I vividly remember the first day of my career. Graduation was the Saturday before and I comfortably rolled into a full time position on Monday with the company I had interned with during the school year. My future was set, and I was miserable. I watched the hours creep by and wondered how on earth I could survive a lifetime of this purgatory. I hated it and questioned why I had gone to school and chosen this path. But over time I’ve reconciled myself to the choices I’ve made. I don’t hate my career and it affords me the opportunity to earn enough to realize other dreams, like retiring early.
At this point I want to make the most of the career I’ve built and use it to build the life I want to lead. Of course if I had been financially smarter in my 20’s I would be a whole lot closer to this goal. Like most 20-somethings retirement saving wasn’t a priority, I compounded that problem by racking up too much debt. But I’ve worked hard to fix those mistakes and get on better financial footing. That means I’m finally able to look at what it will take to reach that ultimate goal – retirement.
The Dream
Our retirement plans are a bit non-traditional, we want to live on a boat and travel the world. Beyond the cost of the vessel itself, this is an economical way to travel. Exactly what type of boat and where we plan to explore will depend on when we reach that finish line. What sounds fun and exciting in your 40’s will probably be overwhelming by our 50’s. But we both agree that this is the life we want and that early retirement is our goal together.
The Plan
To retire early is a gamble. With a long time in retirement and a world of infinite possibilities, it’s impossible to be certain of success. But I’ve laid out a list of financial milestones we need to reach before we can retire. A balance of funds, assets and income sources we can draw on, hopefully enough to leave flexibility for the challenges to come. But getting there will be tough, with our current income levels it’s not possible to retire by 50. We need to earn more, save more and invest better. Stay tuned as I lay out the steps we are taking to an early retirement.
Step 1 - Payoff Debt
Step 2 - Early Retirement: My Milestones
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8 comments:
I thought that I wanted to retire early as well... but it turns out, I kind of don't ever want to retire.
I may switch to part-time but to be retired full-time? Exhausting. HAHAHA..
Exciting! I will be interested in reading about your plans.
Can't wait to hear more!
Off topic -- thanks for sending the GREAT envelope of coupons. It had all the ones I never get!
What are your milestones? That's a great dream!
You could run a charter boat. My best friend in grad school & her husband did that--persuaded friends to coinvest, bought a beautiful old teak yacht, and ran a charter business in the Caribbean. Horrific amount of work, though.
However...while we were visiting, we met a couple with a much more interesting strategy. He was a novelist--a Brit who wrote Captain Hornblower knockoffs that were hugely popular in the UK. They lived in a boat, which they anchored wherever they happened to feel like living. Their daughter (about 13 at the time) was educated through the British school system by correspondence--the US equivalent would be homeschooling.
At the time, they were living at Redhook. They'd spent several years living in the Caribbean. Other than the series of best-selling novels, they appeared to have no visible means of support. And they also appeared to be very contented people.
If you have a job you can do remotely...well, wherever there's electricity, there's connectivity. It's something to look into. ;-)
@FB - well my plans include doing at least some type of work, freelance, part time, blogging... I bet I'd get bored otherwise. But our plans include a lot of traveling so we'll be busy.
@Dawn - well this will be version 1, as I've learned in life often the final destination ends up looking a little different than I expected! But I'm happiest with a plan, a goal, a dream. I need something to look forward to.
@Middle Way - I'll oblige, I have a couple of posts in the works. The paying off debt was step one in my plan. I'm so happy to be on the way, not just waiting to start.
@Kate - you are welcome, you always want the coupons I rarely use so it works out perfectly.
@MOU - I'll have a post in a few days that lists each goal, but basically all it takes is money!
@Funny - I often sketch up the boats I want to live on and one of my current designs would make a good (small) charter. Our dream was cemented in the Caribbean about 5 years ago, by a beautiful couple dancing on the foredeck of their little sailboat. According to the flag they were from portugal. Mr M and I have had the dream of exploring the world by boat ever since. I come from a long line of sailors, so to me this sort of life is perfectly normal. If I could develop enough of an income source to skip land sooner we will!
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