I am sure this thread/topic has been done before (and maybe to death) - HOWEVER
I have been reading both Mr Money Moustache http://www.mrmoneymustache.com/ (thanks to the wonderful person who posted the link here, not sure who it was) along with Early Retirement Extreme http://earlyretirementextreme.com/
Both of these "blogs" have been a real eye opener for me in enabling me to put a finger on some specific $ goals to aspire for from a passive income perspective.
The additional thing that these blogs/readings have done for me is to reinforce the "time value of money" concept - in terms of both the decisions we make about our current living arrangements, along with the decisions we make with regard to the amount of passive income required.
Both of these blogs go to further extremes than I am willing to go to (living in an RV for example - so that he spends 6-7k per annum) however the concepts underlying the information has resonated with me.
ANYWAY - long story short - post reading these blogs, we have started our minds towards 40k passive income (I intend on putting a specific thread up with regard to our wider strategy), which I dont think will be entirely enough for our family to live on (2 adults and one baby), but will certainly go a long way towards enabling me to reconsider how I work - ie. do I start contracting a couple of days a week instead of working for the man full time.
QUESTION - have other people thought through similar processes, and where on the spectrum do you fit - at the Early retirement Extreme level - Mr Money Moustache - 30-35k per year - or needing to replace your income or more prior to you deciding to "Stop Work".
I have been reading both Mr Money Moustache http://www.mrmoneymustache.com/ (thanks to the wonderful person who posted the link here, not sure who it was) along with Early Retirement Extreme http://earlyretirementextreme.com/
Both of these "blogs" have been a real eye opener for me in enabling me to put a finger on some specific $ goals to aspire for from a passive income perspective.
The additional thing that these blogs/readings have done for me is to reinforce the "time value of money" concept - in terms of both the decisions we make about our current living arrangements, along with the decisions we make with regard to the amount of passive income required.
Both of these blogs go to further extremes than I am willing to go to (living in an RV for example - so that he spends 6-7k per annum) however the concepts underlying the information has resonated with me.
ANYWAY - long story short - post reading these blogs, we have started our minds towards 40k passive income (I intend on putting a specific thread up with regard to our wider strategy), which I dont think will be entirely enough for our family to live on (2 adults and one baby), but will certainly go a long way towards enabling me to reconsider how I work - ie. do I start contracting a couple of days a week instead of working for the man full time.
QUESTION - have other people thought through similar processes, and where on the spectrum do you fit - at the Early retirement Extreme level - Mr Money Moustache - 30-35k per year - or needing to replace your income or more prior to you deciding to "Stop Work".