There is a desire gaining popularity with many millennials to retire early – really early while being completely financially independent by their 30’s and 40’s.Its a plan of being VERY frugal while investing a substantial amount of money in a short time.
The plan is to save and invest between 50 and 70% of your income until you have thirty times your living expenses. And to do this as quickly as possible. This means that you take the living expenses only (no fun!) for the year and multiply by 30.
As with any big money decision, it has everything to do with your mindset and how you see your relationship with money. Are you a person who believes that you work hard, so you also deserve to play hard?
Some may retire all together while others find a job that allows them more freedom or allows them to do something different that they have always loved. My husband says when he retires, he wants to run a backhoe and play in the dirt.