How to replace your mining income for $150 per week?

The concept of retirement these days is that you have a significant property portfolio, millions of dollars in shares to be the beneficiary of wealthy parents, however this is simply not the case.

If you can save $150 per week and have an investment time frame of 35 years or more, leveraging the power of compound interest to building up your retirement savings is a great starting point. The key to this strategy lies in having a consistent approach. As consistent approach will enable your investments to accumulate over time, rather than having to either sacrifice on lifestyle or using a large portion of your cashflow/ savings to catch-up.

When these regular contributions are coupled with an annualised rate of return 9% $273,000 worth of contributions turn into $1,900,000 over a 35 year period, assuming an annual draw down of 5%, this will allow you to draw $100,000 per annum while maintaining your capital in place.

Remember, while this strategy offers a guideline, individual circumstances and market variations can influence actual outcomes. Consulting with a financial advisor can help tailor this approach to your specific financial goals and ensure you're on track to achieve the retirement lifestyle you desire.

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