So, I want to retire to financial independence at the age of 30.
How much will I need to meet that goal? Using Bankrate's Retirement Calculator, and assuming I don't mind living out of the country (yearly income of $15,000 to live comfortably in south america). I would need $700,000 at age 30 to retire and live to 100. But, that's not my definition of retirement. I like south america, but I don't want to have to live there full time.
Assuming a modest upper middle class lifestyle in the US ($50,000 a year, which is much more modest if you have kids) I would need $2.4 Million at age 30 to retire and not work again.
But that isn't very much fun. I don't want to not work again, I want to have financial independence. I like working, and would get pretty bored living at home all day. So $700K isn't enough and $2.4 million, while not being too much, is a stretch goal.
To get $30,000 yearly for 70 years I would need $1.43 Million. I like that, it is a nice non round, not $1,000,000 number.
Thus: my goal is $1.43 million in net worth in 7 years. My Minimum acceptable limit is $.7 Million, and my stretch goal is $2.4 Million.
If anybody has any ideas as to how I can accomplish this, I'd love to hear them. email@example.com
Next time: A plan to meet that goal.