Frugal living

Based on You CAN Retire Young

If you derive a high level of satisfaction from your job or career, then by all means, continue doing what makes you happy until you no longer have that passion and drive. But when the time comes that going to work day after day is a chore, not a joy, you will want to be in a financial position of being able to either walk away altogether, or at least cut back to part-time work doing something you find more to your liking. Whether or not that choice will be available in the future will depend on the path you follow from now until then.  

·    Path 1: You can live for today and spend all of your money as fast as you earn it to buy everything you want. If you plan to die young, that may be a good choice. But if you think you might live to the average age for Americans (mid-to-late 70s) or longer, then that philosophy may mean never being able to retire. 

·    Path 2: You can simplify your life, establish spending priorities, make appropriate lifestyle trade-offs, live with an emphasis on tomorrow, and grow net worth. Given the motivation and effective long-term strategies, this can give you the future choice of working part-time, full-time, or not working at all.  

If owning as many material possessions as you can afford (or in many cases, owning more than you can afford thanks to credit cards) appeals to you, then option one is clearly your path to follow. If not working the rest of your life and having the freedom and control in the future to do whatever you want is more appealing, then option two is your path.

Take the time now to sit down and decide what in life is most important to you. Then start down the path that will put you in the position you most want to be 15 or 20 years from now. You can give yourself the choice of retiring when you no longer want to work—but only if you start preparing well in advance. Start today!  

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Larry Ferstenou retired over ten years ago at age 42 and is the author of You CAN Retire Young: How to Retire in Your 40s or 50s Without Being Rich (American Book Business Press, 2002). More information can be found at www.youcanretireyoung.com. Copyright © Larry A. Ferstenou, 2002–2003

You CAN Retire Young ==>Buy It Now

Importance of You CAN Retire Young

Articles by Larry Ferstenou

Based on His Book

You CAN Retire Young

1. Why Do You Work?

2. Will You Be Able to Retire?

3. A Surefire Way to Accumulate A Lot of Money

4. Don't Underestimate Your Pension

5. 10 Strategies for Saving Money 

6. One Easy Step to Saving More 

7. Take Control of Your Spending 

8. The Best Way to Grow Net Worth 

9. How to Choose an Investment Advisor  

10. Three Investment Moves You Must Make  

11. Four Social Security Myths 

12. Will Social Security Be There for You? 

13. 16 Guiding Principles for Accumulating Net Worth 

14. Give Yourself the Choice

More Articles by Larry Ferstenou

1. Planning for Retirement Has Never Been Easier

2. Social Security or Insecurity? 

3. Three Basic Steps to Securing Your Retirement

4. Three Investment Moves to Help You Retire Young

5. Why Work Forever if You Can Retire Young? 

6. Will the 70 Percent Rule Apply to Your Retirement?