Now that you feel inspired and the idea of an early retirement starts making sense to you, you most certainly want to move to the next level, to the level of action. You want to know what it is you need to retire young so let’s take a look at it:
#1 Need to Retire Young – Positive Thinking
If you want to retire young, the first and the most important step to take is to start believing in yourself. You have to switch your thinking to “I can do it”. The “I can’t afford retiring young” thinking you were demonstrating as you were reading through previous chapters of my Early Retirement section must be put to rest. Keep in mind that whether you think you can, or whether you think you can’t – either way you’re right (words of Henry Ford). Positive thinking is the key.
#2 Need to Retire Young – Get Rid of Self-Doubt
Second most important thing you need to retire young is to quit doubting yourself. How many times has it occurred to you as you were reading about my Early Retirement that it worked out for me, but you don’t think it will work for you? You are doubting your own ability to turn your life around and you are lazy to take action to make it happen. Door to your freedom will forever remain locked if you continue doubting yourself and remain lazy to take action. When I was on the cross roads of turning my life around, I had an option to go for it and pace my way to an exciting and fulfilling life, or let my self-doubt prevail and go back to work and continue working hard until I retire. Do you want your life to go forward or backwards?
Do you recall the pickup line from the Fight Club? “The first rule of Fight Club is you do not talk about Fight Club. The second rule of Fight Club is you DO NOT talk about Fight Club.” It is the same with retiring young – the first rule of retiring young is that you can do it. The second rule of retiring young is that you CAN do it. Getting rid of self doubt is just a different way of saying that you need to think positively. They are two different things yet they are the same and whether you succeed or fail in your quest vastly depends on whether you see yourself as successful or as a failure. Think like a winner if you want to win and keep in mind that you can’t win unless you risk the loss.
#3 Need to Retire Young – Cashflow
Thirdly, to successfully retire young and sustain your retirement, you need cashflow. I see cashflow as the key to sustenance of your early retirement. You don’t have to be rich, you don’t need lots of money coming in on daily basis, but you need enough to meet the needs of your comfort level. Fact of a matter is, a person of fair standards can comfortably live with as little as $600 a month in many of world’s safe countries. You wouldn’t even score a half decent room for rent in exchange for this type of money in the USA or Canada, but it’ll get you by with medical insurance, all the food you need, rent, transport, entertainment and more in countries like Ecuador, The Philippines or Cambodia. Monthly cashflow of $1,000 is recommended as it will allow for better standard of living and it’s always nice to have some extra. Cashflow is an essential ingredient in the pot called early retirement.
I personally do not believe such things as “plan” are what you need to retire young. Life will continue being exciting and enjoyable when you don’t know where the adventure takes you tomorrow. Follow you bliss – let your heart guide you. Don’t sit over the map or on the internet to pick your “perfect” destination. Be adventurous and open minded. Afterall – happiness is a journey, not a destination. Plan is a destination, it is a possibility of the future. Quit worrying about the future and start living for the here and the now. Now is the best time of your life. Yesterday is long gone and tomorrow – nobody know what tomorrow brings. If you have the cashflow secured and are enthusiastic about the change, then in my mind, you have all it takes to retire young. That which seems as the end of the caterpillar is the beginning of the butterfly.