I recently met with a couple who are close to 40 with young kids. Both have been working since their teens at one job or another to get to the professions they are working in now. One spouse would like to retire now, but it is actually more practical to look at early retirement in 10 years for their circumstances. The question becomes, what would you give up to be able to retire early? A recent survey was conducted and I am shocked at some of the answers. Here are a few things people are willing to give up:
Over a third said they’d go two years without buying anything new (except essentials like groceries).
Another third were willing to turn up the heat on work, taking a second or even third job if it meant they could retire early.
12% of respondents said wouldn’t have children.
11% said they’d give up their pets. (Hey, pets aren’t that expensive!)
Only 6% said they’d give up their car.
Going without buying something new, or taking on a second job to bank extra retirement dollars I understand – not having kids or pets!?! Those choices I cannot understand just for the sake of early retirement.
The advice I give is to take a hard look at your expenses to see what might be cut or reduced and save money from your first pay check. I also advise my clients to adjust their retirement savings up and their income increases.
We all make sacrifices at times, but think long and hard about what you might be willing to give up.