Friday, November 28, 2014

How to quickly obsolete your job before your job obsoletes you!

As a follow up to my previous post titled "Better quickly obsoletes your job before your job obsoletes you!", I would like to briefly summarize the tactics to "How to quickly obsolete your job before your job obsoletes you", as follow:

1) When started working, save much more than you spend!

2) During the day, work you "work".  During the evening, work on your "investment"! 

Above are the 2 keys to being able to help you to be able to quickly obsoletes your job before your job obsoletes you! 
The above is also the Solution to "Why you work so hard but you are still poor?"

You may ask: How much should you save from your salary? 
Well, there is no hard core number or percentage, but the more the merrier! 
To give you an example, when I started working, I saved 50% of what I earned.
5 years later, despite increase in my income, I kept my expenditure constant, and I increased the amount I saved to >70%!
When I have more money in my bank for rainy days, I started to spend more again and the amount I can save dropped to less than 50% (despite further increase in income).

I feel that average of about 50% is about the right figure because with 50%, for every year you had worked, you can afford to retire for 1 year!  So theoretically, if you start working at 25 years old, and assume you can live to 85 years old, you would probably work for 30 years and by saving about 50% of your income, you can afford to retire at 55 years old and enjoy your retirement with no monetary worry for >30 years (assuming your return from your pot of fund is equal to inflation).

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