7 Steps For Retirement At The Age Of Forty - Ask The Rich

Sunday, May 6, 2018

7 Steps For Retirement At The Age Of Forty

At the age of 40, "Mani Mostash" was a great example of retirement. Some one who worked for ten years with an annual salary of $ 67,000. He retired at the age of 30, also "Winnie Tsing" and "Jeremy Jacobson", announced their retirement at the age of thirty and they have millions of dollars that enabled them to spend their lives traveling around the world...

7 Steps For Retirement At The Age Of Forty

    1-Make multiple sources of income

A six-digit income will help you to retire at a very early age, but in reality this is not very necessary. Those who do not want to join the university or have degrees in low-income areas can spend on a side activity outside of work to increase their income, With the right direction of money, this small amount will double with the days, and instead of upgrading your lifestyle you can increase your fortune faster.

    2-Set your goals

"Joe Udo" talked about this in his book "The retirement at  the age of 40" and said that determining the retirement date is the crucial step.
If you are planning to retire early as Udo said in this regard, saying that you should also determine the retirement budget any way you spend your expenses after retirement, Visualize your future lifestyle whether you want to travel or give money to someone, and you must set the cost to take the decision of retirement.


Let's heve a look at the exemple of "Jacobson" and "Tsing"...The recommend living in luxury but not exaggerating. For example, the area of houses that have doubled dramatically since the 1950s and contained more bedrooms, toilets and garage resulted in more taxes and maintenance expenses.
So they decided to live in a small apartment...this decision help them to save more money for investment.

    4-Sign up for a retirement plan

Take advantage of the financial plans offered by your company or use another retirement account, choose a certain percentage of your monthly salary and use it to invest and the sooner you wish to retire, the more this percentage should increase and the automatic transfer of this percentage From your bank account to the retirement account directly so you will not see this percentage and you will get used to life without it.

    5-Build your own cash reserve

Before leaving work and the retirement period begins, there must be sufficient cash flow for at least one year's expenditure in order to have enough money in case of emergency.

    6-Track your expenses

You have to spend a lot of money on coffee, eating outside, monthly subscriptions, etc. Often you spend a lot more on these things than you can imagine. So, you have to redirect all your non-important daily expenses to your retirement account. Over time you will find that you are collecting thousands of dollars without knowing.

    7-Look for happiness in what does not cost much

It is okay to spend some money on happiness and pleasure from time to time, but this should not be the usual or the daily. You should direct your concept of fun to the simple and inexpensive things that your city offers you such as reading, cooking, walking and other fun activities.

    You May Like: Learn About Passive Income And How To Make Money From Home?

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