Monday, December 10, 2012

Would you like to retire at an early age? If you answered yes, then Here's how

   In order to retire from work at an early age, you have to have an early retirement plan. I know some of you all's early retirement plan is to win the lottery and live happily ever after. I'm not saying you won't, but just in case you don't. You might want to have another early retirement plan in place.
     Putting some money into a 401k, an IRA, or some other high interest savings account every month is a great way to start setting yourself up to retire someday. Would doing that and that alone guarantee you an early retirement? Probably not, but its still a good decision. Just having a traditional saving account with money in it for retirement is better then not having a savings at all.
     "So what do I have to do to retire early?" You have to create another source of income outside of what you are already earning as a worker. "And how do I do that?" First you'll need to start a savings account in which you'll put a % of your monthly income. Make sure this % isn't putting to much of a strain on you or your family's happiness. If it is then its probably too much so save less. Then you'll want to start researching investments to put this money into, such as real estate, a franchise, a small business, etc. Once you choose an investment, you want to learn everything you can about it. If you really don't have the time to learn everything, then seek out the advice of people who are already succeeding at whatever it is you want to do. Once you feel comfortable with your investment, and you have enough money in your savings to invest, then invest.
    Ok. Sweet. Your investment is doing good. You have extra money Rollin in every month. What are you gonna do with all that new money? "Blow it on a lot of things I've been wanting to buy but couldn't afford too, up until now." I have to admit that does sound like a lot of fun. But instead of blowin it, you could reinvest it and make more money off of that money. Which would increase your secondary income, and the possibility that your dream of retiring early will eventually become a reality.

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