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.
We hope you found this article about “Habits to Ditch So You Can Retire by Your 40th Birthday?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
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.
Alan L. Olsen, CPA, Wikipedia Bio
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…
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.
Looking for a Hotel Outside the Box?
If you’re a regular traveler, then chances are you’ve already been to numerous incredible places. But that doesn’t mean you’ve seen everything there is to see and stayed everywhere there is to stay. In fact, if your travel season is about to get underway then you’re probably looking for some great new places to stay. If you’re tired of all the run-of-the-mill hotels, or maybe you’re just looking for something truly unique, then check out these one-of-a-kind options.Attrap’Reves, Allauch, France
Financing A More Exclusive Lifestyle
It’s surprising that the emerging market is now the biggest consumer of luxury goods, as reported by Deloitte, where a more mature audience once held the title. This will require luxury brands to reinvent their marketing approach in order to accommodate their new clientele. With an increase in income and more access to loan products, the new luxury consumer is fully equipped to have all they desire. But what is it that this elite group of consumers really want?Fast Cars Are No Longer EnoughWhile
How Do Biotech and Pharma Companies Feel About New Tax Law?
How Do Biotech and Pharma Companies Feel About New Tax Law? The back and forth regarding the new tax reform bill has been endless since even before it became law. Obviously, there are pros and cons and both sides hold tight to their arguments. Additionally, some taxpayers and industries oppose the reform, while others are…
Five Easy Steps To Help You Retire Wealthy
What hard-working individual doesn’t dream about retiring rich and living the good life throughout his or her golden years? After all, what’s the point of working your life away if you never get to enjoy the fruits of all your labors? The problem is, for many, retiring wealthy and living the good life is just that: a dream. In fact, for many, retirement is a daily battle just to have enough to get by after paying for all their necessary food and medical care. That’s not how retirement should be,