Early Retirement [Pros and Cons] - page 10.

tygeade

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Quote from: inthelongrun on September 21, 2023, 09:45:23 AM

Retiring early has been my goal since then. I just don't think my profession is in line with my natural skills and interests. I hate waking up early because I have insomnia. So my goal was to retire early from the usual 8 AM to 5 PM job.

And I actually did it a few years ago. I know the pros and cons but it's actually cool when you decide your own time. Although some of my business ventures already failed I am once again planning to set up another one. There's still a lot of sacrifices involved but I have no regrets.

I would say retiring early and not working are different things and people confuse those two. Just because you retire, doesn't mean you have to sit at home all day watching soap opera, you can still retire early if you can, but then keep on doing something fun, could be a work you wanted to try, could be something else. At that point we are talking about something that would make sense because you would be doing something that will benefit you and profit you as well.

I personally like my current job, but if I didn't had this job and had one that I hated, then I would have probably just work to get enough money to stop and quit that job I hate and instead do the job I am doing right now, that would be a lot better.

uneng

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People want to retire as soon as possible, thinking they will live a boasting routine of luxury, parties, trips, comfort and constant pleasure. However, most people won't achieve enough money to put all those dreams in practice. So they will have to get used to a life of boredom seated at the couch at home, watching TV and Smartphone content without new experiences, adventures, challenges, conquests and self-realization.

Life is a constant flux. If you attempt stopping that flux you get out of gas to continue living, just like a heart which stops beating once the flux of blood and oxygen are cut. Stagnation leads to diseases, so avoid it at all costs.

Wexnident

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Quote from: chigo on September 20, 2023, 09:32:12 AM

as long as you can still make money, don't even think about retiring early, I know early retirement is everyone's dream but who knows what will happen next, you have to maintain your grades and productivity so that you stay healthy and respected by people.

Not really. If I had a pretty substantial amount, plus some passive money-making assets, then an early retirement wouldn't really be a bad thing. I reckon those who miss a challenge or something along those lines are those who bury themselves in their work, not having anything else to do. It's hard to relate a hobby to your work as well so I can understand how it goes, but really, they should find something else to bury their time with since just looking at the sky is not an activity I'd want for an early retirement, that would probably be for a late retirement one.

bayu7adi

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Unbeknownst to me, I also harbor aspirations for early retirement with a high but humble standard of living. When I mention a lofty standard, I mean the ability to decide to retire from my job; at the very least, I should possess a business venture that runs on autopilot and has the potential to endure for the next 10 to 20 years.

Perhaps the age at which I should cease working and shift my focus towards family is around 45 years old. At that point, I should have amassed sufficient funds for my children's education and all their needs. For me, setting this target is not a daunting task. Having retirement goals and objectives, at the very least, allows us to plan when the right time is to work even harder.

suzanne5223

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Quote from: Poker Player on September 20, 2023, 09:45:07 AM

It's the same thing that happens to millionaires like Mark Cuban, who after selling a company and retiring for a while decided that spending all day playing golf wasn't his thing.

And it's good that they made the decision to go back to work because having many millions, all the time in the world and being bored can land you in a detox clinic, or even more, dead from overdosing.

In the end the good thing about being rich and being able to retire is that if you feel like it you can retire for a season, like a long vacation that can be a year if you want. Then when you come back you work in what you like, what motivates you and with the schedules you set for yourself. It is very different to work for someone else on a fixed schedule that they impose on you and because you need money to eat than to work on something you like the way you plan it yourself.

You're right about that but I believe the major reason why people mix the need for vacation and retiring early is not having a good understanding to differentiate between the two or not fully understanding the consequences of early retirement.
If people like Robert Kiyosaki who is well experienced and knowledgeable with investment, education, and entrepreneurship could wait till the age of 47 years. I don't think there's a point for anyone in the age range of 30 - 45 to retire early.

flyingcarpet

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Quote from: goaldigger on September 21, 2023, 04:59:05 PM

There are reasons why many wants to retire early and it does not mean you’ll no longer make money.
Some may choose this due to health reason while some are doing this because they believe they are already financially capable and they have multiple source of income to support their daily needs and we all want this honestly. I want to retire early from work and do the things that I really want on my own but make sure to still have your investments active when you retire and don’t just depend on your savings.

Most people would like to be able to do this, but the conditions must be suitable for this. If we can earn the same salary in retirement as we did while working, we can consider retirement. It is very difficult for someone who has been accustomed to receiving a salary for years and has arranged his needs according to his salary, to retire by accepting an income less than his salary.

It may make more sense to retire when we reach our target amount of income with passive income or income from investments. The economy can change every day, so it would not be right to rely on our non-guaranteed income.

philipma1957

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Quote from: Fiatless on September 21, 2023, 02:02:33 AM

Quote from: philipma1957 on September 20, 2023, 10:38:44 PM

My wife had 1 job from 22 to 55 she retired then 2012.

I do IT and sales. I have a btc,ltc,doge, gpu mining business. Since 2012 I have been mining.

I will likely work till 2030. But my work is not 9 to 5 in an office five days a week.

So I don’t mind working limited days and hours.

Self-employment gives individuals a better chance of planning their retirement. One can easily adjust his tasks to suit his strength and age. With self-employment, full retirement might not be in view except for health or other personal reasons. Most well-known business owners are still working even in their old age. Some of them just hand over the day-to-day running of the business to other people but still make major decisions for the company. I would really like to build a business that will last for a long time so that I can also spend time on other worthwhile activities like community service.

yeah I can choose time to work and location to work.

Most mining is remote so I sit on a chair in my home in front of a pc.

Obviously I do to physical examination and repair gear. but I choose the day to go whit in reason.

Ie 5% of the gear down I do not make a 200 mile roundtrip to fix it.

10-15% I go check it out. next weekend

25% or more I go next day.

I can avoid the mine 20 -30 days most of the time.

say 20 in the summer and 30 in the winter.

goaldigger

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There are reasons why many wants to retire early and it does not mean you’ll no longer make money.
Some may choose this due to health reason while some are doing this because they believe they are already financially capable and they have multiple source of income to support their daily needs and we all want this honestly. I want to retire early from work and do the things that I really want on my own but make sure to still have your investments active when you retire and don’t just depend on your savings.

Stedsm

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TBH, retiring early doesn't mean you should completely stop working and start enjoying only, because then you're not utilising what you have (after early retirement) but only spending it, which means you're not productive anymore and just want to selfishly enjoy your life which will not only make your family suffer in the future once your funds are over but may also reduce the respect that your family had before the retirement. And don't forget that a person who doesn't work in life, is not less than a dead body IMHO so don't stop working. I mean, you can be your own boss then by opening up a new business, trying out new things instead of just thinking that enjoyment is the last stop.

Ultegra134

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Quote from: Crypto Library on September 21, 2023, 02:33:59 PM

There are both problems and benefits to early retirement. By retiring early, you can free yourself from the stress of work and live the life of your dreams. No need to be subservient to anyone. Whatever you say, the fun of this life is different.
But life doesn't go on like this. Money is needed to spend life. If someone decides to retire early, he must keep his bank balance in mind. Money is needed to survive. It is not possible to spend human life without fulfilling the basic needs. And to fulfill the basic needs money is needed which is not possible to get through the dream life. I don't think there is any alternative to hard work to survive. Hard work is the symbol of good fortune. But if one has a huge amount of money, he can feel free to retire early. But I would say save enough capital that retirement shouldn't be a concern.

The "live your life after retirement" is a usual pitfall the majority of people fall into. I've also seen it from myself, when I'm not working, day off, paid time off I'm making huge plans only to fall short on my expectations. Usually, I'm way too tired and unmotivated to do anything and I'm simply left to rot. I had great expectations during my 30 day leave from the military but guess what, I didn't even do 1/4th of the things I was considering to do.

The exact same thing usually happens with people who retire, young or old. You first take some time off to rest, then you're used to doing nothing and then you feel totally unmotivated to start being productive again. My parents have a few acquintances who retired quite early, at approximately 45 to 50 years old and they went bananas after a few years because they stopped being productive and had no purpose anymore.

alastantiger

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Quote from: chigo on September 20, 2023, 09:32:12 AM

this story is the same as what my cousin experienced, he retired early (at the age of around 35 years) now he is around 45 years old but there is an illness he is suffering from and he has to get proper treatment which quite expensive, so he sold some of his valuables and also withdrew his investment in shares.

as long as you can still make money, don't even think about retiring early, I know early retirement is everyone's dream but who knows what will happen next, you have to maintain your grades and productivity so that you stay healthy and respected by people.

If I ever want to retire, I want to retire to doing the things that I love to do. It must not necessary be work related it may be a hobby, a craft something that makes my soul sing and gives my life a sense of meaning. Something to wake up to everyday, this is the type of retirement that I want for myself. I despise the retirement of our parents where they retire, poor, tired, and riddled with a many health issues, financial issues and a disdain for the government. For them, once their jobs ends, it is like their lives ended to. I do not want this for myself.

topbitcoin

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Having a permanent job and having a steady income every month is a dream for most people in this world because they can guarantee their needs every day, especially if we work as state officials or as civil servants, this is something that some people aspire to. Because when you become a state apparatus or civil servant, not only will your needs be guaranteed every month, but our old age life will also be guaranteed through the pension funds we get after finishing office.

And being able to enjoy old age with your family is everyone's hope and desire. However, if I decide to retire early, I think that would be too careless for us to do. I will retire "at the right time" not "on time". And what is meant by "at the right time" is the time when I already have enough money to guarantee my old life so that I don't rely on a child to be able to support me when I'm old and later and I will decide to retire when the business I started is running. smoothly so that I can feel calm when I pass it on to my children in the future.

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Quote from: jrrsparkles on September 21, 2023, 04:00:43 PM

Quote from: TheSpiral on September 21, 2023, 07:53:22 AM

Quote from: jrrsparkles on September 20, 2023, 12:17:25 PM

...

Pension funds is like pocket money which can be used on something but it is never going to be enough for everything. And in this modern era, most companies don't even give job security so forget about the retirement funds that is why we should prepare ourselves for our retirement. Born being poor is not your mistake but if you are poor when you die then its a huge mistake and we are in complete control of what is going to happen in the middle so let's make it work.

I really like your sentence, Warren Buffet also said this when he was asked the reason why he was still working at such an old age. I also worked at a company that I didn't like where the work environment was very toxic in my opinion, when I lived there day after day, what always crossed my mind was to leave the company and enjoy life outside, in fact there were several obstacles that had to be faced. I faced it and it was not easy for me to achieve what I am facing now. I really dream of early retirement as being very beautiful, but because I have gone through financial difficulties, I have decided that I will continue to try to make money for me and my family, maybe until I unable to move anymore lol.

uchegod-21

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Quote from: Unbunplease on September 21, 2023, 02:36:21 PM

Early retirement is probably a good thing if there's an occupation. Otherwise, a person will feel excluded from social life and as if he or she is superfluous. Therefore, everything is strictly individual. Time pressure on a person is the strongest test.

Planning to retire early or late depends on individual differences and purposes in life. It also has something to do with the type of country you are living in and their economic policies. If you are in the country where the government does not have much retirement benefits, it would be so sad to retire early without having enough to cater for yourself.
But if you are living in a country that is flourishing where the government has a very nice retirement plan for her citizens and friendly environment for businesses to strive, retiring early could be a very good plan in order to have a comfortable life without pressure and also, enjoy with family and friends.

jrrsparkles

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Quote from: TheSpiral on September 21, 2023, 07:53:22 AM

Quote from: jrrsparkles on September 20, 2023, 12:17:25 PM

The early retirement concept is misunderstood by most, cause they stop working once they reach a certain amount in their savings but it is supposed to be there are always sources of income even if they stop working which is passive income so even if they stop working their income will be still there which can be from anything which every individual has to pick up on their own.

But there is no retirement from the money, so if the incoming source stopped there is one day the savings will be exhausted sooner or later.

People retired when their age reach to 60 years so the government do not allow such individuals because now they are not able to do any job but they have allowed some sort of money in the form of retirement fund as well as monthly income without doing any job.

Retirement from the money is not possible because life without money is very difficult therefore a person must needs a pension or monthly income in any age of life. I saw many individuals who start another job when they retired because inflation is very higher to tolerate the expenses and a man itself can live simple life but he has to give all the necessary and comfortable opportunities to his children to sustain better life.

Pension funds is like pocket money which can be used on something but it is never going to be enough for everything. And in this modern era, most companies don't even give job security so forget about the retirement funds that is why we should prepare ourselves for our retirement. Born being poor is not your mistake but if you are poor when you die then its a huge mistake and we are in complete control of what is going to happen in the middle so let's make it work.

stomachgrowls

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Quote from: molsewid on September 21, 2023, 02:11:04 PM

Quote from: dothebeats on September 21, 2023, 11:59:44 AM

In the country I live in, it is a very difficult choice to retire early. I know a lot of old relatives and acquaintances who refused to retire early for fear of not having enough financial support to cater to their needs. Such a problem is even emphasized more now as food prices and utilities here skyrocketing. Hence, despite wanting to have the luxury of not working anymore and just spending time with family and to one's self or maybe even starting their own business that they've always dreamed of doing, a lot of working individuals here have no choice but to keep working and extend their contract. For them, it is hard to rely on their savings and whatever money they will get after retiring as it will not be a continuous source of income that will pay their bills until the end of their lifetime.

My grandmother retire in her job after she paid for the government agency that can give her monthly pension every month after 20years. People here in us needed to work with that span of time because as what you have said they are afraid that the government will not support them after if they did not have a proper amount of contribution. We are not relying to the government but the thing is our govt will automatically deduct those money if we dont want to.

Totally be depending on what those countries laws or whatever things that been implemented in regarding about pension. Same here in my country on which you would really be needing to reach up that particular years in

service before you would really be considered to be eligible or would really be granted with that pension on which means that you wont really be having no choice but to deal off with that requirement even if it would be against with your interest.Usually it would really be that 20 Years or on the time that you would really be reaching out 60+ of age on which you could really be able to have your requirement but i would say
that getting yourself @60 before you could be able to separate is really just that too much because you cant really be able to enjoy that retirement money because you are getting even more older
but somewhat having those benefits would really be a great help.

We know that even if we do have our kids, we cant really be assure that one day they would really be able to help us out on the time that we are old and weak.
So its better to mind yourself on having those supports when the time comes.

Unbunplease

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Early retirement is probably a good thing if there's an occupation. Otherwise, a person will feel excluded from social life and as if he or she is superfluous. Therefore, everything is strictly individual. Time pressure on a person is the strongest test.

Crypto Library

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There are both problems and benefits to early retirement. By retiring early, you can free yourself from the stress of work and live the life of your dreams. No need to be subservient to anyone. Whatever you say, the fun of this life is different.
But life doesn't go on like this. Money is needed to spend life. If someone decides to retire early, he must keep his bank balance in mind. Money is needed to survive. It is not possible to spend human life without fulfilling the basic needs. And to fulfill the basic needs money is needed which is not possible to get through the dream life. I don't think there is any alternative to hard work to survive. Hard work is the symbol of good fortune. But if one has a huge amount of money, he can feel free to retire early. But I would say save enough capital that retirement shouldn't be a concern.

molsewid

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Quote from: dothebeats on September 21, 2023, 11:59:44 AM

In the country I live in, it is a very difficult choice to retire early. I know a lot of old relatives and acquaintances who refused to retire early for fear of not having enough financial support to cater to their needs. Such a problem is even emphasized more now as food prices and utilities here skyrocketing. Hence, despite wanting to have the luxury of not working anymore and just spending time with family and to one's self or maybe even starting their own business that they've always dreamed of doing, a lot of working individuals here have no choice but to keep working and extend their contract. For them, it is hard to rely on their savings and whatever money they will get after retiring as it will not be a continuous source of income that will pay their bills until the end of their lifetime.

My grandmother retire in her job after she paid for the government agency that can give her monthly pension every month after 20years. People here in us needed to work with that span of time because as what you have said they are afraid that the government will not support them after if they did not have a proper amount of contribution. We are not relying to the government but the thing is our govt will automatically deduct those money if we dont want to.

Aanuoluwatofunmi

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Quote from: Juse14 on September 21, 2023, 01:29:19 PM

There's nothing wrong with early retirement and it's a life choice, whether or not it's right for you to retire early is up to you. If your reason is because you are tired of the work, then it is a bad decision to decide to retire early. Because if we look down there are so many people who crave the job you are doing.

There's this one thing we have to understand about retirement, alot of people who retired later went ahead in doing other personal independent jobs to sustain a living, which means they were only retired from the work they were being employed to do and not really tired of work in general, knowing this, you could see alot of people who will tell you that they prefer to be independent with their job and be self employed rather than working for other people, if it were to his his own work, he will have to choose his retirement by himself without receiving approval from anyone.

Topic: Early Retirement [Pros and Cons] - page 10. (Read 1556 times)