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Author: WayneOwl Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5069  
Subject: Re: Doing It .... Date: 8/9/2005 9:32 AM
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Erik .....

an exercise for any interested readers

The is nothing for anybody to gain from what I would regard as an undesirable intrusion of my privacy.

For comprison purposes I will simply mention that the Royal Bank of Canada, which advises on retirement planning, uses a rule-of-thumb that to be worry-free net assets should exceed 20 times living expenses on Retirement Day. Access to 'pension income' of course changes the formula accordingly.

8 years from calculating out the plan to living it, eh? Sounds like quite a challenging goal to meet.

The first 3 'stepping stones' are well-known and even accepted by the so-called experts; and the earlier in life that one gets started the less onerous is the commitment.

1. Avoid consumer debt. There is little other than a mortgage, education, or for investment purposes which I would call "good debt".
2. Pay yourself first. A portion of every dollar passing through one's hands absolutely has to be set aside for saving/investment.
3. Avoid catastrophic losses. Every investment carries some level of risk and imo requires an 'exit plan' before it is made.

Best 'o' luck
Wayne


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