7 Tips To Make Your Early Retirement Goal A Reality

Retirement is supposed to be a phase to reap the fruits of your labor. In many ways, carefree retirement is an attractive concept. Since financial freedom is an important factor in happy retirement, many think that you can only attain it after many years of backbreaking and arduous work. Thus, a vision of gray-haired individuals in their 50’s or 60’s blissfully spending their days pursuing the things they love is a common impression people have about retirement.

Just recently though, a growing movement named Financial Independence Retire Early (FIRE) is challenging this typical concept of retirement. This lifestyle trend breaks the notion that retirement is only something that people in their golden years can enjoy. Although FIRE has its own share of criticisms, no one would probably say no to the privilege to do whatever you please without work responsibilities to think of even at a young age. After all, there is no rule setting a certain age for retirement. Check out the suggestions below that will help you attain financial independence and enjoy the benefits of retirement earlier in life:

Visualize your goals.

Every dream starts with a vision. It will be difficult to hit a target if you do not know where the target is in the first place. Therefore, if your wish is to retire early, the first thing you need to do is to lay out the things that you want to happen in your mind. At what age do you wish to sign off your work for good? Where and how do you want to spend it? It concerns your future so feel free to design a clear yet realistic vision of your retirement years. Visualizing your own perfect retirement in your mind will keep motivate and inspire you to take steps towards your goals.  

Make concrete plans.

A vision without accompanying action is likely to stay a vision. You need to develop tactics in every goal you pursue especially if it is something as ambitious as early retirement. What are the steps you will take to achieve your goals? You may need to list a step-by-step plan to easily keep track of your goals. It will be great if your concrete plans also involve a specific time frame so you can realistically gauge how long it will take to turn your dream into reality.

Save more.

Several factors make up a blissful retirement but one of the most important is financial freedom. You need a steady flow of income so you can afford to live comfortably after retirement. To do this, you need to be serious and aggressive about saving money. You can start by increasing the portion of your income that goes to savings. As long as you do not deprive yourself of basic needs, saving as much as 75% of your salary is an option you can consider. 

Work more.

You can easily save more if you earn more. So use your extra time wisely by finding ways to earn extra income.If you are creative and resourceful, you can discover a lot of ways to earn additional income. Do make sure that the side jobs you accept will not jeopardize your health or cause problems in your full-time job. 

Reduce expenses. 

To enjoy the rewards of early retirement, you may need to be willing to make some sacrifices. To make it possible to save more, be ready to cut your expenses as well. This might involve living below your means and depriving yourself of some luxuries.  Focus on your end goals so you do not get tempted to splurge. You can make this goal less difficult by adopting smart money-saving strategies. In the process, you may even learn to appreciate the beauty of living with less. 

Invest wisely. 

We all have to deal with rising inflation so it is best to maximize your hard-earned money by investing it where it can yield the greatest interest. You have several options such as starting a business, buying a property, or investing on stocks. These ventures can provide passive income that can be a great source of livelihood when you retire. Do remember that every investment has an accompanying risk so be very careful before making a decision. You need to study and understand the terms of investments as well as weigh the pros and cons. Consulting with a mentor can also help you make a wise choice. 

Settle your debts.

It would be hard to look forward to days of fun and leisure if debts and its accumulating interest are constantly lurking at the back of your mind. Make it a goal to breeze through retirement by settling your debts early on. You can research for ways on how you can settle existing debts with a lower interest rate. If you can, it may be wiser if you choose not to accrue debts in the first place.

In case you are thinking of a worthy goal to pursue, early retirement might not be such a bad idea. However, the road to a happy retirement is not something you can expect to receive on a silver platter. You need to be determined and committed to achieve your goals. Things may not be easy but with a few conscious efforts to do things differently, it is certainly a possibility.

Ty and Venessa Crandell7 Tips To Make Your Early Retirement Goal A Reality
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Four Science-Proven Tactics To Save Money With Ease

For the majority, money is an essential resource that you need to work hard for. With that in mind, you surely would not want to waste the fruits of your labor with careless spending. Proper cash management is essential to securing your future. Aside from the material benefits that money can provide, researchers from Texas Tech University proved in a study that increasing savings or assets significantly contributes to one’s life satisfaction or happiness. In spite of this, saving money is easier said than done. The temptation to splurge and spend follows you wherever you go. With the money-saving strategies presented below, you can watch your finances grow in no time.

Prioritize savings.

If you wait until you are done paying bills and buying necessities before setting aside money to save, you may end up with zero left over to store. You can avoid this mistake by using the “pay yourself first” tactic. Prioritize growing your savings by deducting the money for saving right after receiving your salary.  This is easier to do today as banks and companies often team up to offer an automatic savings option. An experimental study revealed automatic payroll deductions is a highly effective way to increase savings may convince you to try this method.

Hide your credit cards.

Credit cards can provide a convenient way to shop, but cashless transactions make it easier for you to overspend. To spare yourself the trouble of high credit card bills and charges, get into the habit of paying in cash. Cash may be your last option when your credit card is available, so you may want to leave your plastic at home. If you are not carrying your cards around, you can think twice before purchasing an item or only use it during times when it is really necessary. This claim is proven by Dun & Bradstreet, a consulting company with a study showing that people tend to spend up to 18% more when using credit cards. Just think of how much you can save by paying with physical vs. plastic money.

Procrastinate on spending.

Procrastination is a bad habit that kills productivity. Surprisingly, the practice of choosing to do things later can be a great tactic to help you save for the rainy days. You can do this by opting not to immediately buy items that you want. Instead, give yourself a day or two to think about whether you really want to purchase that item. Chances are, your desire to purchase something might have dwindle. If you are lucky, those items might already be on sale when you do come back to finally buy it. This strategy is proven to work, according to a research from Paris Dauphine University, saying that by delaying purchases  you can kick the habit of impulse purchases and save your precious dollars.

Visualize the future.

If you really want something and you have the cash for it, stopping yourself from buying it can be extremely difficult. To avoid overspending on unnecessary items, try imagining the negative consequences of giving in to your wants. Think about the rewards that you will reap by sticking to your resolve to save money. If you spend without regard about its effects on your future financial status, saving money is much harder. This theory is proven by a study from the Journal of Consumer Research. In order to grow your savings with ease, it will help to visualize the positive and negative effects of your spending habits.

Money management takes hard work and discipline. It may be hard to save up cash to ensure a comfortable future but it will surely be worth it. If you do not want money to be a major concern someday, you have to exert real effort to build up your savings. If you save religiously and invest wisely, you can soon enjoy  financial freedom.

Ty and Venessa CrandellFour Science-Proven Tactics To Save Money With Ease
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Three Vital Reasons To Aim For Financial Freedom

Financial freedom results from earning, or saving, enough money to be comfortable, no matter what unforeseen circumstance occurs. If you’ve established passive income from multiple revenue streams, or have a job that covers your expenses, you are in the perfect position to let your money work for you. Having the liberty to make decisions based on choice, rather than the pursuit of income, is a key element of life satisfaction. This type of happiness adds value to your existence. Here’s how:

You Can Live a Healthier Life

Monetary flexibility is good for your health. Extra capital in your savings account can go toward an emergency health fund. Even with a decent insurance plan, unexpected illnesses or accidents can become a huge expense. If you are not prepared to cover such a cost, you may be forced to choose between: incurring debt and settling for the medical care you can afford. On the contrary, if you’ve budgeted for such a scenario, you can pay for the medical attention you need without creating a financial crisis. Having the peace of mind that comes with being prepared reduces stress levels. Most people fear the unknown because they haven’t been able to adequately plan for it. Fear causes stress. This panic can be minimized with financial freedom. To top it off, creating an emergency fund not only decreases stress, but also betters your mental health. Worrying about money is draining. It can consume your every thought and action, but it doesn’t have to. You deserve the freedom of serenity, the freedom of prioritizing quality over cost, and the freedom of mental health. While money doesn’t buy happiness, it does indeed afford you better options for your health, and we can all benefit from that.

You Can Be a Blessing to Others

Most people have the desire to give, but lack the means. Some choose to set aside their budgets to assist others, but may face financial consequences down the line. This scenario is not ideal. Financial freedom affords you a unique opportunity to help others, sans fiscal compromise. Once you have more than enough money to support yourself, it’s much easier to give freely without sacrificing funds that were budgeted for other needs.

Financial freedom also creates flexibility of time. Charity doesn’t always mean money. Sometimes, time is the best gift you can give. People who must work a certain number of weekly hours in order to pay their bills probably don’t have many opportunities to take time off for service projects. However, people who have the flexibility of time, can and do.

You Can Take Control Again

When you are living paycheck to paycheck, you don’t have full control. Your financial needs dictate your time, decisions, and behavior. You may not be able to be spontaneous, take risks, or boldly stand up for your beliefs. When another person controls your ability to pay for your basic needs, you have to be careful not to agitate that source. Not being fully in control is limiting. Without financial freedom, it’s difficult to feel uninhibited. You may yearn to follow your dreams, pursue your passions, or express yourself without worry, but the consequences feel steep. Just remember, you don’t have to live that way. Set your goals on becoming financially unrestricted and watch how your options widen. Stop missing out on experiences that may interfere with your paycheck. Stop running from your dreams. Make freedom of choice a reality.

Financial freedom unlocks liberation in many other areas of life. You can’t afford to let money control you. Your health, passion, and life of charity are waiting for you. Create a path to economic independence, and start living the life you deserve.

Ty and Venessa CrandellThree Vital Reasons To Aim For Financial Freedom
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