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Originally Posted by Baraka_Guru
I'm not even thinking what the government will do for me. I'm powerless in that regard, so why fret?
I have a good 30 or 40 years until retirement (I think), but the next 5 to 10 years is debt-repayment/income increasing mode for me.
That gives me 20 to 35 years for wealth building. I have the know-how, just not the resources at the moment. I have basic means. I think I can do it.
Compound interest can either be your best friend or a millstone around your neck. I intend to be a value investor when the time comes. I've edited several books on personal finance and investing, and I'm currently reading Benjamin Graham's Intelligent Investor. I'm learning bucketloads. I'll be ready.
Stocks, bonds, cash. These are your tools; use them wisely.
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I'm going to make sure I stay good friends with Baraka, then reap all the benefits. I'm going to be that fun loving, scruffy, wise-cracking, care-free (played by Robert Downey Jr. when they make the movie of my life) friend who sneaks into the exclusive country club where Baraka is a member. We'll muse on the strange coincidences existence brings us on this crazy ride called "life," then I'll ask to borrow money before security chases me across the the golf course to a jump blues soundtrack.
Seriously, though, I am still worried about getting some initial property, let alone retiring. There are really two questions here:
1. Do we think we're secure enough to stop working for income?
2. Do we
want to stop our vocation when we hit a certain age?
I want to be making music for the rest of my life, so my answer to question one would be NO, but to question two would be NO.