There is a general difference of opinion regarding the philosophy of life as to whether we live to work or work to live. There are many who have changed the traditional age of retiring. The dream to retire early can be true if one is consistently disciplined, focused and motivated. In fact, there is a big media hype about those retiring early, which is certainly encouraging others to follow suit.
Those canvassing early retirement opine that retiring early leaves you with youth, vigor and plenty of enthusiasm to venture out into traveling the globe. It is like being set free to explore the world and experience diverse cultures. There are many who have taken the plunge. The Kaderlis, who retired at the age of 38, are members of a small group of founders of the extreme early retirement trend among baby boomers. The Kaderlis’ initial 500,000 dollars savings grew steadily, partly because they hung in the stock market through the ’90s boom and partly because they cut down their cost of living to an average of just 24,000 dollars a year. Also, initially they put all their savings in a low-cost index fund. They feel retiring at 38 was an excellent age because they had accumulated life experiences through their careers. Now in their 50’s, they still have no regrets except that given a second chance they would probably invest sooner and with more confidence. They have their own website, which serves as a platform of communicating with other early retirees and helps to educate the younger generation. They propagate the basic rule of saving everything and staying out of debt.
Early retirement is a fast catching concept with today’s generation. There is a renaissance of attitude amongst the youth. They no longer want to be chained to their desks. Instead they harness the desire to redesign their careers to have more personal meaning. Finding passion outside of a career that had become a chore is a theme among most extreme early retirees. Such people do not care about the social viewpoint; have an unwavering focus on their goal and also an indifferent attitude toward amassing all the latest stuff. There is no one set category that seems to be generally opting for early retirement. They range from young parents, singles and dual-income couples without children. Early retirement may mean rarely eating out or no television but for many that too is an acceptable option. They share an excitement about their lives, a desire to spend time in pursuits that are meaningful to them, and often, an environmental conscience.
The aspiration to retire early demands planning and certain changes in one’s lifestyle. Firstly, the spending and investment priorities need to be set beforehand. Secondly, one must remember to stay 100 percent out of debt, except for a mortgage. Thirdly, consider investing in stocks through index and mutual funds. Fourthly, it is wise to utilize the compounding effect of time by investing early and lastly, one should try to search for a partner with the same financial values.
