Read on Twitter
Financial Freedom is a road trip
What are the parallels between traveling to your favorite destination and saving for retirement?
Let's take a look
//Thread
What are the parallels between traveling to your favorite destination and saving for retirement?
Let's take a look
//Thread
1. Pack your bags and prep your GPS
Before embarking on your journey, know the destination
> What age will you retire
> How much will you need at retirement
> What do you plan on spending at retirement
Assume a 4% withdrawal rate
Plans change but use as a baseline
Before embarking on your journey, know the destination
> What age will you retire
> How much will you need at retirement
> What do you plan on spending at retirement
Assume a 4% withdrawal rate
Plans change but use as a baseline
2. Choose your vehicle
What investment vehicle will you be using on your journey. It might be a combination of several accounts
>401k
>Roth IRA
>SEP IRA
>403B
Whatever you have at your disposal, ensure that it aligns with your goals at retirement.
What investment vehicle will you be using on your journey. It might be a combination of several accounts
>401k
>Roth IRA
>SEP IRA
>403B
Whatever you have at your disposal, ensure that it aligns with your goals at retirement.
3. Know your speed
It will take you forever if you are only traveling 5mph on the interstate.
Same goes for retirement
The more you invest the sooner you will get there. This is where having a retirement age in mind comes in
15-25% of your income is a good start
It will take you forever if you are only traveling 5mph on the interstate.
Same goes for retirement
The more you invest the sooner you will get there. This is where having a retirement age in mind comes in
15-25% of your income is a good start
4. Do not get discouraged along the journey
If you hit a bump, you don't turn around and go home
You keep going
When the markets are red, you don't pull your money out.
You keep investing
That bump is only a blip on the radar
You won't be thinking about it at retirement
If you hit a bump, you don't turn around and go home
You keep going
When the markets are red, you don't pull your money out.
You keep investing
That bump is only a blip on the radar
You won't be thinking about it at retirement
5. Don't worry about other travelers
Comparing to others can be detrimental and cause you to lose focus
Only worry about your trip
No one cares about your destination more than you.
Besides, those other travelers are not going to the same place.
Comparing to others can be detrimental and cause you to lose focus
Only worry about your trip
No one cares about your destination more than you.
Besides, those other travelers are not going to the same place.
6. Have a plan when you reach your destination
When going on a vacation, you've likely been planning for weeks all that you are going to do
Retirement is no different
>Start a new hobby
>Start a business
>Volunteer
>Travel
Just do something
Because you've earned it
When going on a vacation, you've likely been planning for weeks all that you are going to do
Retirement is no different
>Start a new hobby
>Start a business
>Volunteer
>Travel
Just do something
Because you've earned it
8. Get a travel guide
This book by @InvestorsTheory gives a breakdown of all you need to know for the trip
>Retirement accounts
>Index Funds
>Compound Interest
Get it here
Aff https://gumroad.com/a/239203443
This book by @InvestorsTheory gives a breakdown of all you need to know for the trip
>Retirement accounts
>Index Funds
>Compound Interest
Get it here
Aff https://gumroad.com/a/239203443
7. Have Fun
My fondest memories while traveling with my family was the trip itself
Making memories in the accumulation phase will make retirement that much sweeter.
Budget for fun
Go on that trip with the kids
Lots of life to live between now and then
Ensure you are living it
My fondest memories while traveling with my family was the trip itself
Making memories in the accumulation phase will make retirement that much sweeter.
Budget for fun
Go on that trip with the kids
Lots of life to live between now and then
Ensure you are living it
Thanks for reading and let me know what else you would add to this list of analogies
Have a great weekend and best of luck on your journey!
Jrod
Have a great weekend and best of luck on your journey!
Jrod
