20/12/2022
Set a date and stick to a budget.
When you're hoping to retire early, it can be easy to fixate on the finish line rather than the race course ahead. That's why even if you're dedicated to the cause, experts say setting a few mile markers can help you pick up the pace and keep you moving toward where you need to go with your planning.
"Specific, well thought-out goals will help you focus and retire as quickly as possible. An estimated retirement date will give you something to work towards, even if things get in the way and slow you down—because you can always push back the date," says Farrington.
"To help you set a realistic retirement date, create a budget and figure out how much you will need to spend in retirement. Determine how much you can save and invest until then, what that amount will grow to, and potentially what you could earn with a side business," he suggests. "Then, when your earnings from savings are higher than retirement expenses, you are ready to retire."