Shoot to retire by a certain age, not by a certain financial figure. Time is finite. Money is not. You can always make more money, but you can never make more time.
Live until 60 and then say good-bye. This has been my mindset ever since I moved to San Francisco in 2001. I know expecting to die by 60 sounds a little depressing, but it’s a rational framework to help prepare for your financial future.
By expecting to die 20 years before the median American male life expectancy, I’ve forced myself to accumulate wealth faster in order to enjoy life sooner. Some of you might be thinking, “why not make money and enjoy life fully at the same time?” I agree, it can be done.
But I’m talking about doing the extremes, like going to business school for three years while working 60 hours a week, instead of taking a two year vacation from work.
Or saving 50-75% of your after tax income every year. Or starting a side hustle that takes an extra 20 hours a week that might one day grow large enough to tell your micromanagers to screw off!
It’s much better to shoot to retire by a certain age so you can increase your chances of living the life you want after retirement.