The great part about being single is that you single-handedly control your destiny. The bad part is that you are all alone.
However, you can easily free yourself from the workforce when you are single. All you have to do is start from the end.
Dreaming up your retirement. Most people dream of retiring in a big city with nice cars, vacations, and homes. In reality, they will work until they are 70 (at a minimum).
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To retire early, you must dream bigger and cheaper. Convert your dreams of a big city lifestyle into a small city home base arrangement.
The benefit of setting up a home base in a small city is that you’ll have the money to travel the world.
You’ll also be able to visit friends much more often without paying the high cost-of-living luxury taxes of the big city.
So you’ll actually be living a much more extravagant lifestyle in a small city because you will be a world traveler and social butterfly.
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Putting a price on your dream. The key to retiring in 10 years is knowing your passive income number.
As a single person, you can control every aspect of your retirement numbers; there is no need to reconcile your thoughts and dreams with someone else.
A solid passive income number is $5,000 per month in passive and active income. Notice I did not say earned income.
You can use a combination of passive and active income to free yourself from the workforce quickly. Then, you can focus on monetizing your dream adventures.
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High Earner escapes. First, let’s discuss how to build a passive income stream during our ten years of work.
If you make a lot of money at your job, dividends are the best way to plot your escape. Ideally, you would become an income investor and build a monthly dividend paycheck.
If you can invest 50% of your income over ten years, you should have at least $3,000 to $4,000/month in dividends over ten years.
You can save more money by living far below your means. This can include becoming a roommate or having roommates.
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You can also work in the gig economy to increase your income. Perhaps you push the corporate ladder to maximize your employment income while preventing lifestyle inflation.
A high-earner living below their means can have a $1 million income-investing portfolio in under ten years. This would generate at least $100,000 per year in dividends.
Royalties to the rescue. If you are an average earner, you’ll have to put your brain and creativity to the test.
Becoming a content creator in your spare time is the best way to earn $5,000 monthly after ten years.
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If you can stick with content creation over ten years, you are almost guaranteed to clear $5,000 monthly.
The more content you create, the more income streams and opportunities will open in front of you. You won’t see the path until you start on the journey.
Trust me, content creation can be quite lucrative, but it takes five years to see those fantastic results.
Real estate for the win. The key to living cheaply is locking in your 30-year fixed mortgage as soon as possible.
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Most people try to own a home where they have a job. However, think outside the box on this one. You want to buy a home in a small city while working.
Let’s say you make $150,000 per year in a big city. You rent a room for $1,000 per month and live far below your means.
You buy a $90,000 home in Meridian, Mississippi, for cash. You rent the home until you have a good monthly plan for your $5,000.
During retirement, you can live mortgage free and even generate income from your home by having roommates.
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Active income for an even faster escape. You can add some active income alongside your passive income to escape your job quicker.
Active income includes freelancing, consulting, coaching, and mentoring. You can put your car on Turo for rental income or start a dog-walking business.
The key is that you are in control of your schedule. Yes, you exchange time for money, but you have input on how much time you spend doing your work.
Putting it all together. Being single gives you the ultimate choice of lifestyle and convenience. The lower you keep your expenses, the faster you can escape.
Buying a home in a small city early is paramount to escaping. Your housing costs dictate your escape route.
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My small city home. My wife and I bought a house in Pensacola, Florida, in 2017. We paid $180,000 and received a 3.5% interest rate.
The mortgage was $1,000 at the time, but today it is $1,300 due to increased property taxes and insurance.
My military pension will be roughly $8,000 per month when I retire. If we wanted, we could rent the master suite for $1,100 to generate even more income.
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Conclusion. So you can see how buying this home allows us to live the lifestyle we want. Your friends will all laugh at you for considering moving to a small city.
However, they will stop laughing when you retire early. Trust me; I watch people struggle daily here in San Diego.
They will never get ahead enough even to breathe, let alone retire. As a single person, you must decide what you value.
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Retirement is all about time. You give yourself the freedom to explore the world and invest in people.
You simply lose too many relationships while you grind away in the workforce. When you formulate the right mindset, there is an entirely different world at your fingertips.
Getting into the right frame of reference may take some time, but you can do it. Everything made sense as soon as I valued my time ahead of money. Good Luck!
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