Want To Retire Early – Start Preparing NOW!

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Who doesn’t want to retire early? I certainly know that I do, I don’t think I could make it to 65+ years old before I retire. Not only is that so far away, but there are so many other things that I want to be doing with my life in place of having to go to work everyday.

So what can you do about it? How does one retire early? Well it all comes down to what you think retirement looks like. For me, I see retirement as not working for someone else, and doing the things I like doing. It doesn’t mean that I want to stop working entirely, I personally think I would get a little bored.

Regardless of how you see retirement, the most important thing you can do to get yourself to where you want to be, is to start now. Don’t just think about what you can do, start taking action and make things happen.

I realised a couple of years ago that I wasn’t cut out for doing the whole 9 to 5 thing forever, and so I started looking into a number of different ways in which I could diversify my income, so that if I ever wanted to leave my normal day job, I could.

 

So what are some of the things I looked into? Here my top 3.

 

1 – Started Saving For Retirement

That sounds too simple doesn’t it? In all honesty though, that’s my number 1 tip, and for good reason too. You see the sooner you start saving for retirement, the greater the amount of money you can save.

It’s the basic compound interest deal, put money in early and often, then let compound interest keep adding to your total. I’ve actually been saving for retirement since I entered the workforce, and while I am not here to gloat, I do want to show you that it makes a big difference when you start early.

Over the last 11 years of working I have managed to collect almost $100,000 just by saving money. Obviously I would need a lot more than that to retire being that I am only 30 and that I plan on living for a lot longer, but with the other things I have going on, that should seriously help things along when I do finally pull the plug on full time work.

 

2 – Started An Online Business

The thing I have put the most time and effort into since I really started planning for retirement, was starting a couple of online businesses. At first I didn’t have a clue what I was doing, and I didn’t really make any money, however, now things are really starting to come together.

It’s a great feeling of achievement when something you have grown and nurtured starts to gain traction and bear fruit. I’ve actually written quite a detailed guide to starting an online business on my other website, so if you are interested in this, please do check it out.

 

3 – Got Serious About Investing

While this isn’t the last thing I have done to help me on my retirement journey, it is something that most people can follow, and it has helped my wife and I quite significantly along the way.

Most people will have some sort of investments, but many won’t really have a clue how they are performing, or what more they could be doing to increase the worth of their investment.

I was the exact same, so I decided to get serious about investing and actually learn the ropes and get my feet wet (so to speak). I put aside some money and I played in the stock market, the Forex market and a couple of other types of markets. It’s been a great experience and I can now consistently beat the market and the “experts” when it comes to investing my money.

It might not seem like a big deal to be able to outperform the market by only 3 or 4 percent, but if you can do that year on year, you will get to retire years and years earlier than people who just leave their money in a managed fund or a savings account.

 

Have you got any retirement tips you would like to share?

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Hi, I'm the founder of The Money Spot - I hope you have found the information on the site to be useful. I love talking about all things related to finance, business, marketing, blogging and the most important things - family and lifestyle. You can learn more about me here, or visit me on my other website Monster Piggy Bank.

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8 Comments

  1. These are some great tips! I’m honestly not sure if I ever want to completely retire (I do part time freelance work from home though, so I already have a flexible schedule), but it’s absolutely important to be to be able to retire if and when I want. My Husband and I are in our mid twenties, so we know that time is on our side and we want to take advantage of that.

    We’ve been getting more serious about saving and investing as of late and are pretty excited about the prospect of planning for our financial future.

  2. I don’t want to retire early for I have worked so hard I am too afraid I will keel over and die in the no stress zone. What I do want is the financially stability that if I have to retire early there would be no problem. These are all some really great tips. All of these done over time can ensure early retirement.

  3. Glen! You keep showing up all over the internet, good for you.
    I can’t wait to have enough money in the bank that I can be financially independent if I so choose. We’re massively ramping up our savings now that we have paid off the mortgage. C’mon market returns!

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