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I am a successful entrepreneur that gets to work from home. I am enjoying my sons as they are growing up.

I’ll do that when I retire…

Posted on September 4, 2008 by

(5) Comments

Today, most people are in denial about their financial situation. They put off travelling, their hobbies, spending time with their family, etc. They’ll do that when they retire is their motto. They are also sold on the concept that when they retire, they will only need about 60% of what they are making now because their expenses such as mortgage and business costs will be eliminated. What they are not make a connection with is that travelling, hobbies and such will probably cost more at a time when their income will drop.

Living on 60% of what was not usually adequate in the first place means that they will be spending retirement sitting at home, watching TV and counting their pennies as they watch their fixed income eaten up by inflation, increased health care costs and higher gas costs.

To retire, you need income. The retirement savings plans are sold as being able to replace your income when you retire. Unfortunately, living off savings sets up a race to see which gives out first, you or your savings.

Having your own business that provides residual income allows you to retire at any time. You can enjoy things while you are still young and healthy enough to enjoy them. You have time freedom to do what you want to do, when you want to do it.

My business is also an asset that I can will the income to my sons which allows me to help even when I’m not there.

The bottom line is that if you want to do things when you retire, residual income is the real answer.

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5 Comments for this post

Zack says:
April 22nd, 2009 at 3:42 am

It’s a little more difficult to set up a parallel business than you make it sound in the article. Although I agree that savings alone cannot support life after retirement but the prospect of owning a business is not that easy for many of us.

Himansu says:
May 4th, 2009 at 6:32 am

Your view about owing a business is quite acceptable. But now a day owing a business not so easy.It is difficult due to financial crises. Bu the thinking and suggestion about owing a business is acceptable.

ravi says:
May 20th, 2009 at 12:04 am

Spending time with family after retirement only is not the proper solution for ones financial situation.But nowadays it is very important to earn income because of increased living costs,health care costs and higher gas costs.

ANITHA says:
May 20th, 2009 at 4:08 am

Now a days many of them were thinking about there future plans giving more important on the financial matters so that it can be more useful for there future plans without any problem facing tomorrow the beat thing is just SAVE

cangel says:
May 21st, 2009 at 11:16 am

I chose to retire myself and get out of the rat race. As you said, you cannot depend on a fixed income and besides, it is boring. Although I do not work full time in the system, I supplement my income by tutoring and sell crafts I produce. Not only am I enjoying life but I have the money to enjoy the extra little things that make my life more pleasant. I am penny watching but not penny pinching.

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