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Retire young and rich

Retiring early will have you do things you had plans for such as travelling the world, spending time with the family or venturing into some new hobbies

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Who wants to work forever? The idea itself brings about a cringing feeling. Are you fed up waking up every morning to prepare for work starting at 8 am to 5 pm, heading back home worn out only for the cycle to continue? Do not get me wrong, work puts food on the table and feeds the entire family.

Question is: Is that what you have planned for yourself for your entire life existence?

Retiring early will have you do things you had plans for such as travelling the world, spending time with family or venturing into some new hobbies; the list is endless. But to retire early, you need to be smart about it. You ought to plan your way out. There will still be bills to pay. First of all, decide why you would like to retire early.

According to Robert Kiyosaki, author of publications such as Rich Dad Poor Dad and Retire Young Retire Rich, discovering why you want to retire early will lead you to the ‘how’ bit of the puzzle. The ‘how’ will enable you to have a time frame for coming up with an exit plan. An exit plan for retirement is what will still be bringing you income; start up a business, buy and sell shares, do both, etcetera.

ALSO SEE: Hard work pays: Here is how

As you are working out your exit plan; save up a good lump sum of money and ensure you have an insurance cover. You should make sure you are of good health as well as being covered. Medical expenses are usually quite high. Once you have figured out where you want to venture to during retirement, execute it before that time comes. It will have you enjoy stability in earlier times before your retirement. A clever person will know not only to rely on pension as a retirement package.

The ultimate goal of dreams isn’t the success, but to get free of the ghost of conformism. Jump out of your comfort zone, be focused on your specific objective and enjoy the perk of early retirement.

Abigael Tairo is a journalism and communications student at Daystar University on internship at Business Today. She is passionate about print media and loves writing human interest articles.You can reach her on email: [email protected]

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