If the idea of retiring early is new to you, then you might be surprised to find out that there are people who are doing this all the time (even in their early 30’s). In fact, there are whole communities online devoted to early retirement and finding the best ways to do it.
It really is inspiring to see people who made some sacrifices for a short amount of time, but who are now able to travel the world throughout the year or spend time with their family and friends.
And if this is something you would like to do too, then read through these habits. They’ll definitely help you get there faster.
If you want to retire early, you need to be smart when it comes to money. Even putting a bit away each month can contribute towards financial freedom later on in life. And by investing, you can also gain more returns on your money.
Overall, if you live beneath your means and sacrifice luxuries each month, it is possible to start a little nest egg that can ensure your financial security and the potential to more time to yourself rather than waiting until you’re eligible for a pension.
Get Plugged In
If you’re starting the journey to retire early, then you need to get plugged into online communities such as Facebook groups like Choose FI (FI stands for Financial Independence). Early retirement is an extremely different concept and lifestyle that your friends and family may not understand.
So getting plugged into groups that are doing the exact same thing will help keep you inspired and on the lookout for new ideas on how to retire even sooner!
Everyone has something they feel they can’t live without, however, certain bad habits will keep you from retiring early. Things such as eating out for most of the week or splurging on impulse purchases at Trader Joes. And even good habits like gym memberships can cost a lot more than we think and take away from our savings.
So try implementing good habits, such as running in the park or utilizing your local library (as opposed to buying books), to help keep you on track for your early retirement goal. Every little thing counts.
Those who wish to retire early need to be able to plan their lives and stick to it. This may come down to monetary things, such as what will be spent or saved, as well as what activities you want to pursue. Even career goals and how you can raise your income!
If you want to retire early, you need to be mindful of all the decisions you need to make and understand the likelihood of them helping or hindering your goals.
While store cards and credit cards may be useful in the short term, they will keep you from retiring early. Most of these cards will charge interest, either effective immediately or after a period of time. Overall, if you stay away from things that will increase or put you in debt, early retirement is a lot more realistic, especially knowing that nothing is tying you down.
Learn to Cook
If you want to retire early, then an easy way to do this is to cook for yourself, rather than paying for the convenience and luxury of takeout or restaurants. You can use online tutorials, videos, or old-fashioned cookbooks to help you make gourmet meals without ruining your savings.
Work Harder Now
You may already be working hard, but some people who aim to retire early may take a second job to increase their cash flow, and in turn, the amount they can pump into their savings. And if finding a second job isn’t for you, then definitely look into what needs to be done so that you get a raise.
I’m honestly not joking with this one. It may sound cliche, but if you can find another way to commute to work or even move closer to your work so that you don’t have the added cost of a car… then do it. I know a couple who retired early and one of the things they did was ride a bike to work every day (even in the rain… they lived in Seattle so you can imagine how that was!). And because they did that, they’re now able to travel full-time and live in sunny countries.
Retiring early may seem like a daunting task, but in reality, with just a few life changes made, you will see yourself get there faster than you thought. So give early retirement a try and let us know how it goes as you begin this journey.Join my Saving Money & Making Money Facebook Group