The simple truth is that most people can’t wait until they are able to retire. They can do whatever they want, whenever they want. Nobody wants to wait until they are sixty-five years old to do it. They want to retire now (or at least earlier than they had planned).
Though it may seem like a dream, the truth is, with a little planning, you may be able to retire sooner than expected. Here are some tips to do so.
Start getting serious about your retirement. You aren’t going to be able to retire early if you don’t decide that you want to do it. This may require some lifestyle changes, so you have to be ready to put in the extra work.
You may want to start thinking about a smaller and more affordable home. You may even be able to sell your current home and buy a smaller home without needing to take out a mortgage. It would be even better if you could start an emergency fund with the extra money that you get from the sale of your home.
Think about ways that you can cut back in your life. You are going to want to save as much money as possible now so that you have plenty of money to use later when you are retired.
Can you scale down your vacations and put that money toward your future? How much do you really watch television? Can you cut back on your cable bill? How many magazines and newspapers do you really read? Can you cancel a few of them?
Even though they seem little, these can really add up. An extra hundred to two hundred dollars a week or month can add up after a few years.
Start investing your money now. Though you are going to want to put money into your savings and emergency fund, you should also consider investing your money. You want to make your money work for you, growing as the years go by.
As you invest your money, you need to diversify them. It is way too risky to put everything in one place. This means that you could lose everything. If you have a little bit in several places, there is a good chance that you will still make a good amount of money by investing.
Don’t rule out working when you are retired. Though this won’t sound like retirement, the truth is that you may be able to retire early if you work part-time until you are financially able to retire completely.
If your goal is to retire early, you need to get serious about it. Think about what you are willing to cut back in order to retire early. Can you live in a smaller home? Can you buy a cheaper car and put the extra money into savings? You should also think about investing your money. Let it grow and work for you.
That being said, you may also want to think about working during your retirement. Not only will it help you financially, it will help you get out and socialize with people. This keeps you active and healthy so that you can enjoy these years even more!
Previously published on Medium.
***
Want to read local news stories as they happen? Sign up using my referral link.
If you’re interested in making a side hustle from writing on Newsbreak, sign up using my referral link. Don't forget to use your link when you write.
Comments / 1