| For 25 years I dreamt but one dream. How to drop | | | | article on this at an appropriate time, for those who are |
| out of the rat race at the age of 45? While I continued | | | | curious to know more. So I was by design married at |
| with all earnest and to the best of my ability, a career | | | | 22 and was a father at 23. My wife wished to have |
| which gave me enough money to buy a house, | | | | only one child so that gave me 22 years to achieve |
| furniture and fixtures for the house, a car, educate my | | | | my dream. |
| child in the best of schools and universities and enough | | | | The stage was now set for my achieving the definite |
| jewellery and clothes for my wife to last a lifetime, I | | | | purpose. I had the necessary ingredients - a job, a wife, |
| always lived in the fantasy of retiring at the age of 45. | | | | a child and imagination. Yes, imagination. I needed loads |
| So much so that it became an obsession. | | | | of imagination - as I was thinking 23 years in advance. I |
| The obsession became a reality, though not at 45. | | | | had to inflation adjust both my expenses and income |
| Here I was at the age of 47 with no job, with no idea | | | | for the next 23 years and further to achieve my |
| of what I was going to do next, with almost no | | | | dreams. I also recognized that I had risks in |
| responsibilities, enough money in the bank to last me a | | | | relationships with my wife and son. This I mitigated by |
| lifetime at a reasonably comfortable level, as long as I | | | | having one single mission. It was my mission to be the |
| did not wish to live in luxury, no debts, only child settled | | | | best husband and the best father regardless of the |
| after completing his Masters in Engineering and wife's | | | | circumstances. I was to give them the best possible |
| desire for jewellery reasonable satiated. Having done | | | | opportunities and resources and my personal time for |
| what I wanted to do, I was suddenly at the doorstep | | | | their personal development and growth and personal |
| of something completely unknown. I had made no | | | | well-being. |
| plans on what I wished to do at 47. This was the | | | | Having taken care of my relationships, my dreams |
| excitement. I wished to live an unstructured life. | | | | now needed to be financially adjusted for all my |
| How did I do it? The first was a definite purpose - an | | | | requirements. These were my needs for the next 23 |
| intention. At the age of 20, even before I had finished | | | | years. |
| university and started to work I had one definite | | | | Education for child : $250000 |
| purpose. Regardless, of what I did I wanted to retire at | | | | House:: $100,000 |
| 45 after having fulfilled all my familial responsibilities. I | | | | Household expenses: $250000 |
| was looking far, far beyond where I was. Living in | | | | All others: clothes, recreation, transport: $200000 |
| another world, as if. What this did to me was to take | | | | Savings at 45; $500000 - Actual savings $200000 |
| away any attachment from whatever I was doing in | | | | compounded over 23 years to have a maturity end |
| my life. These were mere stepping stones to my | | | | values of $500000. |
| ultimate purpose of retiring at 45. From the age of 20, | | | | Based on the above requirement I had to earn |
| things started happening to me, rather than me making | | | | post-tax $1,000,000 to achieve my dreams. |
| them happen. Many called me lucky, but I knew what I | | | | This was not easy in 1980 for 2003. However, as I |
| was doing and where I was going. | | | | said I was obsessed. I know that regardless what I did, |
| When I finished university in mid 1970's most of my | | | | the taxes will eat into my earnings and I will not |
| peers were looking to do their best in terms of big | | | | achieve my dreams. So I looked for living, working and |
| important jobs, further studies in foreign universities or | | | | earning in a tax free country. I got my opportunity in |
| join the civil service, I simply joined the first job that | | | | 1988 and lived in the Middle East countries of Bahrain, |
| came my way. I wished to be financially independent | | | | Oman, Saudi Arabia and UAE until 2003 to achieve all |
| as quickly as possible. Also, I had no desire to enter | | | | my financial dreams. This is also the year our son |
| any rat race, as a rat cannot win the race by 45, | | | | graduated from school and found his own financial |
| when all the other rats have just warmed up to be at | | | | independence by getting his job. What I did after I |
| their best - this is the age when the home run starts, | | | | dropped out of the race - I was never really a part of |
| for most. | | | | it - is subject of another article. |
| Expenses for education is the biggest ticket item on | | | | Some might find the above a bit unstructured, so I am |
| any individual's financial plan. I knew that I had to get | | | | making here an attempt to enumerate the above in |
| the education expenses away by retirement. One | | | | steps that can be followed like a self-help instruction. |
| way, was to create an endowment. The other was to | | | | 1. Have a definite chief purpose |
| get married and to have your children as early as | | | | 2. What do you need to have to achieve your aim? |
| possible, so that they are on their feet by the time I am | | | | 3. What do you already have? |
| 45. Many may disagree, but I knew somewhere in the | | | | 4. What is the gap between what you need and what |
| back of my mind that an endowment's safety | | | | you have? |
| depends on the manager and bankers who run and | | | | 5. What means do you have to bridge the gap? What |
| safe-keep the endowment. The safety of my | | | | else can you do? |
| marriage depends on me. So I got married. | | | | 6. Adjust your gaps to your plans - they must be fool |
| I am an Indian. This may sound strange to many, but | | | | proof. There is no scope for half way house here. |
| the easiest thing to do after being financially | | | | 7. Have written down final plan |
| independent in India, is to get married. You don't have | | | | 8. Work the plan - save money |
| to find a mate, the whole world is looking to find you a | | | | 9. Talk to a coach or mentor |
| mate. This is called arranged marriage. I will do an | | | | 10. Just do it! |