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Retirement - What is your number?

When retirement crosses the mind of many, it raises certain questions: when will I retire? will I ever retire? how much do I need to retire? where will I retire? should I retire? and so on. 

how much do you need to retire?
A guy randomly started asking every member of his team at work -"what is your number?"

At first, it was unclear what number he was referring to until he rephrased, " put a number on the amount of money you will need to retire." 

Everyone in his group started throwing out their numbers. One million, five million, ten million and twenty million dollars were the amount of money his colleagues said they needed someone to give to them or that they needed to have to retire. Until they get that they will likely not be able to retire.

Looking at one of his colleagues, he asked loudly: "what is your number? because you have been so quiet." His colleague began his response by saying: " what retirement means to me is entirely different and not the traditional reply you would usually get." 

The initial response of this colleague left everyone in his group in deep thoughts and reflection on what retirement actually means. 

The response continued...

Two things:

1. Retirement means flexibility and control of my own schedule, and spending more time doing more of what I cherish in life. 

2. Not working because I have to work but because I want to work.

Anytime I have enough income to cover all my monthly expenses without having to go work for it or earn it through my sweat, I will retire at that point.  As of today, I need $3000 per month to maintain my decent lifestyle. Whenever I can generate $3000 or more per month passively, I will no longer need to work to survive. Rather, I will work to give value and solve problems that will foster the lives of others and greater causes. 

Retirement recommendation... 

Figure out the amount of money you need to maintain the lifestyle you desire, and work towards creating enough passive income generating sources to meet or exceed the amount you calculated. 

Ever wonder why some people who win millions of dollars in lottery end up miserable after a few years? 

If you get handed five million dollars and a beach house now and asked never to work again but relax at home, you will die slowly and possibly wind up depressed even though it all seems fantastic. 

According to Ezra Cornell, " idleness is to the human mind like rust to iron."

Retirement does not equal not working ever again. 

What do you think? Do you have your number? Feel free to leave comments and below share your thoughts on this with us on facebook

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