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🌳 How You Can Retire at 35
Early retirement is everyone’s goal, to retire at 35 years old and spend the rest of our time doing what we want when we want. It’s sad really because it means we are trying to escape our current life, but for most, the goal is peace, quiet and freedom and typically that’s not achieved until the average age of 65. There is however a movement called FIRE:
QUOTE OF THE DAY
“Be yourself” is terrible advice if the person reading it is not actively working to improve their mind, body, and finances.
HOW TO RETIRE AT 35
358 Words | 1 Min 18 Sec
Early retirement is everyone’s goal, to retire at 35 years old and spend the rest of our time doing what we want when we want. It’s sad really because it means we are trying to escape our current life, but for most, the goal is peace, quiet and freedom and typically that’s not achieved until the average age of 65. There is however a movement called FIRE:
Financial
Independence
Retire
Early
This is just a group of people that want to live financially free and retire young and they have cracked the code of doing so down to the point where they understand thats it’s just a case of maths and a theory. That theory is, as long as your investments are making 4% a year (after inflation) minimum then you can live off those withdrawals as a salary for the rest of your life. Depending on how much money you want to live off a year with be the deciding factor on how much money you have invested.
In recent years, many people have embraced pursuing a FIRE retirement. It’s not easy to achieve however as it requires you to save up to 70% of your yearly income. When your savings reach approximately 30 times your yearly expenses, or roughly $1 million, you may quit your day job or retire from work altogether.
There are different types of FIRE which will decide the life that you live.
Fat FIRE - This is for the individual with a traditional lifestyle who aims to save substantially more than the average worker but doesn’t want to reduce their current standard of living. It generally takes a high salary and aggressive savings and investment strategies for it to work.
Lean FIRE - This requires stringent adherence to minimalist living and extreme savings, necessitating a far more restricted lifestyle. Many Lean FIRE adherents live on $25,000 or less per year.
Barista FIRE - This is for people who want to exist between the two choices above. It’s for those who want to quit the nine-to-five rat race and are willing to cut back their spending while working only part-time to do so.
ACTIONABLE NEXT STEPS:
Explore FIRE yourself, you can find Reddit groups on the topic with millions of members that are all striving to achieve early retirement and sharing their trials and tribulations along the way.
TAKEAWAYS:
You can retire early just by saving more money, investing more money and then living off those investments.
BOOK OF THE WEEK ⤵️
The book of the week is ‘Keep Going’ by Austin Kleon, a book that shows you how to stay true to and focused on your own creative vision when the world seems out of control. In ten heavily illustrated, inspiring chapters, bestselling author Austin Kleon offers advice, stories, and anecdotes that teach you how to persist in doing work that helps make a world worth living in. Check it out HERE
CREATOR OF THE WEEK ⤵️
The creator of the week is @Evanmerger, a US-based self-improvement creator that creates content focused on moulding your mind and body into greatness. He is a breath of fresh air in the self-improvement space and one to follow. Check him out HERE
LESSON OF THE DAY ⤵️
What small step can you take today that will put you on the path toward something wonderful?
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