How much a person actually needs in order to retire?

Posted on 29 June 2008

What do you see yourself in age 60, retired and finish rich. I have heard that only 1% of the people retired rich and 60% of them finish rich because of business, the rest are either inherited or from high management position (CEO, CFO, etc…). Ever wonder how to be part of the 1% of people to finish and retired rich. Recently I read a book - How You can become A Multi Millionaire Real Estate Investor by Milan Doshi. There's an idea from the book that suggested you can become a Millionaire getting 1 property every 5 years by saving as little as RM450 a month. The idea is pretty awesome and is good if you start from NOW. Since I am in the late twenty group, it would be a good time to start to set a goals for this.

Nest with Golden EggsIt may sounds strange for a person not reach thirty to have such thought of thinking retirement, but I have been thinking about retirement and visualise them lately, I think I am getting older and older and need to start something. Seeing some of my friends, in their early thirty still partying all night long and not ready to settle down financially, I am not sure if they had any plan but what I know is that many of them are planning to get out of Malaysia to earn more Money. Is the grass greener on the other side?

If you happened to visit some of the seminar about wealth, you may notice, all walks of life is there to look for a change in their life, some are fourty and fifty, some are doctor, businessman and millionaires (no kidding). Sometimes, I was wondering what are they doing here, they shoud enjoy the high pay salary or income. I was wrong, they are having good pay and income but felt insecure and no freedom. It's not passive income but active income, if they stop working today, the money will not be coming in. What they are looking for is multiple source of income which mean the number of days they can survive if they stop working today.The true wealth to retire rich is to live rich with lots of freedom.

So, the next time when someone ask you, how much a person actually needs in order to retire? The answer should be the number of days I can survive in infinity if I start to stop working now.

This post was written by:

Kenneth - who has written 140 posts on Million Ringgit Homepage.

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3 Comments For This Post

  1. foongpc says:

    Thanks for recommending the Milan Doshi book - will go read it! : ) Talking about retirement, it's scary when you calculate and take into account the inflation rate.

  2. fathersez says:

    I also thought that Milan's concept is very exciting and doable. Though for me personally it may be a little late, the lesson is very valuable for my children. I shall be talking to my children to embark on that journey.

  3. Kenneth says:

    Hi foongpc,

    It's a great, you should get one and no regret about it. Retirement plan require a lot of determination. Keep it up. :)

    Hi Fathersez,

    Agreed that Milan's concept is doable, your children would be very please to have such a wonderful father. Cheers.

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