Questions to ask myself:
1. Do I have debts/loans?
Yes, I have things to pay for such as:
a. Avida Centerra condo unit – BIG money! Hoping to pay half of it by end of first year of my GCP assignment. I am targeting to work hard and save up so I can get this fully paid and convert it from liability to asset… Aja!
b. Insurance – Sunlife and Prulife UK
2. Do I have a passive income stream?
I am thinking of the condo as my future passive income stream. That is, if I don’t live in it and I could rent it out for a fair price.
I am also hoping that my stocks at ColFinancial would be earning much by then. Right now, these are the stocks in my portfolio:
3. Do I have a fallback in case I badly need to work again?
Right now, I am single and I don’t have anybody to worry about except for my ageing parents. My siblings can take care of themselves. That’s why I could easily say I could retire in 5 years. But if ever I do get to have a family – or a baby of my own, I may have to rethink this early retirement thing… and if ever, I think I can go back to my teaching or IT career. The experiences that I’ve gained over the years would help me land a decent job.
4. Do I have a retirement fund?
Yes, I have a retirement fund but it’s not yet fully paid. I still have to work my ass up to complete my payments. But at least I am working on it already.. :)
Conclusion: Getting there! But life is full of surprises… I am just glad to do this evaluation and realize that my finances look good and healthy so far. But it does take a lot of hard work, planning, and discipline. How about you, are you starting to think about your retirement?