As I mentioned earlier I have no magic mantra. Let me give some of my goals below:
I would like to retire in next 10 years, preferably in 7 years. Let me also give my concept of reitrement.
- I do not report to any body except to my family.
- I do not have to wear a tie or a suit if I do not want to. ( I actually enjoy wearing them but I know given a choice I would not like to)
- I do not have to wait for a paycheck to arrive at the end of the month to pay for the bills.
- My house/s have ZERO mortgage. That is right the house/s should be completely paid off with nothing to own to any bank.
- My monthly income should be more than the monthly income of an IAS officer with about 20 years work experience. This income should come from investments or businesses that i own where i go only because i enjoy working there not because i have to work. I will explain in a future blog the reason for choosing this benchmark.
- I should have adequate medical coverage for me and my family beside life insurance.
Amounts to be decided after studying data.
- No outstanding loan of any kind-- e.g personal loans, Credit Card loan, car loan etc.
- I should be able to give a minimum of 10% of my income to things I believe make a difference. I currently am not able to do more than 1.5%. Some of these activities would be things like giving for the cause of girl child, environment, micro finance etc.
- Travel at least 3 times a year with family to places we want to see together both in our Incredible India and beyond.
- Give values to my kids that my parents gave to me and my siblings.