Mini-Retirement Is The Latest Trend For Young Professionals
Thursday, January 30, 2020 IST
Have you ever wanted to get away from it all? The day to day work grind, stress, monotony and utter predictability of everyday life might just urge you to sometimes put down for your papers and take a breath. A long breath. Well, here’s something that might help you to do just that and more. Mini retirement is the latest trend for young professionals and you can do this too if you plan well in advance. Tim Ferris’s ‘The 4-Hour Workweek’ book states mini-retirement as a series of meaningful respites throughout your life in which you can take a break from your career instead of taking one final retirement at the end.
What’s Your Reason For Taking A Mini-Retirement?
The first step to planning a mini-retirement is knowing why you want to go for this in the first place. Chronic workplace stress and burnout are one of the common reasons young professionals opt for this. The World Health Organization defined burnout as a clinical syndrome. So if you feel like you’re reaching a breaking point due to workplace stress, then maybe its time to take a break.
Going for a mini-retirement with a clear purpose and plan is helpful. Another reason people like to go for a mini-retirement is to pursue time-sensitive opportunities. This can be like travelling with your spouse, your kids and your parents before age catches up. Travelling the world including pursuing adventure activities and even backpacking is a mini-retirement trend among young professionals. If you’re looking for a career change or just wanting to explore your hobbies and rejuvenate then mini-retirement can be the key to connecting with yourself on a deeper level. Once you’re all recharged you can go back to a work with a newfound zest and passion towards work, life, family and towards yourself.
Be Financially Prepared For A Mini-Retirement
Mini retirement would mean following your passion, taking a break from work at the cost of perhaps your salary. So you need to be financially prepared for your break before you take the plunge. Jillian Johnsrud of Montana Money Adventures has taken five mini-retirements that have lasted anywhere from one month to two and a half years. She said that aspiring mini retirees must have all consumer debt paid off. This would mean paying off your car loan and credit cards. People wanting to opt for a mini-retirement must have an emergency fund in place and must invest at least 10% of their income for old age retirement.
You must have enough cash to cover your expenses during your mini-retirement. Having an alternative income during your mini-retirement through freelancing, teaching an online course can help. She further said that mini-retirement experiences don’t have to be expensive. A full world trip for a couple could be $40,000 ( ₹28,57,320). Kyle Stimpson of Not Your Parents’ Financial Guy took a 6-month mini-retirement to travel at the age of 27, after saving $80,000 ( ₹57,14,640). He advises people to save enough for monthly expenses and to calculate per month expenses and how to cut down on them if necessary before planning a mini-retirement. You can even go solo travelling during your mini-retirement as Studies Reveal That Solo Travellers Are More Intelligent
What Else?
Both Jillian Johnsrud and Kyle Stimpson agree that mini-retirement is really rewarding. Stimpson saved 30% to 40% of his post-tax income for three years, created a budget and savings plan and then went ahead with his mini-retirement. He rented a modest apartment, cooked most meals at home and spent less money on shopping, used public transportation to keep his budget in check. Jillian Johnsrud states that once you have the money saved up, you must be ready to pull the trigger. She assures mini retirees that the money part is not that difficult as long as you have good saving and spending habits in place. It’s much more difficult to figure out how you are going to spend your time. She further added that she would love to see people retire early instead of trying to cram all their best life experiences into old age. Well, mini-retirement is the trend, and it’s alright to take save, be prepared and take that really nice long break.
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