How to Save for an Early Retirement
Most Americans wait until their 60s to retire and withdraw their 401Ks even though there are plenty of other ways to save money and build a nice little nest egg for yourself on the side. The key: start early. Here’s how you can save enough to tender your resignation sooner rather than later, according to CFA Charterholder Francisco Faraco. Evaluate Your Daily Spending If you don’t check your receipts until tax season, now’s the time to break this habit. Reexamine your daily spending and see where you can save money . This can be tricky because some people tighten the strings on their daily budget to the point where they’re pinching pennies on necessities. You could make small changes like: · Make your coffee instead of getting one to go. · Negotiate affordable car insurance. · Change your health insurance plan. · Bring homemade lunch to work. · Cancel rarely used subscriptions . Set a Target You can set your retirement goal after cutting your daily spending or somewh