8 people who retired before age 45 reveal how the decision changed their money habits
- Early retirees typically spend years saving aggressively so they can give up their paycheck and live off their savings.
- Eight early retirees told Business Insider their money habits changed for the better after retiring early.
- Many lowered their living expenses and don't think about money the way they used to.
- Visit Business Insider's homepage for more stories.
Early retirement involves a bit of culture shock.Of course, spending your days not reporting to anyone but yourself and doing whatever you like is exciting. But giving up a regular paycheck - no matter how much money you have saved up - can be a bit scary at first.Advertisement
Business Insider talked to eight people who retired early about how their finances changed after they took the leap and left the workforce for good. Turns out, their financial lives generally improved after retiring early. Many early retirees ultimately lowered their cost of living and are far less concerned about money than they were while working.early retirement has afforded them, like the ability to travel the world or become a stay-at-home parent.
Here's how retiring early has changed each of their relationships with money for the better.
For Kristy Shen and Bryce Leung, financial independence made traveling more affordable.
Jeremy Jacobson and Winnie Tseng don't think about money anymore.Advertisement
Joe Udo cut back on his biggest bill — childcare — by becoming a stay-at-home dad.
Sam Dogen gradually learned how to balance risk exposure.Advertisement
Tanja Hester doesn't check her account balances as much.
Karsten Jeske reduced expenses by relocating to a lower cost of living area.Advertisement
Jason Fieber took advantage of geographic arbitrage.
Steve Adcock began spending less money on things and more money on experiences.Advertisement