If money were no object, what would you do with your time?
Some people would choose to be idle with their time, enjoying all of the freedom that comes with it. They’d party. They’d go on trips. They’d goof off. They’d play on their Xbox all day long.Other people would want to work for something or build something. They’d spend their time with a volunteer project – or maybe even start their own. They need to have a big productive project in their lives in order to feel fulfilled and happy.Most retirement advice is written for people in the first group. They’re the ones who, when they reach retirement age, will want to travel and spend their later years enjoying themselves with leisure as much as possible.The other group gets personal enjoyment out of working and being productive. With the many opportunities already available for people to work as late as they’d like in life, such people will probably work at something – whether it’s gainful employment or a big volunteer project or some mix of the two – until they drop dead with a tool in their hand.If you’re in the first group, you need to be saving as much for retirement as possible. While it’s fine to put money into riskier investments when you’re young, you should start moving into more conservative investments – like bonds or treasuries or cash – pretty early on, even as much as twenty years before retiring.If you’re in the second group, saving for “retirement” basically means saving for the last year or two of life when you’re unable to work and also saving for some supplemental income for the last few decades of your life. You likely don’t need to kick the savings into high gear and can afford risk a little later than the other group, sliding the money into conservative investments five or ten years before you begin to withdraw it.
via The Simple Dollar » Three Retirement Questions for People in Their Twenties.
This was a really important post for me, it said something that I connected with. A lot, no the MAJORITY of the people I talk to dream of having a business , having some form of passive income, to have financial independence. There is nothing wrong with this. The only thing wrong with this is that it is not right for everyone. I believe I am a type two person, I really love working. I love analyzing stuff , I love creating programs. I love that in a little space called the computer’s innards I rule supreme. I don’t know if I’ll forever be a type two person, the only assurance is that I’ll remain a type 2 person is that I understand Ernest Hemingway (hope you got what I mean),. Hope you read the whole article!