Economy
Do You Really Want To Retire Early? Check Out Four Important Things You Must Start Doing
If you have always had the dream of retiring early, there are certain things you have to start doing. These are some of those things.
Even with the nature of our society, retiring early is possible and achievable (especially if this has always been your lifelong goal), you only need to be willing to make some sacrifices. Here are four things to do if you want early retirement.
Avoid spending mindlessly
The most important step in controlling your finances enough to make early retirement possible, is to track your spending. You have to know what you’re spending on and if it’s necessary for you to spend that much on it, or even spend on it at all. Know how you spend, determine necessary expenses and focus your efforts on reducing or eliminating negligible or unnecessary expenses.
Stop lifestyle inflation
Try to avoid living at the maximum standard your income allows. Find a middle point and contently build your life around that, while you save and wisely invest the rest to further increase your earnings. If your income increases, try not to over boost your spending and put a reasonable portion of the extra money into savings. You can also apply this strategy to other surplus money like bonuses, and other small windfalls. This will benefit you far more than buying the latest gadgets and travelling to the most exotic locations all the time.
Go home-made
Opt for home-made food, as opposed to eating out all the time. If you’re skeptical about just how financially beneficial this strategy is, give it a shot for a month and see the results. You can even save some more money if you know how to negotiate well for groceries and food stuffs at the market. In addition to the financial benefits of going home-made, there’s also the health benefit of eating fresher and healthier meals.
Read Also: Retirees get N4.25b with discounted medical treatment
Stop trying to please your friends
This is one of the biggest money wasters and the greatest enemy to early financial independence. Keeping up with the Joneses and trying to live up to your friend’s standard can end up not only robbing you of a chance at early financial independence, but it can also mess you up financially. Avoid going out all the time, spending in places you never intended to spend in, and spending lavishly on things that you could care less about because of so-called friends. Stick with friends with the same financial mindset as yours, who will contribute positively to your goal of achieving early financial freedom. You’ll be better off for it.
***
Source: The Nation
”Competition has started again” – Reactions trail Regina Daniels and co-wife, Laila’s posts about their husband, Ned Nwoko
“Only self!sh men are intimidated by women’s success, you should be happy that your woman is successful” – Actress Diva Gold to men
“She forms hard to get, but I slept with her the first day I came to her office” – IVD makes bombshell revelation on his relationship with Blessing CEO (Video)
“There’s hunger, however there’s huge” hope – Tinubu Lament
“Simon Ekpa is not our member” – IPOB stated
Diddy claims prosecutors showed judge edited Cassie video to make him look dangerous
“God is still in the business of doing wonders, please keep trusting God” – Emotional moment gospel singer Yinka Alaseyori serenades actress Dayo Amusa who gave birth to her first child at 41 years (Video)
“They don’t look so happy” – Reactions trail video of Chioma and Hailey at Davido’s concert
-
News1 day ago“There’s hunger, however there’s huge” hope – Tinubu Lament
-
News1 day ago“This is m@dness” – Young man disrupts the peace inside banking hall as he plays song using his JBL speaker, clip trends online (Watch)
-
Lifestyle1 day agoNigerian man who passed away 10 years ago confesses he’s currently in Lagos, reveals big secret
-
Biafra1 day agoFG confirms arrest of Simon Ekpa by Finnish authorities