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:
- Save more than you spend. Living ultra frugally does not mean poor choices, just cheaper ones with an eye on becoming self sufficient.
- 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.
- 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’
- 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.