You’re Setting Yourself Up to Fail
What day do you want to stop working?
Have you ever stopped and thought about how much money you need to survive when you retire?
We all went through this same schooling system where we were taught to be a cog in the machine: go and be a good employee, work your ass off till you’re 65, then you can touch your super. That mentality is kind of naive to think that someone else is looking after that for you.
I’m just gonna live for now, have fun, go out for dinner, have my drinks. I’ll worry about that when I’m older. YOLO.
That kind of mentality is gonna get you an average life.
Honestly, that kind of stuff scares the hell out of me. I don’t know about you, but by the time I’m 50 or 60 years old, I don’t want to be reading a newspaper looking for discounts and circling where I can get cheap fruit – because I’m on a cheap pension.
Or if we put away a million bucks in our super, that’s gotta last me and my family the next 30 to 40 years, so we’ll have to be tight. That means no exciting plans and no aircon in summer. By the time I’m that age, I want to be waking up in the morning going:
‘Hmm… I think I’m gonna go on a safari today. Or I might go get on a river cruise and go through the canals of Amsterdam.’
Those are the types of things I’m gonna be waking up to. Not feeling fearful and regretting the stupid mistakes that I made when I was younger.
Working Out Your Retirement
Have a look at your life, where you are right now – whether you’re 20, 25, 30 even 40. Think about when you want to retire and how many years away that is. Work out how long you estimate you’ll live for. Then calculate how much money you think you’ll need to survive on during that retirement period.
No one thinks about this.
Do you need fifty grand a year? A hundred grand a year?
Figure it out and don’t forget to add the cost of inflation. Australia right now is sitting at about 1.5% p.a. inflation, so don’t forget to take that into consideration when you’re calculating it.
Start to get really analytical about this. Get a plan in place and put it up in your house.
Aim towards it. Start taking those baby steps. I want to have you guys to be set up for the rest of your lives. Stop being mediocre. Stop doing what everyone else around you is doing. Start to set yourself up and shoot for the moon!