Early retirement, here we come! Time to craft a roadmap

Early retirement: a chance to trade the grind for global exploration before age clips our wings.

Many of us dream of early retirement, have freedom and see the world while we have the strength and vitality to do so. If we wait too long, we might miss out on what could be our greatest life adventure.

Retiring early, often referred to as achieving financial independence, requires a combination of disciplined saving, investing, and lifestyle choices.

Maya used to live paycheque to paycheque. Every month felt like a frantic scramble, juggling bills and hoping there'd be enough left for groceries. One day, a coworker mentioned "financial independence" and retiring early. Intrigued, Maya started researching. She discovered a different way to think about money, a world where it worked for her, not the other way around.

Step one: awareness. Maya meticulously tracked her spending for a month. Latte every morning? Impulse online shopping? She realized where her money was leaking. So, she started small. Packing lunch instead of buying it saved her a significant amount. She unsubscribed from tempting marketing emails and found free entertainment options. Every dollar saved felt like a victory.

Next came the plan. Maya researched retirement accounts and set a target date. She started small, automatically transferring a portion of her paycheque every month. It wasn't easy, but seeing the number grow every month fuelled her motivation. She even started exploring low-cost investment options, eager to put her money to work for her.

Slowly, her mindset shifted. From "can I afford it?" to "will this get me closer to my goals?" She started prioritizing experiences over material possessions. A weekend camping trip with friends brought more joy than a new pair of shoes. The freedom she envisioned in early retirement became a driving force.

Years passed. Maya's savings grew steadily, and her investments started paying off. She became a budgeting pro, finding ways to save without feeling deprived. The anxiety that used to grip her with every bill lessened. She even managed to pay off some lingering debt.

One afternoon, Maya sat down with a calculator. The numbers crunched, and a smile bloomed on her face. With careful planning and consistent effort, she could realistically retire in ten years. The feeling of control over her future was exhilarating.

Early retirement wasn't just about lounging on a beach. It was about freedom. Freedom to pursue her passions, to travel the world, to spend more time with loved ones. Maya's journey wasn't about becoming "rich." It was about building a life on her own terms, a life where money worked for her, not the other way around.

Here are 5 ways to build wealth early in life:

Pay yourself first. When you get paid, set aside some money for savings before you pay your bills. This will help you to build up an emergency fund and start saving for your long-term goals.

Track your spending. Most people don't realize where their money goes. Once you are aware of your spending habits, you can start to make changes. There are many budgeting apps and websites that can help you track your spending.

Live below your means. Don't spend more money than you make. Avoid lifestyle inflation as your income increases. Just because you can afford something doesn't mean you need to buy it.

Invest your money. Investing is a great way to grow your wealth over time. There are many different investment options available, so it's important to do your research and choose investments that are right for you.

Increase your income. There are many ways to increase your income, such as getting a raise, getting a side hustle, or starting your own business.

Early retirement isn't for everyone. It requires significant sacrifices and planning.

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