Wednesday, October 24, 2007

Contemplating Retirement, Again

I know, I talk about quitting my job a lot but it is only talk since my house didn't sell. I was calculating how much I could actually save each year if my house is rented, plus interest on my savings, which helps a great deal. Four years is still the magic number. I was hoping for 3 years but I would be a little short, I am aiming for $100,000, so I might as well just make it 4 years. I will be 39 1/2 in 4 years. That is a nice goal, retire before I am 40. And again, I do not mean that I will do nothing at all in 4 years. I will just be in a good position to follow my passions instead of working for money. It is a really nice thing to dream about. 4 years isn't that long. I need to pick a starting point though. I think January 2008 will work nicely.

I only included the money I will save from renting my house plus $400 a month that I hope I can save out of my extra money and hopefully my utilities will be less, plus the 5% interest from my money market account which may not stay at 5% all four years. I did not include raises or selling things on ebay. I don't want my budget to be so tight that I can't stick with it. I need a some fun money too. And I know I will need some repair money when I am living in my trailer.

Now I need to make sure I don't over-spend on Christmas presents so that I don't start the year in debt. That would certainly set me back.

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