Most people view retirement planning as a lifelong savings project to reach some point in their later years when they can completely give up work and then do the activities they enjoy most. This has, and remains the traditional way for most people. There have been changes in that philosophy at a much greater rate in recent years. For some people the idea of accumulating such a large sum of money just seems impossible, therefore they are breaking the project down into more manageable levels.
But, the first way to examine this newer view on retirement is to question the whole idea of ONE retirement. Why wait, many ask? Why not have a number of “mini-retirements” along the way?
A mini-retirement can mean anything from a few weeks off doing something completely new, to a few months of actually living in an exotic location or city.
The idea is to do the things you have always wanted to do before you are too old and risk never getting the opportunity.
As for the funding to do this, well you may have to re-think that as well. The first exercise you must engage in is a careful examination of what you actually need on a monthly basis to live on and live out your mini-retirement. In doing this you probably see a lot of segments of your lifestyle where you can economize or simplify in order to more readily achieve your mini-retirement goals.
For instance, are you finding you are house-poor? Maybe you could downsize your living arrangements and expenses drastically. After all, you are going someplace new on your mini-retirement…who needs those extra burdens!
Once you have a figure you can live with for a monthly income, you need to start working on ways to generate income that has little to do with spending your time to get a paycheck. You should try to find a way to generate income in such a way that it can quickly be repeated and repeated again. Selling a product on the Internet is one growingly popular method.
If you can think creatively about how to generate that monthly figure in as efficient way as possible, retirement planning may take on a whole new meaning.
For more details: www.thepersonalbanker.com
