Is the average employee really in a position to figure out how to retire early? Most of us are working full time just to make ends meet. . . or working full time and unable to make ends meet. If that describes your situation, you're not alone. In the USA for the past 18 months in a row people have been spending $1.05 for every $1.00 they make. This did not even happen during the Great Depression in the 1930's! Spending more than you make is definitely not a prescription for how to retire early.
Wealth Management Advisors
Most wealth management advisors will tell you to work your job and put ten percent of your income into retirement funds so you will be able to have something to live on when you retire. What most of these wealth management advisors do not seem to realize is how much most of us depend on that ten percent to take care of everyday expenses when we are working a regular job with a limited income. Even if you can put aside the ten percent, is it really enough to retire comfortably on the salary you are currently making?
To retire in 20 years with an income of $5000.00 per month, you would have to accumulate about 1.7 million dollars. Assuming a rate of return of ten percent (a bit optimistic for mutual funds these days), that would mean saving about $1800.00 per month. Is that possible for most of us in today's economy? If you were only saving ten percent of your income, you would have to be making $216.000.00 per year. My past jobs certainly did not pay that well.
This is hardly a satisfactory retirement plan, especially considering the massive debt that most families have accumulated and are struggling to make their payments on already.
Transforming Debt into Wealth
Transforming debt into wealth. . . rather than digging a deeper hole, shouldn't we be filling it and building a mound of wealth instead? Sounds like a good way to retire early, doesn't it? Just catching up with our debt, let alone building wealth, is an issue that the majority of North Americans have to face. How can we transform that debt into wealth?
The first key to transforming debt into wealth is education. Learning about debt restructuring programs can literally save you tens or hundreds of thousands of dollars in interest and years of living in debt. There are some excellent companies that can help you with this. Reducing taxes, risk management, appropriate investing, estate planning and other strategies are all important. Further information on these strategies is beyond the scope of this article, but there are a few good companies that offer this kind of education and also provide the means to utilize trusted professionals in various areas to help in transforming debt into wealth.
Is wealth management education enough? It definitely helps, but for transforming debt into wealth quickly and efficiently, an increase in income is also a necessity for most of us.
Creative Ways to Make Money
To increase income to any significant degree, most of us would have to come up with some creative ways to make money. Finding a new and better paying job may do the trick, but finding that job is definitely easier said than done. A new job also doesn't change the fact that someone else still controls your time and you get paid only for the hours you are actually doing the hard work. The old work model of finding a job, working your entire life, and depending on your pension for retirement is no longer working. You may get by with traditional saving and traditional investments if you make a very good salary and are not swamped with debt, but if you really want to discover how to retire early and wealthy, chances are good you are going to have to look at some creative ways to make money.
There are many ways to make money from home if you want to look for them. If you're reading this article, you likely have access to the internet. There are multitudes of website marketing strategies and customized marketing solutions, even if you don't have a website of your own. A bit of research and a bit of work and you may discover that retiring early is a possibility that is a lot closer than you think.
Lets face it, you only have so much time, so you must find ways to multiply your time through leverage. To build true wealth, you must leverage time, systems and/or others so that you can make money without the need to trade hours for dollars. The internet offers powerful marketing systems. With a bit of marketing insight and learning through reliable internet systems, you will be on your way to discovering how to retire early and live comfortably as you build a better future for you and your family.
The best a short article like this can do is to whet your appetite for more information. It's up to you to find more specific and practical ways to learn about how to retire early, grow your wealth, and retire comfortably while you still have time to enjoy it. Best of luck as you take control of your future!
Roderick MacKenzie has progressed from a government health care employee, to trading time for dollars as a self employed professional, to leveraging systems and time via the internet. He continues to strive for a balance between internet marketing strategies, wealth management principles, and top-notch products that enable him to work from home. Mr. MacKenzie makes it his mission to seek out systems and companies that offer the best combination of all of these attributes, and even more importantly, systems and companies with integrity. http://www.rmacksolutions.com