Is Early retirement a possibility? Have you ever attempted to figure out how to retire before 30 or wonder if this is something that the average person could possibly achieve?
Obviously it would take such things as a highly skilled disciplined dedicated mind set, an extreme attitude, making it top priority, hard work, creativity, commitment, and doing all of this at an early age (so even if we take a high achiever at the age of 15, that extraordinary person would have 15 years to set goals and figure out a retirement plan before the age of 30) Possible?
After extensive researching this topic I have found a number of things to take into consideration if anyone has the desire to retire by the extreme age of 30 or even way before the average age which now a days is averaging around age 62 through 65.
If you would like to take on the challenge of retiring early, take into consideration such areas as:
- Taking strict control and understanding of your finances
- Living on an extreme tight budget
- Perhaps working with a retirement planner
- Doing without any type of luxury items
- Learn about investing
- Learn to make your money work for you
- Find, develop and maintain income sources
- Eliminate, forego consumer debt while increasing capital investments
- Learn to be your own handyman, a jack of all trades. Realize it will be a “do it yourself” lifestyle. There are thousands of do it yourself books and videos that are available that offer step by step instructions (heck I recently refinished my bathtub and did it all with self-help videos
- Learn to understand, improve and control your happiness. What makes you happy? Is it material things, is it money, is it family time, living a satisfied fulfilling lifestyle? Or are you and yours living paycheck to paycheck, drowning in debt, spinning your wheels, not knowing what life holds, more in line with your mindset? If you answered yes to this last question, ask yourself why…until you find a true answer!
- Will your living expenses, your needs, your money supply be covered by a source that requires you to be working for someone else? Is it enough? Can you retire early? By the age of 30?
Take for example, with “$600,000 in investments, plus a paid-off house. With a 4% return, This is enough to generate $24,000 of spending money, which goes quite far if you have no rent or mortgage to pay and if you can stay within a budget. Could you do this?
4 major steps leading to early retirement:
- Manage and build your finances, have a monthly budget and a lifetime budget
- Have multiple income streams working for you
- Have Investing knowledge and take aggressive investing action
- Set goals, become an extreme goal achiever, have your priorities straight, maintain the right mind frame.
Think about skills or abilities that you can channel into extra forms of income.
Start by retraining your thinking, reorganize your every day routines.
Find a way to retire from the work world for which you are only making someone else or the big corporations rich. Learn to work for yourself. Like they say build it once and let it work for you.
I have 2 major issues I feel are important in this area.
1. Never stop learning and
2.Build residual/passive income so you do not have to rely totally on one income that stops when you retire, find different avenues that work for you.
Hey you can still have treats, but learn to control the need for those treats and control your habits as far as spending money, learn to be more in control, spend less, depend on less.
Figure out how to retire from the work force, from a JOB (just over broke) and live off your residual income.
Is it possible? Perhaps if you are strict in all aspects of your financial life, have a clear understanding of what could lie ahead of you in regard to crisis. Yes, longevity and unexpected expenses cold put a damaging hit on any planning.
A starting point if you are trying to figure out how to retire before 30, is to discover the world of residual/passive income and how to make it work for you.
Turning things around can be incredibly fast when you take control of your finances and realize where your money has been leaking out and change your life so that you can save much more of your income.
So to figure out how to retire before 30 again, keep in mind the following:
You have to have your money working for you
Find low risk ideas/opportunities that will return a maximum results
Work on passive income sources now so the results will flow continuously
Think and react with a millionaire mindset
Learn how to keep the motivation going