deepstash
Beta
How to Retire Early | The $50 a Day Early Retirement Strategy
The most important numbers to track
The two most important numbers to track your early retirement strategy are:
- Your savings rate: This is the percentage of your income that you're saving either before or after taxes in all of your accounts
- Your net-worth: This is the most important metric to track. Net-worth = your assets - your liabilities.
117 SAVES
SIMILAR ARTICLES & IDEAS:
4
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.
Financial Independence
Financial independence implies not having to worry about money anymore, but rather focus on what you want to do, in your free time and your passions.
However, being financi...
Become financial independent
In order to attain financial independence, consider some of the below steps:
- invest your money into different projects, stocks. activities: diversification is sometimes the safest key to success
- do your research thoroughly before investing your money anywhere, to avoid unpleasant surprises
- increase your income by finding side hustle or getting engaged in new projects
- manage your income by cutting down unnecessary expenses
- invest in real estate: rent or resell properties.
Attain financial independence earlier than later
In order to feel less stressed about your expenses, start doing the research on how to achieve financial independence now.
It will save you a lot of frustration that might emerge due to work while also making you feel more satisfied with your own life.
Next Level Money
Our desire to achieve next-level money or to master, control and optimize it, can only be fulfilled by us, and it goes beyond just earning, saving and investing money.
...
Automation Of Money
Automation of money will lead to a ‘coasting’ life, but it won’t get one to the next level. While we already know that the goal is to make money work for us, instead of slogging ourselves for earning it, it is not enough to simply save and let the money grow in banks.
One has to be aware of the pitfalls of wastage of money, be able to shun mindless consumerism, and embrace minimalism to move towards that level.
Pushing The Boundaries Of Security and Comfort
One cannot be complacent and run after security and comfort. Longing for a default, peaceful life of status quo will not put one on the track of next-level money.
One has to get to work, piercing the comfort zone bubble and the man-made boundaries that are around us.