Retirement isn’t something to think about until your 50s, right? Guess again! As a small business owner or online entrepreneur, it’s never too early to think about retirement. So can I ask…have you started planning for early retirement?
More and more people are thinking of ways they can retire early, and why not? Doesn’t everyone want to enjoy life without having to work? If the thought of early retirement appeals to you, then you need to start planning now.
Below are some pointers to get you started.
Image Credit: Unsplash under Creative Commons
Plan what it’s going to cost
Like most things, early retirement comes at a price. To consider whether early retirement is possible, you’ll need to establish how much you’re going to need to live, as well as plan for additional savings. While it’s likely you’ll have a pension fund through your employer; you’re unlikely to see it until you reach actual retirement age. Seeing the total figure can be alarming, but it can give you something to aim for.
Tighten your purse strings
If you’re serious about early retirement, then it’s time to get serious about savings. Most people who retire early have been able to do so because they lived a frugal life to build up their savings. You’ll need to live on a tight budget for starters, and start finding even more ways of saving money. If you’re determined, you can make it work, but it won’t always be easy. Things like vacations, luxuries and even certain brands of food can be out of the question. When times are particularly tough, remind yourself what the end goal is to keep you motivated.
Start a side hustle
Earning some extra money can be what you need to make early retirement possible. You can find all kinds of side hustle ideas to help you boost your income and increase your savings. Blogging, affiliate marketing and renting out a room on Airbnb can all be simple ways of making more money to pay off your mortgage and add to your future funds. The good thing about a side hustle is that you can continue with it after you give up your full-time post, helping you to earn some extra money when you need it.
Invest in property
Investing will help provide you with an income for the future, and many people choose property as a strong investment form. Desirable land in somewhere like Wyndham Ridge can give you the opportunity to build your own property and build something special for your future. While property values can fluctuate, they can be a preferable option compared to the stock market or bonds.
Whatever your plans for the future, it’s certainly worth considering early retirement. If you have plans to travel, spend more time with friends and family and enjoying yourself, then early retirement can make it all possible.
With a good savings plan and the right outlook, you could be saying goodbye to working life sooner than you think to make time for all the other things you want to do in life.
I want you to be able to say “I Heart My Life!” today and looooong into the future. By doing some retirement planning today, you can ensure that your golden years are all you dream!