Often times I talk about how confident I am that I can achieve early retirement. I have ambitious goals, what can I say. While I don’t think that the sky is the limit, I do believe that with enough hard work, almost anyone can achieve early retirement. Of course, if you have a serious illness… Read More »
I often talk about my desire to increase my income, and especially doing this through passive investments, but an equally important aspect of early retirement is minimizing your expenses. In fact, it’s just as important as increasing your income because someone can increase their income and be further behind in their retirement goals if they spend more money than they earn. Having mandatory expenses that are high is one way to delay your retirement as you need more money to retire.
About a year ago, I set a goal for myself to seek early retirement as aggressively as I could. Part of it is knowing that I had at least two years left at my current job and living at the same place while my wife finished her graduate school. It is now a year later and I have a little over a year left before we need to make the next big decision in our lives. Most likely, it will result in us moving, but that leaves me with an even bigger decision.
Over the past few months I have had to come to some harsh realities. I have not only updated my retirement plan, but have had some serious issues of whether I think it is possible to earn a living by writing. I know others do it, but what makes me so special? Sure, I can write a blog post and I can do the grunt work to make a website semi-successful, but do I have what it takes to make it big? Processing these sorts of questions has led me to wonder why people don’t make it. But perhaps most importantly, why people don’t give their dreams a fighting change.
Do you have big dreams to retire early? Do you have what it takes to get out of the rat race before you have arthritis? I was talking to a lady at a wedding reception and she was telling me her goals of retiring early (in her mid 50’s instead of mid 60’s). She was serious about quitting her day job before she was unable to get around. She wants to enjoy life before you body quits on her. Find out what you can do to avoid this same thing.
A lot of what I am doing on this blog is trying to re-define what retirement looks like. The primary reason that I want to work at doing this is because too often we see retirement as something that should or has to be postponed until we are wrinkly and on our last leg (perhaps even literally). Despite what our culture may try to teach us, it doesn’t have to be this way.
Over the past few months, I have found myself making the plunge in starting and buying more blogs that I ever would have thought imaginable. My wife tells me it is an addiction (and that’s probably true), but in reality, it is all part of my master plan to retire early. I am currently working at a job that is a decent job for right now. I am finishing up my Master’s degree and due to my sudden fascination with earning a living from blogging, I have decided to switch paths on my career. In order to achieve my crazy goal, I know I have to build up passive income. This is where more blogs come into play. To be quite honest, I think there is something to say for focusing all of your efforts on one blog and building it’s traffic up before starting on a second blog. I often wonder if I am not spending enough time writing and building up my first site, but alas, this isn’t my approach.
Have you ever thought about early retirement, but then been brought back to reality? It’s not everyday that you meet someone who is able to retire at an early age, especially not someone at the age of 27. Part of that is probably due to the fact that retirement accounts either have penalties for early withdrawals or are not available until a certain age (like social security). Retiring before that standard age often means having enough cash on hand to be able to pay for all of your expenses. It’s only understandable why early retirement is so hard to achieve. It often leaves you wondering of whether early retirement is left to a select few. Can only the rich retire early?