Posted by Tim Stobbs on March 15, 2012
In the world of instant information via Google we all want the easy answers, so I recently thought how can I describe what I’m doing in less than 1200 posts and almost five years of writing. This is what I can up with.
- Decide you are retiring early. No really without a full blown commitment to pulling this off you are wasting your time. If you can’t keep a diet or budget for longer than a week, you likely won’t make this, so give up the dream now.
- Downsize your house. If you have more than 400 sq feet per person or spent more than 3 times your annual salary on your mortgage: you can’t afford you house and still retire early. Sell the house and go smaller.
- Keep your car. You don’t need a new car every few years. Drive yours for a ten years and see the savings.
- Stop all your spending for one week. Not one cent for a week, stock up on food and gas if you must prior to doing this, but don’t skip this step. You will learn in one week two things: you can still be happy and not spend money, as well as you are not your stuff or your money. There is life beyond a mall.
- Hack your spending. During you no spend week you likely broke several bad habit you had with spending. Don’t lose this now, instead cut until it hurts your quality of life and then back off slightly on things that matter the most to you.
- Earn more and be happy. More work isn’t a bad thing if you love it or you use it to buy experiences you love. Yes it will likely mean you won’t be ‘normal‘, but let’s face it early retirement isn’t normal either.
Is there anything else you would add?