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How to prepare for early retirement and travel the world.

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Even though I decided to leave my steady 9-5 in order to become location independent, a big goal of mine is to retire early.

I can see this new found freedom as early retirement. No set schedule, and being completely independent of a “job”.

The location independence lifestyle may seem like early retirement, but not even close. Early retirement can only happen when you are financially independent.

So, I reached out to someone who achieved their early retirement goals in their mid-thirties.


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On episode 82 of our podcast The Offbeat Life, I spoke with Steve Adcock who was able to retire and is now living in an RV with his wife. 

Listen to my full interview with Steve Adcock for more early retirement tips below:

Here are a few amazing tips on how to think, save and retire early in order to escape from the rat race and live your best life.

Learn how to prepare for early retirement

In order to prepare for early retirement, Steve explains that you must understand where your money is going.

Often times we are oblivious on how much we actually waste on materials that we do not need.

Whether it is an ongoing payment for a gym membership that we never use or impulsively buying that cute sweater that we will only wear ones. It all adds up.

One way to stop yourself from overspending and mindlessly purchasing is to use apps like

These money hacking apps will send you reminders and notifications when you are over your budget and will tell you exactly where you’re spending your money.

Knowing where your money is going will make planning for early retirement a lot easier.

Know how much money you need to retire.

A strategy that Steve Adcock and his wife used in order to figure out how much money they needed to retire early is by using the Trinity Study. Which helps you calculate and decide on a retirement budget.

The Trinity study explains that a person has enough savings in assets if 4% of their assets are able to cover a year’s expenses.

For example, if you are planning to spend 40K a year, your portfolio must be $1 million dollars in order for you to withdraw 4% (40K) each year.

Once you understand your personal ratio, you will be able to calculate the amount of savings you need in order to retire.

Anticipate the roadblocks you will face.

Sensible living can be a sacrifice when you are trying to achieve your financial goals and it can be a hard transition in the beginning.

There are so many spending habits that you may have to eliminate in the short term that can be extremely difficult to do.

A few examples are not going out for drinks, not taking the vacation you’ve always wanted, and no impulse buying.

Every penny must be accounted for and it is really important to ask if what you are purchasing is giving you enough joy, that you are willing to take that money away from your early retirement plans.

early retirement

Set a deadline for retirement.

Setting a deadline is crucial to achieving early retirement. Saving and maintaining a sensible lifestyle will become a lot easier but actually taking the step to leave your secure 9-5 can be the most difficult decision you will make.

Having a lot of uncertainties and putting off retirement can easily happen. Self-doubt and the fear of not having enough to retire on can be self-debilitating.

In order to take the final step to leave your 9-5, you must set a deadline and stick to it. Otherwise, you will always be putting it off until “next year”.

So, if you think you’re ready to take the plunge, set that date and start living the next phase of your life. You worked hard for it, you deserve to enjoy the fruits of your labor!

Where he gives amazing and inspiring stories that will make you yearn to start the early retirement process.

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