Home Finance 5 STEPS TO RETIRE EARLY AND MAKE LIFE MORE LUXURIOUS

5 STEPS TO RETIRE EARLY AND MAKE LIFE MORE LUXURIOUS

Everyone wants to retire early as much as they can. I share with you 5 steps to retire early and make life more luxurious

In this financial world, everyone needs money. Money is important in life, but due to the increase of inflation day by day,

A lot of people don’t enjoy the early retirement status, I am sharing with you 5 ways that you should follow in order to retire early and make life more luxurious

CONTEXT

1. INCREASE YOUR INCOME

2. CUT OFF YOUR EXPENSES

3. SAVE AS MUCH AS YOU CAN 

4. MAKE INVESTMENTS

5. LEVERAGE YOUR WORK 

6. CONCLUSION

1. INCREASE YOUR INCOME INORDER TO RETIRE EARLY

Increase your income in order to retire early

Increasing the income is one of the important factor in order to retire early 

I am sharing with you some ways you can increase the income

1. Sell used products Online: It is one of the best businesses with low investment, where you can sell these items?

On eBay, Amazon These are two big platforms where you can sell your used products online

Simply you have to do is pick some used products and take some pictures of them and make an account on those two platforms and upload it

2. Start a side hustle: Side hustle is a side hard work that you can do along with your job. You can learn a skill to make some side income Skills like Communication, Business Development, SEO, Marketing, Finance and many more

Sell your services on a freelancing marketplace: After picking a skill and polishing it. Now it’s time to sell your skill as a service. Go to a popular freelance marketplace signup as a freelancer and make money by selling your services. 

4. Make money by selling photos: If you are interested in clicking photos then it is a good opportunity for you to sell the photos. Just you have One simple DSLR, go out and take beautiful shots and sell it on different websites

5. Rent out an extra room on Airbnb: If you are in a country where Airbnb is available and if you have an extra room in your house/apartment, Rent it out that makes an extra income in your pocket

2. CUT OFF YOUR EXPENSES TO RETIRE EARLY

AREAS WHERE YOU CAN CUT YOUR EXPENSES

Now you know How to increase your income. After increasing the income the next thing to do is cutting off your expenses. By cutting of your expenses it does not mean you compromise your basic expenses. You have to compromise on your wants, on your desires

Now I am sharing with you some tips so that you can cut off your expenses

1. Go to work on cycle or walk:

If your office is so far from your house, then it is OK to take a bus but your office is 5-10 KM away from your house, Use your cycle, it helps in saving the money 

2. Cook lunch on your own:

Instead of buying unhealthy food like fast-food that will ruin health as well as your money. The average cost of lunch is $180 per month or $2160 per year. This habit will save your $2160 per year 

3. Buy another internet/wifi plan:

First take a look at the speed of your wifi If the speed is high then the price also goes high. Here you can do two things first decrease the internet speed, cut the expenses or you can share the wifi with your neighbor and charge them.

4. Unused but paid gym membership:

This is one of the expenses which a lot of people do. People go to the gym in the first few days for excitement and then they leave the gym,

If you are going to the gym regularly and if your career is body-building then it’s ok but if your goal is to remain fit. Cancel the gym membership and go jog around the park, lift the weights at home.

5. No Smoking:

Smoking is one of the addictive and worst things a person consumes in its daily life. Smoking not only makes you addicted but it also affects your health.

Side effects of consuming a cigarette are hearing loss,  yellow teeth, tooth decay, plaque, cough, cold, asthma and lung cancer 

So, these are side effects that can affect your health but what about financial side effects. The average price of a cigarette packet is $10 if you are smoking 2 packets a day, then it will cost $7300 per year

Now it is your decision to live a healthy life and save $7300 or ruin your health as well as money 

6. Be savvy with online shopping:

If you have a habit of shopping online try to use coupons, promo codes, and referral links. These all helps you to save a lot of your money without crushing your needs and wants

I mean if you are going on a physical shop and if you have no money the shopkeeper will not give you what you want, but in an online store, many of them have a feature of referring their app to others as they install that app from your link you will get paid.

These are some examples in which you can cut expenses and will be help you to retire early

3. SAVE AS MUCH AS YOU CAN TO RETIRE EARLY

Money in the jars

The habit of saving is a very good habit. Although most of the people do not follow it. Because they spend a lot of money in their first part of the month. After spending all the money there is no chance of saving

I will give a simple way that you can save money without any worry. Saving is very important in order to retire early

It does not matter how much you are earning, savings matters if you are earning $50,000 a month and you do not save, and your friend is earning $10,000 and He saves $3,000 

Now you are earning much more as compared to your friend’s earning but at the end of the day You are at $0 and your friend is at $3,000

First, as you receive your payment put 10% of your income on the side. In the first few months, you will feel some difficulty but as the time passes you will be set on this new habit, Saving is very important in order to retire early

For savings, check out 9 ways to save money

4. MAKE INVESTMENTS TO RETIRE EARLY

Grow money to retire early

Making an investment helps you retire earlier. Without investments, you might retire late and in some cases, you will not retire because, If you have increase your income,

You have cut off your unnecessary expenses and you also save the money but not invest it in any place you will lose your money, How do you lose your money? The answer is Inflation

Inflation is such a thing that decreases the value of your money over a period of time. To beat inflation you have to invest that money at such a place that gives you a return higher than the inflation rate. 

Some people deposit all of their money in their bank account for growing the money but remember one thing Bank gives you return less than the inflation rate. At the end of the day you are losing the value of your money because the inflation rate is higher

These are some sources where you can invest your money. But Let me tell you one thing: These are very big industries where you can be a millionaire by investing smartly in these industries

I will give you some sources to invest and grow your money

1. Stock Market

2. Mutual funds

3. Real Estate

5. LEVERAGE YOUR WORK

Leverage in hand writing

After leveraging the work you will be able to achieve anything which you want, but for leveraging make sure that you are able to be that 10X person.

Leveraging is one of the most important things in order to grow financially and retire at the early stage of your life. Firstly What is leveraging?

Leveraging means entrusting your work to others. If you are at a place where you are earning $50,000 a year. And you have to go to $500,000 a year.

That’s 10X of your income For achieving that amount of money, you can not do it by yourself, you have to leverage the work which you think that is unimportant

For Example: If you are leveraging your work for free, Any person does not work for you for free He/she will charge you an amount and if you are that person whose own expenses are more than the income, In this case, leverage is not for you,

First, you have to be able to leverage your work to others, and gradually after making a lot of money you will be able to retire early.

6. CONCLUSION 

Finally we have learned five important steps in order to retire early  

The first point is increasing your income because without money you will never be able to retire early

2. Cut off your unnecessary expenses, Cutting off unnecessary expenses not just help you retire early but some of the expenses that should be cut off in order to keep you healthy, So cutting off expenses gives you two advantages 1. Health 2. Wealth

3. save as much as you can: It does not matter how much you are earning, savings matters if you are earning $50,000 a month and you do not save, and your friend is earning $10,000 and He saves $3,000 

Now you are earning much more as compared to your friend’s earning but at the end of the day You are at $0 and your friend is at $3,000

4. Make investments: without investments it’s hard to retire early because if you are earning a decent amount of money and save a lot, Physically there is a lot of money but due to inflation the money loses its value that’s why investments are important.

5. Leverage your work: Leveraging is important if you want to grow to the next level, for leveraging first you have to be able to leverage your work. Leveraging is very important in order to retire early and in order to grow to the next level

7. FAQ’s

What is most important thing in retire early?

The most important things in retire early is
1. making money
2. saving money
3. investing money

At what age should I retire financially?

It totally depends upon your hard work your smart work your dedication your interest in what you are doing.

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