5 Strategies to Retire Early
Posted by Allan M. Hinggoy | Nov. 25, 2016, 7:22 p.m.
1. Identify Your "Number" - Your first step is to identify the amount of money you need for you to survive and enjoy your life from the start of your retired days throughout the age you expect to live. Example, if you are planning to retire at the age of 40 and you expect to live up to 60 years old, then you should identify the amount of money that you need for you to enjoy and survive for the next 20 years. This is crucial since this will help you identify a more specific goal.
2. Lower Your Cost of Living - one of the reasons why people are having a hard time saving their money for their retirement is because they kept on living a lavish lifestyle. Simply put, the less money you need to live on, the more money you will be able to save. Keeping your basic cost of living to a minimum will provide you with the extra cash that you will need to save for retirement. This may mean less expensive cards, avoiding expensive restaurant meals and costly entertainment, etc.
3. Be Allergic to Debt - Debt is the number 1 culprit why most people are unable to attain their retirement goals. Debt reduces your cash flow, and might drain the savings you have sacrificed for a long time and sooner you will realize that all your money was wasted on expensive debt interests.
4. Don't Buy a House That Will Make You Poor - Have you ever heard of the term “house poor”? That describes the condition of living in a beautiful house, but one that costs so much that it leaves you very little money. Not only is your house a long-term expense that will have a major impact on your cash flow, but it is also the kind of purchase that can set the spending tone in your life. For example, a higher end home will require more costly maintenance, more expensive furniture, typically higher utilities, and higher maintenance costs.
5. Find Ways to Increase Your Income - If you think your current income is not enough to help you save for your retirement, then try to look for ways to reinforce your income. You might want to start a direct selling business or multi-level marketing business. This for sure will give you more than sustainable income if you only choose to. Many people have already retired early because they were able to make it with this kind of business. If you consider a multi-level marketing business, I strongly recommend Alliance in Motion Global. It has been around for 10 years now! This company gives you commissions of up to 10,000 - 50,000Php per month. They also offer additional perks like scholarship programs for your children. What’s best about this business is that it does not require you to work on the field. You can work anytime and anywhere, and, even right at the comfort of your own home. A wonderful opportunity for a busy person who wants to reinforce his income and save more money for retirement. To learn more about AIM Global, feel free to