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Meet Dave……my first financial client
Dave is 30 years old and earns B50,000 THB a month nice life….now
I asked Dave If he were to retiretomorrow how much money would he need to have a life?
Dave replied“well I am having a good life now, so the same : B 50,000 a month”
When do you think you will retire I asked Dave: “65 like everyone else “ He told me
I asked him :How much money do you need in the bank to retire on B50,000 per month ? The next figure shocked him!
To draw down B50,000 eachmonth to live of; he needs15,000,000 (15 m) THB in thebank
Let’s do the maths :On average 4% inflation over last 100 yearsMeans roughly same Bank interest on savings15 million baht draw at 4% per year =600,000 THB = 50,000 THBper/monthDave has 35 years working life left =420 months (not long when you lookat it like that eh)15 MILLION THB divided by 420 months is 35,000 THB each monthSo Dave must save 75 % of his salaryeach month from today till he retires justto have the same life he has now!
What are you doing today to make sureyou have a life tomorrow?Develop a residual incomeResidual income is money that comes toyou every month with out having towork for it anymore= freedomJust do itAlan