Monday, August 25, 2014

Money Monday No. 1 - How to Retire Early!

This maxim changes everything:

If you save 25 times the income you require to live annually, there is a strong possibility that you may retire no matter what your age.  

The interest on your savings will generally and in most instances (to confirm, consult a financial planning professional), provide you with what you need.  The challenge is to save as much as possible and limit your living expenses to drive down the income you will need to retire but it has been done and at suprisingly young ages (some have even accomplished this in their 30s by mega saving when young).  Well, hop to it - strive towards freedom!

To illustrate, if you require $50,000 annually to live and save $1.25 million dollars ($1,250,000), there is a significant possibility that you will be able to retire and live off the interest from the savings (to be sure based on your circumstances, consult with your financial professional).

Tips regarding how to increase savings will follow!

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