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Should I Think about Retiring Early?

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I was reading an article at Adventures in Money Making where a couple explains how they retired on $2000 CDN - yes it's not even US dollars.  And their retirement sounds like good - not like they are skimping.  Amazingly that dollar amount (around $1,760 US) is just a little over my goal for Alternative Income Streams, something that I thought I could achieve ten years.

I highly doubt that I'll be able to retire then.  If for nothing else, my fiancee and I hope to be in the middle of raising a family.  It's still nice to know that retirement is possible if something should happen and we can't get to our retirement goals.

Posted on November 2, 2006.

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4 Responses to “Should I Think about Retiring Early?”

  1. prlinkbiz says:

    Personally, I set three goals for myself. I became financially free when I could bring in $2500 a month passively (no work on my part). My next goals are $10K a month passive and $1 mil passive and then I’m out.

    So, yeah- set a secure goal, then a comfortbale goal, and then a rich goal and work towards those. Learning to make your money work for you will allow you to be a better husband, father, etc. because you won’t be living to work- you can be there for your family or do the things you really want to do in life without worrying about the money.

    My two cents!

  2. Foobarista says:

    One thing to remember: this trick is easier in Canada, where a national health scheme is in place, than here. I don’t actually advocate for these, but they do make it easier to retire early.

  3. Retiring early definitely has it’s perks! However, if you are a professional, you will be missing out on your highest paid years when you leave the workforce early.

  4. I’m a software engineer, so as long as I have ideas and a way to express them through software, I’m probably not going to fully retire. However, I would like to be in a situation where my projects could be loosely scheduled so that on any given month, I could take time off on a whim.

    I’m sure I could do this via independent contracting, but I’ve tried that and it can be more stressful not knowing where the next check is coming.

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