Freedom 55 sure sounded good to me....

I first heard the term "Freedom 55" (a program belonging to the London Life co.) when I was in my 30's. Now I am not advocating for or against London Life, however I must admit that the slogan and the idea caught my attention.

My father, who ran a local electrical business employing 20 people, worked right up until 3 months before he succumbed to cancer at the age of 73. He grew up in an era when very few would have had an opportunity to retire so young. In fact, retirement was never in his vocabulary. He never spoke of it.

I guess that is why the slogan "Freedom 55" struck me so profoundly. I began to ask myself, why not? That became my target date for retirement and I never changed my mind about it until I did retire at 55 (Two years ago). For who truly knows how long life will last. I did not want to follow in my fathers retirement footsteps, even though my love and respect for him was and still is, immense. He was part of the "Greatest Generation" tempered by war, and grateful for peace.

What is freedom, in the context of "Freedom 55". After all we live in a free, democratic society where the pursuit of happiness is a right, as well as a privilege. Many brave people paid the ultimate price so that we could have that freedom. My fathers generation new that freedom isn't free.

The freedom as it is used in this context is financial freedom. The freedom to own a home, send your kids to college, drive a new car, buy a boat, travel where you want, belong to a golf club or whatever pursuits you fancy.

Maybe your freedom 55 (or whatever age you chose) is merely to own a small cottage near a great fishing lake. Maybe, like me, you would like to see the world from the deck of a cruise ship. So what, exactly, is holding you back?

Stay focused, get good advice, make a plan, stick to the plan, save your money and don't forget to "look after the pennies and the dollars will look after themselves"!

Also, remember the concept of "Multiple streams of income"! If your neighbor gets a check every month for $10,000 and you receive 11 checks of only $1,000, then who makes more money?