The Street.com has posted five things to avoid if you would like to retire early.
Their tips are so you can retire at 50 years of age. So, if you are in your 30’s or 40’s, 50 can still be a long way away. I much prefer mini-retirements as advocated by Tim Ferris author of the 4 Hour Work Week.
Their first tip is to have children early.
Families that bring in $59,300 a year will spend $197,700 on average, or $11,000 a year, on each child until he or she is 18.
I don’t have any kids, so I suppose it has made it easy for me to stop working a regular 9-5 job and travel where I want. $11,000 does seem a lot though, and they say for each child.
Their next tip is to save. You can’t argue with this, but it is important not to just save, but to actually save and invest your money in something that is going to appreciate in value like stocks, property and businesses.
Their other tips include, not dipping into your retirement fund, adjusting to economic slowdowns like we are experiencing now and avoiding credit card debt. All no brainer tips if you ask me.
I would suggest people to build multiple streams of income, preferably passive income. Property and internet websites have done pretty well for me, but there are plenty of other ways you can be successful, if you try to get a little creative and think beyond financial advice on sites like the Street.