I want to be wealthy. I want my friends and my family to be wealthy. But how wealthy?
Let’s break it down:
I’m 25 years old. My generation is projected to live longer due to advances in biotech and pharmaceuticals. We’re expected to live into our 90’s.
If you retire at age 65 and you live to be 90 and, as discussed in yesterday’s post, entitlement programs will be bankrupt—how much money will you need?
Let’s say you can live comfortably with $40,000 a year (assuming the Federal Reserve hasn’t hyper inflated our currency). If you retire AKA stop working AKA stop making money at age 65 and you live until you’re 90…you will need $1 million in retirement.
$1 million dispensed over a 25 year period (age 65-90) is $40,000 a year.
I don’t know about you, but I absolutely intend to be a millionaire.
Unless you’re a rockstar CEO you’re not going to get paid millions of dollars a year, right? So how do you become a millionaire?
Investing is not just for the rich. Investing is how you become rich.
As much as I hate to use the same cliche twice in my blog…a journey of a thousand miles begins with a single step.
That, my friends, is why I am buying a house. That is why I am on my way to becoming a full time investor.