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Early retirement

How to Achieve Early Retirement

Early retirement

How to Achieve Early Retirement

Thinking hard about early retirement? Planning to travel the world, follow your passions, be more present for your loved ones; the feeling is mutual!

Well of course getting there is not easy but we can achieve it! Living in such unprecedented times such as Covid-19, more and more people are keen to work, to gain something more valuable than money. Here are some insights to get you ahead:-

Make investments your best friend

Have an investment strategy and while at it, it is important to diversify your investments. Change is inevitable and you don’t want to place all your eggs in one basket. Real estate may be the in thing now but there are no guarantees things will remain the same in the unforeseen future.

Saving your money is important however investing supersedes it by giving you returns that will propel you to early retirement.

Also engaging a financial advisor would be a great idea at this point. They will help know how much you need to set aside to achieve your goal and that will also include them letting you whether your plan is too risky or not.

Monitor your expenses and cut back on big costs

This one is definitely not going to be easy but like they say, keep your eyes on the prize! An expense that does not align with your needs is only keeping you from freedom that means you need to carefully check your expenses and reduce them accordingly.

Could it be your car that consumes a lot of fuel than usual, or subscriptions you no longer utilize as often as you should? Close all your money outlets that are not focused on your retirement goals.

Cast your retirement vision

How do you envision your retirement? as you make that clear, consider the financial implications. Once you have retired one mistake you should definitely avoid is living above your means.

What do you want to do once you leave your 8-5 job? It may look fun to just rest and not have to wake up early, stay in traffic for hours but its only fun for a short time then frustration may kick in.

You may decide to start a side hustle that aligns with your passion, volunteer in your community, or take up a hobby.

Estimate your retirement expenses

Estimate how much you will need per month once you retire. Two major aspects are sometimes ignored i.e., taxes and your health care plan. You want to include every expense no matter how minute.

Subsequently it is better to clear all your debt before you retire. The burden can be overwhelming at that point.

Similar article: Getting started with a pension fund

Summary

Many people just like you would like to retire early, but few have the financial resources, strategy, and discipline. To begin; estimate your retirement expenses, save and invest, have a vision and determine your target retirement investments, make it a reality.

Thinking hard about early retirement? Planning to travel the world, follow your passions, be more present for your loved ones; the feeling is mutual!

Well of course getting there is not easy but we can achieve it! Living in such unprecedented times such as Covid-19, more and more people are keen to work, to gain something more valuable than money. Here are some insights to get you ahead:-

Make investments your best friend

Have an investment strategy and while at it, it is important to diversify your investments. Change is inevitable and you don’t want to place all your eggs in one basket. Real estate may be the in thing now but there are no guarantees things will remain the same in the unforeseen future.

Saving your money is important however investing supersedes it by giving you returns that will propel you to early retirement.

Also engaging a financial advisor would be a great idea at this point. They will help know how much you need to set aside to achieve your goal and that will also include them letting you whether your plan is too risky or not.

Monitor your expenses and cut back on big costs

This one is definitely not going to be easy but like they say, keep your eyes on the prize! An expense that does not align with your needs is only keeping you from freedom that means you need to carefully check your expenses and reduce them accordingly.

Could it be your car that consumes a lot of fuel than usual, or subscriptions you no longer utilize as often as you should? Close all your money outlets that are not focused on your retirement goals.

Cast your retirement vision

How do you envision your retirement? as you make that clear, consider the financial implications. Once you have retired one mistake you should definitely avoid is living above your means.

What do you want to do once you leave your 8-5 job? It may look fun to just rest and not have to wake up early, stay in traffic for hours but its only fun for a short time then frustration may kick in.

You may decide to start a side hustle that aligns with your passion, volunteer in your community, or take up a hobby.

Estimate your retirement expenses

Estimate how much you will need per month once you retire. Two major aspects are sometimes ignored i.e., taxes and your health care plan. You want to include every expense no matter how minute.

Subsequently it is better to clear all your debt before you retire. The burden can be overwhelming at that point.

Similar article: Getting started with a pension fund

Summary

Many people just like you would like to retire early, but few have the financial resources, strategy, and discipline. To begin; estimate your retirement expenses, save and invest, have a vision and determine your target retirement investments, make it a reality.

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