This week I have been focused on how long my savings will last and how can I earn money on the road. I hope my house will increase in value in the next eight years to make this a no-brainer, but I have some backup plans. The first is to sock away all the money I can and increase my 401k contribution. This brings up another concern: what happens if the market collapses or there is another issue where all my savings is lost? I guess I can’t plan for everything, but just do my best.
The next part is, how to earn money on the road. I found a cool article that mentioned “Amazon Mechanical Turk”. This is an Amazon site where people can make money doing work only humans can do efficiently. In about five minutes I made 57 cents. I imagine if I spent more time I could make a few dollars a day to help the mission.
One last note, the official eight year count down starts April 1, 20014 and I have already made significant headway to achieving my goal of retiring in 2022. I hope others seeing this page who are on the same journey follow this blog and share your journey with me.
Luckily personal finance was covered in getting a business degree. Although I am far short of being an expert.ReplyDelete
I'd think you need, preferably, three things to retire without working - other than simply not over spending your retirement income. Those would be investments (401K and others), pension or similar such as an annuity, and social security. Don't keep all your eggs in one basket so to speak. Not all of us would have the same balance because some did not have a job with a pension or whatever. I'm just saying spread it out just in case the market tanks and you only have a 401k. For us, ours will be made up of two smaller pensions and 401k with social security added for my wife and mine arriving a few years later after going full-time. We are figuring our cash assets growing at a rate of 7% on average per year until retirement. Then using the rule of 4% when retired. In other words, planning to take out 4% of cash assets each year and adding it to our budget with pension and social security. We figured what inflation might be by then and raised our budget amount to reflect inflation which lead us to believe we would have to earn about $1000 extra each month for the first couple of years by workamping or lowering our expenses - say hosting for a free site or whatever. Mark from Missouri