Wednesday, May 18, 2016

10 years to Retirement

I have made up my mind. I am going to do it. I have set a firm timeline (one that may adjust, but still retains it rigidness). It is going to happen.
I am going to retire in 10 years.
I mean, why not? People do it all the time. And there doesn’t seem to be a formulaic one-size-fits-all approach. Mr. Money Mustache early retirement, through working for yourself, living well below your means, and saving like crazy. There is Tim Ferris, author of The Four Hour Workweek, who is incredibly good at increasing productivity, eliminating waste, and focusing on Pareto's Law, which is the 20% of actions that produce 80% of the results. Also, Pat Flynn who has been able to attain my definition of “Retire” by setting up multiple income streams that required a whole lot of work at the beginning, but require minimal work to maintain now. I mean, just typing in “Early Retirement” into Google gets you over 7 million results (Although, lets be honest. Many of the results won’t be on topic…) But early retirement is a broad topic. So here is my definition:
ear·ly re·tire·ment
“Having enough funds incoming, with little to no maintenance, to meet my barebones expenses, and have the freedom to spend my time on the things I am passionate about.”
This may change. In fact, I fully expect it to. Life is all about change.  I understand 10 years is a long time, and perceptions change. Needs and wants change. So should my goals, and my plans for how to achieve these goals.
“A good traveler has no fixed plans, and is not intent on arriving.”
Lao Tzu

I will need some guidelines (more on this later). As Pete Drucker says it, “You can’t measure what you can’t define.” To do so, I will need to be transparent. This is a journey. An exploration into what is possible, and what is impossible. I plan to do the latter.

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