Making Your Early Retirement Dream Come True

Sep 3, 2021 | Master Your Money | 0 comments

Imagine yourself enjoying your retirement. With enough savings and diligence, you’ll probably be okay retiring around your 60’s. According to Money Talks News, U.S. retirees usually bid their careers farewell at the age of 64. However, the Social Security’s full retirement age for all states except the District of Columbia only kicks in at 67.

But by that time and at that age, will you still be able to enjoy the dream that you’ve been chasing since you were a child? Probably not.

Now imagine yourself enjoying the luxury of your hard work while you still have the strength, health, and interest to do so. Imagine traveling the world, experiencing new things, and meeting new people all year long. Imagine sipping mojitos by the beach without worrying about the hangover the next day.

Imagine just staying in your room, watching TV, and eating pizza on your bed for the whole day without worrying about heartburns. Imagine yourself enjoying your life as a retiree while you can still actually enjoy life to the fullest. Sounds too good to be true?

Having an early retirement plan is not only for daydreaming but also for keeping yourself inspired to work hard. It’s not only about saving money and working hard. There’s a science in planning this. And with the list provided below, that plan might turn into a reality.

Here are the four ways to make your early retirement dream come true.

1.  Prepare multiple sources of income

To achieve this goal, it’s not enough to only work hard. You also have to work smart. Grinding nonstop can help you earn a lot, but there are more efficient ways to go about it.

  • Passive Income – Invest in your future by working on your investments immediately. Buying properties as early as possible is good since the market value of land will only go high as the world gets more populated. Future rental income is one of the most secure and safest ways to earn money passively. You can also try your luck with stock dividends, patenting products and ideas, or capital gains. The idea is to spend money now and let it constantly grow instead of stagnating in a bank. With proper research and attention, you can minimize the risks and earn as you sleep.
  • Active Income – Of course, you’d still have to work. But having a nine to five for decades isn’t always necessary. Maximize your earnings efficiently by finding your specialization and investing in it early. Attend seminars and learn actively to improve your skills. Working as an employee with only your future as your responsibility is indeed comfortable. But if you’re gonna go for early retirement, then the fastest approach is to skyrocket your career growth as well.

 

2.  Prepare safety nets

The best way to have a relaxing time in the future is to work on the possible things that might stress out. Cut those worries in the bud and work on your insurance.

  • Health and life insurance – It’s safe to assume that almost everyone knows the importance of health and life insurances. Yes, the cost of health insurance has dramatically risen over the decade. Yes, there’s so much you can buy with that amount. But if you look at it from a different perspective, by spending around $400 a month, you can avoid getting $123,000 out of your pocket for a heart bypass. And that’s just for the surgery alone. Health and life insurance provide you and your family financial protection in case of serious accidents or illness.
  • · Housing Insurance – Property insurance is also something that warrants more attention. Floods, fires, earthquakes, break-ins, and all the other unwanted mishaps can cause damages that might empty your savings. Not having a house and the money to start again is not really gonna make your retirement a blast. Knowing the right package to get will make life easier. If you prefer the bustling streets of metropolises, then look for the most suitable condo insurance quotes for your stylish and busy lifestyle. If you’re eyeing the serene and comfortable life of living in the suburbs, then homeowners insurance should be the topic of your research.

 

3. Avoid Debts

It’s simple math, really.

[( Hard work + Savings ) – Debts] x Interest = No Early Retirement.

Loans and personal debts endanger your financial assets. Loan interests will sneak up on you with a right hook and knock your plans out entirely. So, avoid it as much as possible.

4.  Take care of your health now

You have to understand that the main idea of early retirement is for you to have the capability to enjoy the fruits of your labor. And you can’t do that if you’re sick. Abusing your body and mind by working outside your limits will only be counter-productive in the long run.

The idea of relaxing all day, every day, is enough to fuel a week of nonstop grinding. And in most cases, that’s what happens. But a year filled with lack of sleep and proper diet will have its effects on your body for a lifetime. Nine to fives are usually attached to a sedentary lifestyle. Make sure you’re physically fit and learn the importance of resting and unwinding to make sure you’re mentally healthy.

 Remember that you are planning an early retirement for you to enjoy your life. But that doesn’t necessarily mean that you can’t have fun now. Make sure to find the line between working for a living and living to work.

best,

– a contributed post

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