Tuesday, September 14, 2004

Preparing your mind to early retirement

Before going forward with my early retirement project, how I plan to achieve it and how I will try to convince you to follow my example, you need to get some basic ideas on early retirement. I suggest you read a bit on the subject.

For instance, read some articles on http://www.retireearlyhomepage.com/. Look particularly at the Top ten reasons to retire early and the general rules in How do I retire early? On this site, however, retiring early means "earlier than 65", not retiring at 37. It will give you a fair idea of how you can manage to retire before 65, but not how you can do it at 37.

I also suggest Diane Nahirny book: Stop Working... Start Living, particularly for the thoughts and general principles that are behind very early retirement. In my previous post, I told you that I believe her success story might not be generally reproductible with the same salary. I plan that it will take me an additionnal year to get retired despite wages much higher than hers. But anyway, this book is still very interesting and contains many saving tips, budget management informations, thoughts, etc., that worth the price of the book.

Very soon, I will share with you my actual financial situation, the starting point of my early retirement project.

Happy reading!

11 Comments:

Anonymous Anonymous said...

Just needed to say that the author of the site that you mention (www.retireearlyhomepage.com) retired at 38 so that site is not just geared to those wanting to retire "early" at 60 instead of 65.

I'm on the path to early retirement myself too and that website was one of my biggest insprations. Also, look into www.early-retirement.org for a great calculator and discussion board.

Hyperborea

3:08 PM  
Blogger Jack said...

Thank you for your comment. I did not know for the age of the author of the site. However, what I meant so say was that the site is dedicated to people that want to retire early, that is, earlier than what is generally thought to be the normal retirement age of people. Thus, the site is not focused only people who'd like to retire very young (say < 40). It is still a very valuable source of information, though.

4:11 PM  
Blogger Skylark said...

This comment has been removed by a blog administrator.

11:56 AM  
Blogger Skylark said...

Jack;

Good luck on your retirement plans. I am also working on saving money and living frugally, and so far have been successful in saving my planned amount (US$15,000 this year). Our budget is US$24,000 for the two of us, and is very comfortable. I think what you are doing is entirely possible and a wise step in your life.

We have had some unexpected expenses which have held us back a bit: car repairs on our old cars, dental and health care costs, and home repairs. But we knew those expenses were coming and are trying to build up the emergency fund again.

I wrote a webpage earlier this year when I started trying to get serious about early retirement, take a look:

http://cruisenews.net/independence/

It is mostly about how to budget using spreadsheets and an online bank account/bill payer system. It is actually written as a plan for myself, but I put it on the net thinking others might be interested as well.

11:59 AM  
Blogger Jack said...

Thank you for your comment Skylark. I am reading your Web page and will add it to my blogroll.

When I talk about my project, I see that most people doubt I can live with US$15k a year after savings and have a car and own a condo. I think the first years of your working life is the most important part of it, since you begin to accumulate essential things, like furniture and appliances. After that, instead of beginning to save seriously, most people raise their expenses, but buying a bigger TV, a newer and bigger car, etc.

Where a live (Quebec), net US$20k for a two-person household is quite enough; the cost of life here is the lowest among all canadians provinces and US states.

Hope your project will succeed,

Regards,

Jack

4:48 AM  
Anonymous Anonymous said...

Jack, A MOST worthy project.

I wonder if you have ever ready the classic, Cashing In On The America Dream, How To Retire at 35, by Paul Terhorst. VERY inspirational, and they're still retired 20 years later (he and his wife, Vicki, keep a running web page on their travels and early retirement activities at http://www.geocities.com/TheTropics/Shores/5315/

I found the book in 1988 and reread it every few months for inspiration.

Trevor

1:45 PM  
Blogger Jack said...

Thank you Trevor. No, I haven't read the book, but I will put it on my stack :)

Bye,

Jack

4:02 PM  
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