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Ever wonder what it would take for you to financially "walk away" from your job? There was an intriguing article in the Wall Street Journal recently that cited a study by Standard Chartered Priority Banking and Scorpio Partnership. Nearly 1,800 wealthy people (average annual income $120,000 and average net worth of $1.3 million) in 10 Asian countries were asked to name the figure that would represent financial independence for them. South Koreans topped out the list with $5.1 million and Indonesians came in lowest at $3 million. The average target number was $3.5 million.
Granted, higher living standards might go along handily with a net worth of more than $1 million, but the survey poses a challenge everyone should take for their financial future. Thinking about what your goals are, and then finding a way to achieve them financially (within reason) could be more than a "Lifestyles of the Rich and Famous" dream. It could be an exercise in getting, and staying on financial track.
First, figure out your net worth using this calculator. Then, with the help of another calculator, determine what it will take to reach your investment goal. Are you on track to hit your number?
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When my rental income is equal to 150% of my wages, I'm walking. Considering I live like I have an income equal to half of my current wages, I see 150% of current income being a very conservative number to "retire" on.
Can you really call it retiring when you're probably only going to be forty when it happens?