Where Will You Be When You Turn 60?

Where will I be at the age of 60? Fast forward... Abrakadabra.... Swooooosssh! It's hard to imagine! Can we just go back to the present reality first? Swooooosssh!

We were working 12 hours a day for three straight weeks already when we felt fatigue, especially swollen feet, brought by our work which include whole day walking here and there, long standing, lifting and other strenuous physical activities. One of my colleagues blurted out "I wanna retire!". I answered: "Me too"! But wait a minute, Am I ready for this? Am I ready to retire? Obviously, not yet. I'm only 34 years old and had barely started investing (Read: Preparing for retirement) two years ago. Realization sink in again: I couldn't see myself working like this for survival in the next 26 years of my life! This is one of my compelling reasons why my husband and I have decided two years ago to religiously set aside 20% of our combined income mainly as a payment for ourselves (for us to enjoy it in our golden years without being obliged to work and so that we will not pose burden to our son for survival (and future children if God still permits an addition to the family, Hahaha!).  When that time comes, we will go to work not because we have to but because we see enjoyment in what we do. To work or not to work we will be able to live the lifestyle that we wanted.

Going back to our tossed question for the day: where will you be at the age of 60? Hmmmm.... Interesting! Where will I be on my 60th birthday? Drank? Cruising? Partying?

But seriously speaking, these are the precious answers from my colleagues that can be pondered upon.

1. Buhay pa kaya ako non? (Am I still alive by then?).
2. Broke.
3. Still have to work.
4. Dependent on children for survival.
5. Financially Independent.
6. Rich.

Have you noticed that we have control over numbers 2 to 6? Only God knows the answer for number 1. Now, which category would you want to be counted in? Have you started working your way to achieve the category that you chose? If you were my age it's TIME TO TAKE ACTION. It's a bit late but as the saying goes "Better late than never" or "Better late than sorry".

Let's hear what Financial Guru Robert Kiyosaki and Businessman Bill Gates have to say:

"If you want to be rich, you need to be Financially Literate". - Robert Kiyosaki

"The main reason people struggle financially is because they have spent years in SCHOOL but learn NOTHING about money. The result is that people learn to WORK FOR MONEY but never learn to have MONEY WORK FOR THEM." - Robert Kiyosaki

"Because students LEAVE SCHOOL without FINANCIAL SKILLS, millions of educated people pursue their profession successfully, but later find themselves struggling financially". - Robert Kiyosaki

"If you are born poor, it's not your fault. But if you die poor, it's your fault." - Bill Gates, billionaire and Founder of Microsoft

It's a harsh reality but it's true. School never taught us Financial Literacy. Life is ought to be enjoyed both when we are young and when we grow old. I've heard of people who have skyrocketing income during their working years but turned out to be dependent only on SSS/GSIS for Filipino retirees and Superannuation for Aussie retirees just because they never paid themselves first when they still had the chance and the capacity to work hard. "Pay Yourself First" means setting aside at least 20% of your weekly income (click here for the 10-20-70 Principle of budgeting) and invest in whichever investment vehicle you are comfortable with. Be it in stock market, mutual funds, Unit Investment Trust Funds (UITF), or property investment, and etc. Your money will grow exponentially (power of compound interest) until such time you don't have to work anymore as the passive income from these investments is more than enough for the lifestyle that you chose.

In short, we have the power to decide to retire earlier than 60 if we want to. Time and discipline is the key. The earlier we start preparing for it the earlier we will be able to achieve our goal. It won't be easy but nothing beats a willing heart. If there's a will, there's a way. Have you deciphered your own ideal age for retirement? What's your magic number? International Marketing Group (IMG) have taught me and my husband how to compute for how much we should be setting aside and investing each month for us to achieve our target retirement age (Oooops! I won't be telling you! Hahaha).


Journeying with Passion,
Net

P.S. Proper guidance is necessary for first time investors. Be guided accordingly.Get a mentor. Click here to get a grasp of where to start (Under the guidance of IMG and TrulyRichClub).