In recent years, the so-called F.I.R.E. movement (along with the lesser-known SemiFIRE movement) has become very popular among people who want to chart their own journeys through life. Short for “Financial Independence, Retire Early,” F.I.R.E. is all about maximizing savings and investments to retire at a relatively young age.
Many individuals within the F.I.R.E. movements can retire by the time they are 30. So how exactly do these enterprising individuals do it? In many ways, retiring early isn’t necessarily about becoming rich. You don’t have to be a neurosurgeon to save enough to be a retiree by 40 or 50. But living well within your means is definitely a big part of retiring early.
Obviously, how much you make will play a role in how much you’re able to save; that said, however, living in a high-cost area such as Manhattan or San Francisco can eat into anyone’s potential retirement account. Finding a budget that works for you can help you to achieve your retirement dreams. Here are just a few great jobs for people who want to put the rat race aside and live an independent life.
While programming computers is challenging work, the job also pays extremely well. With or without a degree in computer science, for example, many programmers will easily net six-figure jobs very quickly. Programmers who work for companies like Microsoft or Facebook can make higher salaries than many doctors.
Indeed, with such high pay, it is easy for computer programmers to save towards retirement. However, you slice it, retiring early as a computer programmer is definitely doable. It might just be one of the best jobs available to people who want to retire early.
How to do it: Training for computer programmers varies widely, from self-taught developers to online coding schools and Bootcamp graduates to those who hold graduate degrees in computer science.
As an accountant, you’ll definitely learn how to handle money and maximize a budget. In most cases, you’ll also make a pretty comfortable living as an accountant. This will definitely enable you to save towards early retirement.
By keeping your overhead expenses low, you’ll definitely have a shot at retiring early if you pursue a career as an accountant. This is especially true if you go for your CPA accreditation.
How to do it: To become an accountant, you’ll typically want to pursue at least a bachelor’s degree in the field in addition to the CPA credential.
As some of the most highly paid professionals in the modern economy, attorneys are in a unique position to retire early. To really maximize your savings as an attorney, be sure to pay down law school debt and try to keep your living expenses low. That isn’t always easy to do in big legal hubs like New York City. But if you’re committed to the idea of retiring early, there are ways to cut down on monthly costs and set aside money for retirement.
How to do it: Attorneys often come from a variety of undergraduate degrees, although most attend an accredited law school afterward. You can get an idea of how you’ll do on the LSAT (the exam to get into law school) with these LSAT sample questions.
Becoming an investment banker isn’t easy. But people who pursue this line of work can make a lot of money early in their careers. That can really pay off in the long-term; if you’re good at saving your money, you could easily sock away six figures per year as an investment banker. That could quickly put you on the path to early retirement.
How to do it: To become an investment banker, you’ll want to major in finance, economics, accounting, and/or business. An MBA could help give you an edge over other candidates, and internships and networking are highly recommended.
Although nurses often work long hours under stressful conditions, they tend to make very good salaries. With a good few years of saving and investing wisely; in fact, many nurses should be able to retire early. The good news is that nursing is also a highly rewarding profession that really helps society’s most vulnerable people.
As a nurse, you’ll definitely be able to help a lot of people before you retire. That’s certainly a win-win to consider!
How to do it: To become a nurse, you’ll need to graduate from an accredited nursing school and pass a licensing exam. To become an LVN, you’ll need less schooling than you will to become an RN; however, RNs typically (although not always) earn more than LVNs.
Real Estate Agents
If they’re good at sales, real estate agents can make a good deal of money from commissions. With enough home sales under your belt, you’ll be in a great position to save a lot of money as a real estate agent. That can make retiring early very feasible. This is a good job for people who like to socialize; if you want a great deal on a house to retire in, moreover, a job in real estate certainly doesn’t hurt!
How to do it: Real estate agents are typically required to pass a licensing exam in the state(s) they wish to practice, although there are no formal degree requirements. At the end of the day, retiring early will come down to several significant factors and how you handle different challenges in life.
Are you good at foregoing expenses in the present to reach bigger goals down the road? Does the idea of living frugally for the time being an appeal to you? Do you value your free time and enjoy forging your own path through life? If you answer these questions in the affirmative, you might just find a great deal of satisfaction in the notion of retiring early. With the right job, that dream could soon become a reality!