Graduating from college in the late 1990s, Josh, who is now 35 and wishes to remain anonymous, started an Internet marketing company with his roommate. In their late 20s, they sold their company and were suddenly faced with the reality that they could retire -- as in never work another day in their lives.
"The definition of retirement is different for different people," Josh says. For him, that means doing something he loves and finds fulfilling. Now he coaches football.
However, once you reach financial independence, you must be vigilant about your spending, he says, especially if a particular purchase is not part of your financial plan. In that situation he advises, "Go make the money you need to finance that purchase."
He is adamant that you partner with a financial adviser, particularly when you are seeking to achieve and maintain early retirement. Josh's financial partner, Gabriel Fancher, says you "must get lifestyle and spending down to lower levels so you can live off of income from your assets."
Fancher says that to achieve financial independence, you must, "Live within your means, and save as much as you possibly can."