The traditional concept of retirement implies planning for failure. Yes, for a twenty something person just starting out, a traditional retirement, at age 65, would be a failure. This is because traditional retirement planning implies that you remain dependent on a paycheck until retirement age. Thus, if you are twenty something, traditional retirement planning implies freezing your dreams of leisure for forty years. Failure to reach financial independence until traditional retirement age, forty years later, would be a failure. You should aim for a higher goal - early success and financial independence.
Is it reasonable to expect twenty something people to deny themselves current lifestyle resources and redirect these resources to an event that is forty years away?
Why should we wait for retirement age to obtain the easy life? Why should we remain depended on our paychecks until retirement? Why should we put money in a retirement account we don't plan on using for forty plus years? Your new goal should be obtaining financial serenity as early as possible in life.
Let's forget about retirement and instead focus on achieving success. Let's define success as the ability and freedom to pursue our dreams and desires early in life without financial burdens.
Success and financial freedom are based on the choices we make regarding how we spend and invest our money. If properly coached, we can achieve financial freedom much earlier in life. However, we can only achieve your freedom dreams if we are prepared to take a different path from what society normally dictates to us. We must discard the traditional concepts of spending money because many of these concepts have been placed in our heads by toxic external advertising forces. We must learn methods for building wealth that will provide for our financial success.
I believe that early success and financial independence is an achievable and responsible goal. Twenty something people should focus on building the financial independence required to pursue their dreams.
The financial freedom account concept introduced in the book, Poor No More, shows how it is possible to obtain these dreams earlier.
Curtis Hill is a Certified Financial Planner™ based in Beverly Hills, CA. Mr. Hill has been a successful financial advisor since 1994 after leading a thriving business management career. Mr. Hill has identified proven "wealth behaviors" to adopt and financial pitfalls to avoid in his book, Poor No More: Wealth is Within Reach.
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