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Author: FoolMeOnce Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 749431  
Subject: Re: How much needed to bail out? Date: 2/6/2000 9:50 AM
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From Galeno:
As someone who successfully retired 4 years ago at age 38 with a wife and four kids, I think having a magic number is COMPLETELY necessary.

Well perhaps. My point is that one should have a plan which is unique to his own situation. If that plan yields a specific number, fine, but it should be your number, not someone else's.

If current USA statisics are accurate, only 2% of individuals and 4% of American families have a net worth of $1M or more.

Let's face it .... most people are simply unwilling to live below their means and undertake the education, planning and actions required to put their financial houses in order. There are people who plan on retiring by winning x million dollars in the lottery. Do they have a magic number? Yes. Do they have a real plan? No. Will they successfully retire early? Probably not.

Retiring early is like shooting a gun, if you don't have a target or your target is always moving around, you'll never pull the trigger and you'll never retire.

I agree that it is important to have goals, but they should be developed yourself and specifically tailored for your unique set of circumstances so that you know what they are based upon. Is it OK to change goals as circumstances change? Of course, but this can only be done properly if you have done your homework and know the basis for the goal. You shouldn't intentionally limit your flexibility.

In summary, retiring early is simply function of cost control and having a reasonable nest-egg goal to cover those costs.

In this we agree.


Regards,
FoolMeOnce


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