Can You Retire in 10 Years?
Rajkumar Venkatramani M.D.
Helping doctors achieve financial freedom through real estate investing | Real Estate Investor, Physician, Entrepreneur
I had an interesting conversation with one of my colleagues recently.
He is a very good surgeon???? and loves what he does. He was worried that he will never be able to retire. Though he had been in practice for nearly a decade, his net worth?? was still low and he was worried that he did not have enough years left to get the full benefit of compounding.
Are you someone in the same boat?
Here are the steps you can take if you want to retire in 10 years. Here I assume you are a high-income earner like a physician.
1??Determine your retirement goal:
To determine your retirement goal, consider how much money you will need to live on each month in retirement and for how many years you expect to be in retirement. Some factors to consider when estimating your retirement expenses might include:
In addition to financial considerations, think about how you want to spend your time in retirement. Do you want to work part-time, volunteer, or pursue a particular hobby or interest? Answering these questions can help you determine how much money you will need to save for retirement.
2???????Calculate how much you need to save:
Once you have a sense of your retirement goal, you can use a retirement calculator to determine how much you need to save each month in order to reach your goal. There are many retirement calculators available online that can help you estimate how much you need to save, based on your age, income, and other factors.
3?? Create a budget:
To save for retirement, you may need to cut back on your current expenses. Start by creating a budget that lists all of your income and expenses. Look for areas where you can cut back, such as dining out less often or cancelling subscriptions you no longer use.
4??Increase your income:
If you are unable to save enough by cutting back on your expenses, consider increasing your income by taking on additional shifts or locums. Even a small increase in income can make a big difference in your retirement savings over time.
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5?? Save aggressively:
Contribute as much as you can to your retirement accounts, including 401(k)s and IRAs. If your employer offers a matching contribution on your 401(k), be sure to contribute at least enough to get the full match. This is essentially free money that can help you reach your retirement goal more quickly.
6?? Pay off debt:
High-interest debt, such as credit card balances, can eat into your retirement savings if you are paying a lot in interest charges. Try to pay off as much debt as possible before retiring.
7???Invest wisely:
To make your money grow, you will need to invest it wisely. Create a diversified investment portfolio that aligns with your risk tolerance and long-term goals. Create sources of passive income like real estate that will earn you money while you sleep.
8??Stay on track:
It's important to review your progress regularly and adjust as needed to ensure that you are on track to reach your retirement goal.
In my next post, we will look at a case study of how a mid-career physician can replace their income in 10 years by investing passively in real estate syndications.
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