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So, yesterday was the first time I really thought about what it would take for me to get into what I feel is the fastlane.
I've said since I was probably 20 that my goal is to retire by the age of 30. When I say retire I don't mean stop working completely. I'm an entrepreneur that loves solving problems so I don't ever really see me stopping to come up with solutions and create but what I mean is that I'm working because I want to, not because I have to.
In order to do this, I've determined that I would need to be averaging 45-50K a month residually. That's 45K+ a month for doing absolutely nothing at all. Yes, there are taxes of course, but I should be able to live pretty comfortably off of 45K+ a month and not have to think about it.
So, what does it take to actually do that?
Of course you have to figure out ways to make the money. I'll save my plan for another post as I get further along. I've outlined it very briefly in my intro but basically, when I sat down and did the math, here's ultimately what needs to happen.
Every accounting/finance class I've ever taken has talked about retirement funds and investing money now = x later. The average ROI that I've consistently seen be used is 8% annually.
So, assuming I can average 8% annually on my investments (which based on my investing experience thus far should be fairly realistic), $7,000,000 is my bench mark for freedom.
With $7,000,000 invested at an average 8% annual return my monthly residual income would be just north of 46K. That I can deal with.
Now back to what I was saying before.
My goal has always been to reitre at 30.
Right now, I'm 25, turning 26 in May so I have just north of 4 years to achieve this.
I was talking with my boss yesterday (we talk about entrepreneurship all the time and he actually helps advise me on my app project) and we both think that this is super achievable.
If my research on my app business proves to be right as I roll out that product, that one project alone could easily yield the $7,000,000 I need.
My net worth now is in the 6 figures so while I still have a ways to go, I'm definitely making progress. My hunch is once I make the first million, it will start to really snowball.
Anyway, this was just kind of a brain dump of what I've been thinking about the past day or so.
To anyone that has more experience in growing their wealth and getting in the fastlane, do these numbers seem right?
Cheers!
I've said since I was probably 20 that my goal is to retire by the age of 30. When I say retire I don't mean stop working completely. I'm an entrepreneur that loves solving problems so I don't ever really see me stopping to come up with solutions and create but what I mean is that I'm working because I want to, not because I have to.
In order to do this, I've determined that I would need to be averaging 45-50K a month residually. That's 45K+ a month for doing absolutely nothing at all. Yes, there are taxes of course, but I should be able to live pretty comfortably off of 45K+ a month and not have to think about it.
So, what does it take to actually do that?
Of course you have to figure out ways to make the money. I'll save my plan for another post as I get further along. I've outlined it very briefly in my intro but basically, when I sat down and did the math, here's ultimately what needs to happen.
Every accounting/finance class I've ever taken has talked about retirement funds and investing money now = x later. The average ROI that I've consistently seen be used is 8% annually.
So, assuming I can average 8% annually on my investments (which based on my investing experience thus far should be fairly realistic), $7,000,000 is my bench mark for freedom.
With $7,000,000 invested at an average 8% annual return my monthly residual income would be just north of 46K. That I can deal with.
Now back to what I was saying before.
My goal has always been to reitre at 30.
Right now, I'm 25, turning 26 in May so I have just north of 4 years to achieve this.
I was talking with my boss yesterday (we talk about entrepreneurship all the time and he actually helps advise me on my app project) and we both think that this is super achievable.
If my research on my app business proves to be right as I roll out that product, that one project alone could easily yield the $7,000,000 I need.
My net worth now is in the 6 figures so while I still have a ways to go, I'm definitely making progress. My hunch is once I make the first million, it will start to really snowball.
Anyway, this was just kind of a brain dump of what I've been thinking about the past day or so.
To anyone that has more experience in growing their wealth and getting in the fastlane, do these numbers seem right?
Cheers!
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