I just realized that we are heading into Labor Day weekend. I hope all of you have a relaxing and enjoyable long weekend.
The funny thing is, when I worked, I was all over the holiday schedule. I knew exactly which days we had off, and relished the thought of them as they approached. I treated my vacation days like gold - carefully guarded and used with absolute relish. I used to joke that my days off were the best part of the job.
This is the first Labor Day that I have not been a member of the full-time workforce. And here I barely noticed that this holiday is upon us.
So, my question to all of you is this: is there something you’d like to ask about retiring early? When I started planning my early retirement, I didn’t have any resources or know anyone who had done it. I planned in a vacuum, hoping that the path would become clearer as the reality got closer. About 6 months before I retired, I did find a wonderful resource in the Early Retirement Forum and wish I had found it sooner.
I would have loved it if I could have spoken to someone who had retired early, or was on the path to do so. Even finding an online reference would have helped me along the way. So, is there something you want to know that you think I can help with? Maybe you want to know how I went about paying off the mortgage, prioritizing that with investing in retirement accounts? Or how to balance the desire for nice things now with a wish to save for retirement? I open this up to you, and will do my best to try to answer.
And have a Happy Labor Day Weekend!
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Tags: planning
August 31st, 2008 at 3:15 pm
Do you live by a routine to keep yourself busy?
What income do you live from?
August 31st, 2008 at 8:34 pm
@Uncommonadvice - Thank you for the excellent questions! These are the types of questions I would have probably asked if I could have before I retired. I’d like to give some thought to my response, so will include my answers in my Tuesday post.
September 3rd, 2008 at 8:33 pm
I’m 32, working on paying off student loans ($15000) and credit cards ($8000). I’m also saving for a home. I’m intrigued by your blog because I would like to be able to retire early - or at least pursue my personal/creative goals free from the constraints of a 9-5. I appreciate your honesty and wondered what you think about embarking on home ownership while beginning to plan for early retirement. It seems you already owned a home so you had a headstart on paying that off. I’ve been of the opinion that my student loans, and now credit cards pin me down and keep me from escaping to another country (a feasible option given I wouldn’t have to worry about shelter and food). Wouldn’t a home tie me down just as much? Also, do you include out-of-state/international travel in your budget?
September 4th, 2008 at 11:46 pm
@Jenny - You are exactly the same age when I started planning for early retirement. I understand completely about wanting to be free from the constraints of a traditional 9 to 5 job as that is what I was looking for as well.
The costs to buy and sell a home are considerable. If you think there is a chance that you would leave the country (or even leave the area you live in) within the next few years, it probably does not make sense to buy a home. Aside from the fact that we don’t know if the real estate market has bottomed yet, just the transaction costs usually take several years to recoup. You are correct that I had already bought the home, although I still had most of my mortgage ahead of me at the time. But I was fairly certain I’d stay in the area for a number of years. BTW, I’d recommend the book “Live More, Work Less” (see my Books page) for some great ideas on living outside the U.S.
As for including travel in my budget, I do include a small budget item for one modest vacation each year. Years ago, I had the opportunity to do extensive domestic and international travel, so I have little interest in doing any more now. I much prefer a quiet few days at the beach
So, my travel budget is small compared to some. But that is very much an individual decision.