(Part 3) You’ve been BRAINWASHED! Redefining Retirement in 2020: Millennial Edition
Written By: Nick Nguyen | Read full profile
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Remember from part 1, our entire lives can be summed up in the following diagram:
Recap: your life broken down by percentages. ** and taxes take away 17-20% of this ** read how I figured out the math here.
Don’t live that cookie cutter life. It all starts with how you define “retirement.” And I’m not talking about that “let’s work like a donkey until we’re 65” crap! Here we go~
REDEFINING RETIREMENT.
Retirement should be what you want to do for the rest of your life. You know that old saying, “do what you love, and you’ll never work another day in your life” ? A quick google search will yield so many variations of this quote followed by a fury of discussion boards where people argue who said it first, but what matters is that you focus on getting the fiducial elements for retirement out of the way first and then enjoy the rest of your life after!
That could mean that you’ll be sipping mai tai’s in Fiji or traveling to a different city every other week. OR it could mean that you are practicing medicine or teaching high school calculus until you’re 70. Seriously - you do you folks! My retirement plan is opening up a car shop and practicing law and medicine at my leisure while hopefully keeping up my teaching gig on the side.
SET UP YOUR LIFE SO YOU CAN “RETIRE” EVERY 3-5 YEARS
Tackle the money aspect early while you’re young, resilient, and have the energy. Make it a goal to live debt free and generate a big enough nest egg by a certain age well before 65, so it will continue to grow and spit out enough money that you can live on the interest. Then whatever money you make after hitting that goal is just extra that you can spend and/or give guilt-free! Instead of waiting 65 years to get 10 decent years at the end of your life, why not work for it now for 20-30 years and space out 35-45 years of adventure, joy, and excitement along the way?
Don’t think it’s possible? Tim Ferris talks about how he did it in his book, The 4-Hour Work Week, and JL Collins speaks of his path to thinking like this in the world renown book, The Simple Path to Wealth.
The way each of us takes to get there will be a little different and our goals may be set at different points in our life. But one thing’s for sure, you don’t have to be a slave to money. Instead make money work for you so you can have 35+ years of your life “retired” and doing what you love instead of just 10.
Me? I’m currently 24 when writing this post and my goal is to hit a net worth of $1 million by the time I’m 30 and generate passive income at $60,000, so that when I decide to go back to medical, law, and business school, I can focus 100% of my time on what’s important - my family and my studies.
Feel free to follow me and my siblings on our journey to retire by 30. We’ll be giving you a sneak peak of how we embrace our new millennial movement to become Y.F.F.I.E.s (pronounced “Yuffie”, stands for Young, Frugal, and Financially Independent Entrepreneurs).
Share your progress with the hashtag, #YFFIENation as you continue your path to financial independence.
*Nguyening Lifestyles is not a registered financial service provider and does not give financial advice. All information in these posts are for entertainment purposes only. Nguyening Lifestyles is not liable for any actions or outcomes that transpired after your reading of the following post.
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