How to define your “retirement” and income goals
Dictionary.com defines “Retirement” as the removal or withdrawal from service, office, or business.
My “retirement” will be defined by my financial ability to withdraw from service, office or business. This is what I consider financial freedom.
Whether or not I choose to stop working will be irrelevant, all that matters is that I have the choice to withdraw. Being who I am I would struggle to quiet my brain for long and my goals and plans are a list longer than I can remember in one sitting and so the dictionary.com definition is not likely, ever!
So what will give me access to the financial ability to withdraw? Sustainable income!
The definition for “Passive Income” is Earnings an individual derives from a rental property, limited partnership, or other enterprise in which he or she is not actively involved.
While these sound brilliant, I don’t have any of these opportunities available to me, and so I have to go for option B… Low maintenance income.
For the purposes of this blog “low maintenance income” is defined as income that can be generated by working less than one day a week, and I have settled on the goal of $2000 a week net.
The experience of defining what retirement is for you is exciting! This can turn what may seem like an impossible dream into a tangible and attainable goal. If you find yourself daydreaming about the time when you make your millions so that you can have freedom, work out what freedom really means to you. If you find that you would be 100 times happier working 3 days a week instead of 5 then it is not such an impossible goal is it?
So that is my goal anyway: $2000 net per week working less than one day a week, from anywhere in the world.
If you have decided to join me in playing this game and want to share your goals, please post them below, I would love to see them!
8:07 am
I’m with you all the way Social-Star!
9:27 am
Go girl!!!
Meet you at the end of the rainbow…
1:21 pm
Paying tribute to your name: you are a STAR!!!
6:09 pm
I certainly hope you will be successful and that we can all learn from you. as somebody who works in the field of sustainable development – all around sustainability is a dream come true! Good luck.
10:35 pm
Your magic figure of $2,000 a week is relative to your own thinking, however for some people, they are looking for $10,000 a week, my old Dad gave me a powerful lesson many years ago, it was this….. “it is not how much you earn that matters, it’s how much you keep that matters ” ….for freedom and some time to live a life less stressful, perhaps $500 a week might be enough for some, I guess it’s all relative in some way, Serena enjoy the journey, many of us will come along with you, to your success, cheers Trevor.
10:51 pm
Hi Trevor,
You are so right! It is different for everyone. I chose $2000 per week after looking at what wants and needs I personally have. I am sure that many people would be happy with $500 per week and many wouldn’t stop until they hit $100,000! (which I wouldn’t mind either btw!).
A massive thank you to everyone for your lovely comments! It is so nice to get these in my inbox! It is one part of the adventure that I didn’t really consider, and at the moment it’s the best bit! So thanks : )
Ciao,
Serena xx
10:51 am
To be able to work less hours… more time with friends and family… more time to relax and look after myself… more time for my volunteer work… bliss! Good luck Serena! Will definitely be following your journey and sending you happy thoughts! Much love, Ali and Nicolas!
6:50 am
This project of yours thrills the socks off me. I’m with you too Serena, because my intuition tells me you’re well on the way towards the realization of your dream and I’m basking in the excitement you’re generating along the way.