Tuesday, February 5, 2013

Retire by 27

I always used to tell people that I'd be a millionaire by 25. I said it often enough and with enough conviction that people still remember that. They jokingly ask what the hold up is (I'm not yet a millionaire). As I got older and began to comprehend how hard it is to make a million dollars (much less by age 25), I shifted my catch-phrase to "I'm going to retire by 35". After each successive year of working, my target retirement age moved closer and closer - 33...30....and my latest saying is that I'll retire by 27 this coming August.

The sad truth is: I won't retire this August. As I wrote about previously, I will be looking for job - whether that means working from home for my current employer or finding something else to do. This living apart during the week is getting old...fast. But knowing I won't retire in August doesn't stop me from telling anybody who will listen that it's my goal. I want to retire ASAP! As one of my favorite bloggers wrote: "Time: It's Everything!". I give extreme value to my time. Life is short. The clock is ticking and there are land mines everywhere that can derail an otherwise healthy/happy life.

Those who doubt early retirement is possible and laugh at those of us who strive to be free from the need to work must not value their time. Yes, there are plenty of risks to retiring early. But I can always get a job and earn more money if needed. Heck, I'll probably wind up accidentally making money through hobbies and other skills. I think the bigger risk is not retiring early. Risking time that could be spent doing exactly what I want. Time is irreplaceable. We don't know how much time we get, so make the most of it. That's why I will retire early. I have a lot to do and so little time.


  1. Headed Home,

    Thanks for including me in your post. Great stuff here.

    I agree 100%. Money can always be made, but time can never be recovered once it's gone. It's a finite resource that is slowly dwindling away every second that passes by. We're all slowly dying. It was when I realized that I'm actually dying moment by moment that I decided to take control of my future.

    Time is SIGNIFICANTLY more important than money, and the fact that people trade it away so easily and cheaply is mind boggling to me. It's really a shame.

    Good luck with all the retirement goals. My original goal was to become fully financially independent by 40, but I don't know if I can stay at my job for that long. I'm just taking it one day at a time, but the fact that I continue to trade away my time to an employer that I don't care for is very frustrating.

    Best of luck with the continued journey!

    Take care.

    1. DM,

      You've definitely got it right. It's VERY easy to get trapped in the typical consumerist lifestyle - especially early in a working career. I was lucky enough to not have much money left over for "stuff" in my first job, so as my paycheck got bigger I'd already adjusted my lifestyle to living on less.

      I hear you with wanting to move your target date closer. Once you have a decent chunk of savings and the right mindset it doesn't seem like too much of a stretch to move the date closer and closer. That's why I now make my goal "this year", but kind of expect to fail. What's really got me thinking is Mrs. Money Mustache said if she could go back and do it over, she would have "retired" (gotten a part-time job to pay the bills) much sooner. She mentioned having a paid off house and $200k of assets. http://www.mrmoneymustache.com/forum/ask-a-mustachian/how-much-do-you-need-to-retire-early/msg29025/#msg29025

      Kind of an intriguing idea. Lots of free time, bills paid by an enjoyable little job, and the savings can grow until you're ready to truly retire in the traditional sense.

    2. Headed Home,

      Exactly. Quitting the full-time rat race cheese wheel and moving to something more enjoyable and flexible (part-time) would allow one a little bit of the best of both worlds. More time to enjoy oneself and the life we've been given, while still earning enough money to pay most of the bills. Even if you get the to point where passive income only covers $500 of your expenses, if you have low bills (under $1500/mo) you'd only have to come up with $1,000 a month or so. Not too difficult.

      Something to ponder!

      Best wishes.

  2. I keep wanting to move my date forward as well. As of now the plan is by 40, although that's more of a milestone that will hopefully be a last resort, it should be earlier by several years. I still have lots of life changes with a house purchase in the not too distant future (within 5 years) and kids (probably the next 2 years). Time is unfortunately a finite resource, but we have plans to capture and make the most of it.

  3. PIP,

    Thanks for stopping by. I'm sure you will meet your retire by 40 goal/milestone. Buying a house and having kids might change the math a little bit, but everything is manageable. I'm thinking having kids would make retiring ASAP all the more important.

    Best of luck.