Financial Attainment For Early Retirement

There is a general misconception about ‘early retirement’. Early Retirement does not necessarily mean you spend the rest of your days among palm trees, exotic cruises, hopping around in privet jets and an endless flow of equity line credit.

On the contrary. Early retirement gives you the financial satisfaction to have a good, productive life after a continuous pattern of saving, thrifty spending and smart investing.

Personally speaking I feel confident that I could choose to retire today. And in doing so, live a full, swashbuckling, ‘party all you can’ life, but emphatically choose not to.

I enjoy early retirement but with a sense of continued responsibility and meaning to my existence on earth. In other words, I spend my retirement with a great desire to keep my whims, fancy and daily run of things focused and productive.

It all began when my father passed away just I as I was getting ready to attend first grade. My mother took on her single parental role with dignity, grace and example, and to this day I still look back at her enormous accomplishments with awe and admiration. She became my personal mentor, and at an early age I followed her every move. Thank you, mom!

Graduating from high school earlier than the average student (not because one is overly smart), but by taking extra classes and using summer days to get extra credits is the trick! Approach the Bachelor Degree with a similar overview: Get initial education out of the way! It’s key to success in many instances.

I Worked several part time jobs from apprenticeship to twilight gas stations, saving as much as I could along the way. I never over indulged in eating out nor took loans for fast cars and fancy vacations. And I never used credit cards to shop. In fact, to this day, I never have to worry about over rated ‘credit score ratings’ either. I only use a debit card for convenience sake.

I want to share my success with the world because I know anyone can achieve a comfortable lifestyle and even early retirement if they followed some simple but honest to goodness guidelines.

Here are four must adhere to strategies that helped me reach early retirement:

  1. Save more than you spend. Living ultra frugally does not mean poor choices, just cheaper ones with an eye on becoming self sufficient.
  2. Live in apartments as long as you need to before investing in a home.

In other words, when you have the money to buy a home, it should come 100% from your savings not loans and credit cards. And, by that time, one may know where onr really want to retire at. Your one home buy should be the only home you’ll want to live in, period. And, until you are ready to make that choice, avoid investing in one.

  1. Avoid the words ‘ debt consolidation ‘ completely. Never be a slave to other people’s money!

I invested in a food truck, serving college students. I sold the business within two years and with the profits bought a ‘dive’ to provide fast food take out. I once again sold that business when it was a ‘hot’ ticket item to make a colossal profit.

I now make sure my investments are performing the way I want them to, while reinvesting those payouts from time to time into more fruitful stocks.

I keep my bills and shopping under wrap, paying only from accumulated bank interest and my part time work salary. I continue to keep myself happily ’employed’ in a part time ‘work at home project’

  1. I haven’t retired to a private island and try to live off my wealth till death do us part. Nor do I indulge in the world of casinos, high rollers and upscale vacations. They all tend to bring you down in some way. Many a wealthy jet-setter has come crashing down to their knees because of poor choices after they retire.

The difference is, It should be something you want to do, not have to do. You want to keep that cash flow active, even as a retiree. It makes life far more meaningful and less prone to turning the tide on your success.

Remember, nothing is ever infallible.

So, whether you want early retirement or not is entirely up to you and whether your health permits to work more or not. If you want to retire and spent more time with your limbs, then make sure you have a sound financial security with a lot of savings. The credit cards may require you to buy cvv, but it is worth it as you have saved a lot for the remainder of your life.

The Unscrupulous Greed of Credit Card Companies

Last Monday, Representative Steve Israel (D-Huntington, NY) announced that he will be co-sponsoring a new bill with Congresswoman Louise Slaughter (D- 28th District, NY) to bring to a halt the latest in unscrupulous practices being heaped upon the public by credit card companies. In May, President Barak Obama signed the new “Credit Cardholders Bill of Rights” law which will take effect in February. Though the law was the first in a long time to take steps to protect consumers from predatory lending practices, it also gave greedy banks a head start to gouge consumers before its enactment.

In the past several months, banks have been busy raising interest rates and assessing penalties on consumers with abandon, and this new bill is aimed at stopping these ruthless practices between now and February. The proposed new law would cap credit card interest rates at 16%, limit punitive fees, such as late fees and the like to $15, as well as limit membership fee hikes. In fairness to banks, it would also allow for temporary increases in the interest rate cap under extraordinary circumstances.

I’ve been personally affected by these practices in the past several months. Having been a satisfied card-member of American Express for eighteen years, my attitude towards the credit card company has been greatly diminished. One day earlier in the year I received a letter from the bank announcing a very large decrease in my credit limit. I was surprised by the move, as I had never come close to my large credit limit in the past. It had gotten so large in the first place not by my own doing, but by periodic limit increases added to my account by the bank in the hopes of driving my balance upwards.

The decrease in my credit line wasn’t that big of a deal. I did have a high limit and I hadn’t planned on getting anywhere close to it anyway, but it was unsettling. After all, my credit is impeccable, and I’d never missed a payment, and in the past they freely offered more credit to me on regular occasions.

A few months later, in August, I received another letter from the credit card giant. This was the one that made me angry. For the first time in eighteen years, American Express was raising my interest rate from 9.9% to 13.99%. Suddenly, through no action of my own, I’m paying more money each month for the privilege of owing it in the first place. There is some good licensed moneylender who collect the fewer amount of interest over the allotted money. These things will help the borrower to clear the whole amount of received capital.

The lender gave no reason for the increase, only that it was being “responsive to the business and economic environment.” Not only did the APR on my existing balance rise, so too did the cash advance rate, the over limit rate, the rate for paying late, as well as the late fee. This personal experience is one of many out there, I’m sure. My problem is minimal compared to the burden these actions by American Express and others have heaped onto the American consumer.

There are so many people out there who struggle individually, with little or no hope for a carefree financial life. The price for owing money has become insurmountable for millions. After all of the money that was paid to these financial institutions in the Great Charity Giveaway of 2008, I think it’s pretty disgusting the way they’ve been paying us back. It was our money in the first place that helped them crawl out from near ruin, and they continue to take us for everything we’ve got.

I’m both pleased and hopeful that this bill will be the beginning of the end to the unfair business practices that have been going on for years on the part of financial institutions. I should know because I worked for a major bank for thirteen years. I’ve seen from an insider’s point of view how the bottom line trumps everything else, and how the size and scope of these corporate giants give them an unfair advantage when it comes to making profits out of gouging consumers. Stay tuned as I delve back into my years as a bank employee and share a point of view from an insider’s perspective…