Between the FIRE Method and online entrepreneurship many 30 and 40 year olds are dreaming of retiring early. But there are a few things to consider first.
You Want To Stay Challenged
It might not sound like it now, but retirement can get boring really quickly so having a job can play a vital role in keeping you mentally engaged. So, consider trying a new career on for size. Or find creative ways to save that empower you to work a low paying job doing something you love. This is not to live a life of lack or limitation but to be strategic with the quality of life during your primary earning years.
You’ll Miss Socialization
You might not be particularly close with anyone you work with but one of the things you may miss with early retirement is the daily socialization. This is something stay at home parents, those who work remotely, and those with home-based businesses already understand.
Money Will Keep Going Out
Instead of adopting the full FIRE Method, consider working a few years is a high-paying job with the goal of earning a set amount of money, often the strategy behind the Barista or Costal FIRE Method. Maybe you save enough to pay your home in full and purchase one small rental income property—and just work one part-time job to cover travel and monthly living expenses. Or enough to put $1 million in your retirement fund then keep working a low-stress full-time job.
Here’s to designing a life you love!