“How to retire early?” is a question that may have popped in your mind once or twice. You may think that could never be me. I’m here to tell you that anything is possible!
Listening to stories of how people retire early fascinates me. To be honest, I don’t even know if that’s a goal of mine. I do know one thing-I
do want to will have that as an option. After listening to a ton of podcasts and reading a ton of books, I realized it’s not hard to retire early at all.
I’m going to be blunt in saying that the number one reason people work hard all of their life is because of debt. They are in debt because of stuff. Can you imagine all of the money that you would be keeping if you were only paying your monthly repetitive bills such as water and lights? No mortgage, no car notes, no credit cards ect….
The problem is (I was guilty of this too) is that we elevate our lifestyle when our income increases. We aren’t making any ground whatsoever! Instead of buying more stuff, the key is to invest more into retirement. Just because we are able to get something doesn’t mean we should.
How To Retire Early or Just Get Ahead
There’s several ways of doing this. I’m not going to get into too much detail because I’m not a professional. There’s more things you can do but I focus on the following:
- Increase and max out your contributions to your 401K or Roth IRA.
- Purchase real estate and become a landlord (passive income).
- Live off of less than what you make. My personal goal is for my family to live off of 50% of what we make by having very few expenses. (Update: This goal has already been accomplished.)
- Save, save, save (in accounts that will make your money grow).
If your expenses are very little, then why would you have to work a ton of hours all of your life? Do I have to make $100,000 a year if my expenses are only $36,000 a year? (No, I don’t make $100,000 a year!) I may want to make that but it isn’t a neccessity. I want to have that option to work and I’m sure you do to!
Someone once told me that they had a certain amount of credit card debt from years ago and didn’t even remember what they purchased. Wow!!!
I also know a few people with a ton of nice things but work at least 12 hours a day on their feet, including weekends! They are never home to enjoy the big house, the fancy cars, the nice boats, ect… Don’t wait until you get to the retirement age to live your life!
In The Automatic Millionaire, author David Bach stated, “Who you really work for is at your home.” Think about it that and comment below what comes to mind.
We all like nice things but we need to keep our priorities in mind. Find a balance and set a budget. It’s never too late to break up with stuff! Decide what’s important to you and make the necessary changes. I’m rooting for you to WIN! Email me at email@example.com if you have any questions or want some personal (not professional) advice. This is a judge-free zone. I love you all!