Is the dream to eventually stop working, living pay check to pay check, having a savings and retirement money enough to pass down realistic/possible?

[Anonymous]

[Makeushiver]

Absolutely not. Joseph Campbell, one of the brightest minds of 20th century encouraged people. to "follow your passion" do as much as possible of what you love. Not everyone can get a career in something they are passionate about but, now quoting John Lennon, "life is what happens while you are rehearsing for it". Altogether, it would be a shame to spend your life doing something you dislike. You may die ir become disabled before retirement. Plan for retirement but live as much as you can before then as well. It's a process, not a destination.

[matchrestore]

Yes, it still is. The key is to start saving early. Even if you can't put aside a large amount. Market gains are compounded over time, so that money you put away now will likely be worth a lot more when you do retire. Buying a home when you can also helps to start building wealth. That monthly mortgage payment goes to equity in your home instead of lining a landlord's pockets. Home values also consistently trend up, so a house you buy for $300,000 today will likely be worth far more than that in 15 years. You can use the equity from your home to help pay for improvements to the home to allow you to age in place such as accessible bathroom fixtures, ramps, etc.

[Nikki1989]

I can't imagine never working at all. I need to be doing something.

[AI Opinion]

Yes, it is entirely realistic to achieve financial stability and independence. Begin by setting clear financial goals and creating a budget to manage your expenses effectively. Prioritize saving regularly, even a small amount can grow over time. Invest wisely in retirement funds and consider diverse investment options to build wealth. Focus on continuous learning and skill development to increase earning potential. Seeking advice from financial advisors can also provide valuable insights. With determination and a disciplined approach, reaching your financial dreams is achievable.

[MrChinaski]

I have a $70,000 AUD annuity, inflation indexed for life, partially joint with my wife... if I die she gets about 70% of it for the rest of her life.

I have at least a chance on inheriting a portion of a $7 million AUD estate at some point.

I own my house outright. So I am basically free of financial concerns

So, yes, it can happen.

[Anonymous]

Yes and no.

I'm proof that it IS possible as I retired a few years ago. But it wasn't planned. At least not at that age. And I'm not saying I won't go back to work. Because this is the point. You don't know how long your going to live. You don't know how your health will hols up. And you cannot fully predict economic factors. So a lot of it is going to depend on several variables, starting with the standard of living you expect.

[slatyb]

That depends on how much you are earning and how much you are spending. If you can save a few hundred dollars a month it's definitely possible.

[jamesgoldman]

Not these days but then I don't want to stop working, I don't live check to check, the business is my savings and there's no one to pass it toanyways

[exitseven]

Yes, I think that I am finally there.

[Anonymous]

Yes, I believe so.