Few people want to work for their entire life. There’s too much to do in the world to be stuck behind a desk, but money is a very real concern for most. Fortunately, the saving tips below can help you to save early, invest wisely and retire earlier than you had hoped.
1.Say No to Debt
The enemy of retirement is debt. Get rid of credit cards and pay off debt as soon as possible. If you can reduce your debt significantly, you may better fund your retirement accounts.
2.The 25% Solution
How much of your income can you live without? If you can cut twenty-five percent of your costs and place that money in savings, you can retire much earlier than you might expect. If you can’t hit this magic number, don’t worry – but do save as much as possible.
It’s never too early or too late to start investing. Try to invest in low-risk funds that could help you stockpile money for later, but don’t be afraid of taking risks that can lead to huge rewards. Some small gambles may help you retire early.
Always make sure you have multiple investment sources. Fund your 401(k) as well as an IRA, and take the time to consider non-traditional investments as well. For example, you could become a silent partner in a business – it could help provide a monetary cushion.
5.Create Revenue Streams
One mistake many make is tying their futures to a single revenue stream. While your work income is great for living, it requires you to work. Creating separate revenue streams through developing online businesses or owning properties can allow you to bring in revenue that is separate from your traditional job. These revenue streams may in turn be used to feed your retirement fund or to provide you with post-retirement income.