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Currently I have achieved a passive income of $1550, and based on the assumption on my post "How long does it take me to reach a passive income of $3000?", I will be reaching more than $5000 in 17 years time. That will also be the time when my child has become a young adult. I am looking forward for a retirement around that time. Hopefully $5000 is enough for my family expenses. In order to achieve my aim quickly, I will try to source out other passive incomes. Please note that, I plan for my retirement now instead of 20 years later where every thing will be too late.
This is my own way of planning, you may google "Retirement Plan" to find out what are other types of plans that you can use.
7 comments:
How old are you now?
Hi,
Early stage of 30s.
Regards,
Freedom Achiever
Factor in the average inflation rate of 3% to compute your inflation adjusted passive income for each of your 17 years and figures will look quite different.
Impressive. How u manage to save 1500 per month?
Hi ksfioval,
$1500 is passive income and not saving. It comes from rental, dividends, interest gain and other sources. My aim now is firstly to explore other types of passive income and secondly to increase my current passive incomes.
Regards
Freedom Achiever
that is totally amazing.... :o. congrats!
congrats. prudent passive income. what happens to retirement then?
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