Most of us make a lot of money here. But did we all think about creating a retirement plan. We cannot be earning forever. Of course we can but if we decide we should stop it some day, it should be possible. In my case, I definitely have retirement plans. I don't want to go behind money forever and start spending it at one point in time.
In my view, retirement is to not compromise on beautiful things in life like family and interests for the sake of money. Today I have been spending a lot of time in front of my laptop working very hard to earn the money I need for my life. When someone tells me that the climate outside is beautiful today. I don't get a chance to go out and enjoy that climate, I still sit in this closed room in front of my laptop and continue doing what I'm doing.
For me, retirement is to have a job or do something that I love to do. Something where I can take any number of breaks. Something where I'm not bound to any deadlines. I don't have to focus on increasing my source of income or managing the asset I hold. I should be able to travel to whatever place I like that holds well within my budget. If I have a dream of traveling around the world and earn enough to do that, it will not be realistic. I might have to keep working until I die.
Create enough passive income
I'm trying hard to create enough passive income streams by investing in multiple things. Whatever income I get, I have started investing it in multiple things. The investments involve both risky ones as well as risk-free or minimal risk investment. These passive income streams should be able to save me if I decide to retire.
I have to reach a point where I get enough monthly income from all these passive income streams so that I can also take care of my expenses and at the same time my capital will also be there safe forever. I'm not sure if I will be in this crypto world forever. But looks like I have to keep myself updated about crypto going forward. In another decade, every government will start adopting this and this can easily become one of the biggest income streams for many people.
Savings for retirement
The rate at which I'm earning right now tells me that I should be able to retire at around 2025 if everything goes well. I will not be greedy about the money I should be accumulating before retiring. But I definitely have a number in my mind that I should reach before I decide it is enough.
In India, the labor law says that someone can earn till 60 years of age and retire. But there are a few people who decide their earning should be enough for their lifetime and decide to take a Voluntary retirement. This happens both in the government sector as well as the private sector. I want to also do something like that. The sooner the better. If I decide that sooner, I will be able to start enjoying the beauty of this life by doing things that I like the most. Right now money is a barrier for me to do such things.
If I save enough money for my retirement and make sure I get enough money every month, I will start spending them on things I desire the most. I have no plans about saving any money for my next generation. They will anyway have it after I'm gone but I prefer them doing their own things to earn and generate the money they need. That will make them learn a lot of things in their life.
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