Retirement is a buzzword and there’s a lot to unpick with the philosophy of the concept. Fundamentally its the stage at which we can choose to stop exchanging time we would rather not exchange for money⁣⁣
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That means we may still exchange SOME time for money. Just that its done on our own terms and with work/life balance. We have a tendency to futurize our success as human beings. This means that we have a habit of not giving ourselves permission to be happy until we hit a certain milestones⁣⁣
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Retirement has the connotation of one being middle aged. Whilst this may be the case most commonly… actually it is not always true. There are always exceptions to the rule⁣⁣
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Here are 3 less conventional ways that someone can in theory become retired sooner than typical retirement age…⁣⁣
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There’s no magic wands of course and these things are definitely easier said than done – but worth knowing that they can in principle be achieved to aid decision making 👍⁣⁣
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1. Increase your take home cashflow such that you only work the number of hours you enjoy – If you can achieve a great work/life balance in the here and now theres no need to look forward to retirement. This is because you already in theory have the harmony that retirement is said to bring. Boosting ones income to only work the amount you would like is the most viable way to do this. This can come via investing in yourself/upskilling in dentistry.⁣⁣
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2. Invest in assets that are outside of the conventional – Stocks/Bonds allow one to accrue wealth via compounding with time. However they take many decades to achieve this. More atypical assets such as property/owning a business have scope to accelerate this IF executed correctly. Of course it is worth mentioning that they come with their own risks⁣⁣
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3. Obtain a windfall of cash so large that money is no longer an object – This is the most fanciful of the three methods highlighted here. An example of this could be winning the lottery. Not likely for the vast majority but worth knowing that it can be in theory achieved.⁣⁣
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Of course none of the methods outlined above are foolproof. But I would move to say that if there was a easy method to retire early then everyone would use it! ⁣⁣
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This article is merely to point out the ways that this can in principle be achieved and answer a question I commonly see.⁣ people ask. Please use this as some food for thought 🙏⁣
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Best Wishes⁣⁣,
Dr James⁣