It seems like everyone nowadays is keen to retire early. But while it can seem like a lofty dream, the good news is that many people are actually achieving it and retiring at their desired age — or younger.
The trick, according to these financial books, is to stay out of debt and save more than you spend. For more information on how this will be achievable for you, it’s well worth reading through them!
Now’s the time where saving up should start as there isn’t much time until your retirement date. Here are some tips on what you can do to retire early.
- Think about what you can save up for your retirement now. You should start saving at an early age to be able to live comfortably during your retirement and be able to provide entertainment for your family and yourself. Having a plan in saving now will make sure that you have enough time to spend it wisely and won’t regret not having saved enough when the time comes.
- Create a budget. It can be a flexible one or perhaps even a blueprint budget that is more practical and detailed. If you want a fixed budget strategy, just make sure it’s something you can stick with as time goes by.
- Create a retirement timeline on how long you want to keep working and the details of what you need in your retirement, such as working out the potential costs of living. If possible, it might be a good idea to research these plans from different companies so that an option can be chosen without having to go through too much hassle.
- Think about what kind of lifestyle you would like in retirement. This can also be helpful in planning out how much money you should spend from saving and how much debt should be paid off in order to achieve it.
- Get into the habit of producing a monthly budget and knowing how much money you have left to spend every month. Track your spending as well, to see if you should cut back on anything.
- Make sure you have a good investment strategy for your retirement that will be sure to increase assets in the long run.
- Find ways to put more money into your retirement savings such as cutting down on dining out expenses or even cancelling TV services you rarely use. You may also want to ask for a raise at work or even start on side jobs you can do at home such as being a freelance writer, developing an online business or selling handmade crafts on eBay, just to name a few ideas.
- Do what you can to keep a positive outlook on life in retirement so that it doesn’t seem too daunting when you get there.
- Finally, realise that everyone retires differently. Not everyone will need the same amount of money or time to retire at a specific age. So, don’t feel bad if you don’t have enough money saved up and are still working towards your goals. On the other hand, if you have more than enough, enjoy it and start making plans for what you want to do next!
A life of luxury requires a lot of money in order to be able to enjoy it, this can be achieved by working hard throughout your entire life and being able to save up a large sum of money for retirement. However, there is still some room for improvement, especially if you have been working hard throughout your entire life without any surplus money at all. For this reason, you should find ways to make use of the money that you do have and build a sufficient retirement fund without having to work the entire time.
When it comes down to it, there are two main things that you need in order to be able to retire early: money and time. If you have been saving up and investing your money wisely, then you should be able to retire earlier now that you have the passive income from your stock market portfolio left over after covering all of your expenses.
The other main thing that you need is time. If you are young enough and don’t have many responsibilities, then you can easily retire in as little as 10 years by just putting aside some money each week. If you don’t want to be a freeloader living off of your relatives that already have provided for their retirement, then it is your responsibility to take care of yourself.
Our top 10 recommended books to read if you want to retire early
These financial books will help you make the most of your money and become financially free.
1. Rich Dad, Poor Dad by Robert T Kiyosaki
2. The Wealthy Barber Returns by David Chilton
3. Rich Woman: A Book on Investing for Women by Sharon Kedar
4. The One Minute Millionaire: The Enlightened Way to Wealth by T Harv Eker
5. Retirement Planning Made Simple: Personal Finance in Your 20s and 30s by Harry Sitomer
6. The Investor’s Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between
7. How Much Money Do I Need To Retire? : How Much Do You Need Right Now? by Roger Wohlner
8. Richest Man in Babylon by George S Clason
9. Investing Made Simple: The Easiest Way to Get Started Today by Harry Sitomer
10. The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich by David Bach