As I dig deeper into the book “Rich Dad’s Guide to Investing” by Robert Kiyosaki, I realize how intelligent his systems and processes are. He states that in order to become financially rich you need to have a written plan. But before you can even reach the level of being financially rich, you have to first obtain the levels of being financially stable and then financially comfortable. Not everyone has to become financially rich. In fact, I do not know if that is something that I want currently. I do however want to become financially comfortable. Everyone has their own definition, or vision, of what these different levels of financial independence will look like. Below I will try to describe what each of these levels looks like to me.
Financial stability (work optional) – For me, this is the point where working is optional. Kris and I could live comfortably on our rental income and investment income. Retirement income would be used for obtaining more assets. Our businesses would be more like side hustles. We would be able to travel from time to time, and also eat out at restaurants from time to time. The kids will each have a home of their own and also we would have a small investment portfolio for each child and grandchild. Here is what it will look like financially.
Financially Comfortable (traveling retirement) – This is the sweet spot for me, as I currently envision it. We would not have to work at all. We would own a medium-sized business that our children or someone else would run. We could live a life of luxury, but only from our investment and rental incomes. We would spoil our parents. Our kids and grandkids would never have to work for anyone except us if they so choose. We would travel in style. We would own RVs, boats, and also a house on the water. Our kids would have a few homes each and a large investment portfolio. Here is what it would look like financially.
Financially Rich (Extreme Wealth) – Honestly, I do not know what this looks like. I grew up poor and I already consider myself wealthy. I know our business would be international. The kids would be extremely wealthy. We would be running the business because we would enjoy it. We would have everything and anything we wanted. Most importantly, we would have each other. Here is what it would look like financially.
Our first step is to achieve financial stability. This means to completely work optional. I believe we can reach this in 3 years but I will aim for when I turn 48 years old. That is roughly 8 years away. The day I retire from the Marine Corps, I want to completely work optional and financially stable. What I do from there is truly up to me and my wife.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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