I have talked a lot in this blog about investing and saving, but what is our goal in the end? What are we sacrificing now in order to have in the future? Too many people, both young and old, see retirement as nothing more than a pipe dream that they will never reach. They think that they will have to work until the day they die. That is incredibly sad. When I retire, I want to do something that I love or work that I have always wanted to do.
In My Retirement Dream I Want To:
- Teach part-time at a local community college
- Start my own small business
- Invest in residential real estate as a landlord
- Visit all 50 states and travel overseas more
- Play golf every day (yes….every single day!)
What is your retirement dream? You need a long term goal to aim for now no matter how close or far away you are from retirement. Everyone needs a goal to aim at, a mark on the wall. You can change it along the way, but you still need something to motivate you now to keep you on track saving and investing.
In 2001, my parents got up one day, sold their house, and bought a houseboat. I have to tell you that most of my family thought that they were a little crazy, but they did not care. Like debt guru, Dave Ramsey, says…you know that you are well on track to live like no one else when people think that you are a little crazy. But, I have never seen my parents happier. Their goal is to one day soon sail the “Great Loop”, a 7,500 trip up the eastern seaboard, into the Great Lakes, down the Hudson, Tennessee, Ohio, and Mississippi Rivers, and back around Florida forming a huge long loop. It is an awesome idea and a fantastic retirement dream. Because my step-dad invested carefully, planned, and never lost sight of their goal, they are now living “The Dream” in retirement. I can only hope and pray that we are all so lucky and blessed one day.
Do not waste one second more. Figure out your retirement dream with your spouse or loved ones (you can change it as your life changes), tell a lot of people (peer pressure is a great way to keep you on track), and never lose sight of your goal in the end. It will make all the sacrifices along the way well worth it.
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Seeing as how I’m still young (20) and still going to college with Chemistry as my major I’m not fully decided as to what I want in retirement, yet.
There are a few things I would love to do before I retire though. One of those things is invest in residential real estate as a landlord just like you, Hank. I hope to one day own enough real estate to live off of that income alone. Not only will this benefit me in the long run, but if I leave the real estate all paid off, it’ll just be supplemental income for my children. My goal is to own my own house as well as 2 or 3 other rental properties by the time I hit 40.
Another goal of mine is to own a a nice 3 or 4 (depends if I have 1 or 2 children :P) bedroom house with a 3 car garage. Why a 3 car garage, you say? One spot is to house my 20XX BMW 3 Series I will own. The second spot is to house my 20XX BMW M3 I will own. The third spot is to house my wife’s car/SUV/whatever she wants. Most people here would consider all that a waste of money, but I’m a car guy and I love driving. It just so happens that I love driving expensive, luxurious cars.
My last goal is to have enough money invested to earn me an income of $75k or greater by the time I retire without having to work. Yes, I know these goals are going to be difficult to reach, but if I discipline myself enough, I know I can do it. I’m only 20 and I already make more money online than I do at my part time job, I make decent money at my part time job and I still go to school full time. Most people in their 20’s wouldn’t even be thinking about their financial goals in life nor would they be saving/investing as much money as I do, but I’m thinking of this as the first step to achieving all my financial goals.
@ Joe – Good luck, man! Those are some great goals and retirement dreams. Go for it….just go for it debt free and with a good size investment portfolio. It is great that you are thinking about all of this in your 20s. That is the most crucial time to begin investing, saving, and NOT incurring debt.
The only thing in your comment that I can knock you for is the 3 Series. You definitely need to get the future wife to buy an X5. Now, those are great cars!
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