Sunny beach, sipping icy drinks with umbrellas, and hammock swaying fun… Retirement! Most people dream about wanting to retire…but I tend to find very few people actually make any plans for it. At least not any that are formed in any kind of reality. Most people run the rat race. Get up, Go to Work, Repeat. Some manage to break into the "self employed but really I just am a sales person for someone else" model…. but few I find answer this very simple starting question.
Exactly how much money would need to appear in your bank account every month for you to call it quits to going to work/job/cubicle everyday.
Before you answer, don't just do a budget of your current life situation. Would you give up your current minivan, house in suburbia, and cable tv package if you didn't have to go to work anymore? Would it be ok if you suddenly re-gained those 40+ hours of work life a week and instead had a slightly older car, smaller house and no HD tv package? Could you live? At least to start?
If you can grasp that concept, you are on the road to breaking out of the rat race.
So, Internet… I ask you… how much monthly income would it take for you to retire?