Plenty of us dream of being able to retire early — to escape the “rat race” and spend many decades of our lives doing just what we want to do. For most of us, it’s just that: a dream. But even if you’re not seriously considering early retirement as a real possibility, it can make a lot of financial sense to prepare for it anyway. Let’s explore the reasons why.
Jen Sincero is a badass at making money. And she believes you can be one too. Having just released her new book, You Are a Badass at Making Money, the second in the Badass series, Jen Sincero is living up to her series’ name. She is a best-selling author, as well as a speaker and coach. Jen’s on an international book tour at the moment and lives her life exactly as she pleases.
When I was a kid back in the 1980s and 1990s, I remember watching “Lifestyles of the Rich and Famous.” That show is how I generated my first impression of how all millionaires live. Robin Leach, the host, employed his fancy British accent to lend an extra layer of gilding to every mansion, yacht and luxury car featured in each episode. “Wow, so that’s how rich people live!” I thought.
No one likes to make sacrifices. This is especially true when it comes to shopping or buying something you want. But making sacrifices in the short term can have big long-term gains that can make the sacrifices you made totally worth it. Want to know how you can build wealth for the future?
I managed to check out of the full-time working world with a seven-figure portfolio at age 33. It wasn’t through some crazy get-rich-quick scheme, insider trading, or blackmailing the right politician. I made a few smart but simple financial moves during my decade of work that greatly accelerated my journey to financial independence.
“When it comes to goal setting, there are often costs associated with achieving those goals,” says Mike Brodsky, MBA, a financial advisor and author of the book “Incremental Improvements: Change Your Life One Small Step at a Time.” When setting goals, we don’t often think about the costs involved in making it happen. At the beginning of a new year, we are excited to move forward with our goals and often don’t think about the financial costs associated with them.
“But what will I do all day?” This is a question many retirees face as they prepare for departure from the working world. Among many of the answers is, “I’m going to travel the world and go outside my comfort zone,” because it’s not something we get to do much when we’re working full time. If you’re thinking of traveling the world in retirement, here’s how to afford it.
One of the most influential books I read, while on my journey to financial independence and becoming a millionaire was, The Millionaire Next Door by Dr. Thomas Stanley. This book was particularly enjoyable for me, as an aspiring wealth builder, because it refutes a commonly held perception of what millionaires look like. There are two competing views of millionaires, and we’re going to break them down.
You don’t have to know everything to start investing. In fact, if you wait until you know everything before you get started, you’ll probably never start investing at all! But there are some basic terms you might want to have in your investing arsenal.
Retirement is a phase of life that gets a lot of media attention. Some reports claim very few will ever be able to retire at all. Most conventional financial advice is aimed at the traditional retiree — one who retires around age 65. At the extreme opposite end of the spectrum, there are Internet communities centered on attaining financial independence from the working world and retiring as early as age 30 or 40.