This is the first post in a series on early retirement.
I am on a mission to reach retirement as soon as possible. I did not think about it much until my parents retired in 2004. I have followed their journey very closely and it is because of them that I know early retirement is possible. They were 55 when they retired, and although that may not sound early to some, their retirement went against common convention.
I have been intimately involved in my parents finances for a long time (I started doing my Dad’s taxes when I was a teenager for some reason) and I have witnessed, first hand, how everything came together.
Early Retirement is Possible
In my mind, my parents are living the dream. They spend at least half of the year traveling and have visited over 17 countries since they retired. They have two homes — one in Canada and one in England. There homes are tiny and modest but located in beautiful places. They wake up to amazing views everyday. Having two homes has been the key to being able to spend so much time traveling. I no longer find it surprising if they call to let me know they are heading to the Canary Islands on a whim. Oh, and it is also the reason I have a part-time dog.
People look at my parents and do not understand how they live the life they do. Some are under the impression that they are secret millionaires, and they are NOT. People ask them what their secret is and they are happy to share but most people do not listen, do not believe or accept that it is possible. They hear a lot of objections from other people about how this is not possible and that is not possible (and I have witnessed those conversations first hand). For the most part my parents have stopped trying to explain how they do it. They just shrug their shoulders and say “Ok, we will call you when we get back from (insert exotic travel destination here).”
I know it is possible and they have proven it to me.
They made decent livings but they were not doctors or lawyers and they both have grade 10 educations. They retired with less than a million dollars. They are very careful with their money, but they are still very generous with their kids and grandchildren.
Most importantly — they know what they want and they will find a way to make it happen.
I am here to tell you that early retirement is possible.
P.S. I checked with my parents and they were Ok with me posting this. Hi Mom!
This post and others like it can be found linked up at Friday Jet Fuel #10 @ MoneyPropeller.com