Interested in pursuing early retirement? Grant Sabatier, a self-made millionaire who retired at age 30, says there are two things you should know before setting out on this path. (via CNBCMakeIt)
," technically isn't retired. But he could be. He has enough money in his portfolio to live on without ever needing to work again. And that's sort of the point.— short for financial independence, retire early. Adherents to this philosophy aim to save and invest large portions of their income in their early earning years in order to have enough money to retire decades before they reach their mid-60s.
"So much of our identity is tied up to our work and the things that we do in our professional life," says Sabatier. "A lot of people spend all this time working and saving and investing in order to retire early, then they don't have an idea of what they want to do after." Still, no matter how clear your retirement vision is, it may require some field testing, Sabatier says. If you've accumulated enough cash savings to cover a year or more of expenses, try a "mini retirement" to get a sense of how life away from the office actually feels, he suggests.
The number that would-be early retirees are aiming for is known as their "FIRE number" — the amount of money they need in their portfolio to live off of in perpetuity.influential 1998 financial study People get themselves into trouble, Sabatier says, when they fail to account for how that equation can change for them over time.
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