If the idea of retiring early is new to you, then you might be surprised to find out that there are people who are doing this all the time (even in their early 30’s). In fact, there are whole communities online devoted to early retirement and finding the best ways to do it.
It really is inspiring to see people who made some sacrifices for a short amount of time, but who are now able to travel the world throughout the year or spend time with their family and friends.
And if this is something you would like to do too, then read through these habits. They’ll definitely help you get there faster.
If you want to retire early, you need to be smart when it comes to money. Even putting a bit away each month can contribute towards financial freedom later on in life. And by investing, you can also gain more returns on your money.
Overall, if you live beneath your means and sacrifice luxuries each month, it is possible to start a little nest egg that can ensure you financial security and the potential to more time to yourself rather than waiting until you’re eligible for a pension.
There is a general consensus that those who retire early end up globetrotting. This is sometimes the case, as people find they have more time to do the things that work tends to stop them from doing. This isn’t always the case though. Sometimes retiring means having the choice whether to travel or not, rather than being forced to stay in one location because of commitments. Whatever your preference, retiring early will also give you the option to choose the direction in which you want your life to take.
Those who retire early tend to have more free time, therefore they are able to spend longer periods thinking about themselves. This may consist of fitness and other physical aspects, but also a form of self-care that is not literal. There have been studies which show that retiring early can actually increase your lifespan, both due to the self-care you can provide yourself as well as the reduction of stress in your day to day life.
Gain a Larger Social Circle
If you retire early, free time will become abundant. Due to this, you will find yourself more able to undertake new hobbies or spend more time with people. This can also benefit other habits of early retirement. For example, if you make friends with people across the globe, then travelling may become easier and cheaper as you will potentially have accommodation sorted with your friends. Likewise, if you travel more you may also meet people along the way.
Deter Bad Habits
Everyone has a vice or something that they cannot live without, however certain bad habits would impede you from retiring early. Vices such as heavy drinking, smoking, or drug use are the main ones to watch out for, as these addictions will cost you dearly both in terms of health and finance. Likewise, even gym memberships can cost more than you want to be paying. Look for good habits to use, such as running in the park or utilising your local library as opposed to buying books, to help keep you on track for your early retirement goal.
Those who wish to retire early need to be able to plan their lives and stick to it. This may come down to monetary things, such as what will be spent or saved, as well as what activities they wish to undertake. Even career goals while currently working need to be considered. If you want to retire early you need to be mindful of all decisions and understand the likelihood of them helping or hindering your goals.
While store cards, credit cards, and finance plans may be useful in the short term, if you want to retire early you need to get into a habit of living without them. Most of these will charge interest, either effective immediately or after a period of time. Overall, if you sack off any debts you will be find early retirement a lot more realistic, especially knowing that nothing is tying you down.
While it may sound silly, but the ultimate habit of every person who retires early is simply to live. This may consist of any of the above, but also to care for family, achieve a goal, or even to work for yourself on a part-time basis. Overall if you retire early you want to make the most of your time, and keep this in mind both while you prepare for early retirement and after you have achieved it.
Retiring early may seem like a daunting task, but in reality, with just a few life changes made, you will see yourself get there faster than you thought. So give early retirement and thought and let us know how it goes as you begin this journey.