Is there anything that the current generation wants more than retiring early? Nowadays, employment does not have the same prestige as it did years ago. Millennials and Gen Z see it as a form of wage slavery because you dedicate most of your time to an employee for money.
Wage slavery is just one of the terms used to paint employment in a bad light. Many more terms have popped up in recent years. The rat race is one of them and there are a lot of videos online that teach us ‘How To Escape The Rat Race’.
The term refers to the competition to become richer. One of the ways people do this is by spending an awful lot of time at work, earning and climbing the so-called corporate ladder.
However, we don’t want this. Millennials and Gen Z want to work but not spend their entire day at someone else’s office as they have their own things going on. They only want to do meaningful work and want to work for employees who respect them. The demands don’t end there and if we were to list them, we will never finish. Anyways, so with such demands, is early retirement possible for the current generation?
First Things First, How Early Is Too Early?
It seems like the age of retirement keeps getting lowered. Some yearn to retire at 30 and some at 35. The confusing thing here is that this is the age where you are likely to be at the peak of your career or is it that there is a different meaning to retirement? As you ponder that, how can we make this really happen?
You Have To Invest Early.
If 30 or 35 is your ideal age to call it quits, then you must ensure that you have your finances in order by then. This also means that you will have to start making money quite young. It is not impossible. Gone are the days when people wait to finish school to look for work.
Today, some kids are already brand ambassadors and are earning. Well, it might not be the majority but it shows that the current environment at least provides a space for you to start making money early. If you are in a position to do this, you should already be working and perhaps, you will achieve this goal.
Make Sure You Really Want To Do This.
We’ve seen people retire from their careers only to make a U-turn after a few months. They say that they missed their routine and how their careers structured their days.
Now, they could sleep the whole day and watch telly but that grows old so quickly and they long for the busy schedule. This has got to be one of life’s paradoxes We often think that we want all that freedom but as soon as we get it, we don’t know what to do with it.
You Should Be Debt Free.
The last thing you want when you are largely living off passive income is to have debts. I’m sure you’ve seen how damaging it can be. As it accumulates interest, paying it off can quickly overwhelm you so much that you might be forced to declare bankruptcy. What this means is that you will probably have to get back out there and look for work.
Have Your Finances In Order.
As you will be living off passive income or what you made when active, make sure you set your priorities right. How will you spend your money in the lead-up to retirement and after? What are the things you enjoy doing that you think you can’t survive without doing? You might need to stop spending on them if you are to achieve your retirement financial goals.