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Abstract

your mental health in check.<h1 id="34fc">The Catch</h1>But how do you take a few months off work? Also, how do you afford it? Not every boss allows their employees to go away for 2–3 months, and most of us don’t have 90 days worth of paid vacation time.That’s the catch: you would have to finance the mini-retirement mostly yourself, and you need to find a way to make your schedule work. These two conditions present particular difficulties.<h1 id="72ad">The Financial Plan: How Can I Afford a Mini-Retirement</h1>Naturally, you need a thorough financial plan. Don’t get discouraged — it’s possible, but it requires some planning. Below is the algorithm of actions you need to take to organize a mini-retirement:1. Determine how often you would like to take time off. It can be every year, every two years — it’s up to you. Based on the time frame, you would have to come up with financial projections.2. Decide on your plan, including the itinerary. For mini-retirements, staying home would require one budget, while traveling around the world would cost much more.3. Calculate the funding required for this endeavor. Based on the figure, you would have to plan ahead.4. Prepare a savings and investment plan to fund the mini-retirements. You also need to choose if you are going to have a continuous saving process for this venture, or if you are going to start saving from scratch after each mini-retirement.5. Include the regular expenses in your financial plans, such as mortgage and other fixed costs. If you choose to travel, you would still have to pay rent, utilities, insurances, and other expenses at home. Preferably, make a list of costs you can put on hold when you are away.6. Map out the plan for your job. Do you need a more flexible job to afford such a luxury? Should you consider a remote position with unlimited vacations? Or, are you going to quit your job every time you wish to take a mini-retirement, and then start looking for a new one? There are a lot of options available, and you need to decide which one works best for you. Some choose to become self-employed.7. Ensure that your other goals and dreams are on track, such as the conventional retirement plan. The ultimate goal is to allow yourself to take significant time off work while still planning to retire later on in life.While this plan may seem like it came from utopia, planning mini-retirements can be realistic. You may not be able to take one when you are 25 years old, but once you’re older and ahead in life, not to mention a long-term career, it becomes feasible.The goal is to ensure you have enough funds to afford this luxury.The ultimate goal is to allow yourself to take significant time off work while still planning to retire later on in life.<h1 id="faef">Finances: How to Make it Happen?</h1>The financial concept is precisely the same, compared to any other goals, such as a mortgag

Options

e, vacation, or a large purchase. You follow the standard plan, but cutting down on expenses is going to be more significant:<ul><li>Downsize and get rid of unnecessary expenses and costs. You don’t need a large house if you’re overworked and miserable at work. Competing with neighbors and friends makes no sense when you’re unhappy. Better yet, get a smaller home, stop buying stupid stuff and let yourself take time off.</li><li>Decrease the expenses wherever possible. You don’t need to hire a gardener every week, nor do you need an expensive car. If you drive a lot, a hybrid might be a way to save money. Buying a prime rib twice a week may not be a necessity. Making lunch at home it’s also a good idea, and you may want to cut down on takeout food as well. The goal is to keep things that make you truly happy while removing those that are absolutely unnecessary.</li><li>Once you start saving, don’t let the money sit in your savings account. Invest it smartly. Diversify your investment portfolio to ensure maximum returns with reasonable risks. Consult a financial advisor, if you have to.</li><li>Budget according to your mini-retirement plan, and stick to your budget.</li></ul>The next thing you know — you’ll be taking your first 3-months long-term vacation. And it will make you happier than having a 2-storey house with 6 bedrooms.Having the luxury to take time off is life-changing. Instead of feeling trapped and having no choice, you gain the freedom of taking a break and doing what you wish.<h1 id="267d">Having a Back-up Plan is a Must</h1>It’s wise to hope for the best, yet plan for the worst, as our plans don’t always go smoothly. Have a back-up plan, in case you have unexpected expenses, or if you’re having a hard time going back to work. Having an emergency fund is an absolute must.Ensure to make smart decisions and budget appropriately. It will give you peace of mind and allow you to relax and distress during the mini-retirement.The next thing you know — you’ll be taking your first 3-months long-term vacation. And it will make you happier than having a 2-storey house with 6 bedrooms.<h1 id="edc5">The Conclusion</h1>No one wants to work for 40 years straight with no breaks. Naturally, we have gaps in employment: job loss, unexpected layoffs, medical issues, family issues, recession, and many more. But none of us is happy working nonstop and feeling like a slave.Happiness should be everyone’s priority, so is mental health. If you feel like you are starting to burn out at work, having the luxury to take time off is life-changing. Instead of feeling trapped and having no choice, you gain the freedom of taking a break and doing what you wish. Such an opportunity allows you to be free, live a fulfilling life, and simply be happy. By the end of the day, this is what we all want.This article is for informational purposes only, it should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.</article></body>

How to Take Mini-Retirements Instead of Slaving Away at Work — And Be Happier

You don’t need to wait until you’re 60 to take a break

Working hard and hustling has become the norm in our everyday lives. We don’t always give ourselves a chance to stop and take a breather. We start the day early, work late, and have a bunch of plans and chores for the weekend. Resultantly, life becomes a blur, and every day feels the same.

We fail to allow our bodies and minds to relax, recharge, and feel better. Taking care of ourselves is essential; otherwise, we risk exhaustion, burn-out, and mental issues like anxiety and depression. Self-care is the path to happiness.

Have you ever considered taking an extended vacation in the middle of the year? I’m not referring to a few weeks somewhere on the beach. You have an opportunity to take a glance at how your retirement would look like. It may seem unattainable first, but careful and methodical planning can get you there and allow you to enjoy life and focus on your happiness.

Mini-Retirement: How Does it Work?

A mini-retirement is when you take a vacation for a significant amount of time. Instead of taking a week or two, which is what we are accustomed to, you opt-in for several months. This allows you to fully disconnect from work and give yourself a reasonable time to rest and take care of yourself. Once the mini-retirement is over, you return to work have the same way you would after a regular vacation.

Lacey Filipich described the mini-retirement concept exceptionally well in her Ted Talk.

The Life-Changing Benefits

The benefit of a mini-retirement is its length. You’re going away for many months at once, which allows you to enjoy the time off. You don’t have to start stressing out on the weekend, realizing you have to go back to work soon. Another upside is being able to take the mini-retirement almost at any point. The moment you feel tired or stressed at work, you allow yourself to indulge in this magnificent experience.

Mini-retirement reduces anxiety and stress, and allows you to keep your mental health in check. The physical health also benefits greatly, because sitting in an office or performing physical labor for a long time takes a toll on your body. Therefore, mini-retirements are extremely useful for both mental and physical reasons.

Mini-retirement reduces anxiety and stress, and allows you to keep your mental health in check.

The Catch

But how do you take a few months off work? Also, how do you afford it? Not every boss allows their employees to go away for 2–3 months, and most of us don’t have 90 days worth of paid vacation time.

That’s the catch: you would have to finance the mini-retirement mostly yourself, and you need to find a way to make your schedule work. These two conditions present particular difficulties.

The Financial Plan: How Can I Afford a Mini-Retirement

Naturally, you need a thorough financial plan. Don’t get discouraged — it’s possible, but it requires some planning. Below is the algorithm of actions you need to take to organize a mini-retirement:

1. Determine how often you would like to take time off. It can be every year, every two years — it’s up to you. Based on the time frame, you would have to come up with financial projections.

2. Decide on your plan, including the itinerary. For mini-retirements, staying home would require one budget, while traveling around the world would cost much more.

3. Calculate the funding required for this endeavor. Based on the figure, you would have to plan ahead.

4. Prepare a savings and investment plan to fund the mini-retirements. You also need to choose if you are going to have a continuous saving process for this venture, or if you are going to start saving from scratch after each mini-retirement.

5. Include the regular expenses in your financial plans, such as mortgage and other fixed costs. If you choose to travel, you would still have to pay rent, utilities, insurances, and other expenses at home. Preferably, make a list of costs you can put on hold when you are away.

6. Map out the plan for your job. Do you need a more flexible job to afford such a luxury? Should you consider a remote position with unlimited vacations? Or, are you going to quit your job every time you wish to take a mini-retirement, and then start looking for a new one? There are a lot of options available, and you need to decide which one works best for you. Some choose to become self-employed.

7. Ensure that your other goals and dreams are on track, such as the conventional retirement plan. The ultimate goal is to allow yourself to take significant time off work while still planning to retire later on in life.

While this plan may seem like it came from utopia, planning mini-retirements can be realistic. You may not be able to take one when you are 25 years old, but once you’re older and ahead in life, not to mention a long-term career, it becomes feasible.

The goal is to ensure you have enough funds to afford this luxury.

The ultimate goal is to allow yourself to take significant time off work while still planning to retire later on in life.

Finances: How to Make it Happen?

The financial concept is precisely the same, compared to any other goals, such as a mortgage, vacation, or a large purchase. You follow the standard plan, but cutting down on expenses is going to be more significant:

Downsize and get rid of unnecessary expenses and costs. You don’t need a large house if you’re overworked and miserable at work. Competing with neighbors and friends makes no sense when you’re unhappy. Better yet, get a smaller home, stop buying stupid stuff and let yourself take time off.
Decrease the expenses wherever possible. You don’t need to hire a gardener every week, nor do you need an expensive car. If you drive a lot, a hybrid might be a way to save money. Buying a prime rib twice a week may not be a necessity. Making lunch at home it’s also a good idea, and you may want to cut down on takeout food as well. The goal is to keep things that make you truly happy while removing those that are absolutely unnecessary.
Once you start saving, don’t let the money sit in your savings account. Invest it smartly. Diversify your investment portfolio to ensure maximum returns with reasonable risks. Consult a financial advisor, if you have to.
Budget according to your mini-retirement plan, and stick to your budget.

The next thing you know — you’ll be taking your first 3-months long-term vacation. And it will make you happier than having a 2-storey house with 6 bedrooms.

Having the luxury to take time off is life-changing. Instead of feeling trapped and having no choice, you gain the freedom of taking a break and doing what you wish.

Having a Back-up Plan is a Must

It’s wise to hope for the best, yet plan for the worst, as our plans don’t always go smoothly. Have a back-up plan, in case you have unexpected expenses, or if you’re having a hard time going back to work. Having an emergency fund is an absolute must.

Ensure to make smart decisions and budget appropriately. It will give you peace of mind and allow you to relax and distress during the mini-retirement.

The next thing you know — you’ll be taking your first 3-months long-term vacation. And it will make you happier than having a 2-storey house with 6 bedrooms.

The Conclusion

No one wants to work for 40 years straight with no breaks. Naturally, we have gaps in employment: job loss, unexpected layoffs, medical issues, family issues, recession, and many more. But none of us is happy working nonstop and feeling like a slave.

Happiness should be everyone’s priority, so is mental health. If you feel like you are starting to burn out at work, having the luxury to take time off is life-changing. Instead of feeling trapped and having no choice, you gain the freedom of taking a break and doing what you wish. Such an opportunity allows you to be free, live a fulfilling life, and simply be happy. By the end of the day, this is what we all want.

This article is for informational purposes only, it should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions.