Planning to retire early? Follow these seven tips to achieve your financial goals quickly.
1. Multiple income streams
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65% of millionaires had three streams, 45% had four streams, and 29% had five or more streams.
2. Avoid lifestyle creep
It might be difficult to put your money into more investments when the people around you are showing off their new watches or cars, but try not to splurge until you’re completely financially stable.
3. Invest in yourself
Consume knowledge whenever you can – listen to podcasts, read as many books as possible. It’s not just important to know your own industry, but everything else as well.
4. Save to invest
Putting some money aside for a rainy day is a logical move, but the majority of excess money that you have should be put to work for you.
5. Set your goals
Money doesn’t just appear – set achievable short-term goals and and a clear plan for how you’re going to earn it.
6. Clear your debt as quickly as possible
Paying off credit card debt and loans as quickly as possible will allow you to save on interest fees, and later on allow you to put that money towards more investments.
7. Imagine your goal as a monthly salary
Instead of telling yourself that you can afford to retire once you’ve made a couple million dollars, spread it out over your life expectancy and see whether the monthly income from your lump sum is sustainable for your lifestyle.