Sure, cutting back on work can feel like an impossible ask in today’s economy (and hustle culture). What’s one way to get there? Minimalism. In the words of minimalist expert Courtney Carver, “instead of working so hard to make ends meet, work on having fewer ends.” This quote is inspirational for many of us who are searching for financial freedom, but struggling to find it via traditional methods. What is it that we’re striving so hard to achieve? Many of us want more time—to enjoy life, our family, and our fur babies. Rather than working your hours away for things you don’t truly need, why not minimize your living to maximize your life? Here’s how to simplify your life in favor of semi-retirement. Paying off your mortgage can be easier than you think. For example, let’s say you have a 30-year loan of an amount of $150,000 on your home at a 5.25 percent rate. According to this mortgage calculator by Bankrate, if you pay an additional $200 a month to the principal, you could pay off your home 10 years earlier and save over $50,000 in interest payments. Even an extra $50 a month can save you thousands of dollars and shave years off your loan. Cut back on some frivolous spending and put that extra money towards your mortgage. Some people are getting pretty creative with tiny living. Tiny houses, “skoolies,” and container homes are a few fun ways to have a dream home that’s paid off. You can sell your existing home and use the profit to buy something smaller. Downsizing your home is a perfect path to semi-retirement. The more things you have, the more expenses you will accrue. Lightening your load and learning to minimize is essential for a simple lifestyle, which can make that sweet semi-retirement dream a reality. Create a debt payoff plan and use the SMART goal method to make it happen. This method helps you create specific and measurable goals within a specific time period. This way, you aren’t dragging out paying off your debt, and you can accomplish your goal of semi-retirement sooner than later. For example, let’s say you owe $20,000 total in debt, and you want to be debt-free in three years. If you divide $20,000 by 36 months, you would pay $555.55 a month to reach your goal. To make it less psychologically overwhelming, break it down into weekly goals. Being debt-free is a huge step towards semi-retirement. For example, let’s say you write and publish an ebook. The initial work of writing will be done, but you will continue selling books and earning royalties. Let’s say you make $2 a book and sell 200 books a month; that adds up fast! But don’t forget: Straight-up investing your money is one of the best ways to earn passive income and build real wealth. You don’t need a ton of money, either. You can get started investing with just $100 to make $1,000.
