How to retire young in four steps
Want to retire early? Just follow these steps.
1) Get a skilled job that involves travel
Our world is getting more complex by the day and there are plenty of opportunities for those who can fix things or operate anything that moves. If you are not getting anywhere with a formal education, than go to a trade school for up to a few months and learn a trade. Preferably, a trade that is in high demand, and can serve as a backup in case you encounter bad luck down the road. Pick a trade that can involve travel, because if you travel for a living you can cut many day-to-day expenses in order to save money.
2) Go independent and focus on sales
By the time, you have saved around $10-20K you are fully capable of acting as a independent sales broker. Sales is the core of any business and by linking together manufacturers of products and distributors you can earn a living by solving problems and delivering solutions to various businesses throughout the economy. You can earn anywhere from 5% to 30% in commission of a sale by just taking advantage of existing opportunities. From your experience working on a skilled trade you probably encountered many problems that can be fixed with new technology or processes you can introduce to your particular niche as an independent sales broker.
3) Start a business that can be saleable
You probably need around $100k in assets to build a business that has a distinct product and can easily attract investors in any field. I would suggest buying an existing business with employees and expanding that business via an affiliate and/or franchise model Your ultimate goal should be to sale the business to a competitor, or go public by selling equity in the stock market
4) Start investing your assets for growth on a full time basis.
Once you have $1 million in assets you can be an accredited investor, which opens doors to high yielding financial opportunities that the rest of the world does not have access to. The more your wealth grows the freer you become. Live well below your means and you will never have to work another day in your life when you reach this phase. Just keep an eye on your money and shoot for benchmarks. Never spend any of the principal except to buy more assets and live off the interest payments.
You cannot get rich quick. From the time you get into a skilled trade to the time you are an accredited investor can take anywhere from five years to twenty depending on your ability to live below your means and market conditions. However, this is the easiest process to grow wealth from nothing. Do not get comfortable. Do not aim for jobs that have a salary cap. It’s simple get a skilled job, than move into independent sales, than into entrepreneurship, and then into investing as a trade.