Are you tired of working for the man and dreaming of an early retirement? Look no further than “Early Retirement Extreme” by Jacob Lund Fisker. This book is not your typical personal finance guide. It’s an unconventional approach to achieving financial independence and retiring early.
First, a little background on the author. Fisker was a physicist who worked in academia for a short time before realizing that the traditional path of working for 40+ years and retiring at 65 was not for him. He started exploring ways to live a simpler and more sustainable lifestyle, which led him to write “Early Retirement Extreme.”
“The most valuable things in life aren’t things. It’s experiences, relationships, and personal growth that bring us true happiness and fulfillment.”
Jacob Lund Fisker
The book is not for the faint of heart. Fisker challenges readers to rethink their entire approach to money and consumerism. He advocates for extreme frugality and minimalism, suggesting that we should aim to save 75% or more of our income in order to retire in just a few short years.
While some of Fisker’s ideas may seem radical, there are certainly some valuable lessons to be learned from his approach. Here are three key takeaways:
- Redefine your definition of “enough.” Fisker argues that we are constantly bombarded with messages from society telling us that we need more stuff in order to be happy. He suggests that we need to redefine our definition of “enough” and focus on what truly brings us joy and fulfillment.
- Embrace frugality. Fisker is a big proponent of frugal living, suggesting that we should aim to spend as little as possible on the essentials in order to save for early retirement. This means cutting back on things like eating out, buying new clothes, and upgrading our technology every year.
- Invest in yourself. Fisker believes that the best investment you can make is in yourself. This means investing in your education, your health, and your personal growth. By doing so, you’ll be better equipped to achieve your financial goals and live the life you truly want.
But “Early Retirement Extreme” also has some surprising takes that may challenge your preconceived notions about money and retirement. Here are three:
- You don’t need a high income to retire early. Fisker argues that it’s not about how much money you make, but how much you can save. By adopting a frugal lifestyle and saving aggressively, even those with modest incomes can retire early.
- Traditional retirement may not be all it’s cracked up to be. Fisker argues that the traditional retirement model of working for decades and then living off your savings is flawed. He suggests that we should aim to live a fulfilling life throughout our working years, rather than putting all our hopes and dreams into retirement.
- Happiness doesn’t come from material possessions. Fisker’s book is a powerful reminder that money can’t buy happiness. In fact, he suggests that the pursuit of material possessions can actually detract from our happiness and well-being.
One controversial point in Fisker’s book is his suggestion that we should aim to live on just $7,000 – $14,000 per year in order to achieve early retirement. While this may seem like an impossibly small amount to some readers, Fisker argues that it’s possible with extreme frugality and a focus on the essentials.
Overall, “Early Retirement Extreme” is a thought-provoking read that challenges readers to rethink their entire approach to money and retirement. While some of Fisker’s ideas may be difficult to swallow, there are certainly valuable lessons to be learned from his unconventional approach. So if you’re ready to take control of your financial future and retire early, give this book a read.
I wonder if I was chasing the right goal. Are you?
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