Proverbs 13:11 – “Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase”

 

Age Non-Factor: How To Retire Early

When it comes to retiring early, age is nothing but a number. If you want to retire early, you have to figure out how much money you need. Yep, it’s that simple.

So many people get caught up based on standard retirement quota’s that by this “age” you need $x.xx of dollars.

I once bought into this main stream narrative until I came into this knowledge and realization.

 

 

Plenty of people find ways to retire early with the help of a good strategy, hard work, and perseverance.

Before you start planning for early retirement, you need a goal to aim for.

Determine how much money you’ll need to retire early. What type of lifestyle you want?

Do you want to travel? If so, how often and where would you like to go?

 

 

The next thing you want to do is create a budget for your retirement. You need to define how much it will cost.

Make sure you take into account monthly expenses such as utilities, cell phone, food, gas, shelter etc.

If you do not have your numbers down, how can you start?

 

 

Evaluate your financial status

To do this, evaluate your current financial situation. What’s your current income right now for example?

Do you know how much money you spend on expenses each month?

Finding out where you stand financially will give you a better idea of how much closer you are.

 

 

Now, take your numbers and work out how much you need to save each year to retire early.

Once you know how much you need to save each year to retire early, you’ll likely need to cut your expenses.

Try to cut back on your biggest expenses first.

 

 

Paying for purchases with cash will help you avoid monthly payments and interest.

Buy food in bulk. Eat out less and make the majority of your food at home.

Debt is one of the most significant barriers to early retirement.

 

 

Conclusion

Try to get out of debt as soon as you can. Most people cannot save for retirement because they have so much debt.

I remember once paying $1495 a month just in rent. Once we saw that if we eliminate the largest bills every month like housing, food and healthcare that was our epiphany.

It makes sense to pay off your smallest debt first, regardless of the interest rates.

 

 

Increasing your income will also help you get closer to the amount of money you need to retire early.

If you are employed at a company, consider negotiating a raise.

Self-employed individuals can increase their sales and addon side hustles like mowing lawns, affiliate marketing, YouTube, Uber etc. just to name a few.

 

 

Investing your money to make it grow will also help you. The more money you can put aside, the earlier you’ll be able to retire.

A lot can change, and you’ll need to continually track your progress.

I hope after reading this article you’ve gain some relief! You do not have to wait until you’re 70, 65 or older to retire.

Time and freedom is the ultimate goal, not money.

 

 

 

DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.

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