19 Steps I Took To Retire At 44...With A Family
Last year I asked myself, "Why are you still working?" So I retired and haven't worked a job since. Here's what I did...
These are the steps I took to retire at age 44, but every person has a different set of circumstances. Therefore you must customize these steps to your own situation!
That is why the point of these steps is not to feed you every single detail, but rather to provide bullet points to think about. What do these items mean to you? How would you go about making them a reality? The possibilities are endless; the choices are all yours.
The main two things required to retire mega early are:
Set up a meager but constant passive income stream.
Move someplace relatively cheap, but get your income in the higher currency.
The main philosophy to keep in mind is:
Human beings were NOT designed to spend their whole lives working. So put effort into your early retirement plan, then implement the plan and kick back!
STEP 1: Don't listen to people who say you can't do it. They're wrong.
Don't let people demotivate you from your dream of early retirement. Until you are committed, the other steps won't matter.
What one man can do, another can do! – David Mamet
STEP 2: Don't listen to yourself if you say you can't do it. You can!
We tell ourselves what we can't do, when we should be saying the opposite.
To retire mega early, you've got to want it and to make it happen; it won't happen by itself.
Ask yourself:
What would I do if I could do anything I want?
Tell yourself:
I CAN do anything I want!
I can do anything I want and nothing can stop me.
STEP 3: Find your motivation. Or you won't have any.
Remind yourself:
Work does not make me 'who I am.'
A person can do anything they want, just not everything they want.
Without a clear motivation to keep in mind, it will be hard to get through the remaining steps...
STEP 4: Find your source of passive income. Or better yet, several.
As mentioned, the point here is not to feed you every morsel but to give you the idea! Research which methods will work best for you to set up your passive income stream. There are several to choose from online or in real estate.
The key to making money in online ventures is quantity.
STEP 5: Live someplace really affordable. Even if it means leaving the country.
Reminder yourself:
At the end of the day, that's what life is all about. Not working. Living.
We live overseas in an area where $2,000 pays for a comfortable life for a family of four. A single person could get by on far, far less!
STEP 6: Forget about getting rich. It'll only drive you crazy.
Ask yourself:
What are the things you believe wealth will buy you, that will make you happy?
The trick is to find your minimal comfortable lifestyle, then make just enough money to afford it.
STEP 7: Stop buying stuff you don't need--IMMEDIATELY!
Nearly all of human history involved living a minimalist lifestyle.
Working harder just to buy stuff you don't need is a trap.
Going into debt to buy stuff you don't need is an insidious trap.
Don't fall into these traps! If you're already in, climb out now!
STEP 8: Reassess what you want versus what you need. Then do it again.
The less money you spend, the more money you have to spend!
Only buy things with intrinsic value.
STEP 9: Get the best bang for your buck. It all adds up.
Clearly the bigger price tag, the more vital it is to shop around.
Ask yourself:
What is the point of a $60,000 car if you can't afford to put gas in the tank?
STEP 10: Have a backup plan. Or two.
STEP 11: Make a budget… and make sure everyone is on board with it.
Don't live beyond your means.
Make and keep spending plan.
'What gets tracked, gets done.'
STEP 12: Keep an eye on exchange rates, if you move overseas.
STEP 13: Pay off your debt. Then keep it paid off.
STEP 14: Keep saving. Forever.
If retirement is your goal, you must be savvy on your spending habits, AND your saving habits!
Whatever your reason for saving, just be sure to have a nest egg.
STEP 15: Research other ways to generate passive income. The more, the merrier!
STEP 16: Keep learning! No one knows it all…
STEP 17: Stay determined and focused on the end goal, not on the obstacles.
Remember:
Make sure you are not working!
As I finished this, a song came on the radio, with the lyrics, 'I don't need no money, as long as I can feel the beat.'
STEP 18: Find the free money.
Whether it is college scholarships, grants, or things like Department of Labor disability claims, do your homework and find areas where you are entitled to monetary benefits.
STEP 19: Don't panic!
If you fail to plan, you are planning to fail. But even if things start to look worrisome, stop optimistic and take the needed steps to get back on track. You will succeed if you don't allow yourself to fail!
All these steps are outlined and fleshed out in my Amazon eBook, "Why Are You Still Working," from which this content is taken. I hope the ideas are of value to you! Best of luck!
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