How can you retire early without being a slave to a job?

Question

My husband and I want to retire early sail on a boat the rest of our lives and really do not want to be slaves to any low paying jobs. We both have different skills. He can work on anything. I am creative and have alot of artistic skills, lots of generic talents, but nothing that has materialized into a useful career. What should I consider doing if this is our dream?

Answer 1

There was a one hour interview on CNBC with Warren Buffet, the second richest man who has donated $31 billion to charity. Here are some very interesting aspects of his life:

1) He bought his first share at age 11 and he now regrets that he started too late!

2) He bought a small farm at age 14 with savings from delivering newspapers.

3) He still lives in the same small 3 bedroom house in mid-town Omaha,
that he bought after he got married 50 years ago. He says that he has
everything he needs in that house. His house does not have a wall or a fence.

4) He drives his own car everywhere and does not have a driver or security people around him.

5) He never travels by private jet, although he owns the world's largest private jet company.

6) His company, Berkshire Hathaway, owns 63 companies. He writes only
one letter each year to the CEOs of these companies, giving them goals
for the year. He never holds meetings or calls them on a regular basis.

7) He has given his CEO's only two rules. Rule number 1: do not lose
any of your share holder's money. Rule number 2: Do not forget rule number 1.

8) He does not socialize with the high society crowd. His past time
after he gets home is to make himself some pop corn and watch television.

9) Bill Gates, the world's richest man met him for the first time only
5 years ago. Bill Gates did not think he had anything in common with
Warren Buffet. So he had scheduled his meeting only for half hour. But
when Gates met him, the meeting lasted for ten hours and Bill Gates
became a devotee of Warren Buffet.

10) Warren Buffet does not carry a cell phone, nor has a computer on his desk.

11) His advice to young people: Stay away from credit cards and invest in yourself.

Answer 2

Retiring early, as in 5 to 10 years is not easy. It's a lot of work. Hence most people don't do it.

If your up to the challenge:
Spend a lot of time investing in yourself.
Read at least one non-fiction book each month: Boundaries, Integrity (both by Dr Henry Claude), Rich Dad Poor Dad, One minute millionaire, Millionaire Next Door, Millionaires Mind, Pushing Up People (by Art Williams), 21 Indispensable Qualities of a leader... And so many more great books.
Wright out your schedule every night for the next day.
Set yourself a set amount of time for each and every task, if you don't, the task will take as much time as available.

What ever you decide to do for a living, make it work, dig in your heals and do everything possible to achieve your goals. Have your goals for tomorrow, the week, the year, 5 years, 10 years and life goal.

If your goal is to go sailing, that's great! But to end your life with sailing a boat, is pretty dry. What will people remember you by? Do you want to make an impact on those around you, or your family? Why not own a business of some sort, and take a month or more off to go sailing in the biggest boat there is?

You see, your life time goal right now is sailing a boat. Is that all you want out of life?

Answer 3

Tips: There's no way to become a millionaire, unless you won the lottery or you can sucessfully file a lawsuit for a lump sum.
But I can tell you that most millionaires own their own businesses.

I make two suggestions;

1. If your Employer offers a 401(k) (particularly if they will match your contribution), invest as much as you are allowed. If you have an IRA, do the same. You can find retirement calculators online which estimate how much you need monthly. For eg; if u're 30 years old, have $5,000 already, save $100 per month, and can earn 8 percent interest, you'll be a millionaire in a mere 51 years -- at the ripe old age of 81. The younger you start, the less years you get stuck in employment.



2.By looking at your talents and abilities, I suggest you & your husband venture together to sell a great business idea. Most millionaires started as entrepreneurs . It takes a lot of sacrifice, but do something you love. Probably, u would need a small loan to finance a jewellery design, accessories design business, or innovate an existing product.
Try using your own home as your workshop, and bargain commision deals with distributors that sell the same products to make yours accesible to the potential cutomers. Or, fix up a stand for yor products at an open bazaar in your area. If u become a succcess story you can expand and sell your business when u're ready to retire.

When you start making profits, spare some money from your paycheck before you start spending it. Send it into automated savings account or invest in high-yeilding stock.


Other rules to go the extra mile:
-set a bugdet and manage your money wisely
-Start clearing your debts
-Invest as much as you can in a retirement plan like 401K.
-Live cheap to put more money into retirement
-Have a more agressive strategy if you want to retire at the earliest age