I’m introducing a concept called, Stupid Money!
Financial guru’s are always professing their undying love to those dollars that are going to work for them….and quite honestly, those hard-working dollars probably deserve the love.
But I want to remind us of the dollars that are just plain stupid!
It looks like this tool released to the general public on September 7th, yet I still feel very late to the game.
This tool has the power to save you HOURS of time! I would love being a fly on the wall as Tim Ferriss learns of the tool’s existence. If a better tool exists, I’m all ears!
Honestly, after you visit this site, if you don’t understand what it is providing, say something in the comments. The tool isn’t perfect, but it won’t take them long to add the features that I feel they should add
Or better yet, what have you done?
The key to an early retirement is the understanding that you can make money from things that you’ve already done….as opposed to things you are actively doing.
What did you want to do for a living? Paint? Be in a band? Do something good for society?
Did you end up doing something different to support the family or to keep up with the Joneses?
It’s not too late. If you focus on your strengths, you can often find your passive source.
Be sure to follow me on Twitter as well.
Now that I’m back from my vacation, the posts should be more frequent. Please feel free to contribute questions, Guest posts, etc….
A few months ago, just as I was getting ready to take the plunge, someone posted an interesting question on LinkedIN.
Simple, “What Book Has Changed Your Professional Life?”
How do you answer when you have read books that eventually lead you to leave your Professional Life?
Hopefully you are working so hard because you have a goal in mind. Otherwise, what’s the point?
It is easy to get wrapped up into the day-to-day grind of a job. But have you stopped to think what’s the end goal? Are you working just because everyone expects you to work?
Yes, you have needs. It is important that you and your family are healthy. You need shelter, food, etc…. if you’re able to provide this, what’s next? What are you working towards? If you received a promotion, how does that change your end-goal.
Maybe you want to take over the world? But if you don’t, have you figured out when you could stop working so hard?
If money were no object, what would you be doing?
Are you already working in your dream job? If so, how would you approach things diferently if you had all the money you could ever need? Would you be able to do more?
Once you know the answer to these questions, start moving in that direction. Life is vastly more enjoyable when decisions are made on more important criteria than finances.
Getting to that point is difficult, but not always impossible. Oftentimes it just take a spark of creativity and courage.
1. Mistakes: Be willing to make mistakes and learn from them. But please don’t be an idiot! If the worst-case scenario would cause serious harm to you or someone else – you may want to reconsider what you are doing.
2. Plan: If you are not planning to retire early, you will likely retire when everyone expects you to. It is always better to retire on your own terms. Have you ever been laid-off, or fired? Why allow someone to have that sort of power over you?
3. In vs Out: People that are trying to lose weight know that if they eat less or burn more than they will lose weight. Easier said then done, right? Getting to financial freedom is very similar. Make more than you spend! Again, any income level can do this.
4. Rat Race: Stop trying to keep up! Who cares if your car looks like it is about to fall apart? It is funny how, even this early into my retirement, I’m appreciating that I don’t have to go to work. That is such a better feeling than pulling our of the dealer’s lot with a new car.
5. Learn: Education is crucial. Learn as much as you can. This doesn’t necessarily mean formal education! Libraries, the Internet, your contacts, you are bound to find free education all around you.
6. Be Passive: Okay, I don’t mean be a push-over! What I mean, is figure out ways to make money that don’t have you running or managing too much. Unless you come into a huge sum of money, you won’t be able to retire if you’re not actively making money. You also won’t enjoy your retirement if you NEED to do something to make money.
7. Be Nice: Be nice to everyone around you. Everyone has a story. You may have a way to help them with something and they may be able to help you. Be open to suggestions, even if the person is a Republican/Democrat. Yes, I give you permission to be a little less nice if someone really pisses you off!
8. Creativity: Most problems have many solutions. Find creative ways to make things easier for you. If you’re struggling with this one, ask people who could help. (Don’t waste too much time researching something, especially if you are on Facebook or Twitter – Ask your network and then validate the response)
9. Involvement: If you want to make this dream a reality, everyone affected needs to be involved and committed. Your whole family is part of the process. Help your kids be creative about solving money problems. Don’t say you “Can’t afford something,” say, “What could we do to be able to afford something.” If you are not all part of the process, it will fail.
10. BOLD. Be bold. Be adventurous. Get out of your comfort-zone! One of the biggest things we did to get to a point of financial freedom was to move to Indianapolis because of the city’s affordability. Thankfully, I love Indy, so the move was better than I had expected. I’m not saying that you need to move, but maybe you need to downsize, or rent a spare room to your cousin. There are ways to accelerate your plans.
Obviously, one of the first things people do, when they ‘retire’ is to take a vacation.
I just returned from a wonderful trip to Massachusetts to visit my family. We surprised my aunt and uncle with a surprise party. The best part was seeing all of my extended family and childhood friends.
Upon returning, I noticed that my bird feeder was empty!!! I immediately dreaded the site of seeing dead birds strewn all over my yard from a lack of food.
Open question:
Before I get to deep into the details, what thoughts do you have about retiring early, and on your own timeline?
I’ll keep this post open for a while as I try to develop more interest in the site.
Tomorrow is July 4th- Independence Day, seems rather fitting to me. For the first time in my life, I quit a job without having a job to go to. What an amazing feeling.
Retirement: Before I go too much further, lets look at my definition of retirement, because many of us define the word a bit different
Am I leaving the workforce?: NO
Am I leaving technology?: NO
Am I moving to Florida?: NO
Am I going to be bored?: NO
Rather - I define retirement as that moment when you get to move from reaction to creation.
Obviously, that transition is not easy when you have to worry about money. To get to the point, where you can create more than you react, is a hard journey. But possible!
My creative mind is just beginning to open. I always have a ton of ideas flying through my head and I now have time to execute on these ideas. Trips, business ventures, recipes, reconnecting with friends, volunteering, learning, etc…..
This blog is just one of those ideas.
A lot of people are asking how I’m able to retire at 36:
Are you rich?
Damn, you’re old company must have paid you a boatload?
Did you win the lottery?
Are you nuts?
Those reactions stem from how our society views money. We have some baggage that we need to work on! It doesn’t matter how much money someone makes from their job without knowing how much money they owe someone else.
Almost anyone can do this. I say, ‘almost’, because it takes a lot of planning, dedication, and time.
Have you ever heard someone say,
Anything?
When people say, “I can’t do it because I have 23 kids” or “I only make $20k a year” or “I can’t do it because I’m not good with money” …. all they are really saying to me is “blah blah excuse blah blah.” With a few exceptions, it is possible for anyone. Let’s defeat the excuses with some education and delayed gratification.
When someone really wants to learn, and is willing to take the time to relearn what they think they know about money, they will stop giving excuses.
Like anything, the earlier you start, the earlier you can retire.
The key is how you answer the question: ”What age are you planning to retire?”
Only you know the answer
