"Who needs money? It is all about love."- a fool
Money is a great lubricator in life. It makes things move smoothly. Many people sweat how much they have or will have at retirement.
A better question is how much should you have at any time in your adult life if you want to be financially free when you retire? Based on the work by the authors of The Millionaire Next Door there is an easy formula to determine the Income needed at any age To Be Financially Free.
IncomeToBeFF= yourcurrentsalary*age/10
So if you are a 30 year old multiply your salary by 3. If you are a forty year old then multiply your salary by 4. If you are a 57 year old then multiply your current salary by 5.7.
Pretty easy to figure out the result BUT hard to achieve. If you are below 1/2 of the desired result than you are a poor wealth accumulator.
Today's question is:
"Are you close to your IncomeToBeFF?"
Money is a great lubricator in life. It makes things move smoothly. Many people sweat how much they have or will have at retirement.
A better question is how much should you have at any time in your adult life if you want to be financially free when you retire? Based on the work by the authors of The Millionaire Next Door there is an easy formula to determine the Income needed at any age To Be Financially Free.
IncomeToBeFF= yourcurrentsalary*age/10
So if you are a 30 year old multiply your salary by 3. If you are a forty year old then multiply your salary by 4. If you are a 57 year old then multiply your current salary by 5.7.
Pretty easy to figure out the result BUT hard to achieve. If you are below 1/2 of the desired result than you are a poor wealth accumulator.
Today's question is:
"Are you close to your IncomeToBeFF?"
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