retire early

I read a review for “The 4 Hour Work Week” by Timothy Ferriss. It seems like it’s a good read and many have found the idea of working more productivly and living more appealing.

For me to live freely I need to be able to made $100 or better daily.

I want to see if this book has any fresh ideas to offer.

I took the step and started my sharebuilders account and bought my first piece of stock in Sirius Radio. My goal is to start taking $50 per month and build a portfolio.

I have a list of companies I want to invest in. I built the list at the begining of the year after doing two years of research at the library and online.

I want steady companies like Coke, Johnson and Johnson, Kraft and other things that people use every day.

I was able to get the $50 promotion for buying my first shares of stock so that will be added to my account next month.

I feel really good about this because it’s money I may have spend on something I don’t need. I can possible make some money over the next couple of years.

I pulled out my investment books from my personal library and am going to read through them again to refresh my memory on some things.

I have been online reading about retirment. There are so many different aspects to it and ways to go about having a happy one.

I joined some forums to get an idea of what it’s like to be retired by people who have made the plunge.

Some things I have learned is to start young and that you can start knocking things off as you go along. Savings is only a small part of it.

I started a Share Builders Account.

I kept putting it off and putting it off but I finally got this done.

I plan on putting $50 a month in to start.

I had a long talk with some one about retirement think that a person should have multiple streams of income for retirement. My thoughts are as follows:

• Income #1 : Collect my social security at full benefit age. If my husband meets the credits we will have two sources of income. Possible age to start collecting (if not cancelled by then) 67-70 years old.

• Income #2: Interest off of savings account.

• Income #3: Money from company 401K Plan.

• Income #4: Interest off of investments: mutual funds, savings bonds and stocks.

• Income #5: Possible residual income from books, art or real estate.

My husband’s grandmother said to put our tax return into a high interest rate savings account or mutual fund account each year and we would be alright when retirement age comes. This helped her retire early and supplemented her social security benifits along side her husband. Good solid advice.

I am thinking of talking to more of my elders to get an idea of what retirment is like and what I should know and do now.

My grandpa told me that when you are married that retirement is a joint effort and can be accomplished early when you are on the same page and work at young.

My grandpa has A+ credit because he believes in only borrowing for important purchases like for education and buying your own home. He pays all his bills in full on the same day each month. He reads his bills with a fine tooth comb.

My great aunt told me to only work for companies that work for their employees too. Try to get into a place that matches 401 deposits, helps with your education and when possible offers pension.

If you take care of your health annually without fail you reduce your spending in old age due to health problems. This holds true because last year I only needed $500 worth of dental work done now I need to have $1,500 worth of it done. Health care is one of the top items that drain your money in old age.

Over all the elders I know downsize their lifestyles later in life. Young people upgrade all the time. My grandpa want to have a smaller home or even an apartment because the upkeep can be harder as you age. His message: Buy what you need.

I read profiles in books about retirement who say that many work part time jobs so that they can have their health beneifits covered.

I also found out that some employers offer a account similar to a 401 account that is strickly for growing money for use for health needs in old age.

That’s cool.

I found out that my retirment age is 67 to recieve full social security benefits. I have amassed the necessary amount of credits to required to qualify.

If the law doesn’t change and my husband and I live long enough to recieve benefits at this age I think we would do pretty well. I know that the benefits may change as we get older but it gives me an idea of what we may need to have saved for this time in our lives.

I do not come from a rich family but I am from a family that is not afraid to work and make ends meet. My goal is on my mind 24 a day. I breathe, eat and sleep my goals at all times.

My goal for 2006 is to find a way to make more money. I hate to admit it but this is where it will need to start for bigger things to change. I am working on the smaller but equally important things to help improve the other areas in my life.

I want to double my money in some fashion or another. If this means getting another job at night so be it. It also means learning about money and money making vehicles. I want it to be like second nature to me. I must break my harmful spending habits in order to make the dream a reality.

I want to make my plan work so bad that I can taste it. I get on the train every morning going into the city and dread getting on and off that train. That train is a symbol of a sheep herder leading the sheep. It’s a constant reminder how I am not working for myself and how each day the owner of my company is getting richer by the hour.

Every morning I get off the train I stand back for a moment and watch my fellow commuters on their daily race. I watch hundreds of commuters move like robots going to work. An invisible force driving them through another day for another dollar.

I even caught myself getting sucked up in the monotony. I honestly believe that I could walk out of my house and get to work blind folded because I am on autopilot.

The times I catch myself I realize that I could of walked in the street without thinking or someone could of attacked me and my reaction time would be way off. That’s not a healthy lifestyle for any human being.

My goal is for my husband and I to successfully retire and to have at least $500,000 in net worth by the age of 50. I have twenty years to make this dream into a reality.

I want to be able to spend time with my husband and in the future my children. I want to live my life to fullest extend possible.

I want us to live comfortably and help my family and friends reach their goals and dreams. I want to break my family trends of worry, bills, mismanagement of money and anger. I want us to make our families proud and be role models for our children and society.

I sat down with my doctor and dentist and determined what work needs to be done for my husband I. My husband’s dental work is almost done. My work will be done by the end of February 2006.

I decided to have my husband do his dental work first because he need more work done and he was in constant pain. I didn’t have much to do last year so i waited. Boy was that a mistake. I have double the problems from my last visit, as well as $1600 out of pocket fee I will have to pay by next year. Sure flexiable spending will pay for it but I learned that it’s best to take care of problems immediately rather than wait.

We have an excellent dentist but a poor Primary Car Physican. I have decided to ask around an get a better doctor for 2006.

Our medical work is complete. I have to lose some weight to improve my health. Other than that we are both pretty healthy.

I am trying to keep a schedule to keep up with our dental and medical yearly so that we won’t have any expensive bills down the line because of poor health.

Good health=less bills in old age

My grandparents are the only people in our family to retire early and profit from it. He started early and used his resources to build a better life for himself and my family. He came from a poor upbringing but was able to retire young through hard work, planning, saving and proper timing.

My husband’s grandparents retired early as well. Both his grandparents started with only the clothes on their backs and worked hard to improve their lives. They live a good life that involves enjoying the two things that matter to them the most-their family and their hobbies.

My goal is to retire in stages. Each year I will do things to get me closer to my goal. I feel that this generation has a lot more going for them than their predecessors. We have the Internet, libraries and people who are experienced in the very things we want to do. We have more opportunities to build our futures through small home-based businesses, 401 K plans and government funded assistance to own our first homes.

To obtain this goal I need to think smarter, be willing to take more chances and use every opportunity that presents itself to my advantage.