One assignment in the class was to watch a PBS documentary on retirement and answer several questions. One question was...
5. After looking at this documentary,...how do you feel about the process of retirement? Do you plan on retiring from the workforce in the traditional fashion (i.e., taking Social Security as well as withdrawals from any private pension plans you might participate in), or do you plan on working beyond the normal retirement age determined by Social Security? Do you have any other questions or feelings about the process of retirement after viewing this video?
The link to the video is Here. By the way, it's 2 hours long; so I'll understand if you don't watch it. And just in case your curious, here's my answer to the above question.
"I believe the process of retirement is as good as can be expected. The population as a whole is asked to delay gratification now in anticipation of the inability to work at a reasonable age. This request is asked 30-40 years prior to gratification. In the age we live in today of McDonald's and microwaves, asking someone to delay gratification and set a significant amount of money aside each paycheck is asking a lot.
I plan to retire in my early 30's from the sale of various independent business' reinvested in stocks and possibly real estate.
I feel that society as a whole has lost the discipline and frugality needed to endure the temptation to spend more then you earn and not save at all. These virtues need to be infused into the curriculum of pre-k through high school; until we give our young the tools to act responsibly, how can expect them to save and invest in the fashion needed to independently secure their future?"
What's your answer?
6 comments:
I like the idea of Tim Ferris' book The Four Hour Work Week where he describes the mini retirement.
Thats were you basically automate your income as much as possible so you are able to take extended periods off for travels and other adventures.
Most people (like you) with an entreprenueral mindset, will not able to truly "retire" in the traditional sense even if you are indepedently wealthy. Your desire to succeed will cause you to continue to invest in other ventures or start other business.
Great post!
The "Four Hour Work Week" is probably my favorite book of all time, a book I read as soon as it was released and I still go back to it for reference.
On retirement, I agree with you. I would consider myself retired if I could quit my day job and run my own business, which is technically incorrect by definition. But I would consider myself retired because I would be working for myself and macking my own hours.
Also check out "The E-Mythe," a book dedicated to automating your business.
you say various independent businesses. What automated business do you operate?
I used to own and operate an online drop-shipping business and had plans to open two more sites, but I began having more success with trading equities , while the business was barely braking even, so I closed it down. I;m now focusing on trading for the foreseeable future.
Thanks for visiting and commenting.
do you have a twitter where you track your transactions?
no, I'm not so public about my equity trades. I find it messes with my emotions. Maybe one day though...
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