Here we are again, talking about my favorite topic, retirement. I always have some form of retirement thought process flowing through my mind. There is so much to prepare for, but the main thing that crosses my mind is money.
This is the third in the Don’t Gamble Your Retirement Away series (part I, part II), each of them roughly sixty days apart. Each time I write one of these, our retirement situation seems to improve.
Over the last sixty days, we paid off all of our debts and became work-optional. We also refinanced two of our three homes. My royalties from Kindle books have leaped forward, and our dividend portfolio is nearing $200,000.
The Golden Handcuffs of Lifestyle Inflation
There is a lot to celebrate; however, now is not the time. We do not want to gamble without retirement. We want to ensure we have maximized our income potential BEFORE we retire. Let’s review our plan.
Retirement Income. I want to make my pension from the military as large as possible, so I continue to stay in and build it up. The goal will be somewhere between $8,000-$10,000/month.
Investments. I would like to hit $1 million in our dividend portfolio before I retire from the military. That would bring in $40,000 worth of income. After retirement, I would continue to fund our dividend portfolio. Eventually reaching $6,000/month, at a minimum.
Cryptocurrency. Crypto is new to the game, but it will be a significant player. I don’t have a specific goal on the amount of interest or passive income I want to earn from crypto yet. However, I know that the overall amount should be 3-5% of my dividend portfolio.
Real Estate. Real estate has been our wealth generator and may continue to be for the entirety of our lives. The goal is to reach $6,000/month in rental income over the next ten years. I say this because we don’t want to accumulate too much real estate while still being in the military.
Business. There are two types of business income; royalties and automation. We are working on our royalties currently. Hopefully, as the years pass, our royalties will become a massive part of our retirement plan. The plan is to start some small businesses with my sons, hopefully automating them and making them passive.
When Life Gives You Lemons… Make Passive Income Lemonade
This five-pillar approach will serve to ensure we are diversified and ready for a long, healthy retirement. The benefits of having this approach are two-fold. One, these streams of passive income will keep our minds active. We won’t just sit around consuming our social security checks.
Two, these streams will continue to grow and grow until they become rivers. That is the magic of passive income; they all compound. Our knowledge and education also compound exponentially. We must continue to stay on top of our passive income streams, changing and adjusting as new information comes into play.
Happiness isn’t Free
What are your plans for retirement? If this is your first time with the Don’t Gamble with Retirement book series pull up a chair and put your thinking caps on. Also, go back and read the other two in the series. Each book goes progressively deeper and deeper into the realm of retirement.
The first and second books are an excellent place to start your journey off, with the third being the cherry on top. Not to worry, I have no plans on slowing down. You never know, I may retire with Don’t Gamble with Retirement 100 just hitting store shelves. I genuinely love writing and talking about things that will affect every single person.
That is unless you plan on working forever, which some people have resorted to. There is no need for that. We can get maximum results for retirement by becoming knowledgeable of all things passive income.
Let’s put our families first by taking care of our income. The next step is to make a retirement so large that our great-grandkids will be talking about the fortune they will inherit. That is the goal of the Don’t Gamble with Retirement book series and the Don’t Gamble you Retirement Away article series. To bring the importance of retirement to the forefront, where it belongs.
- Build Passive Income: 21 Passive Income Ideas (book)
- Free PDF Downloads: Download FREE PDF books here
- Financial Mindset: Become CEO of Yourself (book)
- Retirement Planning: Don’t Gamble with Retirement 4 (Free PDF)
- Investing: The Pros and Cons of Dividend ETFs (Free PDF)
- Cryptocurrencies: The Magic of Cryptocurrencies (Free PDF)
- Real Estate: Real Estate is a Mindset (Intermediate) (Free PDF)
- Business: Retire Rich, Retire Comfortable with a Business 2 (Free PDF)
- Everything!: The Biggest Book on Passive Income Ever! (book)(Web Edition)(Art Edition)
- I bought a Kindle Oasis: Check it out Amazon
- Read My Books for Free: Free Kindle Books Schedule
- Sign up to Access our “Hidden” Free Kindle Book Schedule
- My first Children’s book: A Child’s First Book on Passive Income (book)
- Book Reviews: 54 Takeaways from 54 Books (book)
- Want to Build Passive Income from Books and Affiliate Marketing? (Learn here)
- Writing: Can Grammarly Make You a Better Writer? (direct)
- My Favorite Chromebook: The Ultimate Chromebook (direct)
- Follow us: On our Facebook Page and Join our Facebook Group
- Amazon Author Page: Check out my author page on Amazon
- Monthly Dividend Planner: Check it out on Etsy
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. 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. All Right Reserved Military Family Investing
Leave a Reply