It’s time to wrap this module on the traditional retirement plan up. In this lesson, you’ll discover a decision framework you can use to figure out if the conventional plan is right for you.
Key Points & Action Plan
Key Points:
We’ll recap:
- What factors influence your financial outcome
- How to maximize these factors
- The life plan most people are taught to follow…
- Why it might not be the best path for you…
- And why it’s still a plan that isn’t wrong
- The two key limitations baked into the conventional model cake
- Why you should stay away from anything that limits your doubling periods
- The three life situations that work the best with the conventional plan
- The five times the conventional plan isn’t the right fit
- The shortcomings of the conventional plan’s investment strategy
- Five ways you can bridge a savings gap
Action Plan:
As stated in the lesson, you’re at the point where you can begin making serious decisions about your wealth plan. Do you want to include the conventional planning in your design? Or does it clash with your goals or lifestyle? Decide now, before moving onto the next module, because added complexity isn’t necessary if the conventional plan is good enough.
Resources
Bonus Resource: Conventional Plan Decision Making Tree
Office Hours Recording: Download / Listen Here (.mp3)
Mind Maps: PDF summary of the lesson
Frugality Blogs:
- Mr. Money Mustache – An annual spending report; scroll down past the April Fool’s joke for real numbers…
- Early Retirement Extreme – The philosophy behind “extreme” frugality
- Frugalwoods – Monthly expenditure reports from a couple who retired in their early 30s
- Root of Good – A breakdown of early retirement spending