Majority of us dream for early retirement. However, only a handful are financially prepared to turn that dream into reality. Result? Many end up working even till their 60s.
The key to retiring early and enjoying a happy life thereon requires a thorough and early planning. If you're 20-something, here are 5 things you should do quickly to retire as early as in your 40s: 1. Invest in the stock market Instead of saving, when you're so young where you can cushion risks easily, you should invest in high-return assets. Stock market should be your foremost choice. Invest in long-term stocks. Don't know how? Enroll in the best online stock trading courses. Learn the what's and how's, and be self-sufficient to make the right investment decisions. Today, browse around, you can easily find the right options trading course India. 2. Own a house Don't plan to live in a rented house for forever. A house is one of the best investments you can make. So, keep it at the top of your priority list. Invest in the right residential property. Consider the location, market trends, living condition, and other factors before making any decision. 3. Set aside an emergency fund This is very important. You never know when an emergency situation comes. So, it's best to stay prepared for it from the go. Set aside an emergency fund. Make sure it's sufficient. For instance, factor the existing medical expense if it's for your parent's healthcare. Look at the college fees, if it's for your child's education. 4. Unlock passive income No one has ever retired early with only one source of income on the back. If you want to save more, invest more and have more after your retirement, you must have an adequate number of sources that are generating you consistent returns. Stocks and real estate are two reliable sources. Aside from them, there are many other options. Like, investing in new startups, launching a business with other partners, peer-to-peer lending, publishing a book that's ghostwritten by others if you're not much of an author yourself, and renting out your rooms to services like Airbnb. 5. Take care of your health This is as basic as it gets. What good are all the plans and money for the retirement, if you're not in good health in your 40s?! These are 5 things you should do starting today, in your 20s, if you want to retire when you're a 40-something.
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