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HomeMoney SavingThe Definitive Handbook for Organizing a Mini Retirement

The Definitive Handbook for Organizing a Mini Retirement

A mini retirement refers to taking an extended break from work to pursue personal goals, travel, or simply take a break. This decision allows individuals to experience a sense of freedom and empowerment, inspiring them to work harder to maximize their income while minimizing expenses and attachment to material possessions associated with their job titles. For example, when I had the realization of wanting to live on a sailboat in 2013, it completely changed my perspective on what I prioritized in life, such as my wardrobe, living arrangement, mode of transportation, and home furnishings. The dream of living on a sailboat and simplifying my possessions made me realize that material possessions hold very little importance in comparison. However, everyone’s dream is different, and each individual reading this guide will have their unique aspirations with different impacts on their lifestyle and luxuries. Simplifying one’s life during the planning and saving process for a lifelong dream helps redirect focus away from the corporate lifestyle that society typically pushes us towards. It involves saying no to common luxuries because there is a greater motivation and excitement to not indulge in them rather than not being able to afford them. Many people choose a mini retirement instead of early retirement because it allows them to fulfill their goals more quickly and often leads to a more moderate lifestyle while saving up for it. In my case, I chose a mini retirement because I am already in my 40s, and waiting another 10 years for early retirement might hinder my ability to sail around the world. I don’t take anything for granted, including my strength and health. Moreover, while my children are still young enough to adapt to a different way of life, I want to expose them to diverse cultures before they become too entrenched in mainstream American suburbia. To me, the best way to teach diversity is through experiencing different cultures firsthand, which is why crossing borders is a priority. When we return from our mini retirement, we don’t have any definite plans and are open to different possibilities such as new careers, starting our own company, or simply letting things unfold naturally. There is much we have yet to discover about ourselves and our future, and the excitement of not knowing where our journey will take us is invigorating. Overall, the key to planning a mini retirement is to first choose the adventure you want to embark on. This is an exciting aspect of leaving your job, as the options are limitless. You can go on an extended trip with friends or family, sail around the world, or combine your desire to travel with philanthropic projects abroad. The cost of your mini retirement should be calculated by considering initial expenses, monthly living expenses, and setting aside funds for emergencies and post-retirement adjustment. Throughout the planning process, extensive research is crucial to ensure accurate estimations and avoid underestimating costs. In summary, a mini retirement provides an opportunity to fulfill personal dreams without the distractions of a career and allows individuals to experience the freedom and personal growth that comes with pursuing their passions and exploring new horizons.

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