Mark Vivian RICP ®, AAMS ®, CFP ® President
For more information : visit our website at : vip-rj . com call us at : 408-713-2020 email us at : mark @ vip-rj . com 60 4th Street , Suite 209 Gilroy , CA 95020
Securities offered through Raymond James Financial Services , Inc ., member FINRA / SIPC . Investment advisory services offered through Raymond James Financial Services Advisors , Inc .. Vivian Investment Partners is not a registered broker / dealer and is independent of Raymond James Financial Services .
Examples are hypothetical for illustration purposes only . Actual investor results will vary . Investing involves risk regardless of the strategy selected .
Imagine getting up on Monday morning knowing work was completely optional . How would you feel ? What would you rather be doing with your time ? Would you rather walk along the local park trail with your children or grandchildren , snap photos of a pride of lions on a safari , or perhaps volunteer to make this world a better place ? Or do you love your profession so much , you would like to carry on with it , but still know you can walk away if you choose ?
Welcome to the work optional lifestyle , the point in your life where you can choose to work rather than HAVE TO work . This option is a milestone and does not have to be difficult to achieve . In fact , you may have already arrived at this milestone without knowing it . However , knowing when or at what age it can be accomplished can provide motivation to stay on the path to reach a work optional lifestyle sooner rather than later .
How do you properly prepare for this lifestyle and when do you know you have arrived ? First , you must look honestly at your numbers . For example , is your forecasted personal spending plan realistic ? The cornerstone to a successful work optional lifestyle is to have a plan that is intentional , dynamic , and ongoing . It involves mapping out how and when you are going to achieve this goal . Once achieved , you will want to protect and preserve it .
When planning , you must quantify how much your lifestyle really costs . What are your income sources ? And , how much you have saved ? Next , integrate inflation , taxes , and health care costs into your personal plan . What blind spots are not being considered ? As an example , there is a guideline I call 25X . If you are accustomed to living on $ 180,000 per year , multiply that hypothetical spending level by 25 and you will be in the ballpark as to what you will need to have saved to maintain that income figure ( adjusted for inflation ) through a traditional retirement . Of course , there are other income sources and factors to consider and the formula only serves as a guideline and starting point . The key is figuring out the income you will need for your scenario and where it can come from for the rest of your life .
Making the transition from employment income to investment income can certainly be scary . Especially during recent times ! We know life has its uncertainties and can throw us wild and unexpected curve balls . However , with meaningful and careful planning , it can be one of the most exciting times in life . If you choose not to work or are entering semi-retirement , what does it look like ? Your vision will be something personal to you . I have found those who enter this phase in their lives find personal fulfilment in pursuing those activities that bring intense personal joy . It ' s Monday morning . Adventure awaits . Welcome to your work optional lifestyle !
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