How I’ll Retire by the Time I’m 40 Years Old
As you know, I’ve set out to prove to you that I can crush my goals through using my Boldly Go Productivity Planner.
One such goal of mine has received a lot of attention and questions: “Retire by the Time I’m 40 Years Old (in 3.5 Years).” Who else is ready to retire?
This is important to me because I would love to use my time in other ways besides working – wouldn’t you? I want to give back more to my community, have more time for my family and friends, give freely with my money and time, live life abundantly, use my time for things that bring me and others joy… I don’t feel badly about wanting these things. My life is far more than work.
My goal about retiring at 40 years old, although it requires money to do so, actually has nothing to do with money in the long-run. It has to do with freedom, time, and giving… reaching my highest potential so I can be available for others, not myself.
I’d like to break this goal down for you, so you understand it how my brain broke it into components that will make it a feasible reality.
The bigger message here is not what the goal is about, but about how you can break down a goal and make it easy to achieve… it’s about taking an idea and turning it into a reality you can start working on the very next day.
So, here goes: I started with the large goal of “Retire by the Time I’m 40 Years Old,” and considered: “What do I really need to do and be in order to have my head in the game and make this a reality?” I came up with three things that I’ve learned, in my 36 years on Earth, are necessary:
- I need a healthy mind and body. Without this, I can do nothing well.
- I need to have loving relationships and connections to others. Again, without this, I can do nothing to the best of my ability.
- I need to stay involved in activities that inspire me and give me energy – which, for me, is writing.
So, I decided that in 2020 – my large goal of “Retire by the Time I’m 40 Years Old” needs to be supplemented by these other three goals. If I don’t remain on track with these three goals, I have NO CHANCE at achieving my large goal.
I’ve tried it the other way around – where I focus solely on the large goal and forego my health, relationships, and inspiration (outside of work) – and it does not work.
So, my current goal list looks like so:
- Healthy Mind and Body
- Loving Relationships
- Write a Book Authentic to Me
- Retire by the Time I’m 40 Years Old (in 3.5 Years)
I then broke down Goals 1-3 into various tasks and routines/habits that I need to achieve on a daily basis so these stay at the forefront of my day. I’ve posted more details about these in previous posts so I won’t elaborate on these again here.
However, here’s how I broke down my large goal, Goal 4:
- I thought about “What does ‘retired’ mean to me?” The answer to that is: to have my monthly required expenses (ex: mortgage, car payments, groceries, utilities, etc.) covered + have enough assets to feel safe for decades to come. For me, that number is: $6,000 per month + at least $2M in assets. This would allow for Mitch (my husband and business partner) to not have to work another day as long as we lived closely to our budget.
- However, I don’t want to live closely to a budget – I want to have extra for additional savings, spending, vacations, and more. So, I increased the number to: $8,000 per month + at least $3M in assets.
- I then broke down what it would take for us to earn $8,000 per month in passive income and what Mitch and I would need to produce every month until then so that we don’t dip into our savings, emergency fund, existing assets, etc. Here’s what it looks like:
- We need 25 rental properties.
- We need to to complete 1-2 real-estate transactions per month until we reach 25 rental properties to pay our current bills.
- We would like to continue growing Boldly + Co. by achieving a certain number of subscriptions, workshops, and coaching/business clients per quarter.
From here, I broke down AGAIN the sub-goals and then tasks I felt are needed to achieve 3i, 3ii, and 3iii (e.g., make X number of offers on properties per week/month).
My goals, sub-goals, and tasks go into my Boldly Go Productivity Planner – they are my focus and my priority. I will not accept reacting all day or not having a plan for my life.
I am here to live purposefully, to give, and to feel that my time is a blessing – not a stressor.
Learn how to set goals, break them down, and start working towards them using our Boldly Go Productivity Planner. Not only does it give you the right space to do these things, but we provide you with a video link where I teach you the proper methodology to plan out your days so you can turn those goals into reality… starting tomorrow.
We also help individuals, teams, and companies determine their goals and create a plan to achieve these. Once we do that, we then help them put these into action and hold them accountable to it.
