Early retirement may seem like a fantasy to most people, but it’s not unrealistic if you’re motivated to make it a reality.
Today I’m going to explain how to retire early and hopefully by the end of the post you have a general idea of how it’s possible to leave the workplace years before the typical retirement age.
Retirement Defined
Retirement is straightforward: the time when you no longer work and live off of assets you have accumulated throughout your working life. Sometimes the definition of retirement gets muddy, though, when you start talking about early retirement. For example, some people claim to be retired in their 30s but in actuality do not have enough money or cash flow to last them the rest of their lives.
While it’s true that many people who retire early still stay busy with small businesses and other work, as far as I’m concerned you can’t be officially “retired” unless you can live off of the money you’ve saved or invested up to that point.
Read the rest at the FeeX blog
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We hope to be able to retire early using both the strategies of saving lots of money AND passive income. We are working our butts off on getting the passive income streams going at this point!
colormefrugal From your posts, it seems like you are making quite a bit of progress already towards your passive income goals.
Good luck to you both DC and colormefrugal :)
I’ll check out the full post, nice networking/partnership btw DC but one ? I have is with this comment. “you can’t be officially “retired” unless you can live off of the money you’ve saved or invested up to that point” what would you do though if you aren’t doing a side business, there’s only so much golf or travelling you can do right ;) ha
Great Prelude…heading off to FeeX to check it out!
I’m living below my means but not WELL below my means. I think that is one of the hardest parts of the whole early retirement thing I wrestle with. I’d have to give up a lot in my daily life currently. But I really do hope to increase my income significantly!
Beachbudget I think increasing income is the first thing to focus on. I don’t really like the idea of limiting my lifestyle or making too drastic of lifestyle changes in the name of early retirement. Instead I’d rather increase my income and, by default, live well below my means.
All you have to do is save $1 a day, for a million days. And then you are a millionaire!