Retirement Dreams

I stumbled upon a financial article that featured an American couple who retired in their early 40's. I found the piece inspiring because they managed to plan early, and decided to save money for their retirement. Things like this take a lot of discipline and commitment. While their circumstances are different from mine, I believe I can use some of their suggestions to plan my own retirement.

I admit I have dreams of retiring early. But my situation is different from the Charltons. I have two kids and I live in a third world Asian country. The money I save would not be enough to sustain the standard of living that I want for my family and my children. I mean, I could choose to cut the costs of my kid's education and send them to a public school (which is way cheaper than private schools with a Chinese program). But this is not something I want for them.

There were three things in the article which reaffirmed my decision to focus on my own retirement plans.

1. Cutting Costs
One thing great about living with my parents is the fact that we get to split the monthly bills. Rent is free. We also have more people at home to watch over the kids. I admit I still get the occasional urge to splurge on things, but I think I can control this habit if I become more conscious of my budget and spending.

2. Agreeing on priorities
Planning for the future requires input from everyone involved. It's been a while since I talked to Jen about my financial goals and my idea of "retiring early". I think we both have different ideas on what "retirement" means. My idea of retiring means taking it easy but not totally getting out of work. Her concept of retirement is leaning more towards the "not working and living off your investment" kind of lifestyle. We do need to discuss about what we want, compromise on what we want for ourselves (plus the kids), and work towards that goal.

3. Living below your means
I believe this is something that a person needs to cultivate over time. You won't see the immediate results of being thrifty. There are times when I feel like I am depriving myself of the good things in life. But living a simple life has a lot of benefits, like having less clutter and stuff to control you.