Over the years I have developed and refined a theory which I call the 7 Year Plan.
It is based on my experiences of my dad’s roller-coaster business life, and in particular the decade from 1970 to 1980 which he started assetless in Australia and ended as chairman and managing director of a public company in New Zealand, with a small property portfolio.
Essentially from any starting point I believe that it it possible to reach a point where you can cash in and retire within a period of seven to ten years.
My seven year plan is not quite so ambitious – I fear that achieving full retirement would demand too many compromises in terms of work/life balance , particularly as central to the plan is to shift the balance increasingly onto the life side. The reasons for this will become obvious later.
The plan need not be purely wealth or business related. It works on the premise that by defining and visualising your goals you are able to quantify and achieve them.
The key points of my plan, which will take me to the age of 50, are to:
- Become near fluent in Spanish.
- Run a sub 4 hour marathon Achieved in 2010.
- Send the children to private schools Achieved in 2010.
- Buy a second investment property in the UK Achieved in 2011.
- Buy a family house in Spain.
I intend to achieve these by further developing my existing business, Generation X, and developing a number of additional web-based projects which will provide the required income or capital. I’ll blog about these in more depth as they develop. [*update – the first of these is Mummywear Maternity]
Incidentally, the image accompanying this article is the view from a property in Spain I have my eye on, which would nicely satisfy point 5 of the plan, at a budget of 87,000 euros in 2009 terms.