As the saying goes, “the early bird catches the worm”, one of the things that I learned in the journey towards financial freedom is to start early to retire early. The earlier we started saving money, the earlier we started our financial education, the earlier we started to invest, we can be guaranteed that we can also retire earlier.
Why not? Retiring early is one of the best options of a lot of people. Who wants to work for the rest of their lives? Who wants to be bothered by lots of worries in their work? And who wants to encounter a lot of stress that their health will be put into danger?
Personally, I would like to retire in the age of 40s. Recently, I wrote an article about the four quarters of life and how to win the game of money. No one wants to retire at the age of 60s because they cannot really enjoy the fruits of their labor. At that age, a lot of health problems will begin to manifest. Definitely, their savings will just be used for medicines to treat these health problems brought about by old age. As they have said, “in our youth, we spend our health to gain our wealth” but “as we get older, we spend our wealth to gain our health”.
What are the things that we should start early to retire early?
Learn how to save properly. The earlier we started saving, the larger our savings can be over time. Just imagine if you regularly save your income, it will accumulate over time. With the power of compound interest, our savings can be enough to lead us to the next step.
Learn how to invest properly. When you already have enough savings that already covers your emergency fund, then assess yourself to the next level on where can you invest your extra savings to earn more income for you. Learn how to invest in the stock market, in the real estate, in mutual funds and trust funds, and in other investment options where you can park your extra cash.
Build Passive Income. The secret of retiring early lies on building a stream of passive incomes. The earlier you started building passive income, the higher your chances to retire early. Look for opportunities along the way that will let your money work hard for you. This what makes rich gets richer.
Focus on that goal. Read some articles on self motivation. Surround yourself with people with the right midset and with the same goals as yours and together you will walk the way towards a common goal helping each other in every step and in every challenge that you will encounter along the way. I believe in the saying, “tell me who you’re friends are and I’ll tell you who you are”. Determination and focus is the key to become successful.
Play the cashflow game. Play the cashflow game by Robert Kiyosaki. It’s one way of increasing your financial intelligence. Test your skills against other competitors to get out of the rat race earlier. It’s definitely a fun and learning game.
Finally, you can read on Singapore’s Youngest Millionaire Adam Khoo in his Million Dollar Interview. Let’s learn from a very successful person who became a millionaire at a very young age of 26 and now a multi-millionaire.
So let’s start early to retire early! It’s now or never. We must choose the right choice.