No. of Recommendations: 2
Re: post 3186 by FoolMeOnce

As someone who successfully retired 4 years ago at age 38 with a wife and four kids, I think having a magic number is COMPLETELY necessary.

If current USA statisics are accurate, only 2% of individuals and 4% of American families have a net worth of $1M or more. Much of this net worth is tied up in costly real estate and businesses that require the "millionare" to continue to work like a madman.

Thus, the potential early-retiree continually finds that he never has enough to get out of the rat race. In the meantime, the clock is ticking.

Retiring early is like shooting a gun, if you don't have a target or your target is always moving around, you'll never pull the trigger and you'll never retire.

For the 99.99% of us that are not filthy rich, the key to retiring early is mainly a funcion of COSTS.

Before I retired, I used to have the same worry of "is it big enough?" Luckily, I have several real-life early retired friends who patiently assured me that what I had was indeed "big enough".

Looking back, I probably could have retired 3 or 4 years earlier than I did. I delayed "pulling the trigger" torturing myself and my family with the same questions many of you have.

In summary, retiring early is simply function of cost control and having a reasonable nest-egg goal to cover those costs. Think of it as jumping off the high-dive for the first time.
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