How to live your life debt free and income rich.
Lifestyle
When we finally start to see retirement on the horizon a lot goes through our minds. We start to think about all the things we want to do but haven’t had the time for – the adventures to experience and places to explore. We ask ourselves big questions like: “What do I want to do for the next 30 to 40 years?”
Then we start to think about money. Do I have enough to tick off all those things on my bucket list? I’m overwork, but what happens when I no longer receive my fortnightly pay cheque? Will I/we manage?
It’s never too early to prepare. The sooner you ask yourself these questions the better. There’s a lot of preparation to ensure you have the financial nest egg you need to match the retirement lifestyle you aspire to. We all have different goals. And each retirement lifestyle brings with it a unique set of questions. Here are some pointers to help you navigate different retirement lifestyles.
The globetrotter
First, you need to establish what kind of traveler you want to be. Are you a “flashpacker” or a backpacker? Are you looking to tick as many places as you can off your list? Or are you the kind of traveler who likes to really get a feel for the place you are visiting and stay put for a while?
Establishing this will help you determine your budget. I encourage my clients to think about their retirement savings in buckets: the income nest egg for fixed expenses (home, insurances, health, food, fuel, etc) and the lifestyle bucket list fund (adventures, cruises, and overseas trips).
By keeping your money separate you’re less likely to eat into your income fund. Knowing exactly how much you have in your nest egg and that you have enough to cover your day-to-day costs will bring peace of mind. This will give you the space to enjoy whatever adventure you choose to go on. Bon, voyage!
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