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How do you think about retirement? Is it something that’s too far off to worry about, or too close to deal with? Is retirement something you feel ready for or scared about? Do you want to retire early or will you have to work longer than you want?
In yesterday’s post I wanted to turn the cliché “Money is the root of all evil” on its head and I came up with some suggestions such as money is the root of self-confidence, independence, and security. The fact is, money is a means to an end, it’s just a tool to use.
Retirement is thought of as an escape from work, from responsibilities, from the rat race or the grind, but retirement is none of those things if you are ill prepared without enough resources, otherwise known as money.
I know that early retirement will be a reality for me (whatever retirement means for someone who asks What Next). But what is early retirement? If 65 is “normal” retirement is 60 early? How about 55 or 50? My goal is 50 but is that really possible? And how?
The answer is yes it’s possible and I present “Super Saver” as exhibit A. Super is a blogger who retired in his 40s and, as I indicated yesterday, he didn’t use any get rich quick schemes, there were no tricks, and he doesn’t have a system he’s selling to teach you how to do it.
There are three key points to how Super retired so early and how I plan on doing the same: First, he started young and got a good education in a field with potential for good income. Not every career has the same potential for high income but you have to accept that fact if you choose to take a job because you love what you do rather than for the money. As a student you should also think twice about how much debt you’re willing to take on for a job that doesn’t pay well.
Second, he knew that hard work in the short term would lead to options in the long term, he was able to advance in his career getting raises and promotions along the way. I, too, have worked long hours and pushed hard to achieve certain goals at work but I know I won’t be doing this forever.
Third and probably most important, he was able to restrain himself and live significantly below his means. No matter how many times people hear this advice, live below your means, they simply don’t listen. Yes my wife and I have a very good income but we also save a large amount. Super says he saved 10% of his income in the early years but I don’t see how much he saved later. Julie and I save an astonishing 27.7% of our income, on average, over the last 6 years.
Super wrote an excellent series of posts recounting exactly how he was able to retire in his 40s and I highly recommend reading all 10 posts.
So many people ask, wonder, and dream of retiring early without realizing that they have the resources to do it if only they were willing to give up some immediate pleasures for the future promise of their dreams.
It comes down to choices. Do you have what it takes to make the right choices now for a better future?
I can’t put my finger on it but there is something mysterious, forbidden, and yes, beautiful about those mere shells of buildings. I’ve often commented that I’d like to take pictures in those buildings, capturing the strange and unique ways the light shines through the broken windows.
