What No One Tells You About Early Retirement (The Truth)
You want to retire early and enjoy the many perks of no longer having to work but there are some things you must know in order to ensure a happy retirement. Everyone wants to retire early but there are some extremely important things you should know about early retirement. It’s an attractive idea to have enough money saved up that passive income pays your bills and there’s no need to work. You’ll have plenty of free time to enjoy hobbies, travel and spend time with friends and family. What could be better than that? You might be surprised to hear that early retirement isn’t what you think. Make sure to be prepared beforehand so you can make the most of the time you worked so hard for….(read more)
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What No One Tells You About Early Retirement (The Truth)
Early retirement is often painted as an idyllic phase of life, full of leisure, freedom, and relaxation. Many individuals dream of escaping the 9-to-5 grind and embracing a life of relaxation and adventure. However, there are certain aspects of early retirement that are rarely discussed, and it is essential to shed light on these truths before embarking on this journey.
Firstly, early retirement is not all about carefree days and endless vacations. While you may have more time on your hands, it does not necessarily mean that your life will be stress-free. With the absence of a structured work routine, it becomes crucial to find new ways to fill your days with purpose and fulfillment. Without a sense of purpose, early retirees can easily slip into boredom and feelings of emptiness. It is important to plan and prepare for how you will spend your time and find new hobbies or ventures to pursue.
Moreover, early retirement also comes with financial considerations that are often overlooked. When you retire early, the burden of financing your daily life shifts entirely to your savings and investments. This requires careful planning and budgeting to ensure your financial resources can sustain your desired lifestyle for the years to come. It is necessary to learn how to manage your money efficiently, invest wisely, and maintain financial discipline to avoid any financial distress in the future.
Another aspect usually ignored is the potential loss of identity that can occur with early retirement. Many individuals have spent the majority of their lives defining themselves by their profession or job title. When that label is removed, it can create a void and a sense of loss. It is important to cultivate a new sense of identity beyond your former career, whether through volunteering, pursuing a new passion, or becoming involved in community activities. Developing a strong sense of self, separate from your professional achievements, is vital for a fulfilling retirement.
Furthermore, there is a social aspect of early retirement that is often overlooked. Workplaces provide a constant social network and interaction with colleagues, which can be severely missed during the retirement phase. It is important to establish new social connections, join clubs or organizations, or participate in community events to maintain a sense of belonging. Building a support network of like-minded individuals who are also experiencing early retirement can help navigate the challenges and provide a sense of camaraderie.
Lastly, health-related concerns can emerge during early retirement that are not commonly discussed. With the absence of a daily routine and the accountability that work provides, it becomes crucial to maintain a healthy lifestyle. Staying physically active, eating a balanced diet, and prioritizing mental well-being must be at the forefront of an early retiree’s agenda. Neglecting these aspects can lead to a decline in health and overall quality of life.
In conclusion, early retirement is not without its challenges and unforeseen difficulties. It is essential to recognize and prepare for these realities before embarking on this journey. Planning for how you will spend your time, managing finances effectively, establishing a new sense of identity, building a social network, and prioritizing health are all essential aspects of a successful and fulfilling early retirement. By acknowledging these truths, you can be better equipped to navigate the uncharted waters of early retirement and make the most of this transformative phase of life.
Give me 4 mil now, I'll happily retire and spend most of my times on hobbies and focus on raising my kids.
Nobody can become financially successful over night. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals.
I appreciate your advice because I actually saw the need for investments two years to my retirement, now investment has been sustaining me since I retired.
inspired content!! Every small contribution towards your retirement is like planting a seed. Nurture it wisely, and when the time comes, the tree of financial security will bear the sweetest fruits. spend more and invest less before your retirement.
I can tell you first hand that everything mentioned in this video is true.
Great video, Early retirement requires careful financial planning and saving. You need to have a substantial nest egg to sustain your lifestyle for potentially decades without a steady income. It's essential to consider factors like inflation, unexpected expenses, and potential market downturns. Likewise having an professional expert like Mr Jeffrey Alby Holmes.
Thanks for increasing my knowledge in personal finance, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it.
Unfortunately, ones life expectancy starts dropping very sharply for every year they work past age 50. The exception is entrepreneurs, business owners, and executive positions. There really isn't much of an option but to retire asap after 50 years old.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Retired 2 years now and the best advice I can give is get off your butt!
I've seen both sides of this. It really depends on each person's personality whether or not they will be successful retiring early. Some people love it and have ZERO problems adjusting. Others struggle like it's described in this video. I have observed that people who associate most of their self worth with their job, tend to really struggle retiring early.
IOW, those who live to work, struggle. Those who work to live, do not.
Financial implications of early retiredment https://youtu.be/6Tj0iiuihos
Despite the current economic uncertainty, now is still the ideal moment to make investments.
When my job got outsourced i told myself you know what, ill take a break from working and just relax for as long as I can. Flew back to Asia and told myself ill live the life I was not able to do when I was working.
First 3 mos was great, I told myself I should have done it sooner since I was able to shake up all the stress and I have so much freedom.
Then when the 6th month came, all of a sudden life became stale plus I was thinking ok, ill just go somewhere relaxing since nothing is tying me down.
But when I look at my bank account, I could not do much of anything and had to restrict myself so I dont go over budget.
As time go by the money kept dwindling and my boredom kept rising to the point I was looking for anything to make myself be productive. May it be picking up my nieces from school or driving my girlfriend to work.
When the 7th month came. I was fed up since I felt like a bum wasting my life and that I wanted to have a sense of purpose every day. Yeah I had hobbies and interest but it got stale as time go by.
So i packed my bags, flew back to America and with that experience if retiring means doing nothing and just sitting from home. Then I would never want to retire.
For me personally I like having a sense of purpose. Yeah work can get stressful but thats why you take vacations. Lastly whats the point of retiring if you have a restricted lifestyle. If something emergency comes up, you struggle to find where to get the money to pay for an unexpected bill.
Get a pet and you will never have much free time…lol Meow, woof, tweet.
Nonsense Early retirement is the best thing ever , and no you do not get sick of a life of leisure. It is fun to wake up happy and stay that way as there is no stress . Boredom is for boring people
> Only so much golf you can play
You underestimate my power!
I want to retire from the "corporate world" by 45-50. At that point I want to be financially stable to the point where I can do whatever I want to in regards to "working" and not be concerned about my income. Basically find something that I truly enjoy doing even if it pays 1/6 of what I am currently making and not be concerned about it because I have a good chunk of change invested / saved.
Excellent! We retired in 2019 at age 62. We were surprised how little we needed for a happy retirement in terms of withdrawals from our 401-k. With more time, it is nice to wait for the sunrise before going on a morning run and having the time to run for 2 hours. It is also nice to avoid crowds by grocery shopping early morning, fishing weekdays instead of weekends, etc.
aka how boomers boom
2020 was the first year that I made more money with my investments than I did with my time.
I broke my arm years ago and was not allowed to return to work from my doctor for 13 weeks. Oh it was great at first getting up when I felt like it and doing what I wanted when I wanted. But as the weeks passed it got more and more boring. By the time the 13th week came around I was begging my doctor to clear me to return to work as I was going out of my mind with boredom. I got enough inheritance money that I can retire now but I know that just in a few months that I will be so board that I will be biting at the bit just to return to work just to stop being board out of my mind.
Before I got the inheritance I would work as many extra days as I could to make extra money. Now post inheritance I don't want any extra days at all. (I work 12 hour shifts 7 days every fortnight as a truck driver.) A few days of sitting around the house doing nothing is great months on end doing nothing is as boring as all hell.
The stock market has been a really tough one this past year, but I watched an interview on CNBC where the anchor kept mentioning " karina mattis ". This prompted me to get in touch with her, and from August 2022 till now we have been working together, and I can now boast of $540,000 in my trading portfolio.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 75K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
I guess it may be time to start taking profits. Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
I retired at 50. It took over 25 years of planning. Friends, colleagues, and family always ask me the same thing, “but what will you do, won’t you be bored ??” I’ve learned one important fact: Boring people are often bored in retirement. So make sure to build a life you want to retire to. This could mean a lot of things to a lot of different people. But if you never had any interests, projects, or dreams before retirement… you may surprised to discover that retirement will NOT magically solve this.
As an artist, I don't ever want to retire. I want to be financially stable and technically "retired" in the sense that you don't HAVE to work for income, but I enjoy creating so much that I hope I never stop working.
One of my life goals was to retire before 55yo. I succeeded. I expected a much slower lifestyle and enjoying a good amount of time not doing anything. Friends asked me when told them I was about to retire "what are you going to do?" My reply was whatever I feel like doing. I learned a bit of wisdom after retiring "Success is getting what you want and happiness is wanting what you get." After nearly 10 years I have to confess I'm overjoyed. The freedom I have and the control I have over everything I choose to do is unparalleled to my expectations. I'm an introvert (not excessive) so I have no problem eating out alone even though I've discovered the joy of cooking, I don't have an issue going to a play, movie or other events by myself because of the freedom I have to see what I want, do what I want and for as long as I want. I've taken over my investments instead of using a broker and utilized my finance degree to maintain and insure my financial freedom. In all, if one plans for it, early retirement can be very up lifting. Preparation is the key.
Beware of fake conversations promoting some wealth guru. Just report them as spam.
I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me from a huge financial debt with just little investment, thanks so much Mrs. Debbie Stover
Youre right
If im retired i wont get laid
Retirement can come as soon as someone earns passive income and enough of it to simply make a decision to stop working if they want to.. FIRE is not necessarily about not working, it is about the option to do and moreover to BUY time back.. Dividend growth investing and other passive streams helped me move out of the USA and begin my travels… makes me wealthier than ever.. and no I am not retiring any time soon!
The best advise anyone could give about retirement is don’t retire from something, retire to something.
If you don't know what to do when you retire you are not ready to retire! It's like going out on the dance floor with a pretty girl and having no clue how to dance!
Very well put! Most people don’t realize this bitter truth till it hits them. You have covered all the points well
Great job and great work by both the artist