourself to what “they” say you need to set aside.
- Not being average means you will set your goals for your own portfolio
- Not being average means you will determine what you will do with your business interests
- Not being average means you will determine when it is time to take your retirement reward
- Not being average means you will be prepared if your income stops tomorrow