Retiring Early Through Investments
May 31, 2018
At what age would you like to retire? Your 40s, 50s or perhaps much sooner? The thought has probably crossed your mind more than once and with good reason – nobody wants to work forever.
We've all heard stories of people retiring in their early 30s with a considerable fortune in the bank and other investments. While successes like these are few and far between, the idea of retiring while you are still young is not impossible.
In fact, with the right attitude towards saving and investing, you don't have to wait long to get more out of life.
So, what are the steps you can take to build your nest egg for retirement?
The earlier you plan, the greater your earning potential. Unlike people in their late 30's or early 40's, you can take on risks that offer the highest return on investment while having the flexibility to recover if something were to go wrong.
Boost your income
What's a great way to build your funds for retirement? Go up the corporate ladder! By getting a promotion or a salary raise, you are setting yourself up for bigger, greater things. But don't stop there. Maximize your extra time by taking on jobs on the side.
This is a no-brainer. Pinpoint the things you spend on the most and see if you can save money from there. The more money you put into savings and investment, the faster you can achieve your financial goals. Here's a challenge: see if you can put away at least 25% of your income.
Look for places to grow your money
Do your homework: research about banking, insurance and investment products. The Internet has the resources to help you make informed decisions before investing. While you're at it, why not set up a small business of your own? This will broaden your appreciation for savings, investments and financial independence.
Hire a financial advisor
While the Internet is a great place to learn about money management, it can never compare to what a financial advisor can do for you. Licensed and trained financial advisors will change the way you look at money, how you spend and invest it.
Got questions about retiring early? Contact us and we'll help you prepare for your life ahead.