For Tommy, an early retiree who runs the blog Leisure Freak, the path was as"ordinary" as it gets,"Automatic payroll deductions, compounding interest, reinvested dividends, stock growth, consistent dollar-cost averaging, it works when given enough time," he wrote."My motto — Saving anything is better than saving nothing."
Tommy finally retired a year later with more than $500,000 invested in retirement accounts, he wrote, which he was able to access without penalty throughthat allowed monthly distributions from an IRA. He also had $20,000 in cash, a proverbial"emergency fund," but now wishes he'd had double that amount.
In hindsight, Tommy wishes they'd paid off their mortgage before retiring early, too. They didn't prioritize it because they assumed their investment returns would exceed any mortgage interest saved. But when the stock market crashed, their returns weren't what they expected. But Tommy's version of early retirement isn't devoid of work, it's simply living a life in which he doesn't"When you spend decades in the rat race it is all you really know," he wrote."I can't explain how different, rewarding, and enjoyable it is to work doing something you really want to do for only as long as you want to do it."
Source: Loan Digest (loandigest.net)
Did y’all actually add up the numbers from his description of his salary? None of it actually adds up: He describes a life of high-interest debt, low income, AND saving 20K/year? Sounds fishy.
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