This is an evolving sticky post on strategies that will help you achieve financial freedom earlier. I have divide this up into easy, intermediate and expert level in terms of time commitment. The strategies below will help provide extra cash flow that you can invest in your retirement accounts.
- RESIST LIFESTYLE INFLATION – This take the least effort yet may be hardest to do for some. You can start this today. Make every dollar count and be mindful on your spending.
- SAVE AT LEAST 30% OF YOUR INCOME – The more of your income you can save here, the faster you can become financially independent.
- GET RID OF DEBT – Start with the highest interest debt first.
- BE YOUR OWN FINANCIAL PLANNER – This can easily save you a lot of money over the long run. Most financial planner charges 1% of your investment. Sure, that doesn’t sound so much but 1% of 1 MIL is 10K. That’s money you can put more toward your retirement!
- TRAVEL HACKING – Most people compare this to couponing but I disagree. Taking advantage of credit card sign up bonuses, bonus spending category, and airline mileage points transfer effectively can save you a lot of money on travel. I was able to save about 20K a year on vacation. You can read more about my travel hacking strategy here.
- REAL ESTATE – This is not for everyone but becoming a landlord can one day replace your income. If done right, you can built serious wealth here that you can pass down to your heirs.
- PASSIVE INCOME – Making money while you sleep sound like it should be easy right? It is a bit more complicated than you think and require start-up time and patience. I will also post more on passive income strategies in a later post.