There’s a growing movement towards people trying to achieve some form of Early Retirement. Personal finance bloggers toss around phrases such as Financial Freedom and Financial Independence, but we rarely define them. Here’s my Millennial take on early retirement.
Defining Early Retirement
My introduction to early retirement was discovering Ben Franklin reached such a feat by the age of 42. I was blown away. This was at a time of limited social mobility, so I was particularly inspired by his grit and ingenuity.
Fast forward a few years and I’ve applied the suggested approach. I’m working hard and keeping much of what I’m earning. Actually, it is the best advice I’ve seen to date on how to build wealth.
Naturally, building assets and reducing liabilities is a necessary step to achieve the opportunity to retire early.
But, what does early retirement mean for someone like me?
How do I envision I’ll spend my time once I am retired?
Well, my fiancee and I have particularly been inspired in recent years to develop ways to help a local charity. We have ambitions to travel and, of course, but more importantly we have dreams of doing the kind of work which leaves a lasting impact.
The last step might confuse some people, but here’s where I’m once again influenced by Ben Franklin.
Retirement is stepping away from one’s career and entering into new pastures.
As a generation, I’m excited at the new challenges awaiting us. We face extreme scenarios in our near future and I’m happy to see many pushing themselves to become financially fit.
We don’t have a clear picture of what retirement will be like, but we know we’ll be more capable of addressing tomorrow’s problems with the resourcefulness and knowledge we are pursuing to obtain.
Do you have a clear picture of what retirement looks like for you? Do you imagine a scenario where you stop working altogether?
P.S. For a 5 minute summary of my take on Millennial Retirement, check out this episode from our Podcast: