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

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

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.


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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

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GROCO.com is a proud sponsor of The American Dreams Show.



The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

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MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

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