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Millionaire habits : how to achieve financial independence, retire early, and make a difference by focusing on yourself first
\"This book is divided into two parts. Part 1 discusses each of the ten millionaire habits and the millionaire wealth-building timeline. These habits are the building blocks for everything you do inside and outside your workplace. Millionaires use these habits to build money-making careers and live a life that's so satisfying that they can't wait to get up in the morning and start their day. Part 2 dives into FIRE, or Financial Independence Retire Early. Younger people use these millionaire habits to work hard for several years and then quit their jobs in their 30s or 40s (hint: this was us). FIRE won't be for everyone, but its tactics can still make you very, very rich throughout your life. If you don't want to retire early, that's okay! But don't skip this part of the book. Achieving financial freedom is still the goal, and you might be surprised at the lifestyle options that open up to you once you're there. If you are ready to put your old habits aside and start doing the things that attract wealth without thinking about it, continue reading. You're in the right place.\"-- Provided by publisher.
BOOK
Optimal Consumption and Portfolio Selection with Early Retirement Option
In this paper we propose an approach to investigate a model of consumption and investment with a mandatory retirement date and early retirement option; we analyze properties of the optimal strategy and thereby contribute to understanding the interaction between retirement, consumption, and portfolio decisions in the presence of both the important features of retirement. In particular, we provide a characterization of the threshold of wealth as a function of time, and we show that it is strictly decreasing near the mandatory retirement date. The threshold is similar to the early exercise boundary of an American option in the sense that if the agent’s wealth is above or equal to the threshold level, then the agent immediately retires. We also provide comparative static analysis.
Journal Article
The impact of ill health on exit from paid employment in Europe among older workers
ObjectiveTo determine the impact of ill health on exit from paid employment in Europe among older workers.MethodsParticipants of the Survey on Health and Ageing in Europe (SHARE) in 11 European countries in 2004 and 2006 were selected when 50–63 years old and in paid employment at baseline (n=4611). Data were collected on self-rated health, chronic diseases, mobility limitations, obesity, smoking, alcohol use, physical activity and work characteristics. Participants were classified into employed, retired, unemployed and disabled at the end of the 2-year follow-up. Multinomial logistic regression was used to estimate the effect of different measures of ill health on exit from paid employment.ResultsDuring the 2-year follow-up, 17% of employed workers left paid employment, mainly because of early retirement. Controlling for individual and work related characteristics, poor self-perceived health was strongly associated with exit from paid employment due to retirement, unemployment or disability (ORs from 1.32 to 4.24). Adjustment for working conditions and lifestyle reduced the significant associations between ill health and exit from paid employment by 0–18.7%. Low education, obesity, low job control and effort–reward imbalance were associated with measures of ill health, but also risk factors for exit from paid employment after adjustment for ill health.ConclusionPoor self-perceived health was strongly associated with exit from paid employment among European workers aged 50–63 years. This study suggests that the influence of ill health on exit from paid employment could be lessened by measures targeting obesity, problematic alcohol use, job control and effort–reward balance.
Journal Article
Determinants of voluntary early retirement for older workers with and without chronic diseases: A Danish prospective study
Aims: This study explored differences in determinants (i.e. health-related, work-related and social factors) of voluntary early retirement between older workers with and without chronic diseases in Denmark. Methods: Workers aged 56–64 years who were members of a voluntary early retirement scheme were selected from the Danish National Working Environment Survey (2008–2009) and were followed in a public register for four years. Cox regression analyses were performed separately for older workers with and without chronic disease to identify the associations between determinants and voluntary early retirement. To explore the differences between groups, an interaction term between the determinant and having a chronic disease was included in the analyses for the total population. Results: Among 1861 eligible older workers, determinants associated with a higher risk of voluntary early retirement included poorer self-rated health, more depressive symptoms, a higher physical workload, lower job satisfaction and lower influence at work. For older workers with a chronic disease (n=1185), the presence of work–family conflict was also associated with a higher risk of voluntary early retirement, whereas for those with no chronic disease (n=676), a poorer relationship with colleagues was an additional determinant. Higher emotional demands, a higher work pace and higher quantitative demands were not significantly associated with voluntary early retirement for either group. None of the interaction terms was found to be statistically significant (p>0.05). Conclusions: Determinants associated with voluntary early retirement did not significantly differ between older workers with or without a chronic disease in Denmark. We conclude that several health-related, work-related and social factors are important for prolonged labour force participation of older workers (with and without a chronic disease).
Journal Article
Time for life? The spillover effect of strain-based family-to-work conflict on early retirement intentions and the role of HR practice flexibility
PurposeTo cope with the workforce shortages brought by population ageing, it is critical to understand the workplace micro-foundations that determine the mechanisms of older workers' early retirement intentions. Drawing on the conservation of resource theory, this study examines the spillover effect of strain-based family-to-work conflict (SFWC) on early retirement intentions, with emotional exhaustion as a mediator. Additionally, it investigates the contextual resources, HR practice flexibility, as a boundary condition for the above relationships.Design/methodology/approachThe study tests the hypotheses by employing a multi-sourced matching sample of 231 workers (aged 45–65) and their 49 managers.FindingsThe results of cross-level analysis revealed that SFWC has a positive indirect relationship with early retirement intentions, through increased emotional exhaustion. The relationship between emotional exhaustion and early retirement intentions is weaker when older employees experience higher HR practice flexibility.Originality/valueThis study is the first to use a resources perspective to analyse early retirement mechanisms, and it examines the spillover effect of SFWC on early retirement intentions. The findings also contribute to the literature on the role of HR practice for ageing workers.
Journal Article
Understanding the work goals–early retirement intention relationship: the mediating role of work passion and moderating role of HR practices’ flexibility
PurposeBased on goal content theory (GCT), this study examines the associations between different work goal contents (intrinsic and extrinsic goals) and early retirement intentions and reveals the underlying mechanisms of abovementioned relations.Design/methodology/approachThe paper tested the proposed model by using a sample of 265 workers in China using a two-wave survey.FindingsFindings(1) employees' intrinsic and extrinsic goals are both negatively related to early retirement intentions, and the effect of extrinsic goals on early retirement intentions is more significant. (2) Work passion was found to be a strong mediator between work goal content and employees' early retirement intentions. (3) Human resource (HR) practices’ flexibility significantly moderates the relationship between work passion and early retirement intentions.Originality/valueThe contribution of the current study is that this study first takes into account individuals’ psychological and organizational factors, aiming to reveal the differential effect of different work goals on individuals' early retirement intentions as well as the mediating effect of work passion and the moderating effect of HR practices’ flexibility in the abovementioned relations.
Journal Article
The Role of Ability, Motivation, and Opportunity to Work in the Transition from Work to Early Retirement-Testing and Optimizing the Early Retirement Model
Objectives Determinants in the domains health, job characteristics, skills, and social and financial factors may influence early retirement through three central explanatory variables, namely, the ability, motivation, and opportunity to work. Based on the literature, we created the Early Retirement Model. This study aims to investigate whether data support the model and how it could be improved. Methods Employees aged 58-62 years (N=1862), who participated in the first three waves of the Dutch Study on Transitions in Employment, Ability and Motivation (STREAM) were included. Determinants were assessed at baseline, central explanatory variables after one year, and early retirement after two years. Structural equation modeling was applied. Results Testing the Early Retirement Model resulted in a model with good fit. Health, job characteristics, skills, and social and financial factors were related to the ability, motivation and/or opportunity to work (significant ß range:0.05-0.31). Lower work ability(ß=-0.13) and less opportunity to work (attitude colleagues and supervisor about working until age 65:ß=-0.24) predicted early retirement, whereas the motivation to work (work engagement) did not. The model could be improved by adding direct effects of three determinants on early retirement, ie, support of colleagues and supervisor (ß=0.14), positive attitude of the partner with respect to early retirement (ß=0.15), and not having a partner (ß=-0.13). Conclusions The Early Retirement Model was largely supported by the data but could be improved. The prolongation of working life might be promoted by work-related interventions focusing on health, work ability, the social work climate, social norms on prolonged careers, and the learning environment.
Journal Article
‘To be a Player, not a Piece’: LMX-Relationships in Late-career Employment
This study employs qualitative interviews with employees (50+) and managers from Norwegian private companies to investigate how retirement age norms affect leader–member exchange (LMX) relationships in the late stages of employment.This research reveals that organizational practices incentivizing early retirement establish retirement age norms and create pressures that significantly impact the LMX dynamic. Employees perceive managers as key in alleviating these pressures. However, the ability of managers to shield employees from retirement pressures varies, as managers face several competing challenges, such as providing opportunities and development for younger employees. While high-quality LMX relationships are crucial in reducing retirement pressures for older employees, differing managerial practices lead to varied support levels within the same organization, putting older employees in precarious positions. The article advocates for policy reforms that limit organizational early retirement practices and promote extended working lives, ensuring a more supportive employment environment for aging workers in private organizations.
Journal Article
Caregiving subsidies and spousal early retirement intentions
Balancing caregiving duties and employment can be both financially and emotionally burdensome, especially when care is provided to a spouse at home. Caregiving subsidies can play a role in helping caregivers to cope with such duties. This paper demonstrates how providing financial respite for caregivers can influence individuals' decisions to retire early. We investigate the impact of a reform that extended long-term care (LTC) benefits (in the form of subsidies and supports) on the intention of a caregiving spouse to retire early in Spain. We subsequently examine the effect of austerity spending cuts reducing such publicly funded benefits, and we compare the estimates to the effects of an early retirement reform among private sector workers around the same time. Our preferred estimates suggest evidence of a 10pp reduction in early retirement intentions after the extension of LTC benefits even though the effect is heterogeneous by type of benefit. Consistently, austerity spending cuts in benefits are found to weaken retirement intentions. Even more importantly, our estimates suggest that cuts in caregiving subsidies exert a much stronger effect on early retirement intentions than actual early retirement reforms.
Journal Article