We all need money to live stress free life and can enjoy our time peacefully with own wish. This can happen when we have monthly earning to fulfil all our regular obligations for which we are spending our whole time in a day and working either doing job or doing business. Every day we need money and to earn this money we are making all efforts so required monthly or yearly income can be earned. For any regular work or business we need minimum eight hours in a day for work and if we consider travelling and preparation time to go to work place we are almost giving 11-12 hours a day. Our most of the time and energy is going on earn bread n butter. So if we are working so hard, why don’t we think that at any point of time in life we should get income without work. We can achieve this by creating huge corpus which generate monthly income. This stage is known as financial freedom or to retirement from our regular works which we are doing only to earn money.
What is retirement ?
If you ask any one when you wanted to retire, most of the people will quote the ages and this will be between somewhere 58-62, in our society we have grown up with this concept. We always decide based on what others are doing in near surrounding. We do not have our own thought about life. Most of us do not have any tension till collage days as we are not thing about our way of life, always making thoughts based on what is happening around us and we are following the same traditional path. Now we can retire or get financial freedom whenever we want only we have to decide well before.
Is there an age in which we should start thinking about way of life ?
I ancient time sensible parents are sending their kids to Gurukul to learn skill to live the life. In Gurukuls apart from formal education many interactive training method were adopted to fine tune the mind set of students which includes respect, humbleness, art for self-protection, behaviour towards others, meditation, team work, leadership, way to life, spirituality etc so the mind will be balanced and cannot be influenced by the devil thoughts. When we will think with cool stable mind we can always get the right way of life. Success and failure is part of life and everyone has to face this. If you face with cool mind we will be stable in all through.
In this stressful environment our society is trying to stop us if we go beyond the thought of the society and stopping us to cross this threshold. If we are stopping us to cross threshold just to impress the society then we are actually doing injustice with us. Many peoples are working in stressful environment in corporates, workplaces just to show that they at higher position. Doing something new, we always thinking that if we don’t work then our respect in society will be shadowed. Once you cross this threshold, here is the starting point to live life. At any point of time we can decide about this. If we think early then achievement probabilities are more and will be in time.
What should be the right age to start ?
As there is no age to start living your life but once we start earning at the same time we can start thinking to get financial freedom which help us to live life peacefully and stress-free in future. Most of us start working at age 20-22 and its right age to start working towards goal of financial freedom. Although if we are late too, based on our financial strength we can set our target and can work to achieve the goal. If we missed early age even then we can set our goal and can achieve. In later age we are become more mature and can handing saved money in right direction so the corpus for financial freedom can be achieved. Yes but in later age we will not get more benefit of compounded interest on your invested money, we have to earn money to cover-up. In early age if we start saving and investing small amount of money also, due to longer period of 20-25 years we will get good amount of compounded interest on our money. Same time our contribution for corpus will be less. If we stared at later age then the monthly saving amount will be more and compound interest amount will be less.
What should be the age to get financial freedom?
In developed countries most of the people start earning at age 12 and by 28-30 age they get financial freedom. And later age they are enjoying time, doing research, spending time for hobby etc. Their social infrastructures are helping them to achieve the target much early. In India every individual has to work for their own and for their kid’s social security. Till our end of life we all are spending whole amount of money and time to fulfil our needs and requirements. We actually don’t know that since beginning saving small amount of money and adding into some more money per month regularly can create big corpus which can fulfil our needs as well other obligation which can take care of obligations for kids like kids education, kid marriage etc.
Now a days new age generation are more tech friendly and innovative. They are making more money by innovative ideas and focusing on earning money and sometime they are able to achieve financial freedom at age 30-35 even in India also. But by normal way we can achieve goal of financial freedom at age 40-45-50. If we focus on earning money during 20-25 years and same time able to save monthly targeted amount then reaching at goal is much easier.
Can corpus amount defines age to get financial freedom ?
While setting up goal for financial freedom, we have to define corpus amount to be saved at set target age. Also it is important that the amount is reasonable enough to fulfil your obligation and also should be achievable. If our savings are less than our monthly targeted contribution, than the corpus will also be less which will directly impact on your age to achieve corpus at target age. So effort toward contribution for corpus should be followed religiously.
It’s also important that the target corpus should be reasonable according to our earning and we have to control our spending habits which only can reduce our target goal. For achieving any goal you positive approach is very essential and ambition to achieve should be powerful.
So it is very much evident that age for financial freedom can be set by you depending upon how you are earning money either by very regular way or you are making smart effort by creating & implementing legislative ideas which can generate income faster. Which will reduce the time to achieve financial freedom.
