I don’t want to retire early, said no one ever. Don’t you just want to retire from active service and spend the rest of your days traveling the world? I do! Retirement means that your current source of income may not be so “incoming” anymore. Yet, there is a lifestyle to maintain. Bills don’t stop piling after your last paycheck, right? Retirement is certain, howbeit inevitable. The question on all of our minds is: How do I fast track my retirement?
You may ask, is this even achievable? Or conclude, oh it’s for a privileged few. Note however that, Some people have achieved this great feat of retiring early and have set a precedence. We checked in with our expert friends and they have this to say.
Educate Yourself Financially
Get schooled. Understand this thing called money. You don’t have to be a finance major to get a hang of it. Speak with your investment brokers and bankers, ask them questions.
Track Your Expenses, Income And Investments
You know how much you earn per annum right? Do you also know how much you spend annually? I mean exact amounts. How much did you spend drinking water last month? What does it cost to maintain your car in a year? What are you worth in assets and liabilities? These questions and more must be met with ready answers.
Cut Avoidable Losses
Imagine saving up a huge chunk of your income and busting it on an emergency? An expenditure that could have been avoidable. Long story short-get insured. (Our friends at Mansard can show you how).
Have a Plan
Haven’t you noticed? That the things you wish to do someday rarely ever gets done. A plan must be in place. Do you want to save and invest 50% of your income? What percentage of your income goes to which investment portfolio.
sell on jumia
People who retire early have a considerable amount of passive income working for them. As a Jumia vendor, you’re making money even in your sleep. Do you have products you want to sell or you need more visibility for your business? Sign up here.
This post is one of The Big 5 Series, a part of our Jumia Anniversary countdown events. Expect more in the coming days before the D-day.