Did you join the FIRE (Financial Independence, Retire Early) movement in 2018? It seems that many people did. Financial independence and early retirement have quickly become financial goals for many people. If you’re unsure about what to do with your money or you want to enjoy the benefits of early retirement, then why not make it one of your goals for the New Year? Work towards financial independence in 2019 with the following advice.
What do you need to achieve financial independence?
Before you start making plans, you need to work out how much money you’re going to need to become financially independent or retire early. There are early retirement calculators you can use that are perfect for helping you set targets and giving you a clearer idea of what you need to be able to achieve your goal. Do your research and work out what’s possible to help you get started.
Save as much as possible
To be able to enjoy financial freedom in the future, you’re going to have to make some sacrifices in the present. You’ll want to save every penny that you can, which will mean clearing your debts, giving up some luxuries and being more frugal with your everyday spending. There are plenty of creative ways to save money, which will get easier the more time goes on.
Look at long-term investment options
You can reach your savings target even quicker by investing your money. There are several different options available that offer both low and high-risk investments. You could search for the best binary options broker to provide a straightforward investment option. You could also look at investing in property and other assets to help you prepare for your future.
Earn more money
If your current earnings aren’t enough to help you fund a comfortable retirement, then you might want to consider ways of earning more money. It’s common for those looking to achieve financial independence to take on a side hustle, or find some other way of making money to put towards retirement. From offering your services freelance to taking on another job, there are different things you can do to make more money. Consider looking at some more unusual ways of making money to help you get some ideas.
Work and travel at the same time
If retiring fully isn’t an option for you, there are still ways you can ditch the office life and travel the world. The ‘digital nomad’ lifestyle is a great way to enjoy travel without having to give up your income, allowing you to work your way across the world. Provided you have work that you can do from anywhere, and few commitments at home, you could easily enjoy the digital nomad life and enjoy some amazing experiences before you choose to retire for good.
Financial independence is an attainable goal if you put a plan in place. It requires discipline and a lot of sacrifice, but the end result could be a positive future. Could 2019 be the year you start working towards financial independence?