Monday, August 5, 2013

Retire Early

The Field of Dreams
I meet so many people who absolutely hate their job. I really don't understand why anyone would stay at a job they hate because there are so many better things to do. I'm also  a little tired of the view that the only way to make money is to be employed by a business. If you don't like your job, get a new job or better yet start your own business. There is another aspect to this, though, many people feel like they have to keep their current spending rate in order to be "happy" so they will continue to spend years of their life working at a job they hate in order to get more money just to spend it in an attempt to find happiness. Does that make sense? No, I can tell you already that having such a mindset will never make anyone happy.

Let's assume you have a job that you hate. You feel physically ill when you think about it and dread Monday mornings because you "have to" go to work. What would you do if you could retire today? I do not mean retirement in a general sense of sitting around doing nothing, but a retirement where you will still be productive. Also imagine that you live in an amazing country where you can start a small business in almost any field you desire. In this country you can also grow large portion of your food with very little risk of starving people stealing your crops, and if you choose to purchase your food, the country has some of the lowest foods costs in the world. In this hypothetical country, there is a reliable highway system and better yet some of the lowest fuel prices anywhere. Many of the citizens have a "can-do" attitude. The free public library systems contain vast collections of books about do-it-yourself projects and not to mention free internet access. The only limit is time because time is one thing that once spent cannot be regained. Would you rather spend your limited time working at a job you hate in order to buy more things, or would you rather save your time and retire early to be able to do more? It is an important decision.

I found this interesting comment on a site called www.mrmoneymustache.com :

The Investment Banker and the Mexican Fisherman.

An investment banker stood at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The banker complimented the fisherman on the quality of his fish and asked how long it took to catch them.

The fisherman replied, “Only a little while.”

The banker then asked why didn’t he stay out longer and catch more fish?

The fisherman said he had enough to support his family’s immediate needs.

The banker then asked, “But what do you do with the rest of your time?”

The fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.”

The investor scoffed, “I am an Ivy League MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, and eventually you would have a fleet of fishing boats.

“The investor continued, “And instead of selling your catch to a middleman you would then sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution! You would need to leave this small coastal fishing village and move to Mexico City, then Los Angeles and eventually New York City, where you will run your expanding enterprise.”

The fisherman asked, “But how long will this all take?”

To which the banker replied, “Perhaps 15 to 20 years.”

“But what then?” asked the fisherman.

The banker laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich. You would make millions!”

“Millions. Okay, then what?” wondered the fisherman.

To which the investment banker replied, “Then you would retire. You could move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, and stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”  

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