Issue #1: Busting Myths—You Don't Have to Wait Until 65 to Retire

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Welcome to the first issue of Redefining Retirement, a newsletter dedicated to inspiring professional women to take control of their financial futures and retire on their own terms—sooner than traditional norms suggest. I'm Omolola Oyewumi (LolaWealth), founder of LolaWealth LLC, and I'm excited to share insights, strategies, and real-life stories that can help you achieve the life of your dreams.

Is 65 the Magic Number? Challenging Retirement Age Norms

Have you ever asked yourself:

• Do I really have to wait until I'm 65 to retire?
• Is it possible to live my dream life before the traditional retirement age?
• How can I achieve financial independence earlier?
• I need a huge inheritance or a high-paying job to retire early.
• Retiring early means a lower quality of life.
• It's too late for me to start planning for early retirement.

Myth Busting: Early Retirement Isn't Just for the Wealthy

Retirement isn't confined to a specific age. With strategic planning and smart financial decisions, you can retire earlier and start enjoying the life you've envisioned.

70% of professional women express a desire to retire early to pursue personal interests and passions. (Source: Forbes Women, 2022). 25% of Americans aim to retire before age 60. (Source: Transamerica Center for Retirement Studies, 2021). According to a 2022 Gallup poll, the average expected retirement age has dropped to 62, down from 66 in 1995.

What does this mean for you?

The traditional retirement age is shifting, and more women are taking proactive steps to retire earlier and live life on their terms.

Meet Sarah, Who Retired at 40

Sarah's Journey to Early Retirement

Background: Sarah, a marketing executive in a Fortune 500 company, felt the burnout of corporate life by her mid-30s. She dreamed of traveling the world, pursuing her passion for photography, and spending more time with her family.

Challenges:

High student loan debt: Sarah graduated with significant debt.

Single income household: As a single mother, she was the sole provider for her two daughters.

Lack of financial guidance: She initially lacked knowledge about investing and wealth-building.

Strategies Implemented:

1. Embracing the FIRE concept: Financial Independence, Retire Early (FIRE): Sarah discovered the FIRE movement and began to educate herself on its principles.
2. Aggressive saving: She aimed to save 50% of her income by reducing unnecessary expenses. Eliminated non-essential costs, negotiated bills, and focused on needs over wants.
3. Income diversification: Started freelance consulting and launched a successful blog about marketing strategies. Figured out on how she could earn more rather than contrints with budget. Invested in dividend-paying stocks and rental properties.
4. Investing wisely: Focused on low-cost, diversified investments e.g., Index funds and ETFs. Maximized contributions to her 401(k), opened a Roth IRA and a life insurance with living benefits.
5. Debt elimination: Accelerated her debt repayment by using the debt avalanche method to pay off high-interest loans first.

The outcome:

Financial independence at 40: Sarah reached her financial goals and retired from her corporate job.

Living her dream life: Visited over 30 countries with her two daughters.

Passion projects: Turned her love for photography into a profitable venture, started online training for women, created courses and resources to teach others on photography and now she's on her way to 7 figure in revenue.

Quality of life: Enjoys flexibility, reduced stress, and more time with family and friends.

Sarah's Advice: "Early retirement isn't a fantasy. With determination, planning, and the right strategies, it's entirely within reach. Start today, educate yourself, and don't be afraid to take control of your financial future."

Spoiler Alert: Ever wondered if it's truly possible to retire at 40 and live the life of your dreams? How did I retire at 40? It's a question I'm excited to answer in our next newsletter. I'll be sharing my personal journey and I'll reveal the strategies, challenges, and triumphs of my path to early retirement.

FIRE concept

Understanding FIRE (Financial Independence, Retire Early)

• Financial Independence: Accumulating enough wealth to cover your living expenses without relying on traditional employment. (LolaWealth Insights- Travel and experience different cultures without the limitations of work schedules. Engage in volunteer work or start a social enterprise that aligns with your values. Improve well-being! Reduce stress and enhance your physical and mental health.)
• Retire Early: Exiting the workforce before the conventional retirement age to pursue personal goals and interests. (LolaWealth Insights- Live life on your terms! Pursue passions, hobbies, and interests without the constraints of a traditional 9-to-5 job or live paycheck-to-paycheck. Be present for family and friends, creating cherished memories.)
• FIRE Core Principles: Creating multiple income streams for financial security, living below your means to maximize savings, aiming to save 50% or more of your income and growing your wealth through strategic investments.

Why It Matters for Women

By embracing the FIRE concept, women can transform their financial futures, breaking free from traditional constraints and paving the way for a life defined by autonomy, security, and flexibility. Financial independence is not just about money—it's about creating the freedom to live life on your own terms.

• Economic uncertainty: In a rapidly changing economic landscape, financial independence provides a buffer against market volatility and job instability.
• Changing social dynamics: As traditional roles evolve, women are increasingly taking the lead in financial planning and wealth management.
• Legacy building: Financially independent women can influence future generations, promoting financial literacy and empowerment within their families and communities.

Bridging the Gender Wealth Gap

Empowerment through Wealth Accumulation: FIRE empowers women to actively close the wealth gap by focusing on savings, investments, and financial growth. By taking control of your finances, you can mitigate the effects of wage inequality and career interruptions. Example: A woman who saves and invests 50% of her income starting at age 30 could amass a substantial portfolio by age 45, potentially outpacing peers who save less, thereby bridging the wealth gap.

Autonomy and Security: Financial independence grants women the freedom to make choices aligned with their personal and professional goals. It ensures that professional women are prepared for retirement and unforeseen circumstances, enhancing overall security. Example: A financially independent woman might choose to leave a high-stress job to pursue a more fulfilling career in a lower-paying field, knowing she has the security to do so.

Flexibility: Whether it's starting a family, changing careers, or pursuing personal interests, financial independence offers the flexibility to navigate various life stages. With a financial cushion, women can start their own businesses, fostering innovation and personal growth. Women can design a lifestyle that prioritizes their well-being and personal fulfillment without being solely driven by financial necessity. Example: A woman who has achieved financial independence may decide to take a two-year career break to care for a newborn or an ailing parent, confident that her finances can support this decision.

Your early retirement can be a reality!

With intentional planning and action, you can design a life that's rich in experiences and fulfillment long before traditional retirement age.

Call to Action

Ready to start your journey toward early retirement?

1. Educate yourself: Begin by learning more about personal finance, investing, and the FIRE movement.
2. Set clear goals: Define what financial independence means to you and establish a roadmap to achieve it.
3. Seek support and guidance: Consider working with a financial coach or joining communities of like-minded individuals like LolaWealth Insights.
4. Start today: No matter where you are on your financial journey, taking proactive steps now can make a significant difference.

Connect with LolaWealth

Website: www.lolawealth.com | LinkedIn: LolaWealth LLC | Email: [email protected]

Subscribe: Join our community to receive weekly insights and strategies.

Schedule a consultation: Let's discuss your goals and how we can help you achieve them.

Engage: Share your thoughts or questions. What topics would you like us to cover in future issues? What other strategies are you deploying to retire early?

Share: If you found value in this newsletter, please share it with friends and colleagues who might benefit.

Additional Resources to Kickstart Your Journey

• Books: "The Simple Path to Wealth" by JL Collins. "Work Optional: Retire Early the Non-Penny-Pinching Way" by Tanja Hester. "Your Money or Your Life" by Vicki Robin and Joe Dominguez
• Podcasts: "ChooseFI" – A podcast about financial independence. "Afford Anything" with Paula Pant. "Journey to Launch" with Jamila Souffrant.
• Websites and Blogs: LolaWealth.com – Resources and coaching services. Mr. Money Mustache – Early retirement through frugality. The Balance – Personal finance advice and tips.

Final Thoughts

Retiring early isn't just a dream—it's an attainable goal with the right mindset and strategies. By challenging traditional beliefs about retirement and taking proactive steps, you can create a future filled with freedom, passion, and joy.

Remember: Every journey begins with a single step. Let Redefining Retirement be your guide as you embark on this exciting path toward living your best life sooner.

Let's redefine what's possible and build a future where professional women are empowered to retire on their own terms.

Empowered Regards,

LolaWealth

Wealth Coach & Founder LolaWealth LLC

Disclaimer: The information provided in this newsletter is for educational purposes and should not be considered financial advice. Please consult a professional financial advisor for personalized guidance.

P.S. Stay tuned for our next issue, where we'll delve deeper into practical steps you can take today to start your journey toward early retirement. Together, we'll explore income diversification strategies that fit your lifestyle and goals.