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How to Retire Early | The $50 a Day Early Retirement Strategy
Fast track your early retirement
Deposit as much money as possible into your investment accounts every day, even if it is only $5. If you get a bonus, invest it. If you make extra money on a side hustle, invest it.
Try to deposit $5/day and then increase it $1/week. You will probably not miss the extra dollar.
120 SAVES
SIMILAR ARTICLES & IDEAS:
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Key Ideas
Early Mistakes, Late Start & Future Hurdles.
Savings and investments should be part of a monthly budget even when young or just starting a career.
You cannot save enough if you are waiting until your late 30's before...
Myth vs. Reality in Retirement Planning
- I’m not that old: It’s not about NOW but saving for your old days when you can no longer work full time.
- I’ll wait for a lump sum is just an excuse to postpone planning or procrastinate.
- Assumed Family/External Support: It’s better to be prepared for eventualities and have contingency funds in hand.
- Financial Requirements Decrease: Medical costs increase with age. Inflation and other factors might also come into play.
- I will not live that long or I won’t retire: People tend to live longer, but they will suffer from medical ailments.
Retirement Goals
To have a secure and financially independent retired life during your golden years with regular post retirement income, a corpus of savings/investments and a safe shelter or home.
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Key Ideas
Try making a budget
- Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
- You can c...
Financial planning
...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.
Maintain a personal balance sheet
It’s a statement wherein you can jot down your assets and liabilities.
- Pull together your bank statements and other proofs of the liabilities
- List down your assets like the bank balance, all investments, home value, and value of other assets.
- Take a sum of all the assets to arrive at the total value of your assets.
- List down your liabilities the (car loan, home loan, credit card balances etc.)
- The sum of all the liabilities will show the value of the money you owe.
- When you subtract the value of liabilities from assets, you get your Net Worth.
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Key Ideas
Education and wealth
College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting th...
Controlling expenses and wealth
You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.
Investment value is also greatly impacte...
You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.
Investment value is also greatly impacted by the amount invested.