7 secrets for retiring the cheapskate way
Jeff Yeager, author of How to Retire the Cheapskate Way, shares several of his tips.
Unlike most retirement planning and lifestyle books that focus on investing – or at the other end of the spectrum, on how to get the senior discount on a Grand Slam Breakfast at Denny’s – this new book from Jeff Yeager, America’s favorite cheapskate, makes the compelling case that you can have a joyous, worry-free retirement by merely spending smart and focusing on what you truly want and expect out of retirement.
Get started with these seven secrets from How to Retire the Cheapskate Way.
In interviewing and surveying hundreds of proud, self-proclaimed “cheapskates” for my new book How to Retire the Cheapskate Way, I found that these were folks who have mastered smart spending to the point where they can afford to retire very comfortably—and in many cases much earlier—on a fraction of the income required by most Americans.
As in my previous books, I don’t use the term “cheapskate” in a pejorative sense. These are simply people who have figured out that the key to financial independence—and a lifetime of happiness—has more to do with making the best of everything you have than it does with necessarily always having the best of everything. Being a “cheapskate,” in my lexicon, isn’t about sacrifice or deprivation, nor is it about being greedy or dishonest; it’s all about figuring out what’s really important in life (hint: often those things that come without a price tag) and being smart enough to skip the rest.
When it comes to retirement and retirement planning during these tough economic times, the advice of these black belts of smart-spending should be comforting and invaluable to all who are wondering how they can achieve their retirement dreams. Among their secrets for retiring the cheapskate way:
• live consistently below their means during their working years, both as a way of saving money for retirement and “test driving” their retirement lifestyle/budget
• avoid debt like the plague and retire any and all debt before they retire themselves
• accept responsibility as the CFO (“Chief Frugal Officer”) for their own finances and retirement planning, and not blindly accept the advice of professional financial advisors
• buy a “forever home,” if possible, when first starting out, pay it off as quickly as they can, and enjoy it throughout all phases of their lives, including retirement
• spend at least as much time maintaining their health and fitness as they spend earning money and worrying about how to pay for healthcare
• structure their retirement lifestyles and budgets so that most or all of their essential expenses can be covered by their income from Social Security alone
• find creative ways to leverage their spare time, interests/passions, and even their homes to both generate income and save them even more once they’re retired
Retiring the cheapskate way isn’t about achieving a single type of retirement lifestyle, as readers will discover from the broad range of individuals and families profiled in the book. Rather, it’s about learning some important money lessons, tips, and tricks—both large and small—that can help just about anyone retire better, earlier, and happier.