Habits to Ditch So You Can Retire by Your 40th Birthday

Are your retirement plans set? Are you going to call it quits when you turn 65 and spend your goldenyears traveling the world, lavishing your grandkids with gifts and good times, and spending your down time relaxing in the sun by a crystal-clearpool? It sounds great, doesn’t it? Of course, retirement is different for everyone, and it is becoming more difficult to live the same lifestyle in retirement as one enjoyed while in the workforce. In fact, many people are forced to put off retirement for several years past their 65th birthday. That being said, how do some people call it quits at an even younger age?

It Takes Sacrifice
While many people find it difficult to retire when they reach 65, there are others who walk away at a much younger age – some even by the time they reach 40. How do they do it? It takes a lot of hard work, discipline, and of course great sacrifice, but it can be done. Just take it from some of the people who have pulled it off. The key is giving up certain lifestyle habits that enable you to invest more money into your future. What kinds of things must you give up?

• Pointless Spending – Even if you have money to burn, mind lessor reckless spending can catch up to you. This is a habit that you must break if you want to retire early. You must set a budget, stick to it, and always track your spending.

Living It Up – It’s hard not to spend, especially when you get an increase in your income. Most people like to live a fancy lifestyle to the degree their income will allow, but if you want to retire early, you have to think differently. Get a raise? That doesn’t mean it’s time to boost your spending. Instead, it’s time to increase your savings.

• Big House – Bigger is not always better. While living in a large home with a lot of space can be very enjoyable, it’s important to consider carefully how much space you really need. If you want to save more money for retirement and hang ‘em up early, then downsizing is a great way to do it. By living in a smaller, more affordable home, you can increase your savings significantly.

Being a Showoff – We all like our toys, and we especially like to show them off to our friends and neighbors, but that’s no way to retire early. Don’t allow what your friends and neighbors think of you determine your happiness. Money doesn’t equal happiness; so don’t spend to impress others.

• Expensive vehicles – if you don’t need to own a vehicle, then give it up. Even if you do have to own one, you can keep it simple and avoid extra debt and spending by steering clear of fancier models.

It may not be easy to retire by the time you turn 40, but if you apply yourself and you’re willing to sacrifice, then the possibility exists. So how soon do you want to retire? It’s up to you to make it happen.

Posted in
Giacomo Marini

Giacomo Marini – The Man Who Builds Tech Giants

Marini is a Silicon Valley-based entrepreneur and investor with extensive hands-on management experience in starting and growing new businesses, identifying, and leveraging emerging technologies, developing, and growing great management teams capable of operating on a global level. Marini has been Chairman and CEO of Noventi Ventures, a Silicon Valley-based technology investment firm, which he founded…

Goodbye 2021

Goodbye 2021, Hello 2022!

Goodbye 2021, hello 2022, finally! Here’s a brief review of our 2021; goals for 2022 to follow shortly.  In so many ways we are glad 2021 is behind us. It was a very difficult year for many businesses and individuals; too many had businesses closed, experienced hardships and lives were shattered and lost.  Our heartfelt…

Why You Should be a Philanthropist

Why You Should be a Philanthropist

This article has been Updated: Why should you be a Philanthropist?  Because life is full of opportunities. There are opportunities to start something new, like a business or a family, as well as opportunities to make a difference. Many of the world’s wealthiest people start their road to success and wealth with the single objective…

Pulak Sinha

Pulak Sinha – The Dawn of Asset Tech

Pulak is the Founder & CEO of Pepper. Pepper is the next generation of smart digital infrastructure for asset managers bringing together the latest in cloud, artificial intelligence, open architecture, and user interface technologies. Before leaving to start building the digital platform that would become Pepper,Pulak was a founding member of GSO Capital Partners —…