Early retirement is the holy grail of financial freedom. With a large enough nest egg, you no longer have to work, giving you the time to spend with your family and friends or do whatever you want. The problem? Hitting financial independence is much easier than most FIRE-chasers think, and achieving their biggest goal comes with unintended consequences. The fact of the matter is, retiring early is a hard choice, and it’s NOT as simple as walking away from your job.
Today, we talk to Phil, who’s bringing in a large salary and doing a job he loves but wants to take more time off work to be around his growing family. Phil has reached financial freedom. He has plenty of money in his retirement accounts, a short-term rental property portfolio paying him a median-income salary, and lots of cash on hand in case he runs out. He’s also got a job that makes him a stellar salary and has the flexibility to allow him to increase or decrease his shifts as he sees fit.
Phil has done it. He’s found financial freedom and built a fortress of assets to hold up his lifestyle for the rest of his life. But, the idea of walking away from work is stopping him from taking the time off that he needs. With such high pay and work that gives him meaning, how can Phil slowly start stepping away from work without sacrificing his identity or ability to help others? This is a struggle for many who have hit financial independence, and you, too, may face the same dilemma in the not-so-distant future!
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.