Financial independence. Oh, what a glorious thought. Options give us breathing room, power, and freedom. This is your life. You only get one. Live it to the fullest. Seize the day and design your life for YOU.
On today’s episode of The His & Her Money Show, Tanja Hester from Our Next Life and author of Work Optional (Retire Early The Non-Pinching Penny Way), shares her secrets. She retired at age 38 and her husband at the age of 41.
Why She Wrote The Book
Tanja and her husband were not natural savers and had to learn how to work well with their money. She realized that she isn’t the only person that finds it very hard to live frugally. Also, how this book differs from the rest is she talks about different forms of retirement to give yourself different ways of flexibility.
It’s Possible For All Of Us
Tanya believes that once we learn that we can save a little bit of money, we can build on that until we can save a lot of money. This in itself gives more flexibility.
For example, if we can save a year’s worth of expenses and the job becomes intolerable, we know we are okay and we can walk away from it. This gives us an immense sense of power.
Breaking The Cycle
If you are like Tanya, a past filled with bad financial decisions, don’t despair. If you come from a place where you don’t feel empowered about money, there is still hope for you. In her book, she gives you ways to trick yourself to set yourself up to succeed, despite your nature.
Figuring out what is important to you is the first step. Realizing that you can make extra money instead of going without will motivate you to stay the course. Using systems, instead of will power, can assist you to succeed.
What To Do Next
Firstly, track your spending. Know where your money is going. Down to the dollar. Once you know what your life costs, you will see how much you can save by eliminating mindless spending. The little sacrifices will seem worth it once you know your ‘why’.
Next, work out your long term vision. Ask yourself how will paying off debt factor into your journey. Other long term vision may entail saving for a home or college education for the kids.
And then start paying yourself first. If you receive a raise, use that money to save more and not to just spend on “whatever”.
You can start a side hustle to gain more earnings instead of cutting too much on your expenses. Maybe you can become a personal trainer in your spare time, ride for Uber, or become a tutor in your field of expertise.
Transition Process Once Retired
The saying, don’t retire from something, retire to something, will definitely help you once you have crossed the finish line to early retirement. Many people actually go back to work because they are so bored once retired. Therefore, make sure you have something that you love doing so that you won’t get bored.
Why Do It
Research has shown that we work more than a month a year than our parents did. We are always online. On vacations, weekends, it never stops. This puts a strain on our health, physically and mentally.
Working towards complete retirement or saving enough so that you can take a breather every now and then makes good sense. It’s wise to have options. It gives you power.
Get in touch with Tanja at Our Next Life and on her Podcast with Kara Perez called The Fairer Cents
What You Will Learn
- How you can save money without being a penny pincher
- You can start the process at any age
- How to trick yourself into saving
- What is your vision
- What do you want your life to look like
- How to go through the transition retire process
- Why you need to track your spending
- What it means to hide money from yourself
- How to focus on earning instead of cutting
- Why all of this is worth it
Resources Mentioned
- Work Optional (Retire Early The Non-Pinching Penny Way) by Tanja Hester
Thanks For Listening!
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Today’s show is sponsored by Legal and General America. Legal & General America makes understanding and applying for life insurance easy. Also, agents are standing by to help you determine the best coverage to fit your family’s needs. Visit HisandHerMoney.com/lgapodcast to get started on your journey toward financial wellness.
