Is it still possible to retire early? - page 4.

Dewi Aries

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Quote from: Viscore on June 14, 2024, 12:50:30 PM

Quote from: Dewi Aries on June 13, 2024, 05:10:55 PM

Most people take decades to reach that readiness, most of them retire when they are relatively old, it's not a tradition, but there are so many things they have to do or must first prepare to create everything to sustain their lives that it takes a long time to prepare, or that means the decision to retire will only make sense if you already have many ways to survive, most people spend half of their lives preparing for this and even though they have struggled quite hard, most of them can only complete these preparations when they are old, like 50 years or more. And if you intend to retire early it means you have to work harder than the average person, when people spend 8 hours a day working it means you have to spend 16 hours or more working a day. It's a choice, if you want to and feel capable then no one will stop you.

Early retirement preparation is never that hard if you also work and save your funds early, and invest and profit early as well. But we all know it’s seldom to see these kind of people, as mostly those who retire are those who are not capable to work anymore because of their old age.

Even in my country, a lot of retirees find it hard to finally retire and leave their jobs, because there won’t be fixed income anymore unlike when they still have their own jobs. Most especially for those who are not into investing, I know retiring early will never be in their bucket list.

One of the reasons why I said something above that seemed very difficult to achieve was because I did not bring in or involve investment elements that could accelerate the development of profits, the reason is because in my opinion, even though the times are now modern, only a minority of people know and understand about how to profit from investment. This means that it is not impossible for someone to reach retirement early, but indirectly the majority of people maintain a point of view that seems to have become a tradition where retirement is a situation that people will do when they reach old age, which is where that is the age for someone who is no longer very likely to work. The other thing that you say is quite in line with the facts that are often experienced by people, not only in your country but maybe also in several other countries, including in my country, but regardless of whatever that is, I am quite sure that investment is an alternative that has great potential to be used as an answer and choice.

Agbamoni

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Quote from: rachael9385 on June 13, 2024, 05:30:29 PM

This is an interesting question. However it's not good to retire so early more especially when you don't have another source of income when you retire from this link, you can see that this he's a Nigerian football player and he retired at early age, and now he's on the street doing nothing. I just use that as an example to tell us that it's not wise for one to retire early from their job.

No one would retire with just one source of income. It is unwise, in fact if anyone is to retire then he/she must have had a good business that is busy bringing out good amount of money and running smoothly on its own without the push from them. Three things i think one should have achieved before thinking about retirement should be, an asset whether landed properties, stock exchange or cryptocurrency. Secondly, they should have businesses at least minimum of 2 business. And lasty must have kept a retirement savings account for a minimum of 7 years.

Viscore

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Quote from: Dewi Aries on June 13, 2024, 05:10:55 PM

Most people take decades to reach that readiness, most of them retire when they are relatively old, it's not a tradition, but there are so many things they have to do or must first prepare to create everything to sustain their lives that it takes a long time to prepare, or that means the decision to retire will only make sense if you already have many ways to survive, most people spend half of their lives preparing for this and even though they have struggled quite hard, most of them can only complete these preparations when they are old, like 50 years or more. And if you intend to retire early it means you have to work harder than the average person, when people spend 8 hours a day working it means you have to spend 16 hours or more working a day. It's a choice, if you want to and feel capable then no one will stop you.

Early retirement preparation is never that hard if you also work and save your funds early, and invest and profit early as well. But we all know it’s seldom to see these kind of people, as mostly those who retire are those who are not capable to work anymore because of their old age.

Even in my country, a lot of retirees find it hard to finally retire and leave their jobs, because there won’t be fixed income anymore unlike when they still have their own jobs. Most especially for those who are not into investing, I know retiring early will never be in their bucket list.

Smack That Ace

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Quote from: rachael9385 on June 13, 2024, 05:30:29 PM

This is an interesting question. However it's not good to retire so early more especially when you don't have another source of income when you retire from this link, you can see that this he's a Nigerian football player and he retired at early age, and now he's on the stree doing nothing. I just use that as an example to tell us that it's not wise for one to retire early from their job.

If you have no source of income and have not fully prepared your retirement plan, deciding to retire early is like ruining the rest of your life, and that is not called retirement.

Additionally, retirement doesn't mean you'll just spend your time having fun and doing nothing. You also need to work like Stablexcoin mentioned above, you can manage your business remotely, manage your investments so you can ensure that your retirement plan stays on track.

Retirement means we will spend less time and exposure to work, have more time for ourselves, family, friends and ultimately enjoy life. Retiring early or late depends on each person's economy and plans, but I doubt we can retire early with the current increasingly harsh economic situation. It's much easier said than done.

CageMabok

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Quote from: frnandoh on June 13, 2024, 07:14:19 PM

I'm 40, I think it is not too early for retirement, but if I could, at least, retire someday in my life I would already be satisfied. I really need a good plan for retire. My country offers some plans to retire, but the time goes by and polititians demonstrate not to be interested in keep paying retirements. They took our money and now they dont want to pay us.

In terms of age, you still have plenty of time to continue working and being creative as you wish because in my country that age is still considered an active worker who has not yet reached the time to retire. This means that you still have enough time to make your retirement more beautiful by planning it now, both through active income and also passive income that will never end at any age. So don't ever complain about things that are happening even though they might not be good enough for you, because as long as you can still fight to make your retirement better, that's what you have to continue to do from now on.

slapper

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Quote from: stomachgrowls on June 13, 2024, 02:26:45 PM

-Alternative sources of income:

You would really be needing this thing if you would really be trying out to have that retirement on early years rather than on waiting on a specific years of service before you cant be able to do so or simply
just cant be able to quit up because you arent that prepared financially because you are heavily relying with your salary and didnt able to get or make some other source of income.
If you are really that have plans on retiring early then it would really be just that right that you should really be that having that initiative on trying to get another side income.
Or making out some investment on which you could be able to earn aside from your dayjob paycheck.

Things would really be that according into the decisions that you are making on which if you are bound to make it happen then you would be needing to work hard more and making
up some risky decisions on whic you know that it could really be beneficial or something that could really help you on long term. It would really be just that situational because
not all would really be ending up on the same positive results but doesnt mean that you wont be trying it out.

Forget about the boring 9-to-5 labour and the whole "work till you're 65" nonsense. Should you choose to retire early, you will have to be creative. The game is several money sources, my friends. Your job is like a single leg of a stool. Though unstable, it's holding you up. One mistake and you're on your ass. But give that stool some more legs (investments, side projects, rental properties, etc) and you'll be suddenly quite strong

Breaking from the corporate matrix takes guts. You gotta be willing to try new things, maybe even fail a few times. But you learn and develop this way. Only you stand between your early retirement ambitions. Get out there, hustle hard, and create that damned stool

Ben Barubal

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All these things you said are good, and right. I know some people who, before they retired from their jobs, were able to somehow find their microbusinesses, and in addition to this, they were also able to find lots in real estate and also get housing loans.

This is in addition to the savings that they accumulated when they were still employed, which can really be said if their thoughts are very mature and they are really looking more at the future, because that is why they think not forever they are strong and at least when the time comes when they are old they have a source of income that does not need to use physical strength 100%.

frnandoh

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I'm 40, I think it is not too early for retirement, but if I could, at least, retire someday in my life I would already be satisfied. I really need a good plan for retire. My country offers some plans to retire, but the time goes by and polititians demonstrate not to be interested in keep paying retirements. They took our money and now they dont want to pay us.

Winterfrost

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Quote from: rachael9385 on June 13, 2024, 05:30:29 PM

This is an interesting question. However it's not good to retire so early more especially when you don't have another source of income when you retire from this link, you can see that this he's a Nigerian football player and he retired at early age, and now he's on the stree doing nothing. I just use that as an example to tell us that it's not wise for one to retire early from their job.

It depends on why the person has to retire, certain factors may determine, either health factors or a few other cases but still on a general terms it is not the right option to do too early. Secondly, retirement is a good thing as long a person has laid a good financial system that will fit in all his further expenses then it is no problem. The best retirement would be to retire from jobs and get into private business instead of staying idle and spending all saved funds.

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Quote from: Gaza13 on June 13, 2024, 01:02:40 PM

Quote from: Stablexcoin on June 09, 2024, 03:26:34 AM

Of course, it is possible to retire early if you have made the proper preparation. However, people think retiring means they won't be doing anything at all. Yes, you won't be working but you can manage your business and investment. Or you choose to sit and employ someone to do that while you authorize the person from the comfort of your home. Things are made digital now, you can be watching your business grow and investment or company from the comfort of your home.

Agree with what you said above, without thorough preparation of course early retirement will not be well coordinated. Managing a business is the same as working on how to think about what goals we want to achieve. Do you give or allow freedom and comfort to the foreigners you recruit in your business? In my opinion, this is a fatal mistake, it would be better if you didn't just sit or watch your business, but you should be at least a little or a lot involved there.

Yes, retirement should have a must preparation, otherwise you will never retire comfortably and even peacefully. And by saving and investing while you are still working, then you are now ready to harvest the fruits of your labor at your retirement. That’s the essence why indeed preparation should start early as much as possible so that when you get old, you don’t have to worry anymore with your investments as they are already in prosper and productive.

rachael9385

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This is an interesting question. However it's not good to retire so early more especially when you don't have another source of income when you retire from this link, you can see that this he's a Nigerian football player and he retired at early age, and now he's on the stree doing nothing. I just use that as an example to tell us that it's not wise for one to retire early from their job.

Dewi Aries

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Most people take decades to reach that readiness, most of them retire when they are relatively old, it's not a tradition, but there are so many things they have to do or must first prepare to create everything to sustain their lives that it takes a long time to prepare, or that means the decision to retire will only make sense if you already have many ways to survive, most people spend half of their lives preparing for this and even though they have struggled quite hard, most of them can only complete these preparations when they are old, like 50 years or more. And if you intend to retire early it means you have to work harder than the average person, when people spend 8 hours a day working it means you have to spend 16 hours or more working a day. It's a choice, if you want to and feel capable then no one will stop you.

stomachgrowls

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-Alternative sources of income:

You would really be needing this thing if you would really be trying out to have that retirement on early years rather than on waiting on a specific years of service before you cant be able to do so or simply
just cant be able to quit up because you arent that prepared financially because you are heavily relying with your salary and didnt able to get or make some other source of income.
If you are really that have plans on retiring early then it would really be just that right that you should really be that having that initiative on trying to get another side income.
Or making out some investment on which you could be able to earn aside from your dayjob paycheck.

Things would really be that according into the decisions that you are making on which if you are bound to make it happen then you would be needing to work hard more and making
up some risky decisions on whic you know that it could really be beneficial or something that could really help you on long term. It would really be just that situational because
not all would really be ending up on the same positive results but doesnt mean that you wont be trying it out.

Gaza13

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Quote from: Stablexcoin on June 09, 2024, 03:26:34 AM

Of course, it is possible to retire early if you have made the proper preparation. However, people think retiring means they won't be doing anything at all. Yes, you won't be working but you can manage your business and investment. Or you choose to sit and employ someone to do that while you authorize the person from the comfort of your home. Things are made digital now, you can be watching your business grow and investment or company from the comfort of your home.

Agree with what you said above, without thorough preparation of course early retirement will not be well coordinated. Managing a business is the same as working on how to think about what goals we want to achieve. Do you give or allow freedom and comfort to the foreigners you recruit in your business? In my opinion, this is a fatal mistake, it would be better if you didn't just sit or watch your business, but you should be at least a little or a lot involved there.

C10H15N

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Quote from: beerlover on June 13, 2024, 11:20:00 AM

...if I had an investment that paid me 2k a month, I could retire even right now.

A year and a half into retirement with zero debt, I'm finding it takes me about 5K a month.

beerlover

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Quote from: rojan on June 12, 2024, 07:09:45 AM

Quote from: |MINER| on June 09, 2024, 02:04:49 PM

It depends on one's wishes and financial status. If one feels that he has enough money to live a comfortable life after retirement, he can retire early. Not everyone has the same financial status and backup. Again if working Someone can establish a successful business but he should not have a problem to retire from his job. Many people live only by their job and in their case, early retirement will be like a kind of curse.

Before retirement, it may be better to retire after having a financial backup so that the employee does not have to depend on someone else to live during their free time.A person needs money in daily life to live his life. So a person always thinks to earn money in daily life to survive.

I think people retire when they realize that they can deal with whatever they can live with the money they have. Remember, there are dividends type of income for investments in most cases, which means that you do not just spend your money, you spend the income from the money itself, so your capital stays in tact, and you just spend the money you make from it.

If you reach a level like that, then you should be very well fine. For example, if I have 2k dollar income, I would never have to work ever again, that would be more than enough for me, wouldn't make me rich, can't buy a house or a car with it, but I would be fine with that income, so if I had an investment that paid me 2k a month, I could retire even right now.

rojan

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Quote from: |MINER| on June 09, 2024, 02:04:49 PM

It depends on one's wishes and financial status. If one feels that he has enough money to live a comfortable life after retirement, he can retire early. Not everyone has the same financial status and backup. Again if working Someone can establish a successful business but he should not have a problem to retire from his job. Many people live only by their job and in their case, early retirement will be like a kind of curse.

Before retirement, it may be better to retire after having a financial backup so that the employee does not have to depend on someone else to live during their free time.A person needs money in daily life to live his life. So a person always thinks to earn money in daily life to survive.

lizarder

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Quote from: Dailyscript on June 12, 2024, 04:42:50 AM

The annoying thing today is that things are very expensive that even if you are working in a good firm and having a nice people it is not enough for you to work there till you retire without having your own business. In the past people get lucky working for the government especially in the oil and health sector. These workers see no need to do any other work or business because the pay was enough and they did build houses and buy cars and do a lot of things until they are retired and get paid pension. it is difficult to see someone now relying on one source of income, and this is as a result of everyday inflation which has affected the world.

Working in the government sector with a minimum or maximum salary will not necessarily be enough as a step to prepare for retirement because we have responsibilities for life, health costs, children's schools and so on. Now it is necessary to plan for life in the future and relying on one job with a fixed salary structure will not be enough. Building a business is an option that can be run by anyone as long as they understand what business can grow and people can realize the business with hard work and have the ability to develop.

The life we live is getting harder every day because the price of goods and other necessities will continue to rise while the value of the currency continues to decline. If we rely on one income, how can we possibly send our children to a slightly higher level of education and how can we deal with the economic crisis, inflation and recession that is occurring?

Dailyscript

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Quote from: |MINER| on June 09, 2024, 02:04:49 PM

It depends on one's wishes and financial status. If one feels that he has enough money to live a comfortable life after retirement, he can retire early. Not everyone has the same financial status and backup. Again if working Someone can establish a successful business but he should not have a problem to retire from his job. Many people live only by their job and in their case, early retirement will be like a kind of curse.

The annoying thing today is that things are very expensive that even if you are working in a good firm and having a nice people it is not enough for you to work there till you retire without having your own business. In the past people get lucky working for the government especially in the oil and health sector. These workers see no need to do any other work or business because the pay was enough and they did build houses and buy cars and do a lot of things until they are retired and get paid pension. it is difficult to see someone now relying on one source of income, and this is as a result of everyday inflation which has affected the world.

Maslate

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Quote from: Sexylizzy2813 on June 10, 2024, 06:22:32 PM

Quote from: |MINER| on June 09, 2024, 02:04:49 PM

It depends on one's wishes and financial status. If one feels that he has enough money to live a comfortable life after retirement, he can retire early. Not everyone has the same financial status and backup. Again if working Someone can establish a successful business but he should not have a problem to retire from his job. Many people live only by their job and in their case, early retirement will be like a kind of curse.

I agree with you, some people choose to retire early when they're financially stable while some wait till they are being told is time, in some situation some people delay their retirement age like pushing it forward instead of following the main date to retire, everyone has his or her reasons. Where you said "early retirement will be like a kind of curse" I don't feel it is, some people retire early base on health issues or family issues too. Some of us work just to use that monthly pay to sustain ourselves while we wait for our investment to settle before thinking of retiring why because many don't like working under anyone even the government.

Working may not be everyone’s choice but in order to earn a living and survive everyday, one is force to get a job and work. However, in every individual, there’s always a retirement that we should certainly prepare and be ready for it simply because that event is unstoppable.

Lucky are those who have been into investments early and find their success because they have the means to retire early without worrying in their finances, while those who have none but only rely from the income of their jobs, I can see retiring would be too hard for them.

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