Kunpeng Project
In 2024, how much can I save to live without going to work? Industry experts share their answers
Time flies, and we are about to enter 2024, which is full of infinite possibilities. In these times of change, perhaps we need to re-examine our lifestyles, especially those that we take for granted. Today, as a veteran self-blogger, I would like to share with you a topic – how much money we need to save in the new year to truly achieve financial freedom.
Let's be clear: financial freedom doesn't mean spending; It means that a person is no longer financially constrained by the income from work. In other words, when you have enough savings, you can quit your day job and start pursuing a career that you are truly passionate about. So, what is that number?
Let's make a conservative estimate. Assuming we can save 100,000 yuan (RMB) per year, this figure is quite significant in many cities. We have to take into account factors such as inflation, prices**, and therefore an additional factor must also be taken into account – an annual interest rate of at least 5%. In this way, after 3 years of accumulation, we can reach the key figure of 500,000 yuan.
When we reach this number, we take the first step towards financial freedom. However, this does not mean that we can completely relax. Because we also need to consider some additional factors, such as unexpected events, uncertainty in the future, etc. Therefore, to ensure our safety and comfort, we need to increase our savings to at least $700,000.
This number varies from person to person and depends on factors such as living environment, spending habits, and investment strategies. However, the purpose of this issue is to provide a clear starting point to start thinking about how to better manage our finances.
When it comes to saving, we must also take into account some important details. First, we must learn to plan our spending wisely. This means that we must be smart and refuse unnecessary spending, while ensuring that our quality of life does not deteriorate. Second, we need to learn to invest. Investing is one of the tools needed to achieve financial freedom, but it is also a risky activity. We must choose the right investment vehicle according to our risk tolerance and investment objectives. Finally, we must be patient and determined. Achieving financial freedom is a long-term process that requires enough patience and perseverance to persevere.
There are also many challenges and doubts that we may encounter along the way. We may ask:"Why should I give up a regular job income? or"What happens if I lose money on my investment? Wait a minute. These problems are actually quite easy to solve. Stable income from work certainly has its security, but in today's fast-paced economy, there is no guarantee that your income will never decrease. Investing is risky, but as long as we remain rational and have sufficient information, we can minimize the risk. What's more, failure isn't scary, it's just part of our growth process. Only by experiencing failure can we better understand ourselves, understand the market, and understand life.
Overall, 2024 is a year to look forward to. To achieve financial freedom, we must save enough money while learning to manage spending and invest. It's a process that requires patience and determination, but as long as we persevere, we will achieve our goals. Let's wait for that day to come!