I am now financially free. I work not because I have to, but because I want to.
However, I realized years ago that freedom comes at a cost. That cost becomes exponentially greater if you don’t master your retirement plan early.
I want you to master this. I want financial freedom for you, too. So, I’m giving you strategies that will walk you through the steps toward retirement.
It all starts with having a plan. The biggest mistake you can make is having no plan. If you don’t make one, someone else will make it for you.
There are various numbers you will need to know as you create this retirement plan. These numbers come from asking yourself questions about your retirement.
Firstly, you must decide what your expectation is. What is the number you want to live on each year during your retirement? Do you want to live a $100,000 a year lifestyle or something less extravagant?
From there, you have to understand how taxes affect that, how fees and expenses are affecting your money, and if your money is meeting your expectations.
Finally, ask how much risk you’re taking for the reward that you’re getting and if it’s worth it.
If you want to hear the rest of the big mistakes to avoid if you want to retire early or at all, check out Mistakes You Don’t Want to Make If You Want to Retire Early and Stay Retired.