Early retirement is a dream for many, especially those who are in their mid 30s.
I have heard people repeatedly talking about quitting their current job & starting farming, poultry, dairy business, taking up some dealership business, setting up a food van etc; primarily to pursue their passion.
Almost all of them seem to be fed up with Corporate BS & 996 culture. Some genuinely forgot how to code, after being in Management for very long. Yet many of them are hanging on dearly to their job, that they don’t like anymore.
Very few could muster up enough courage, to really jump out of their jobs that they did not enjoy;
But why so many people are unable to retire early?
Here are possible reasons
1. Majority do not have enough. They did not spend enough time, in investing prudently. Almost all of their earning is taking rest in bank FD’s, while inflation is eroding their wealth.
2.Few of them have health scare.Its quite normal to find a diabetic in their 30s these days.
3.Many of them are worried about raising education expenses & some believe in accumulating for the marriage of their children.
4.Few of them going through adverse family situations such as divorce or large family to take care of or dependent parents.
5.Few of them are stuck with EMI’s /Loans; especially with real estate investments. Some of them are stuck with bad debt.
6.Many of them have invested in stocks / mutual funds /ULIPS/Endowment Plans based on star rating on popular finance portals & by “agents”
7.Few of them tried riding on their colleague’s investment strategy, without understanding their financial situation, goals & risk appetite.
8.Many of them don’t know how much saving is enough; Primarily scared of the unknown.
9.Of course, there are a few smart ones, who have invested prudently and accumulated enough wealth, but can’t stomach the idea of their new retirement status in society. Some of them can’t live without being in power and others do not know what to do next, as they don’t have any alternate plans.
From my personal experience, you don’t need to win a lottery or have a big inheritance or get a fat VRS cheque. You just have to be smart and disciplined with your money. You should be willing to put your journey to financial independence on fast track. If you have means of secondary income it will be a lot easier.
As long as you are not of Type 9 (as above) we can always assist you towards early financial independence.
Do get in touch with us.