Last year, I took early retirement at age 40. This was the latest in a long line of financial milestones. He paid off $300,000 in debt, became a millionaire, and quit his corporate job.
While this looks like a success story on paper, things didn’t go as planned last year. Some days I had great days and some days I was down.
After a year, I let go of the idea of a perfect retirement plan. There were many surprises and I learned a lot about things that are really important to me.
1. I still worry about money
In the first quarter of this year, I lost about $60,000. I’ve been teaching investing classes for years. Even though I knew a stock market crash was going to happen, I was surprised at how anxious I felt when it happened.
I’ve learned that it’s not as easy to “set it and forget it” when you’re relying on that money for current income rather than investing it in the distant future.
Many financial advisors recommend having three to six months’ worth of cash on hand. I have more than a year’s worth of savings. This cushion gives me the space to not panic or make reactive decisions.
I plan on continuing to withdraw cash while giving myself time to recover my investment. It helps you stay committed to your long-term strategy, even if it feels uncomfortable in the short term.
I’ve been able to better manage my discomfort by keeping a consistent monthly budget and only looking at my investments when I make major purchases.
2. We had to get creative with medicine.
I have a chronic illness. When I was thinking about retirement, one of my biggest concerns was making sure I didn’t have any gaps in my caregiving. Since I don’t have employment insurance, I had to be a little creative. The solution was more patchwork than I expected.
First, we spent four months researching and comparing private insurance plans. And last year we visited Malaysia. One of the main reasons for the trip was to get a comprehensive medical exam to get a clearer idea of what illnesses I might be susceptible to in the future. The cost was $769 for both of us, which was cheaper than going back to my home country.
We were then able to provide the screening results to a new doctor based in Las Vegas. The doctor plans to relocate later this spring.
We decided to try the concierge family doctor. This is a monthly subscription and has additional costs that I didn’t have before I retired. However, it is reassuring to know that there is always someone to talk to.
3. You need more structure than you think.
It’s great to have a schedule that isn’t tied to a paycheck. But for the first few months, I found myself struggling to structure my days in a way that felt meaningful to me. I wanted to have a clearer sense of direction.
It took some trial and error, but I came up with a strategy that worked for me. Each quarter, I choose three categories to build my schedule: health, hobbies, and passion projects.
Last quarter, we focused on yoga, improvisational activities, and planning a big event for the personal finance and entrepreneurial community we’ve built through our platform CRUSH Your Money Goals.
Although I no longer need to work, I decided to continue my coaching and events business. The biggest reason is that I wish something like this had happened when I was a working adult. I also feel great joy from teaching. I do it because I love it, not for profit.
4. You’re not done building your community yet.
Early on, I felt pressure to show everyone how great retirement was and prove that we made the right decision.
I realized how much I relied on external validation from others to feel like I made the right choices. This is something I’m still working on as well. Journaling and therapy helped a lot. As well as redefining what my community should be like now.
I don’t have any more colleagues. Most of our peers are not at the same stage of life as us. That’s fine, but it can be isolating. Therefore, I have focused on meeting people and developing friendships through hobbies and interests such as comedy, yoga, sports, and music.
5. I’m inclined to joy
I thought retirement might be boring. It turns out I have the opposite problem. There are too many things I want to do. I want to sing again, play pickleball and volleyball, and travel. I’m also a big K-Pop fan.
This is not ideal for my wallet, but I made an unexpected decision. Instead of being afraid to spend money on things that bring me joy, I lean into it. I see BTS when they go on tour, and I also go to a few other concerts.
I’m going to say yes to the experience of filling my cup. You don’t have to make a few adjustments to your budget next year. I decided to enjoy the time I worked so hard to create for myself. After all, it was the first time in 20 years since I started working that I was actually able to do it.
Bernadette Joy is the author of CRUSH Your Money Goals and a personal finance expert and investor dedicated to overcoming burnout and achieving financial independence. You can find her on Instagram, YouTube, and LinkedIn.
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