How much money would be enough for you to become financially free for the rest of your life? One million? Three million? Recent research has revealed the ‘magic number’, and it’s a little surprising.
Sure, as they say, ‘money doesn’t buy you happiness’. But it sure gives you access to a pretty good discount on it.
With that in mind, it was interesting to see research by NAB this week that revealed how much money people believe they’d need to be ‘financially free’.
The average Aussie says they’d need $830,000 to significantly improve their lives forever.
“It turns out we don’t need a mega-million dollar jackpot to feel financially free,” NAB’s Chief Economist, Alan Oster, pointed out after the study was conducted.
Now, sure, $830,000 is by no means a small sum of money.
But it’s not an insurmountable figure to achieve over the next 20-30 years.
With the right financial strategy, investments, and self-discipline, you can make some serious inroads towards that magic figure (or at least, chip off a big amount).
Using the simplest of strategies (good old fashioned saving and investing wisely) for example, if you’re in your 20s, you can hit that figure in your 50s if you meticulously put away $200 each week towards a long term investment strategy.
With an estimated superannuation balance of $600,000 to $800,000 on top of that, as well as any additional assets you accumulate along the way such as property, you’d be able to consider retiring in your late 50s.
If you put just $100 a week away, you’d hit that target in your 60s, while if you can afford $300, you’d reach it in your 40s. Whatever figure you choose, you’re on a clear path to financial freedom.
(To crunch the sums on other amounts, check out ASIC’s savings goal calculator).
Get in touch
If you’d like to learn about some of the more complicated strategies we can put in place to help you work towards your own ‘magic figure’, give us a call.
We’d be happy to discuss your financial situation with you and put together a tailor-made plan that can help you become financially free as soon as possible.
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