I Do Not Want To Be A Millionaire!!!

I Don’t Want To Be A Millionaire: I’d rather live like one!

I’d rather not become a millionaire if I have to wait 40 years for it. Conventional wisdom tells us that if we work for 40 years, contribute to social security, and invest our money into 401(k) accounts we can be millionaires when we’re 65 or 70 years old. Unfortunately, that bill of goods is not accurate. What’s the truth? The truth is, if you live too long past the age of 65 your Social Security benefits can run out.

Hey, I still have my 401(k)!

Investing in 401(k) accounts is not as safe as you think it is. Can you explain why after the stock market crash in 2008 many of the workers at fast food restaurants and retail stores became elderly? The Walmart greeters, the helpers in a drive-through, and even the ticket takers at the movie theaters all went from being teenagers to elderly adults.  You may ask, “Why was there such a drastic transformation?”  It is because older adults were forced go back into the job market after losing the money in their 401(k). 

401(k) account managers primarily invest in mutual funds, which do present risk. Admittedly, the risk would be less than just buying stocks and bonds directly, but it still presents the opportunity to lose money. When the stocks and bonds that are part of the mutual fund lose value, so does the mutual fund. However, fund assets losing value is not the predominant way that these mutual funds and 401(k)s lose money, it’s the fees charged. The 401(k) account managers charge a fee in order to manage your account, also, the mutual fund managers charge a fee for managing the portfolio of the mutual fund. Fees alone will drastically diminish the value of your portfolio, so, having a down market can destroy it.

What’s your issue?

My biggest issue is the retirement age being 65! If retirement is supposed to be a time in my life where I enjoy myself why would I want to wait that long to do it? People sit around and make plans on taking vacations, writing books, spending time with family, learning new languages, and a myriad of other amazing possibilities. I don’t know about you, but those things sound like living life, and I don’t want to wait until death to start living. I assume that by the time I’m 65 all of my children will be adults, and the last thing I want to do is write a novel.

Why are you telling me all of this?

That is why I started this blog, I wanted to connect with people that wanted to retire sooner rather than later. Unfortunately, friends of mine have become quite agitated with me for calling them at 2 a.m. wanting to talk about my future plans for an hour. Sharing my plans this way will allow friendships to last longer. I hope to connect with others that have similar passions, or at least are interested in learning more about the methods everyday people are implementing in order to make their early retirement dreams come true.

So, what’s the plan?

I don’t want to wait until I have a million dollars to live out my dreams, I would rather learn how to use what I have to live like I did. That’s why I plan to be able to retire in 20 years.  I want to be rich with time and experiences, not material gain. This blog will be the journal that will document my retirement journey. I will include posts on methods I have learned, advice from experts, and resources that can assist us on our journey.  All posts will be on topics that are foundations of this plan: finances, health, companionship, planning, education, and mindset. My plan came to me this summer when I was forced to define my career goals.  When it came time to present this information I did not list a certain job, salary, or title, all I could say is that I wanted to achieve 3 things. I want to:

  1. Achieve (I want to set goals and accomplish them)
  2. Build (I want build a business that will succeed into the future)
  3. Inspire (I want to spire others to do as I did and more)

Let’s live life now not later.

Welcome to the journey,

Ron

4 Comments on “I Do Not Want To Be A Millionaire!!!

  1. Very interested In this. Make sure you keep in the loop with ideas and methods to lead us to that common goal early retirement.

Leave a Reply to Daniel Cancel reply

Your email address will not be published. Required fields are marked *