Here are a few of my favorites:
Mr. Money Mustache
Pretire
Johnny Moneyseed
Looks like we need to get a female perspective out there; so here are my 2 cents!
Today I am 35 (okay 35 1/2), and I want to figure out how to retire by age 40. For me, retirement won't be sitting around doing nothing, but it will give me freedom of choice: more time to choose what I want to do (like spend time with Baby Breeze).
So how does one retire early?
In theory there are three steps that need to happen:
1) Pay off debt
2) Reduce spending
3) Increase savings [especially as a percentage of income]
I always thought I was financially savvy. I saved 10-15% of my income in my retirement accounts (401k, or Pension), and I thought it would grow to give me enough to retire at 65. But that doesn't seem good enough to me. When I was diagnosed with Cancer, I thought, what if I don't have until I am 65. Am I willing to just keep working at a job, and just hope I will get to enjoy a retirement someday?
Nope! Not good enough for me.
In searching the web. I was fascinated by Mr. Money Mustache's principles that I needed to continue to lower my spending by throwing away my wasteful consumer habits and finding ways to save 50% to 80% of my income. Johnny Moneyseed has some great ideas to retire, in fact his own personal goal is to retire in 7 years. Even PretiredNick, who like me, wants to have the freedom of choice and not be stuck in the same grind until 65. Time to throw out the conventional thinking and start getting creative.
Now, I am not starting from $0 in savings [I have been putting money into retirement accounts since I was 24], but I have a long way to go to become a true "Mustachian" or financially independent.
Back to our 3 steps, let's set some goals:
1) Pay off debt - We are on track to pay off our Chapter 13 in November 2015, Goal is to Pay off Mortgage by July 2016.
2) Reduce spending - currently the Breeze family spends WAY to much. Over the next year we are going to track our spending and look for areas to decrease it! (I may even take Mr. Mustache's advice and dust off my bike that I haven't used in 5 years).
3) Increase savings. Due to the new incomes that Mr. Breeze and I have now achieved I want to see if we can start saving 50% - 80% of our total income.
In order to retire at 40, I am estimating that I need approximately $1 million . . . but as we dig deeper we will explore if this number is correct.
I will be adding more details for each of these three goals, and open the kimono. Follow me as I determine how much spending we can reduce in order to produce enough passive income for me to Retire at 40!
In theory there are three steps that need to happen:
1) Pay off debt
2) Reduce spending
3) Increase savings [especially as a percentage of income]
I always thought I was financially savvy. I saved 10-15% of my income in my retirement accounts (401k, or Pension), and I thought it would grow to give me enough to retire at 65. But that doesn't seem good enough to me. When I was diagnosed with Cancer, I thought, what if I don't have until I am 65. Am I willing to just keep working at a job, and just hope I will get to enjoy a retirement someday?
Nope! Not good enough for me.
In searching the web. I was fascinated by Mr. Money Mustache's principles that I needed to continue to lower my spending by throwing away my wasteful consumer habits and finding ways to save 50% to 80% of my income. Johnny Moneyseed has some great ideas to retire, in fact his own personal goal is to retire in 7 years. Even PretiredNick, who like me, wants to have the freedom of choice and not be stuck in the same grind until 65. Time to throw out the conventional thinking and start getting creative.
Now, I am not starting from $0 in savings [I have been putting money into retirement accounts since I was 24], but I have a long way to go to become a true "Mustachian" or financially independent.
Back to our 3 steps, let's set some goals:
1) Pay off debt - We are on track to pay off our Chapter 13 in November 2015, Goal is to Pay off Mortgage by July 2016.
2) Reduce spending - currently the Breeze family spends WAY to much. Over the next year we are going to track our spending and look for areas to decrease it! (I may even take Mr. Mustache's advice and dust off my bike that I haven't used in 5 years).
3) Increase savings. Due to the new incomes that Mr. Breeze and I have now achieved I want to see if we can start saving 50% - 80% of our total income.
In order to retire at 40, I am estimating that I need approximately $1 million . . . but as we dig deeper we will explore if this number is correct.
I will be adding more details for each of these three goals, and open the kimono. Follow me as I determine how much spending we can reduce in order to produce enough passive income for me to Retire at 40!
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