Early retirement is often a key word that is casually used in a conversation that interchangeably means the same as being financially independent.
For sure, the community knows we are not talking about a real time retirement that sits away your idle time staring at blank space.
Early retirement, until today, remains a relatively vague concept that most people on the street finds it unfamiliar.
When I started writing my first few posts on this blog about 8 years ago, it was a relatively new concept to the scene. For sure, there were some early warriors who were even earlier than me on this path and are now enjoying the fruits of their hard work.
But the community was not that crowded.
As years go by, you can see the community started to grow, including younger folks at the age of 18-19 who are convinced that this is the right goal for them.
One example is Sleepydevil, our own representative of the youngest folk in the small community.
That is generally a good sign, maybe not for the economy, but for the community.
Friends
Throughout these years, I’ve met with many new friends and received countless emails from peers of different ages of different groups asking about directions and priorities they should take.
I have been very careful in sharing and writing because I do not want to hardsell the idea of passive income, including laying on the beaches, sipping pina colada, countless traveling and all those stuff.
I’ve always believed that a person who’s ready to take on the idea and concept of financial independence is a person that is ready on mission.
The next few years path is going to be rocky and bumpy, and all I needed to do is to confirm that was the case with my experience, so far.
I’ve had my fair share of skepticism as well.
There were friends, colleagues who looked at me with relentless disbelief, dissent because that wasn’t what was written in the white paper. The traditional path taught us to do well in school, excel at work and grow the retirement nestegg until the age of 65, then you are entitled to the proper official retirement for the rest of your numeric life.
And I embrace that.
I get it that it’s not a concept that is a walk in the park and people can come to the conclusion that this whole thing may be a scam after all.
The community isn’t here to praise and dictate our own choir. This just means that there’s so much for the community to grow even larger and with the ubiquitous of the social media and internet in the modern days, it is much easier to get contact with.
Family
I don’t have to look far beyond to garner the support of my dream.
Let’s start with parents.
My Dad is probably the only one in the family that embraces the concept of financially independent and early retirement.
We read the same book such as Rich Dad Poor Dad and Cashflow Quadrant and we discuss about the state of economy so I guess our mission and vision are aligned.
My Mum, on the other hand, is the more traditional type. She thinks a person should work for the same company for as long as they can and be loyal to one single employer.
You can see that I have plenty of work to do to convince her otherwise. I’m not expecting her to agree but I do hope to get her support someday.
My wife is not new to the concept and that is largely down to my nuisance every night talking to her about it.
I garnered support from my wife, which is important, but I do sense her insecurity about the numbers required to sustain our living lifestyle. We’re still constantly working out on the numbers and it’s always a moving goal-post, partly because as our kids grow up we have plans to shuffle our expenses around.
Luckily, we have a few role model in the community that could be a role example of just that. A good friend, Sim is one of those cases.
As for my kids, it’s going to be a hard one convincing them simply because they are young and I’m trying hard not to give them the false impression of slacking. It’s a very thin line that could go very wrong if I’m modeling it incorrectly. I’d focus on the importance and virtue of savings but I also want to show them that they need to work hard to get to what they are.
I’m keen to hear about how friends and families of you readers react when you talk to them about being financially independent and the likelihood of an early retirement.
Let me know!
Thanks for reading.
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Hi B,
Thanks for mentioning, yah ! This is really a very good point for everyone to think about this big word of " Retirement ". A supportive partner ( who have similar idea or direction about retirement) about life you want to live after F.I.R.E is important as both must be on the same page and adapts to the new living environment from time to time…Things will be different for those with or without kids, as for those with kids, may spend more time with kids and plan for their future. Life will be much different for those couple without kids as you may have to think about how to spend your times ,,,with new hobbies, continue studying for subject you like and not for career purposes,traveling or doing more volunteer job which may give you pride and identity etc,,,of course not just staring at sky…:-)
But whichever path you choose, one must make sure that it will bring peace , harmony and happiness to your life , live your life to the fullest without regrets.
Again , this is really a great post ,,, as reminder on things to consider prior deciding to say hi to big "R"
Cheers ! 😀😀
Hi Sim
Thanks for sharing on your experience.
From everyone perspective, I think both you and your wife enjoyed the leisure time together and also the time with the kids and I'm sure the kids appreciate having you more than previously.
Did you impart any monetary values to them like savings jar or how to save those pockets money etc? They're now in secondary and primary so I thought they are at the good age to learn. And of course having them on scholarship helps too! 🙂
hi B,Yah, now i am trying to explain n teach my elder daughter about money management and doing budgeting by her own..by giving her monthly allowance…also the important of saving and power of compounding effect.. and some basic concept of investment…
Cheers 🙂
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Hi B,
Thank you for the mention! Well.. I would say I felt you. Having the ability to retire early is an aim, but the real kicker here is to achieve financial freedom, or rather like what Kiyosaki would say, escaping the rat race.
Your situation might be a little better than mine. Honestly, there isn't too many people whom knows this side of me.
However, the closer peers around me whom knows this side of me think that I'm nuts. Colleagues too busy enjoying themselves and couldn't be even bothered about such topics. Classmates felt that I need counseling. Mum and relatives told me to not 'gamble'.. LOL
Once again, I do not regret on this decision and would like to take this opportunity to thank all the seniors in this community for the education this far 🙂
Glad to know of a fellow young investor through this blog! Just turn off the noise and follow the plan you set.
Apologies! Linked my name to a wrong blog
Hi Sleepydevil
I guess that's because you are at the stage where everyone is still YOLOing hence the different treatment. At my stage, it gets better. People start to realize that in middle age they need to start something before the harsh truth puts them to bed, but still I've seen people still YOLOing at this stage. I guess it could be down to priority, e.g not having a child or being single etc.
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Everyone lives in their own bubble and the bubble is affected by their experience.
We need to meet with like minded people on this. As some may envy and some may be jealous of an early retirement.
The part of teaching our kids that they have to work their way through and instill good values to them is very important.
Hi Mr. Funshine
You are right.
The community is like minded group which gives one another strength, though the real challenge lies in the close people surrounding us, and we really want to align those goals together especially if its family members.
We need support from family but not friends.
I 'accidentally' retired at the age of 47 after retrenched by my company due to relocation, I consolidated all my asset into cash and invested to get around 5% return annually and is able to sustain my living standard without lowering. I would said that most of my friends and family did not understand why I am not working and shaking legs.
Hi Anonymous – are you able to support your family with kids or only so single person family? Curios.
Anonymous A
I have a family with 2 kids age 8 and 15, my wife is not working and I have a maid. Beside that I still need to support both my parent and parent in law. My yearly expenses is about $60K but I am able to generate about 80K through investment. Hence I considered myself FIRE. It has been a good 6 years and I really enjoyed it. But my surrounding friends having been wondering why I am not working throughout these year, even neighbours also look at me wieldly. So I think retired early is not something that is quite acceptable in this society.
Dear Anonymous
Thank you for the detailed reply. Yes I agree with you. I achieved FIRE comfortably through passive income from divs and rent some 5 years back, but up till today my Mother still cannot accept me to stop work and puts up guilt trip. Haiz. Sad for myself. Happy for you.
Anon A
Hi Anon A,
You should be happy and proud of yourself for having achieved FIRE. Is by means no small feat, non of my circle of friends achieved it and most of them still slogging along, having to work and facing a lot of stress. Having FIRE is wonderful, I have totally no stress, got all the time for my family, for myself, my hobbies and my exercise. So lets treasure it for we worked for it hard to attain FIRE.
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My parents are supportive of me retiring early. But for some reason my friends and colleagues are against it. They think I would get bored easily, and my brains would deteriorate into mush. I initially target to retire at 40, but sadly did not achieve my target. Now I'm giving myself a max age of 45 to retire. I am currently 41 (2018).
These days I only work at jobs I enjoy, or jobs that I am interested in instead of just being chained down to my desk. People are always amazed at the reason I give when I change job. The push factor is always something fun or crazy. With enough foundation in terms of a cash nest, it is comforting to know that I can walk away from it all cause I've got my calculation done earlier on. I've never been one to spend a lot of my earnings and I probably save 70% of my monthly salary. My only sin is traveling, which I have been trying to get my company to pay for it since my last job. In 2018, I travel almost once every 2 months! My personal travel was fueled by investment gains. Looking forward to retiring soon!
Hi Cordy
Thanks for sharing.
I read both your blogs journey on the retiring at 40 and also the other one and must say impressed by your persistence.
May I ask what happens to your 40 goal which stretches to 45. Was it a decision you did because of financial or you think you'd like to do a bit part time here and there?
And you really travel a lot! Once every 2 months is pretty a lot
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