Everyone says they will try, or they will work harder, but do they have a plan? Dreaming and talking are easy.
So what would be your approach / roadmap?
Working hard in the same job with same pay makes no sense. The rich derive their income from a number of sources - investment income, capital gains and lastly wages.
But if you and spouse are both working and are professionals (eg lawyers, accountants or even in engineering field) achieving $5m net worth by 50 is doable. Investing in property will certainly help.
Quote:
Originally Posted by Unregistered
Cool. Being debt free and retiring so young is the new status symbol. I'm inspired by you, I will work doubly hard from now on so that I can pay off all my loans and build up my stocks investment portfolio to give me a passive income of at least $100k pa.
My condo loan is left with $500k mortgage. To generate a passive income of $100k pa, I will need about $2m in stocks portfolio value (assuming 5% dividend yield). So, I need to pay down the $500k mortgage outstanding and save $2m before I can retire at 50. Not easy, but I will try my best.
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