Early Retirement: How to Plan Financial Freedom | Retirement Planning | Giribabu | Anil | Revanth

Certified Personal Financial Planner Giribabu, along with financial advisers Anil Kumar Batchu and Revanth Chalamala, tackles the pressing issue of Early Retirement and Financial Freedom. This discussion explores the evolving perception that "45 is the New 60", meaning many now aspire to retire or stop working by the age of 45.

Key Discussion Points:

The Forced Reality of Early Retirement: For many, particularly those in the IT sector, retiring early is no longer a luxury but a forced reality due to market situations and rapidly changing technology. We discuss the sad reality of job insecurity, lay-offs, and how diminishing adaptability to new technologies affects careers after age 40 or 45.

The Failure of Late Planning (FIRE vs. WATER): While the desire for FIRE (Financial Independence, Retire Early) is high among young professionals, proper planning is rarely implemented early enough. Without sufficient planning, FIRE quickly turns into WATER (What After The Early Retirement?). Many people who plan to retire early lack a definitive plan for their post-retirement life, beyond vague ideas like world tours, and have not budgeted for the high costs of continuous "holiday" expenses.

Common Financial Mistakes: The majority of people fail to achieve early retirement because they commit to huge financial burdens, such as long-term housing EMIs, very early in their careers. This prevents them from achieving adequate savings. We highlight the danger of preparing a 'blind budget,' often failing to account for essential but hidden annual expenses (like school fees, insurance, and functions), noting that a very basic budget in Hyderabad often requires ₹75,000 per month. Furthermore, many people are burdened by social pressure to acquire second or third properties, leading to continuous EMIs well into their 50s, rather than focusing on building financial assets.

Steps Towards Early Financial Freedom: To make the 45-is-the-new-60 concept a reality, early planning is absolutely essential.

• Start Now: Planning must start from the earliest stages of your career (age 22-23).

• Prioritize Saving: When pressures are low in your 20s, you must aim to save 60% to 70% of your income.

• Diversification and Liquidity: Investments must be diversified across different asset classes (Plan A, Plan B, Plan C). Liquidity should be the priority, shifting investments from fixed assets to financial assets, avoiding fixed-return insurance policies that cannot keep up with inflation.

• Constant Learning: Maintain constant learning to adapt to technology that changes on a yearly life cycle.

• Seek Professional Advice: Do not rely on overconfidence or simply "knowing how to operate a computer." Complex financial issues require the guidance of a Financial Professional.

We recommend following the thumb rule: Use 85% of your income for the day and dedicate the remaining 15% for tomorrow (investment). Without dedication and planning, the outcome will inevitably be failure.

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Early Retirement: How to Plan Financial Freedom | Retirement Planning | Giribabu | Anil | Revanth
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