“It’s impossible to save that much money!”
The amount of money necessary is relative to everyones own annual expenses and can be obtained at any income level.
“Life is too short to deprive yourself. If you want something, buy it!”
This philosophy is a great way to stay broke forever. Life is short, why work for 50 years so you can buy stuff you can do without! Understanding the difference between wants and needs is key here.
“I don’t make enough money, I’ll never be able to retire!”
Simply eliminating some of your monthly expenses, making smarter choices and budgeting will open so many options for you. Check out our budgeting page here.
“I can save for retirement when I’m older and make more money!”
NOOO! The power of compounding interest will leverage you to becoming FI so much faster if you start saving ASAP. The person who starts at age 25 investing the same amount yearly as someone who starts at age 35 will have twice as much money at age 65.
“Why would I want to retire early? I’ll be so bored!”
Being able to retire early gives you the freedom and flexibility to do something you’re passionate about. Travel the world, start a new hobby, volunteer your time, and so many more options present themselves.
Some people may even choose to continue their career or start a new one once they have the flexibility!
Most people don’t pursue FI so they can couch surf all day.