Planning your retirement early? We’ve picked out some of the most valuable financial advice from clever and experienced early retirees that will help you manage your assets properly and maintain a “being rich” lifestyle instead of a “living rich” one. Find out what it takes to make a retirement dream a reality with the help of a financial planner in Boca Raton.
Spend Less, Save More
That’s right. Being rich means living below your means. If you’re earning $50,000 a year then you need to spend $40,000 or less to become rich. According to financial planners in Boca Raton, spending is a habit that must be minimized, as it can become addictive. It is also a behavioral pattern that defines your financial status, so if you’re an impulsive spender, then you’ll end up with little or no savings at all. Learn to cut down on expenses by taking less expensive options for your top expenses like transportation and save at least 20% of your income so you can retire early.
Sacrifice for a Huge Lifetime Savings Account
Sacrifice is not a pretty word, but it also needs a lot of getting used to, so learn to stick to a habit of less spending and craving for things that’ll make you spend more than what you actually save in the long run. One great example of saving is huge spending less on things that depreciate in value, like gadgets, and spending more on investment options, like buying health insurance.
Make Full Use of Card Rebates
Pay your month’s credit card dues on time and maintain a good credit standing to earn rebates for traveling and shopping, which can help you save up for future trips and expenses. You’ll never know how prices in travel, shopping and other leisure activities will turn out in the coming months, so it’s better to make full use of your card rebates and even claim freebies along the way.
Invest In Between Spending and Earning.
Find legitimate and proven opportunities to invest your hard earned money so that it will work to your advantage. Once you’ve worked for money, it’s time to let money work for you by investing it in startups, by providing them with funding sources, or by placing your money in bonds or unit funds. Make sure to check the your investments with the help of a financial planner in Boca Raton. Remember, the larger amount you invest, the higher your investment risk, so invest wisely.
Earning money is a lot of hard work and saving it definitely needs consistency and discipline. Retire with a smart plan by seeking advice from professional financial planners in Boca Raton who care about your financial status and not just the profit they get.