Quote:
Originally Posted by MTG#10
Getting rich takes time and patience.
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Let's spin this off. What is rich?
They recommend the following being saved based on age, ending at 10x your salary by retirement.
Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67.
I am shooting to have at least 20x my salary by 65. It's not easy though. We live pretty frugally for most things given that we only have my income and we are saving 20-25% of our income each year into investments.
https://www.fidelity.com/viewpoints/...need-to-retire
And you actually need less money saved if you work until you're older in life. So many people think they can retire early, but don't realize they need MORE capital to start with because their drawdown period will be so much longer.
https://www.canstar.com.au/superannu...-super-retire/