sidehustleretirement-blog

[sidehustleretirement-blog]

The best retirement savings strategy is making more money.

I know that’s not skipping lattes, snowballing debt, using other people’s money and other popular savings strategies, but it doesn’t require excessive scrimping or significant risk.

My savings goal at age 66 is $1,600,000. I can do that saving $15,600 per year through 65. It’s a lot easier to save $15,600 annually making $65,000 than if I were making $40,000.

If I were making $100,000 it would be even easier.

To make the best use of this strategy, you do need to know the difference between needs and wants. You can still get the wants, but prioritize experiences over things. If you buy a thing, you will just want the next new thing.

Some examples of wants that I didn’t need, and what I have instead:

I would love an iPhoneX, but instead I paid $160 for a new iPhone 6 last year, and I will keep as long as it works. I use SmartTalk for $44.64 per month, unlimited everything (except internet is metered after 2Gb.)

I could afford a new vehicle (i.e. F-150), but instead I bought a 2 year old Hyundai car in 2015. No debt.

Our family could afford a $250,000 house, but instead live in the same house we bought in 2004 for $106,000. Even now, the house is only worth $130,000. We owe less than $70,000 on it now.

I would love cable, but instead we have a $35 digital antenna, Prime and Netflix. Total cost of approximately $20 per month versus $95.

For more on this strategy and others, please visit the post. Would love to get a few shares.

#retirerich #retirement