Early Retirement: Can You Get There?
Early retirement – the thought of it can bring a smile to many faces, but how realistic is this goal? Well, that depends on a host of factors – some of which you have a lot of control over; others, not so much. Let’s investigate what hurdles we need to jump over to make early retirement a possibility for you!Probably the most important factor that you have on your side (provided you’re young enough to benefit from it) is time….yes, time. With the powerful (almost magical) combination of time and compounding, you can grow your wealth exponentially. However, you need to start saving a lot of money very early and invest a good portion of your retirement in assets that can appreciate significantly over time (ex: the stock market, real estate, commodities, etc.). Otherwise early retirement is nothing but a pipe dream.Now I’m sure some of you would love to hit it big at the casino or the lottery, or get a windfall from a rich relative when you’re still young. Of course, the odds say that you’re more likely to get struck by lightning twice in your lifetime than becoming a big lottery winner! Therefore, putting together a plan of action for early retirement is essential if you’re serious about making it happen. Don’t take Han Solo’s advice when it comes to retiring early – you need to know the odds.