The single most essential part of retiring early comfortably is determining your Bare Bones Budget (BBB). Without a BBB, you’ll always feel you must work to pay all of your bills.
What is a Bare Bones Budget? A Bear Bones Budget is the minimum amount of money your household needs to thrive every month.
Notice how I used the word “thrive” and not “survive?” We don’t want to plan to struggle throughout our golden days of retirement.
Once you have taken stock of your BBB, you’ll have a much higher chance of exiting the workforce successfully using passive income.
Why is determining your BBB so important?
You can’t retire without knowing exactly how much you need to live.
Once you know your BBB number, you can patch together a passive income plan to support your living standard. Without a BBB, you’ll think you need much more to survive and thrive.
When I dropped my retirement papers from the Marine Corps, I believed I would need to work…
