Do you want to retire healthy, travel the world, and be financially free? here are 7 proven strategies on how to retire early and get rich.
Before sharing tips to help you develop your own retirement strategy; I want to thank my mentor “ Robert Kiyosaki ” for upping my entrepreneurial spirit and making me aware of the need to retire young and rich. Robert Kiyosaki’s book Rich Pops Retire, Retire Rich has had a big impact on my life; it changed my perception and made me see the opportunity of retirement for the young and the rich.
I also want to pay tribute to successful entrepreneurs like Larry Ellison, Mark Zuckerberg, Michael Dell, Richard Branson and Bill Gates because they simply didn’t do it. while trying to build big business empires and retire young, they have also been humble enough to share the secrets of their success with young entrepreneurs around the world. They are my main inspiration in my quest to retire young and wealthy, and I thank these entrepreneurs for setting the tone for people like me.
Now, for those who have never thought of retiring young and rich, I think the time has come: I have personally set myself the goal of retiring young, early and rich; and I think you should do the same for yourself.
However, this article was not written for me; I wrote this to help you develop your own retirement strategy. I wrote this to help you retire early and get rich. No one can help you get an early and rich retirement except you, so you need to plan and execute your own retirement strategy.
Now I don’t know how old you might be at the time of reading this article; all i want you to know is that it’s never too late to fight for something. After all, Colonel Harland Sanders didn’t start a business ( Kentucky Fried Chicken ) until he was 66. So, no matter how old you are, you can always start something on your own. Now why would you want to retire early, young and rich.
Lately, I have always insisted on the need for a ” why ” before starting a business or a project, because your ” why ” will be your main source of motivation; it could be your candle in the dark.
Before continuing; I want to make it clear that early retirement and wealth are not just about money or lifestyle, but also about freedom and time. The freedom to do what you want; to be free from fear, the pressure of life and especially early retirement – that is a feeling of satisfaction.
Retirement strategy: how to retire young, early and rich
- Desire for early retirement
“ Desire is the starting point of all realization. “- Napoleon Hill
The first step in retiring early is to desire it. Not a single person who retired prematurely and got so rich got so suddenly that they wanted, planned, and decided. To retire young and rich, you must have a burning desire to retire, for that desire is the fuel that will make this dream come true.
Beyond desire, you must have a compelling reason why you want to retire early and get rich. Why do you want to retire young and retire rich? Are you doing this for your loved ones? Are you doing this for self-actualization and fulfillment ? What I’m trying to emphasize here is that you need to find the “ why ” before you take the road to early retirement.
People who dream of little dreams to continue living like little ones. – Rich dad
- Prepare your mindset for early retirement
Wealth starts with the right mindset, the right words and the right plan . – Rich dad
So you want to retire early and rich; then prepare your state of mind for it. I hope you know that early and rich retirement doesn’t come on a golden platter; it is a process that requires not only hard work, but also smart work. You must prepare to overcome any obstacle you face; you have to be prepared to keep going when the going gets tough.
Much like the entrepreneurial process of starting a business from scratch; There is also the process of finding an early and rich retirement, and this process requires discipline, focus and persistence. Just like starting a business, it takes a good mindset; Likewise, the process of early and rich retirement requires the right mindset.
“One of the great things about being prepared to try new things and make mistakes is that mistakes make you humble. Humble people learn more than arrogant people . – Rich dad
retire early and retire the rich; You have to be open-minded. You need to be open to opportunities and, most importantly, be ready to learn; You must also be prepared to expand your thinking skills. You should be able to see an opportunity in your quest to retire early and rich. Your cup should never be full.
Thinking is hard work. When you are compelled to think, you develop your mental capacity. As you develop your mental capacity, your wealth increases. – Rich dad
- Set your retirement date
Once you have prepared your mindset to go through the process of early and rich retirement; you must define a period during which you will retire. Setting the date for retirement begins by answering the following question:
How old should you be after you retire ?
Setting a retirement date for yourself is very important to the early and wealthy retirement process because there is no target timeline; You will never reach the goal of retiring early and rich. And if left unchecked, you can retire after death without knowing what life is like in retirement.
I would also like to add that age may not be the only targeting factor for retirement. For example, I decided to retire young and wealthy by 2021; and this decision did not affect my age.
I decided to retire in 2021 because the federal government of my country, Nigeria, has a growth plan with the label ” fiscal 2021 . “And the aim of this initiative was to position Nigeria among the top 20 economies in the world.
And thanks to this initiative, vigorously implemented by the government, there has been a massive influx of foreign investors into the country. Now, instead of being left behind, I strategized and aligned my goals with FSS 2021, which is how I made the decision to retire by 2021 .
My retirement plan also includes quick plans and strategies that will build on any economic strategy and incentives created by the government to achieve its goals. This is how I proposed the moment of retirement; You can also use the same or a different approach to set your own retirement date.
However, it is desirable that the retirement date you choose is realistic and achievable. My retirement date is realistic and achievable because I will use government efforts and other external factors. not the one that demoralizes you and burns you in the short or long term.
- Set a specific amount for retirement
after setting a target retirement date; you need to set a fixed amount that you want to withdraw.
- How much do you want to have in retirement?
- At what financial level do you want to retire?
These two questions above are very important to your retirement goal and only you can answer them. We all have different dreams and aspirations, so I can’t decide which financial exit strategy you choose. However, I must add that you must be clear about the amount of your pension.
Always start at the end before you start. Professional investors always have an exit strategy before investing. Knowing your exit strategy is an important investment basis. – Rich dad
- Are you going to retire Rich or Middle?
- Are you going to retire by $ 1,000,000 or $ 10,000,000?
Whatever your financial retirement point; just make sure it’s realistic and achievable. I bet you don’t want to die of regret. However, just because I’m saying your retirement point has to be realistic and achievable doesn’t mean you need to aim for mediocrity, your financial exit strategy needs to be realistic but broad; it should be a goal that requires you to expand your context and content.
A good goal is like a hard exercise, it makes you tense. – Mary Kay Ash
Your financial goal for retirement should take you out of your comfort zone; it should be a goal that will require you to expand your thinking skills, it should be a goal worth pursuing.
- Develop a retirement plan
In the process of reaching your goal, retire early and get rich; this is probably the most important aspect, as it is the deciding factor that will determine whether you achieve your goal or not. Reaching the goal of a wealthy retirement at a young age without a plan is like going on a trip without equipment.
- What’s your retirement plan?
- How are you going to reach your retirement goal?
- What tool or lever are you going to use?
At this point you should ask the above questions. Planning to retire earlier and richer is more than it seems; early and rich retirement is not just a matter of planning, but also of strategy and leadership. Strategy and leadership start with your core value.
Are you going to retire to net worth? Or will you judge your retirement strategy by the amount of cash flow ? Here’s what you need to do before you start building your retirement plan. I also want you to know that choosing a financial point for retirement depends on your core value. What you value most will determine how your retirement unfolds.
Have you heard such statements?
- I will retire when my retirement funds reach $ 1 million
- I will retire when I accumulate a million dollar net worth.
- I will retire when my savings deposits reach $ 500,000.
- I will retire when the value of the shares I own reaches $ 1 million
Whenever I hear such statements, I immediately know what individual worth is and I intend to retire based on net worth; and I give them a thumbs up because they’re definitely retired. However, I don’t think I will retire at equity because I have a different core value.
T he most important word in the world of money is cash flow. The second most important word is leverage. – Rich dad
My ultimate goal is to get out of recurring cash flow . … ”Instead of retiring based on net worth; I want to retire with a constant monthly or annual cash flow . People who plan to retire on the basis of cash flow have a different fundamental value than those who want to retire on the basis of equity People who plan to retire on the basis of cash flow make statements like this one:
- I will retire when my annual cash flow reaches $ 500,000
- I will retire when my dividend yield reaches $ 100,000 per year
The reason I emphasized the need to decide whether your pension is a retirement cash flow or net worth target is that your choice of pension mechanism depends on your retirement target.
For example, people who plan to retire based on net worth would prefer funds such as savings, mutual funds, retirement funds, gold and silver investments, term deposits, and the obligations. While those who intend to retire with cash flow will opt for vehicles such as real estate, start businesses, and invest in businesses that pay consistent dividends.
Investing in mutual funds is an investment at the end of the food chain. – Rich dad
There are fast ideas and slow ideas, just as there are high speed trains and slow trains. When it comes to money, most people on the slow train look out the window and watch the fast train go by. If you want to get rich quick, your plan should include quick ideas. – Rich dad
I am planning to retire due to cash flow and am planning to start a business; reinvest the profits in the creation of other businesses and invest the company’s cash flow in real estate.
Here is my own strategy and my own retirement plan; so i will retire young and rich. I chose this plan and this path because it corresponds to my purpose, my aspiration, my passion and my core value. So find a retirement plan that’s right for you; find a plan that uses your powers and execute it.
As soon as you integrate passive and portfolio income into your life, your life will change. These words will become flesh. “- Rich dad
- Identifying threats and opposing the plan
Each plan has its own threats and countermeasures; just as entrepreneurs identify business challenges, threats, and opposition to their business plans, so should you do with your retirement plan. Identifying threats, opposites and weaknesses in your retirement plan will help you develop a defense strategy; it will help you not to be afraid of this process.
- Execute the plan
Your future is shaped by what you do today, not tomorrow. – Rich dad
It’s one thing to plan, but it’s another thing to do. Every person on earth has good plans, big dreams, and big aspirations, but few will dare to pursue that dream or plan an attempt. Like I said before; early and rich retirement is a process that has a beginning and an end. Now how can you complete the process without starting it over? It’s impossible.
Apologies cost ten cents, so the poor can afford them a lot. – Rich dad
Making a retirement plan can involve learning new skills, broadening your mindset and stepping out of your comfort zone; it may also require you to invest in training first. The need and desire to implement my own retirement plan forced me to develop my entrepreneurial skills, establish high personal standards and financial literacy. So that’s all it takes to implement your plan; just do it because there is no pain, no gain.
The plan is the bridge to your dreams. Your job is to make the plan or the bridge, so that your dreams come true. If all you do is stand on the shore side and dream on the other side, your dreams will forever be dreams. First, make your plans come true, then your dreams will come true. – Rich dad
- Respect the process
You’ve planned and started your journey to early retirement, but unfortunately launching doesn’t guarantee success; stick to the process despite all the odds. Your early retirement plan will certainly have obstacles and obstacles; You might feel exhausted tomorrow, but stick with the process.
I faced several challenges as I set myself a retirement goal for the young and wealthy retirees; I had a few distractions that sometimes went counterclockwise against my target. But as the Bible says; the glory is not to fall, but to rise up every time we fall. I’ve strayed from my retirement goals countless times, but I’m always quick to recognize mistakes and get back on track.
So if you share the same goal with me, the goal is to retire early and rich; then stick to your retirement plan. Sticking to your plan involves discipline, focus and persistence; Once these three keys are combined with your passion and your project, paradise will be your starting point and you will retire young and rich.
