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Article
Even with the nature of
our society, retiring early is possible and achievable (especially if this has
always been your lifelong goal), you only need to be willing to make some
sacrifices. Jumia Travel, the leading online travel agency, shares 4 things to do
if you want early retirement.
Avoid
spending mindlessly
The most important step in
controlling your finances enough to make early retirement possible, is to track
your spending. You have to know what you’re spending on and if it’s necessary
for you to spend that much on it, or even spend on it at all. Know how you
spend, determine necessary expenses and focus your efforts on reducing or
eliminating negligible or unnecessary expenses.
Stop
lifestyle inflation
Try to avoid living at the
maximum standard your income allows. Find a middle point and contently build
your life around that, while you save and wisely invest the rest to further
increase your earnings. If your income increases, try not to over boost your
spending and put a reasonable portion of the extra money into savings. You can
also apply this strategy to other surplus money like bonuses, and other small
windfalls. This will benefit you far more than buying the latest gadgets and
travelling to the most exotic locations all the time.
Go
home-made
Opt for home-made food, as
opposed to eating out all the time. If you’re skeptical about just how
financially beneficial this strategy is, give it a shot for a month and see the
results. You can even save some more money if you know how to negotiate well
for groceries and food stuffs at the market. In addition to the financial
benefits of going home-made, there’s also the health benefit of eating fresher
and healthier meals.
Stop
trying to please or one-up your friends
This is one of the biggest
money wasters and the greatest enemy to early financial independence. Keeping
up with the Joneses and trying to live up to your friend’s standard can end up
not only robbing you of a chance at early financial independence, but it can
also mess you up financially. Avoid going out all the time, spending in places
you never intended to spend in, and spending lavishly on things that you could
care less about because of so-called friends. Stick with friends with the same
financial mindset as yours, who will contribute positively to your goal of
achieving early financial freedom. You’ll be better off for it.
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