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Posts Tagged ‘Money’

Secret of Achievement

The title of this post should be “Top 5 Reasons to be Financially Free at 35” instead. It is okay to continue working if you love your job or the business that you’re in. The problem is that most of us don’t even know whether we have an option of retiring early. That’s what the corporate world does to us; it can kill the Creative, Imaginative and Adventurous side of us if we are in it for too long.

But what’s the big deal if we retire at 35 or 40? What’s in it for us?..one may ask.

I have prepared top 5 reasons to retire early in current landscape: in terms of economy, our lifestyle, relationships etc. They say we only live once. With that in mind, let’s see if we have anything to gain by dropping out all of a sudden…of course with careful planning behind the scenes 🙂 .

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I got the inspiration to write this post after reading a book titled “Cashing in on the American Dream: How to Retire at 35”. This book was written by Paul Terhorst about 25 years back. The main idea is to save enough from a high paying job in the US and then move overseas (cheaper location) to live off your investments. And you do this while you’re young, living life to the fullest and doing what you really love.

 

Cashing in on the American Dream

Paul used to work for a major accounting firm when he retired at 35. Once quit, he never looked back. He still travels and blogs; you can get the latest updates and some tips from his blog at this link.

I’m surprised that even 30 years back, people were thinking of an Extreme Early Retirement. I guess the “Desire to Break Free” has been in our blood since time immemorial 🙂 .

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I wanted to experience Cambodian countryside so I decided to take a bus from Phnom Penh to Siam Reap (Home of Angkor Wat temples). The city outskirts are still raw and basic with continuously changing landscape, not much affected by urbanization. The journey proved to be a refreshing experience for the soul!!

I met Mr Tan, a businessman from Malaysia whose seat was next to mine. He was also visiting Cambodia for the first time to do some sightseeing but mainly to explore new business opportunities. He was a Chinese Buddhist and must be in his 50s.

I was doing Japa meditation since it was an early morning bus. Some time later I opened Bhagavad Gita and immersed into it as the feeling of gratitude overtook me. What have I done to deserve this? To be fortunate enough to be in a strange, new land surrounded by people from different countries, all on their own journeys but still sharing a common bond!!

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Life Insurance1

Once we know that Term Insurance policy is the simplest and cost effective solution for our Life Insurance needs. The next question is how much cover do we need?

In my experience, I have noticed that majority of the folks are either under covered or have life insurance in excess. The answer is different for every one so we will try to find ways to determine an ideal cover for different situations.

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Term Insurance1

I’m sure that somebody has already tried to sell you an Insurance policy (anything but Term) at some point of time in your life, actually it might happen multiple times. The worse is if we walk into the trap ourselves, in the hope for higher returns, guaranteed income or some savings on taxes.

I was at the bank yesterday and one gentleman walked in. He was a new customer that was going to bring in funds to the bank. While opening a savings a/c, he asked the customer service manager for advise about Mutual Funds. Lo and Behold, the bank rep immediately suggested a Life Insurance policy instead and started to talk about its benefits. Within no time, the customer was convinced. I sat there helpless, couldn’t do much as I was at the wrong place and at the wrong time.

These incidents are not new to me, I have been in that customer’s shoes long ago and continue to come across such situations with my friends and family where I have to warn them of these products. The Life Insurance policies are the worst investment products. They come in different packages such as Universal, Ordinary, Variable, Whole Life, all kinds of Annuities (USA), ULIPs (India) etc. I don’t think there will ever be an end to these. So what’s so terrible about them?

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Most of us dream about having a small business or putting our creative juices to work. As we spend more time in the corporate environment, this call becomes stronger. I’m amazed at how some individuals shun the respect and security of a well paying job and risk everything to start their own venture.

Such venture is usually based on an idea or the interests/hobbies that we hold dear to our heart. We become so convinced and motivated that we can foresee it becoming a reality.

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Recently a friend of mine asked me for advice. His younger brother had just finished BTech (BS equivalent) in Computer Science and wanted to know whether he should accept a job or pursue an MBA right away.

My answer was: It depends.

Many of us (especially with Science, Engineering or Technology background) face similar dilemma at some point of time in our lives. We’re faced with this choice either in our college years or when we have added years of experience and it is time to move up the ladder.

Let me share my experience in this regard.

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