The word retirement has always been reserved for those who are 65+ and have worked 40+ years but now it is being revamped to mean something else. Now because of a movement called FIRE which stands for Financial Independence, Retire Early many people specifically millennials are aiming to “retire” in their 30’s and 40’s. Recently Verizon announced that it is offering early retirement packages for thousands of workers, in an attempt to trim its workforce and cut costs. The severance packages, which offer three weeks pay for every year of service, is part of a “multiyear $10 billion cost-cutting effort” led by the company’s new CEO. This obviously isn’t good news for anyone who hasn’t been at their job for a long period because their severance package is based on length of time work… Meaning the longer you’ve been at the company, the more beneficial it would be to you. Employees have until mid-November to take the package. Verizon has over 150,000 global workers but has seen its workforce decline as it moves away from landlines. This shift in business for Verizon and many other companies is why millennials don’t have faith in jobs, and their need to live life fully while they are young is why this shift to volunteer early retirement has been taking over. If this sounds good to you, what are steps to make this your reality? The following are tips on How to Retire Early As a Millennial:
Understand the Meaning of Retirement
Retirement means something different to everyone. So if you are looking to retire, you must first define what retirement means to you. What are you looking for exactly? Are you looking to do nothing but travel? Do you want to spend your time on the beach with a cocktail watching waves? Or will you be volunteering in your community? Whatever your definition is you should first identify what you mean by retirement.
Know Your Numbers
Now that you have defined retirement you need to figure out how much will it cost for you to retire. If you are 20 years old now and want to retire my 30, then you know you have ten years until retirement. Now by the time you retire, you will have roughly between 50-60 years of life left based on mortality charts, so you need to figure out how much money you need to live 50-60 years comfortably without “working.”
This doesn’t mean that you will not have any income coming in during your retirement but it does mean that you need to understand how much you need then set up ways to accumulate the funds or create a passive way to earn an income whether its through investing or creating a product or service that pays you without needing your physical labor.
Become a Savage About Savings
Retiring early is going to require major cuts to your spending. Most people who have this as a serious goal only live off of 50% of their income, meaning they save the other half. This may seem like a very ambitious goal, but it’s doable if you are passionate about being FIRE! To make the numbers work you should start with the big things like trying to lower your rent or mortgage payments. You can achieve this by refinancing or moving… Or even better move back in with your parents or relative. You also can trade, sell, or downgrade your car. You would also need to get rid of some of the discretionary spending like cable, gym membership, and costly eating out expenses and replace them with free or cheaper options.
Get Your Side Hustle On!
Obviously, if you are cutting your working time, you need to increase your earnings. As you focus on retiring early make sure you are setting up businesses or investments that will help exponentially increase your income. Since we live in a space where we can easily create businesses online make sure you take full advantage of the fact that you can work full time and have a side hustle that pays well. Many who are on the journey of FIRE journal or blog their experience and use this story or blog site as a way to create an income. People love a good retirement early story.
Will you aim to retire early? Do you think this is really possible? Let me know your thoughts in the comments
T-Mobile’s Dream of Telecommunications Domination Gets the OK + How to Create Mental Toughness While Pursuing Your Dreams
T-Mobile’s $26 billion takeover of Sprint finally got approved by a federal judge, a move that will leave most wireless consumers with three major operators to choose from, including Verizon and AT&T. More than a dozen attorneys general had sued to block the merger that had already been approved by the Justice Department and Federal Communications Commission. The administration has required T-Mobile and Sprint to sell some units to pay-TV operator Dish Network as part of the deal.
Dream chasing isn’t for the faint at heart. It can take years before one sees the financial payoff of what was once an idea. T-Mobile is probably patient on the outside, but internal it is jumping for joy. It took them a few years to get to this point, but I’m sure they will be relieved at the fruits of their patients.
When building a business, your goal has to be more than money, or you will ultimately fail. Your drive has to be based on principle, change, and something greater than yourself. Here is how to stay mentally tough while pursuing your dreams.
Personal Development. The road to success is paved with character and growth. Personal development is one of the key drivers that sustain you on the path of your dreams. Trustworthiness, keeping your word, and dependability are imperative to any industry. It doesn’t matter if you’re a musician or painter, lawyer or doctor, these traits and non-negotiable and forever transferable to success.
Take Breaks. To get there, you must rest one mile at a time. The grind is overrated. Reflecting on how far you’ve come energizes you for the road ahead. Burnout is a danger to your accomplishments and leads to a failure by default.
Stay Hungry. Stay Foolish. Steve Jobs popularized this quote from an ad in The Whole Earth Catalog. It read Stay Hungry. Stay Foolish. We come to a point when we are happy with a level of progress and think we’ve learned everything. Accepting the truth that we never stop growing, and there is no limit to our success gives us the ability to keep going. To continue, you must never settle. You must always seek new ways of fixing things and solving problems. Discover new opportunities and be open to learning more.
Faith. Steve Jobs also mentioned faith throughout his journey. Believing so deeply in an idea that you make it come to life. Belief takes ideas and materializes them; and when you realize you can actually make something come to life, the sky becomes your launching pad, not the limit.
Amazon Plans to Add 15,000 Jobs + How to Prepare for the Job You Want
Amazon says it will hire 15,000 more people at its Bellevue, Washington, campus, as part of the company’s effort to allocate new workers after it abandoned its plans for New York City. The e-commerce giant had issues in New York trying to open a facility there, called Bellevue, where 2,000 employees are already located, a “business-friendly city.” It’s also close to the company’s Seattle headquarters. This is good news for those in the job market but if this isn’t what you are looking to do then how do you make yourself valuable in the job market?
Here are four ways to prepare for the job you want no matter your age:
1. Focus on Your Strengths, Not What You’re Lacking
Whether you are 20 years old or over 40 instead of focusing on your age, you need to focus on your strengths. Many young people with limited experience or older people who may not be up to date with the latest technologies focus on what they’re lacking, and this is a big mistake. Do you have the qualifications for the job? Can you bring value to this position? Whatever your strong suits are you should play that up in your resume, cover letter or communications with the recruiter. It’s easy to focus on why you can’t get the job, but the trick is not to let that get to you. Focus on your value!
2. Attack Your Job Search from All Angles
Networking, Answering ads and/or working with recruiters are the most effective ways to land a job. It is important that you just don’t focus on one method but all three. Networking obviously is the ideal way because it allows you to communicate your value directly, but the other methods have their benefits as well. Be proactive and use each method effectively.
3. Show/Explain Your Leadership Abilities and/or Innovation
Leadership and taking the initiative have nothing to do with age. Young leaders and old leaders can be more or equally effective as those who have the “ideal” age. Focus on your leadership abilities and be sure to display this to your current or potential employee. Also, make sure you are keeping up to date with current trends in your industry. This will allow you to show your innovation and add more value to your company.
4. Ask For What You are Worth
Lastly, ask for what you are worth. Don’t let being “too young” or “too old” deter you from asking for a salary you deserve. In fact, trying to downplay your worth may very well backfire on you. Also, if you have been with a company for a long time and your salary outpaces what the position is worth making sure you are adding to your skill set and not staying complacent.
Following these four tips can help you gain or retain employment. What are some other ways? Comment below>>>
New Survey Says that Young People Don’t Like Job Hopping + How to Get Paid What You’re Worth
Contrary to popular belief young people are not keen on job-hopping as most people think. According to a new survey, U.S. millennials and Gen Zers want to stay at their current companies for an average of 10 years and six years, respectively. Additionally, they say work is a major part of their lives, with 65% of people in Gen Z and 73% of millennials saying it’s part of their identities, according to a Zapier-sponsored poll. The age groups’ actions reflect the findings: Seven in 10 say they constantly check work messages outside the office. This is great for corporations but what does that mean for business owners?
If you are a freelancer or entrepreneur you know all too well the fight to get what you are worth. You will constantly be bombarded with offers to work for less or even for “exposure” as many like to call it now. But how do you gain the confidence and know how to charge and get what you’re worth? Here are 3 tips:
Build Your Resume. It’s said that if you do what you love you’ll never work a day in your life. Pursuing your passions and getting paid for it is the ultimate professional dream. You may have to start by working for free or at a discount rate to builds skill, ability, and your resume but once you have some stats under your belt its time to get that money… Keep in mind that if you are only in it for the money it will be difficult to experience long term financial gains so make sure you are pursuing your passion not only the paycheck.
Set a Standard. Pioneers have the ability to set standards. And even if you are providing services already in the market, no one can deliver them quite like you. Style and quality set you aside from others opening up a field of buyers seeking exactly what you offer.
Don’t Give In. A colorist (a person who literally adds color by hand or digitally in films and visual media; yes, there is a path for everyone) from Brooklyn, NYC once told me he had to be firm with pricing because he didn’t want to become that guy who works for free. After you have put in the work and set a standard you must not give in to fees below your ability. Yes, flexibility is key but don’t short change yourself. Getting paid your worth is ultimately the result of you believing in your ability and knowing there are people who will pay for it.