Financial planning, life planning

Most Gen Yers choose to work hard to create a stable life and desire an early retirement. However, this doesn't mean they won't work after retirement. It's about being able to fully pursue what they love or become their own boss. Therefore, Gen Yers are highly interested in investing or generating passive income. Some are concerned about incurring significant debt, such as buying a home that will take decades to pay off.

The most important thing is to clearly define your goals, identifying when you want to retire and what kind of life you want to live in the most detailed way. For example, if you want to retire at age 49, you want to live in a detached house decorated in your favorite style. And most importantly, how much passive income you can provide your family per month is not difficult.

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Discipline in following your plan and saving are the most important keys to early retirement.

Of those who have goals and plans, only a small number are able to follow through and achieve their goals. The most important aspect is not the destination and the journey itself, but the journey itself, which encounters obstacles, temptations, uncertainties, and unexpected situations that can hinder your ability to follow through.

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How to Create Long-Term Passive Income Even After Retirement

Currently, there are many ways to generate passive income, each requiring different skills and expertise. Popular methods include:

- Investing in rental properties
- Starting a business you can run yourself
- Investing in stocks
- Investing in mutual funds
- Renting out intellectual property, etc.

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You can have mortgage debt, but it must be paid off before retirement.

Besides income, another important factor that can hinder a happy retirement is expenses. Housing debt, a long-term and significant expense each month, is considered a significant one.

Don't worry, though. Having mortgage debt isn't wrong and can be done if it's the home you want to spend your retirement in. Since a home is a crucial part of your life, and paying off a mortgage requires a long period of time, it's natural to buy one before retirement.

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Once you've achieved your goals, you should always plan for your legacy.

We cannot deny that knowledge and economic capital play a significant role in a person's success in life these days. Every parent wants to play a part in fostering a strong educational and economic foundation, enabling them to more easily achieve their life goals, especially in the economic realm, as money is a key factor in their lives.

Therefore, passing on inheritance to children is extremely important. This can be done through monetary or non-monetary assets. Currently, there are ways to make inheritance easier, such as life insurance.

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Finally, for Gen Y who want to start a small business after retirement to generate passive income in the future and also purchase a home for their current residence, they might consider a home or residence that meets their small business needs. Consider the home's functionalities and its business and other needs.

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Thank you for the great information from DD Property.