Retire Early By Killing This Habit
This is gonna sound real obvious...
But, early retirement is possible - if you'd just stop wasting money.
I'm going to break this down and explain what you need to do, so stick with me for just a bit.
Now, before telling me that you "don't waste money!"...
Let's look at some of the obvious savings you could be making right now:
Making these changes could slash your monthly expenses by $500-1000.
Our free guide "Slash Your Monthly Expenses" tells you exactly how to do all this (and more). Click here to download your copy, totally free.
So there's some quick savings.
But there's other simple things you can do to bring your retirement closer, too.
Saving is great. Now you need to use these savings to eliminate debt and invest.
Think of this like putting your money to work.
Do this right, and you'll move towards an early retirement while you sleep.
These aren't "quick wins" like the savings mentioned above.
These are the long term plays. These sort of things are built on a bedrock of controlling your expenses, and are what really move you towards early retirement.
There's an important question to ask yourself...
At what age do you want to retire?
Here's a general rule of thumb..
The more you can invest, the sooner you can retire.
So the more you can save (by cutting expenses), the more you can invest, and thus the earlier you can retire.
What we're talking about here is finding a balance.
You could go NUTS and cull every possible expense from your life, so that you can maximize your investments and retire as early as possible.
Or, you could spend like a loony and not retire until 65.
You need to find some middle ground.
Remember all those savings we mentioned above? What do they have in common?
They're savings on boring stuff. Insurance, loans, uuugh, even the words bore me.
It makes sense to ruthlessly cut costs on these things, because they're things you need but not things you want or love.
But you should be less harsh when it comes to cutting costs on things you love.
If you love fishing, keep going on those trips. And if you love Starbucks, keep getting one every morning.
So here's the advice...
Save as much as possible, without hurting the things you love
Your savings can be used for two things:
- Spending on the things you love.
- Investing in your retirement.
Decide on what you love, what makes you tick and make you enjoy life - and thus, decide where you're happy to spend money.
Life is for living. Live it doing what you love.
Then, for everything else that costs money, cut the costs ruthlessly.
For example, let's say you love golf - and also, you sort of like cable TV.
Spending money on golf is a no brainer. The return on that investment is infinitely valuable - it's self fulfillment and enjoyment.
Spending on your cable every month is not such an obvious choice.
If you worked out that by canceling your cable and investing the savings you could retire a year or 2 earlier - would you do it?
These are the types of questions you need to ask yourself.
Consider the things you spend money on, and consider the alternative (investing the money instead, and thus retiring early).
Ask yourself: "Is this really something I LOVE, or would it be better to trade this for an earlier retirement?"
This is our whole philosophy at SlickBucks.com, and what our teachings are based around.
We teach you to invest your income where it will get the best return.
This starts with covering the bare essentials (if you don't have food and shelter, the best return will be in securing those).
Then investing in what you love - the return is your personal fulfillment.
And then investing in your future - small amounts invested consistently can turn into fortunes over time thanks to the power of compound interest. This is what will get you to early retirement.
It all starts with slashing the obvious expenses and grabbing your big wins.
Our free guide "Slash Your Monthly Expenses" can help you make massive savings each and every month, and bring that early retirement ever closer.
Now, I've got a warning for you...
There's a MASSIVE pitfall you need to avoid.
Pitfall: Thinking "I'll do that.. soon"
Often, "soon" never comes.
But when it comes to savings and investments, starting NOW is more crucial that you know.
If you take just ONE THING from this article..
Let it be this: You CANNOT put this off.
Not for a month, not even for a week.
There's a POWERFUL reason for this, and it's best described in this image:
Ben invests $2,000 per year from age 19 to 26, and has $2,288,996 by the age of 65.
Arthur doesn't start investing until 27, and then invests $2,000 per year.. and has only $1,532,166 by age 65.
The reason for this is compound interest.
So, basically, the longer your invests have to "mature", the more compound interest they can build, and thus the more they grow.
Here's a picture of "simple interest" v "compound interest":
In the first image, this is what's helping Ben.
His rate of return grows and grows every year, because he earns interest on the interest he's already earned.
Arthur also earns compound interest.. but, because he started later, his investments don't have as long to grow.
The lesson here is this...
The sooner you start investing, the less it will cost you to meet your retirement goals.
The Ben v Arthur picture illustrates this perfectly.
Albert Einstein (yes, that one) said "Compound interest is the most powerful force in the universe."
And THAT, my friends, is why you can't put this off.
Not even for another month.
Every day you waste is another day that you could be building compound interest on your investments.
This simple video explains compound interest in an easy-to-undestand way:
So, in summary...
Don't. Put. This. Off.
Once again, the way to get started here is by slashing your monthly costs in the obvious areas.
This will instantly free up money that you can invest.
Our free guide is the quickest way to get started - No strings attached.
Just solid information to help you slash your monthly expenses, and start down the path to early retirement.