Why I Will Never Retire In The Traditional Sense
I will never retire. That is the plan.
I’m talking about continuing to produce income for life in a way that is not physically strenuous, mentally exhausting or time consuming. So, I am not really in the workforce, but I am not doing NOTHING to produce income either.
My view of “retirement” might be different to how a lot of people think about retirement. I believe most people think of retirement as when you stop working. Basically, the theory is you work for the majority of your life, save money for when you are older and then stop working and live on the money you saved.
Unfortunately, this theory of retirement is not working for most people. The truth is, a large portion of society get to retirement age without enough money saved for their “golden years”.
Not only is the thought of continuing to work until you drop depressing… but it is not sustainable in a lot of cases.
- What happens if your job is too physically demanding to continue as an older adult?
- What happens if your employer forces you to retire?
So, I don’t plan on “retiring” because I plan on creating income forever. Specifically, I am doing this by running online businesses and investing. Basically, I am making money online and investing as a way to make more money. And since this activity is physically and mentally easy, I can continue to do this well past traditional retirement age.
I just read another article where this was the topic. Here is something that caught my eye:
“The moguls, highly affluent families, and exceptionally successful people have more money than they can spend in a lifetime, so in general their purpose is even greater than their bank account and the money is a byproduct.”
This ties in with my way of thinking.
I believe most people are so focused on making ends meet, or making more money to spend more money, they never think beyond making money.
The traditional way of thinking about retirement shows this. By working and saving so you can stop working and spend the money you saved… retirement is all about the money. How much money do you need to retire?
But by thinking like the wealthy, the perception changes. Instead of the “Save & Spend” way of thinking about retirement, I take a page from the wealthy playbook and am planning to “Own & Invest”.
Basically, I own my own online and trading businesses. (I look at each website and each trading account like a business and run it like a business). And instead of saving to spend later, I invest in my businesses so my business can make money I can spend later.
I invest my money so my money makes more money. And once the businesses grow to a certain size, my investments make enough money I can live on comfortably. So, I am not spending money I had previously saved… I am living on a lifelong income.
To bring this to a close, I want the takeaway to be switching from “retirement planning” to “planning not to retire”.
If you create income streams you can maintain for as long as you live, and your “job” is to maintain those income streams… you never have to retire.
If you want to learn more about my wealth plan, check this out:
The Goals Is To Never Retire
The idea is simple.
If you want to never retire, you need to engage in money making activities that can be done for a lifetime. So, digging ditches is out… because at some point you simply won’t be physically able anymore.
But what about my favorite wealth building activity… trading?
Well, that certainly is not that physically demanding. And it doesn’t even take a lot of time. (I trading in only minutes a day). So, that is where I am concentrating my efforts… on trading.
If you want to never retire and continue to make money for a lifetime… trading is my suggestion.
To Your Wealth,
Edward Lomax
