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It’s no secret that we all hope to leave the workforce at some point and live the dream retired life.
However, some of us are more anxious for this time than others. Many people even view retirement in different ways — from seeing it as a way to escape the day-to-day work life to viewing it as the end-point in a goal to be financially independent.
For those who hope to retire before 65, there are sacrifices that need to be made and goals to be accomplished. One movement, known as the FIRE movement, shows you ways to achieve this.
However, before you can get started, you need to know what you are willing to give up in order to save more money for those years you won’t be working.
Early retirement study
One study done by Annuity.org showed that 47 percent of Americans would be willing to give up pets or having children in order to accomplish an early retirement.
This same study also found that 92 percent of people wouldn’t give up their vehicle if it meant they could retire early.
There are many different things you can learn to go without, but ultimately it’s up to you to decide what those things are.
There are also different ways of viewing this type of lifestyle. Of those who already participate in the FIRE movement, 47 percent of them have chosen to live a minimalist lifestyle that focuses on purposeful consumption.
Step-by-step planning
Here are a few steps you you can take to get you started on the path to an early retirement:
- Make a plan
- Increase your income
- Save and invest more money
- Eliminate excess spending
- Live below your means
- Downsize or use excess space to your benefit
By doing these things, you can position yourself on the fast track to a closer retirement.
From the Coach’s Corner, here are additional financial tips:
Lessons to Get Red Carpet Service from Your Accountant – Important lessons in how get the direction, support and confidence from an accountant to help you in achieving your goals.
Due Diligence for Getting the Most from Your 401(k) – Will you be satisfied with the results of your retirement planning? With the stock market soaring in recent years, there are even more trillions of dollars in 401(k) plans that allow employees to save for retirement and acquire wealth. Here’s how savvy employees avoid regrets with 401(k) plans.
Even in Our Strong Economy, Build Your Emergency Fund – Establishing an emergency rainy-day fund is not an option. Don’t get soaked. Here’s what to do.
How You’ll Reduce Your Stress by Reducing Your Debt – Americans are increasingly in debt. Does this sound familiar to you? That’s a killer for your health and lifestyle. Here are solutions.
Must-Have Amenities to Boost Your Investment Property – Having the wrong amenities or not including what potential renters are looking for can be bad for business.
“It is better to live rich than to die rich.”
-Samuel Johnson
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