Self-made millionaire Steve Adcock retired early at age 35 after careful financial planning and investment. He mentioned his three common misconceptions about leaving the workforce young.
Steve Adcock spent 15 years working his way up the corporate ladder in America, spending his money wisely and investing his surplus savings with one goal in mind: early retirement.
In 2016, at the age of 35, his hard work paid off. He quit his job leaving about $1 million to his name and started a post-career life with his wife.
For the past seven years, Adcock has provided financial advice through his messages. millionaire habits To help others achieve financial independence and retire early like he did, I published a newsletter.
But the battered finance coach has received his fair share of criticism, saying in a tweet that he told some of the “silliest lies about early retirement.” Some of these include early retirement leading to permanent boredom, ruined relationships, and being unable to return to work.
and Interview with CNBC Make Itthe billionaire refuted those claims — retirement isn’t boring, his relationships are healthy, and re-employment may not be as hard as the world makes it out to be.
overcome boredom
“I can count on one hand how bored I have been since I retired early,” Adcock tweeted.
what’s his secret? He was thinking about what his post-career life would be like.
“You have to know not just what you’re retiring from, but what you’re retiring for,” he told CNBC Make It. “If work is your only hobby, you don’t need to retire early.”
Before you decide to retire, Adcock recommends finding a hobby and trying it out to see if you can enjoy and practice it for decades to come.
Your relationship may not actually be in jeopardy
Acquiring hobbies can also help save relationships that may be overburdened by early retirement, Adcock said.
Skeptics argue that leaving work early leads couples to spend more time with each other than when both of them work, which can be beneficial in some cases and often detrimental. .
Finding a hobby, starting a project, or finding ways to spend yourself during the day can give you the time you need away from your partner, Adcock said.
I can find another job
Some critics of early retirement argue that those who leave the workforce early face dire financial hardships and need to secure other sources of income later in life.
And many argue that with early retirement, such people lose the opportunity to enter the career field again.
Adcock admitted he probably wouldn’t return to the job he left for the same pay and responsibilities.
“But the flip side of that is that I don’t want to go back to the same job,” he told CNBC Make It. “I spent 15 years of my life getting away from that job. Why would I want to go back there?”
Adcock argued that early retirement is indicative of the skill set needed for re-employment, so other opportunities are likely to arise.
Adcock tweeted that he has actually turned down more job opportunities since he retired than he did when he was working full-time. “It’s not even close,” he wrote.
He said that for those who are in financial difficulty, it may not even be necessary to get another full-time job, meaning they can find a part-time job they love and make extra money at it. He stressed that it could be done. Early retirees often have, or think they have, enough money saved to last the rest of their lives, so they are unlikely to need another full-time job to cover their expenses. , he said.
