Even
with the nature of our society, retiring early is possible and achievable
(especially if this has always been your lifelong goal), you only need to be
willing to make some sacrifices. Here are 4 things to do if you want early retirement.
Avoid
Spending Mindlessly
The most
important step in controlling your finances enough to make early retirement
possible, is to track your spending. You have to know what you’re spending on
and if it’s necessary for you to spend that much on it, or even spend on it at
all. Know how you spend, determine necessary expenses and focus your efforts on
reducing or eliminating negligible or unnecessary expenses.
Stop
Lifestyle Inflation
Try to avoid
living at the maximum standard your income allows. Find a middle point and
contently build your life around that, while you save and wisely invest the
rest to further increase your earnings. If your income increases, try not to
over boost your spending and put a reasonable portion of the extra money into
savings. You can also apply this strategy to other surplus money like bonuses,
and other small windfalls. This will benefit you far more than buying the
latest gadgets and travelling to the most exotic locations all the time.
Go Home-Made
Opt for
home-made food, as opposed to eating out all the time. If you’re skeptical
about just how financially beneficial this strategy is, give it a shot for a
month and see the results. You can even save some more money if you know how to
negotiate well for groceries and food stuffs at the market. In addition to the
financial benefits of going home-made, there’s also the health benefit of
eating fresher and healthier meals.
Stop Trying
to Please or One-Up Your Friends
This is one of
the biggest money wasters and the greatest enemy to early financial
independence. Keeping up with the Joneses and trying to live up to your
friend’s standard can end up not only robbing you of a chance at early
financial independence, but it can also mess you up financially. Avoid going
out all the time, spending in places you never intended to spend in, and
spending lavishly on things that you could care less about because of so-called
friends. Stick with friends with the same financial mindset as yours, who will
contribute positively to your goal of achieving early financial freedom. You’ll
be better off for it.
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