If I want to retire at 45 then I have 12 years to go to reach my target and that target is $1.5 million. It's quite a high amount to reach in 12 years time.
The question is now: Is it possible?
Let's see with some simple math:
$1.500.000/12 (years)= $125.000 a year so that's about $10.416 a month that I need to save to reach my $1.5 million or around $342,2 a day if I start from scratch.
This isn't really possible for me because me and my wife are not earning that much money. Not even half of it.
And we also have 2 children so we can't save all our money that we earn.
Luckily we already have some savings. We have around $100.000 in savings and an apartment that is being rented.
This already gives us a head start for reaching our goal but I'm afraid that we still need to work a lot before we even can retire.
But of course we also have a loan for the apartment so this just gives us a small advantages.
So we need to gather $1.4 million which is still a lot to cover. In order to do this we need an extra income. I'm not going to lie but hopefully my followers will help me reaching my goal.
If you find this amusing and want to follow me/us reaching or goal then subscribe via email.
Next time we will cover some expenses and see what we can do about it.