Saturday, 17 November 2018

How to Retire Early?

This blog post inspired by Wealth Breakthrough Workshop, a free online workshop for creating a financial breakthrough, if you want to access the lessons for free just click here: http://pinoymoneyacademy.com/wealthbreakthrough

How to Retire Early?


This is one of popular questions especially by many OFW's, I keep looking on the article around the web to answer this question, I was encouraged by the blog post in the Get Rich Slowly blog that this is a simple math that involves commitment;

  • With a 10% saving rate, you'll need to work 50 years before you've saved enough to retire. (If you start working at 21, you can be done by the time you're 71.)
  • With a 20% saving rate, you'll need to work 37 years before you've saved enough to retire. (If you start working at 21, you can be done by the time you're 58.)
  • With a 35% saving rate, you'll need to work 25 years before you've saved enough to retire. (If you start working at 21, you can be done by the time you're 46.)
  • With a 50% saving rate — if you save half of everything you earn — you'll only need to work for 17 years before you've saved enough to retire. (If you save half your income from age 21, you can retire by the time you're 38.)
  • If you're able to achieve a mind-boggling 70% saving rate — I know people who have done this! — you'll have enough saved to retire in less than nine years. (If you managed to do this from age 21, you could retire by 30.)
From the calculations above, you can retire early based on the savings rate or the habits of saving that you are doing right now. If you are not saving anything at the moment, this is the time to reflect and start to do the actions or else, you will end up working your entire life.

You need also to have a specific goal number at the time of retirement, this means looking the retirement numbers on how much you are going to save to sustain your monthly living expenses during your retirement period so that you would not ran out of money.

Looking forward to your Early Retirement,

JONATHAN RUIZ CPA, MBA
NEWBIE MENTOR


P.S. FOR FREE WEALTH BREAKTHROUGH WORKSHOP, PLEASE CLICK ON THIS LINK ; http://pinoymoneyacademy.com/wealthbreakthrough

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How to Retire Early?

This blog post inspired by Wealth Breakthrough Workshop, a free online workshop for creating a financial breakthrough, if you want to acc...