Planning For Early Retirement
Welcome various managers of all walks of life. This is a different kind of post and may not seem to fit the general theme of this site. While I’ve been managing for many years, I cannot deny the appeal of early retirement. I’ll have another article about an early retirement package later, but for now let’s discuss the idea of retiring before the standard age of 65 that most folks seems to think is normal.
Many managers work all their lives and end up retiring miserable old folks who have given up the best years of their lives to some corporation. They’ve missed their kids’ first steps. They’re kids are grown and obsessed with the latest social networking app or tech gadgets. Often their kids are not the kind of people that the parents would have hoped for had they had the time to raise kids properly.
How Can I Get Early Retirement?
If you are planning early retirement, you should focus first on cutting your living expenses. Millions of people have decent incomes (defined here as between $40k and up). Depending on where you live, this may be plenty of money, or it may be just enough to get by. But I can guarantee that no matter where you live, you are wasting money that could be used to fund your retirement.
How many of you have cable? How many of you have two cars when one would suffice? How many of you are buying a cup of coffee every day or an afternoon snack that could channeled into an investment account that would pay you a dividend for the rest of your life? The point is that we all waste money that could be better utilized in the pursuit of early retirement.
If you want some great early retirement planning advice, try Mr. Money Mustache. I’ve been reading this guy a lot lately. He is changing the way I think about money and what I spend. Another place you can learn about extreme early retirement is Extreme Early Retirement.
Can You Take Early Retirement?
Of course you can! Its all about taking your salary and investing every penny that you can spare and reducing your spending to lesser levels. This doesn’t mean eating dirt or anything crazy. Why would anyone want to retire for that? The idea is to eliminate waste and make the most of every dollar you spend.
Start reading the blogs mentioned above immediately and begin making a plan for early retirement. It is crucial that you actually think through where your investment dollars will go, how you’ll cut the financial fat from your budget, and begin understanding how you’ll achieve your goals.
I am motivated to do this.
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