Go to college, get a job, work for 42 years, retire, live for 13 years. That’s the path that has been laid out for us. That is the norm. But these are just numbers, not rules, but have unfortunately become the only path that people consider.
A goal of early retirement is not a New Years resolution or a quick fad. It’s a commitment; a long-term commitment to yourself and your family. The path is not easy or luxurious. In fact, it’s the direct opposite. However, the spoils outweigh the cost of the battle.
Imagine waking up every morning and being able to do whatever you want to do that day. No pressure from a boss and no worries about money. In the words of Forrest Gump when he found out he didn’t have to worry about money anymore, “Good, one less thing.” He then mowed grass for free and spent time with his family. He lived the dream.
The purpose of early retirement is not to be a sloth, but to reach for things you’d never had to ability or time to conquer. Maybe you’ve always wanted to take a college course in art history, a topic that was never part of your career path, but a passion or you want to plan a month-long hike of the John Muir Trail. Anything is possible because your schedule is completely open. You can drop your kids off at school in the mornings, pick them up in the afternoon, and go surfing or hit the slopes in between.
It’s not hard to sell the idea of early retirement. It’s the dream for many. A dream that many never achieve.
Why not break the path? Forget settling for the typical trajectory, shorten it. There’s no reason that anyone must wait until 65. The ability to start retirement early is in your hands. This path begins with taking control of finances, saving smart and spending smarter.
This article is the first in my series on early retirement. I hope that by the end of the series you are not only excited about early retirement, but you have the knowledge to implement a plan to make it happen.
Image: Forrest Gump youtube movie clips
As a slightly early retired guy total freedom is possible in my opinion but it isn’t necessarily practical if you are like me. I have some profitable side gigs that keep me feeling useful and relevant but each one of those involves clients and that means there are meetings I have to attend and reports to draft and there are deadlines with some of those. It is only a couple of days a week for paid stuff but I also volunteer a lot and there again I don’t control the schedule. I don’t have to do them but they change people’s lives for the better and make me better. I don’t mind a day a week or so when I have absolutely nothing to do but I don’t want seven days a week like that. I guess what I am saying is that I choose to limit my freedom in exchange for paid and volunteer work that matters to me and sometimes it still gets in the way of hiking, fishing, tennis, travel, running and the other fun things I do. But it is also true I can walk away from any or all of those self imposed committments with zero financial injury so maybe you are right after all!
You hit the nail right on the head. It’s your retirement and you can do whatever you want, whenever you want. If that means working or volunteering a day or two a week so be it.