You Could Retire Early - But Is It Worth It?
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- Опубликовано: 18 окт 2024
- Early retirement sounds great--in theory. But is it really the right move for you? Today I'm walking you through some really important things to consider before you decide to retire early.
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We believe that you deserve to live your rich life, one where you get to say yes to the spending for a life that you love today while also building wealth for your best financial future. One Big Happy Life helps you creating a life you love by finding the right balance between your personal and financial goals.
Life isn’t just about one thing but money touches on just about everything. Personal finance doesn't have to be complicated or overwhelming.
Our goal is to empower you to take charge of your money and create the life you want.
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This video is for informational purposes only and does not constitute legal or financial advice. Please consult an attorney or certified financial planner who will put your interests before theirs.
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I want to be financially independent not to retire early but to have freedom to choose. I don't want to stress about keeping a job that I don't like because I need it to pay for bills. If I am financially stable, I could work any job that I enjoy regardless of how much is the salary 😊
Yes, this is me too! The options!
I’d love to retire EARLY, employment breaks you down over the decades! I’ve been investing since 2000
Team FIRE
I can't wait till I don't have to deal with people I don't like. I can't wait till I can chose to spend my Monday morning in bed, traveling or at the beach. Retiring in my 40s and enjoying the rest of my life as I please is everything. And so what if I have to go back to work here and there if I need stimulation. Let's go fire!
As long as I have my health, I don’t plan to retire. I feel it’s important for our mental health to contribute to society as well as for our well being. I understand that that can be accomplished through volunteering as well.
I want to retire in 8 years to switch gears; however I still plan on working. I want to be debt free so that whatever funds I have will not go towards a mortgage or credit card bill. I want to still be able to live life.
Very interesting perspective, & thought-provoking. My motto in life is you got to live and live well, now, because tomorrow is not promised. Part of living well, is not giving my whole ( peace, sanity, energy) to a job, and trying to balance it out. I am more than my job, and I’m more than my personal life, & my community, I need all 3.
I'm so glad you made this video! I've thought "early retirement" is too over-hyped as an ideal for everyone, and you covered all the reasons why it's not the best option for me. I love what you said about not waiting til retirement to enjoy your life.
I watched the Netflix documentary Get Smart with Money a few weeks ago, and I was disappointed at the advice they gave a mother who was burnt out and missing time with her family. Instead helping her create a better work-life balance, they immediately jumped to pushing the family to cut their expenses as much as possible and start working towards allowing her to retire as soon as possible. You can't get that time with your kids back -- they won't stop growing and wait for you to save your nest egg!
I haven't had a chance to watch that show yet. Yes, it's important to start investing for retirement, but balance also matters too. It's unfortunate that they didn't explore that more.
@@OneBigHappyLife Luckily, on the whole, it's a good documentary. They presented a good variety of relatable problems and gave a lot of good advice that brought about positive change for all the families. It was just some of the nuance around the early retirement advice that I felt was missing.
That was what they wanted, advise on early retirement. Each person in the documentary had a specific goal or problem they want to solve. They are then paired with an expert in that particular area. The couple wanted early retirement and Mr. Money Mustache is the expert in that field. Work-life balance is not his area of expertise. If they wanted work-life balance, they would have been paired with that expert. Since the name of the documentary is get smart with money, they probably would not have been subjects in the documentary.
I watched the documentary and I really liked that they did treat each of them separately - I especially liked the one where the girl was trying to make ends meet by working 60 hrs a week on minimum wage jobs and Paula Pant encouraged her to give up one to pursue her art and the confidence she gave her to make a living from it. In the young couple’s case - she was making a high income and could make their situation a lot better in a short amount of time - they wanted to be financially stable as the goal. Mr Money Mustache has an additional article on his blog about it. They now live in Longmont near him and they are real life friends (they were already in Colorado). It was too condensed though - It could have been a 3-4 part documentary and I think it would have been better and more interesting to follow their journey. I felt like it looked like there were immediate solutions to their problems when in fact it was filmed over a year - MMM felt too much was cut out to fit.
I loved this video, thank you so much. The early retirement movement has so many positive messages around frugality, maximising compounding and thoughtfulness around consumption, but it can also promote extreme behaviours around aggressive saving (to the detriment of quality of life) and a never ending focus on tomorrow (at the expense of today). As always, balance and moderation are key. X
Thanks for saying this. I paid off my house and debt and quit my job. I didn't realize how much of an introvert I truly was. I used to work to socialize with fellow humans. I'm also too broke to travel. I guess I'm going back to work
Wow. I have had many of these thoughts but unable to articulate it in my mind so well. I never want to retire. I will be working, serving, and solving people's problems as long as my health will allow it. I hope to increase my earnings throughout my life. Thank you for creating such great content.
Maybe I just don’t have a big enough imagination, but I have always wondered, what is the appeal of not working? For me, work brings balance, socializing, a sense of contributing something to my community, etc. If I stop working at 40, what do I do? Spend 40 years bumming around in Bali? Try and learn an instrument or martial art my brain and body would have taken to more easily at 20? It doesn’t sound like a fun plan. The fun activities are made more meaningful by the interjection of structured work, in my opinion.
Such good points and good advice!
Over the past 4 years, several of my colleagues have retired. I have been truly taken back by how quickly and how much they have "diminished". It's giving me a lot of food for thought about choices for that life stage
Interesting. What do you mean by diminished?
That's because they had nothing to retire to. You need hobbies and need to remain active.
I think a lot of what you are talking about goes back to the fact that people are seeking individual solutions to socioeconomic problems.
Great video, and some really thought-provoking questions and prompts. Should have clicked sooner! I thought this video would be focused a lot more on FIRE movement (which I personally don't like) so am glad you presented lots of alternatives without villianising one path or the other. :)
I have never focused too much on retirement ... I'm 55 now and still have career ambitions and aspirations. I also have two kids in college, one of whom may attend medical school, so there is no retirement in my short-term future, and that's ok with me.
For me the Financial Independence part of F.I.R.E is what's the most appealing. It's all about choice. There's a good chance that I will, in some capacity, continue doing the work I'm currently doing. The difference is I'll be doing it because it's what I want to do not what I have to do. I can see with financial independence the ability to move different, more fearless and vocal, take more chances rather than being scared of losing your job or being blackballed.
Because of the obligatory aspect of working a 9-5 job it feels like indentured servitude where you're not in control. Someone else determines how much you're compensated, they decide whether or not you get a raise or promotion. Oh, and doing your job isn't enough for those bonuses you have to go above and beyond. Not to mention for a lot of careers there are caps to what you can make. Oh, wait, darn did I mention the strong possibility of having debt tacked on as well? All while seeing the costs of things you NEED & WANT increase exponentially while your pay struggles to go up or just simply remains stagnant. It's so oppressive.
I'm glad we're having these types of conversations as a society. I think they're good conversations to have. What really bothered me was being really tired when I moved from one job to another but I couldn't afford to take time off because I had financial obligations to consider. It's been almost two years and I'm still tired. One day, when I reach F.I. I will be able to choose to take a day or week or month or HELL year off with the angst and anxiety of some need not being met.
My biggest takeaways were you saying, you don’t have to wait until you have “xyz” to have the life you want NOW, and you never know how many years you have left and have to think about what you’re sacrificing during those years. Also the idea of always thinking, “I’ll be happy when I have…” Great new perspective on this subject.
Btw, newly subscribed & loving the channel so far.
Binge watching.❤
What is ironic is that many of the people have to give up hobbies, building relationships, etc. to work longer hours, move to a new location for a promotion, etc. in order to retire early, but FIRE is promoted as a way to have more time for hobbies and relationships.
I feel better about some of the math because even though I don’t want to retire early, I am starting late on making headway financially, but I have always lived simply and I love my job and I have a plan, and everything I have is going into executing my plan. Also, what I do have in savings would probably be better invested elsewhere as inflation is not helping
I've had many similar thoughts! I transitioned careers in my mid twenties to something I love and the desire to completely retire has faded. Various people were like ... you invested 7 years into your career...why would you change? Hah! Becuase I could have 40, 50 more years to go where I could do something I love that I feel like contributes to the world!
I never got the FIRE movement, I don't want to retire early or even retire anytime soon - I love to work, build, contribute to society in many ways. I only want to build financial freedom for the CHOICE, for the freedom to CHOOSE what I want to do or where. I want to be able to leave a job that is not fulfilling or healthy for me. Most people are miserable working because they are miserable at work but they can't leave that job because it pays the bills. I'm working to get out of that & you better believe I am LIVING my life whilst working too !
Love this!!!! Needed this
Good reflection. I do want to retire early -62 at the most, to continue enjoying life without having to commit to a 9-5 job. But I see myself contributing to society and giving back to my community under my own terms.
When I was considering doing FIRE it was part of being burnt out. That's certainly not true for everyone who does it but I wonder whether burn out and the feeling of not being able to achieve a good balance of work and free time is part of it for some
Thank you for sharing this video. Thank you for all ur advice keep up the good work
My take away is questioning if it's for me
Love the video. Good to hear not all financial influencers believe that having or wanting to work, earn money and live your life is a bad thing.
Early retirement sounds great to a lot of people because then we won’t have to take the levels of toxicity at our workplaces that are damaging our mental health. Mothers wish to spend more time with family without being so exhausted all the time from the long hours spent at work and on commute. Me and my husband are working towards FIRE but are more focused on the Financial Independence than early retirement. Financial independence is very freeing. We live in South Africa and unemployment is very high, we want to make sure that we can still live and support our family even if we were to struggle with finding work. We are investing in cash flowing properties and building businesses that can still bring in ‘passive’ income later on. I also have health problems and might have to drastically slow down on work in the near future so that is another reason we are doing everything we can now to secure our financial future.
I’m retired/ I’m 54, completely free from debt .. I’m not trading my time for money anymore. I’m busy, even when I’m doing nothing 😂
What's wrong with trading time for money? Similarly, what difference does having or not having debt make given that you can financially thrive with debt?
Frankly, neither of those factors should ever be a measure of accomplishment when it comes to a well-lived life. Did you live the fullest and richest life possible? Did you fully enjoy each year of your life as you lived it? Or did you spend your youth eagerly looking forward to financial milestones that have come and gone?
These are the hard and more meaningful questions.
I found your video very thought provoking and relevant for myself. How do you and your partner manage having different lifestyle philosophies regarding money management?
hummm...funny I came across this video. I been on my job 34 years and feeling burnt out but don't have the age to retire so I plan to work another 3 years AND change careers (will have master's degree end of year) to something I love. IDK maybe I will start a business BUT I do know I will be leaving my current job to explore other possibilities. Early retirement is not a bad thing in my opinion as long as you really consider what's important to you and have a plan for staying financially fit. I just applied for a passport because as you stated, I don't need to wait until I'm retired to enjoy life.
It’s one thing to think that if X happens then Y will make me happy is a flawed mindset but I wouldn’t put FI in that blank. That’s why coast FIRE has gained popularity - it’s not too aggressive and purely focused on frugal living. There’s more balance between living life as close to what you want today while still preparing for retirement.
As a Healthcare provider, I love helping others achieve their health goals. Therefore I have no goal to retire early even after being financially stable. I will continue to work to give back to society as best I can for as long as I can. Just as you mentioned, I have changed employers in order to get more flexibility in work hours to switch between full-time and part time. I am blessed to have opportunity to continue to serve my community as a Healthcare provider. I love serving others, its my passion. THANKS FOR THIS VIDEO, LOVE YOUR THOUGHT PROCESS ❤️
pointed remarks as always
I feel like you read my mind. I was literally thinking about this yesterday.
Great message! When I finally wrote down what my ideal life would be, it turned out there was plenty of time for work. I am slowly optimizing toward that life.
Such an interesting conversation. If I may- what is the paint color of the wall behind you?
My video also says no stream
But I dont want to retire early
The why are you still here? Lol
Hm I really love your videos Scarlett but in this video I think you are misrepresenting what FIRE and Financial Independence is aiming for. It is not giving up everything but choosing what is important to you and spend your money on that. I also think saying that If you are FI you might undercharge for your work because you don’t need the money is totally wrong. If you don’t need the money then you probably charge MORE because you don’t need to work for a low fee - you will charge what you think your time is worth. I would hate to think that your views here put people off FI.
To be fair, at no point did I say that FIRE is about giving up everything in this video. The reason why I say that you might undercharge for your work is because the whole premise is that you don't have to work for money anymore and can finally do the work that you want to do. The whole premise of this video is that you don't have to wait until early retirement to have the lifestyle and work that you love. You can enjoy your life while reaching financial freedom on your ideal timeline. That's at the core of everything we teach here at One Big Happy Life. --Scarlett
The Money Guy Show has a great video that runs the numbers to compliment Scarlett’s message here. Totally agree.
I love this video so much! Thank you for making me rethink early retirement.
I will begin unpacking what it is I truly want in retirement and make it my reality today.
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