I hate my job how can i retire in 5 years or less? extreme early retirement

Discussion in 'Passive Income' started by admin, Nov 10, 2015.

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  1. admin

    admin Administrator Staff Member

    Admin Post
    Ok, its official! I really hate working, there I said it. I think the first step towards early retirement is really being honest with yourself, your friends & family. Even though I have a great manager and work for a fantastic company with hilarious co-workers I still can’t find peace within.

    This is not something that's happened overnight and the reason for my hate for working has nothing to do with the company or people I work with. I have been feeling like this for a long time and I have finally worked it out. Ever since I was at nursery school I vehemently opposed going to school and cried for hours on ends to avoid the drudgery of 8.30 to 3.15! The teachers were wonderful and I made a lot of friends but deep down I felt out of place (Sigh).



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    Ok I’m different and I know that there are more people like me so rather than pushing this feeling deep inside and covering up I have finally decided that I want to do something about this.

    At the moment I have to dig deep and continue working, once I have some sort of income coming in from another source other than work I will hand in my resignation.

    So what do I need and how do I get there as quickly as possible? And how can I make sure that I have enough provisions for my retirement so I don’t have to go to work again.

    [​IMG]

    I did something a few days ago that really opened my eyes and quantified my existence. I filled out a detailed budget which outlined my income and expenditure. I have income of £1595.00 coming in per month and have an outgoing of £1200 per month.

    I save about £395 per month which I was ok with until now. I really thought hard and realized some home truths when I sat down and looked at my/our spending, most of which looked irrelevant downright excessive, I mean I was spending £100 per month on insuring my junk of a car which I seldom used and was just there as peace of mind.

    I sat down with my wife and went through each outgoing, then really thought hard about whether we need to spend what we spend! We have made a commitment to really slash our spending without sacrificing our quality of life and standard of living.

    We mutually decided to cut our spending down to £800 from £1200 with an intention to cut it even further. None of the cuts we made really affect our standard of living, I mean who needs 2 phones on expensive contracts and a landline too?



    [​IMG]

    So we’ve taken the hardest step which was cutting our spending mutually, I think it’s really important to get your families and friends to take the idea on board and really work together. I could have just put my foot down being the main income earner and said we only spending £500 per month! But this would have probably ended up in me getting a divorce a couple of years down the line!

    So what’s the next step? I got my head sorted out and my I have started listening to my heart and using my brain to make my heart happy! I’ve drummed up some support from my family and friends so what now? Here we go, if I eventually need £700 per month to give up my job then in a year I need £8400.

    The rate of interest in the UK in terms of savings is about 4%, so I need to accumulate £210,000! This is a large amount and enough to make people stop reading this article! However while some people turn their back the ones that continue reading are probably ones that are determined enough to see this through. If I am planning on retiring in 5 years (hopefully earlier) then I need to save £42,000 per year or £3500 per month!

    I hate taking risks so I don’t want to dabble in the stock market, options strategy is something I am considering to make my capital grow but at the moment I am really turning my attention to passive income from the internet and other places. At the moment I am making money writing on sites like infobarrel.com, I am branching out to other sites such as Hubpages.com..

    What is quite inspiriting is that I am increasing my income at a rate of 50% per month, at the moment I am on £350 and I really believe that if I continue my efforts I can probably increase this to £2000 to £4000 using careful keyword research and writing quality content and blogs (writing that really comes from the heart). There are so many forms of passive income that you could choose from like renting your car out or a room to blogging for money, you could even write a book and publish on Kindle! There is always a way for those who believe!

    Another great advantage that I have been blessed with is my property; I live in a 3 bedroom house and have way too much space for our needs. Property is a great form of passive income and if you can rent your property out then there’s money to be made! I pay £500 per month, but I know that I can rent this out for £1650 per month; if I can find somewhere to live for £300 then I would have my rent covered and save an extra £400 per month.

    By having your rent covered indefinitely means that you can factor this amount out of your monthly expenses! This means that I can save £500 per month of my income, if I needed £800 per month and now I don’t pay rent then I only need £300 per months to survive!! This changes everything and I only need £90,000 to retire quite comfortably! ((£300/4% interest) x 100).

    There are so many ways to make retirement possible and everyone has to find the route that suits them, some people can save their entire life and I take my hat off to that but not everyone wants to do that and you have to respect what your heart wants sometimes.

    Retirement could be round the corner if you put your mind to it. The key is knowing how much you need and then relentlessly working towards that goal without taking high risks. I hope this article really inspires you and makes you sit down and sort out your finances so you can find a way out and start to live.
    Sadia, Miles and Simrin like this.
  2. Simrin

    Simrin Newbie

    Really interesting plan and I think it is doable. I hope to be financially independent soon. I've rented out my larger home which had too much space and then moved to a much smaller place. The rent I receive covers my mortgage payment for my old home and the rent for my new place. Now anything I earn goes towards paying off my mortgage sooner so I can have 100% of the rent and not pay the mortgage company a cent.

    Eventually I want to pay it all off and hopefully move abroad where rent and living costs are cheaper. I read about this in a book written by Tim Ferris where he earns dollars but spends cheaper currencies like Bhats to enhance his standard of living. It would be great not to have to work.
    Sadia and Miles like this.
  3. Miles

    Miles Newbie

    Very inspiring! I think anyone who visits this website has a conscious or subconscious yearning to be financially free. I have a plan which I am implementing step by step. My first goal was like many people is to be debt free and then concentrate on lowering my expense without reducing my standard of living. All of my savings go into investments which pay an income and my portfolio is starting to grow. I like to invest in dividend stocks which have a proven track record of hiking dividends every year. Most of the dividends I receive now are reinvested to increase my holdings even further. I'm patiently adding to my portfolio and hopefully it will grow large enough to sustain my standard of living.
    Sadia likes this.
  4. Sadia

    Sadia Administrator

    This story sounds very similar to the experiences I had with school and work. I guess some people are just not cut out for 9 to 5 and need other ways to live their lives. My Uncle whom I look to for financial advice is financially independent and like others got there by buying assets which pay an income. I think the key is to try and save as much as possible from an early age and then pump all the money into buying property for rent, stocks for dividend or businesses for profit. My uncle has properties which he has paid off in full. He also has a substantial stocks and mutual funds portfolio and shares in businesses which he believes has a future.

    My uncle has inspired me to become more financially savvy and now like he did I'm trying to pay off my mortgage and then start investing in a portfolio. I like the idea of moving to a smaller place or relocating altogether to a country which has higher purchasing power parity. All I can say is it can be done. Take control of your financial future.
  5. admin

    admin Administrator Staff Member

    Admin Post
    Thanks for the vote of confidence. I think your plan is doable to and only requires patience and perseverance. Many Thanks
  6. DoraGarza

    DoraGarza Newbie

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Passive Income How can i become financially independent and retire in 5 years or less? Nov 10, 2015

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