Retirement planning is essential at any age, but starting young provides a unique advantage. This 24-year-old already has a clear vision for retiring at 55 with $5 million. Their strategy includes saving 25% of income and seeking additional income streams through promotions and potential entrepreneurship.
With a current portfolio of $60,000 and consistent contributions of $19,000 per year, the Redditor is projected to have around $3 million by age 55, demonstrating the power of starting investments early. While this doesn't meet their $5 million goal, it's a significant amount.
Acknowledging that income and expenses will fluctuate over time is crucial in financial planning. The Redditor is proactive, looking for ways to increase their earnings, such as pursuing promotions, exploring new job opportunities, or even venturing into entrepreneurship.
While the idea of pursuing an MBA for career advancement is appealing, the Redditor is wisely considering the potential burden of student debt against the possible return on investment, illustrating the complexity of financial planning for future goals.
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