10 Things Must Do Before Retiring Early!
Ever wanted to Retire Early and live a Lifestyle of Freedom?
Here are the Top 10 things you must do before Retiring early.
1. Work out what stable source of Income you will live on. Preferably a Passive Income.
2. Do a Monthly Budget. Know how much Income you need to Live on.
3. Work out how long your funds need to last. How Long will you Live in a best case scenario.
4. Do a Resignation letter from your work or Notify your change of circumstances to affected.
5. Work out what Date you will retire early on? Allow time to complete all your preparations.
6. Work out what you will do with your Time when you Retire Early.
7. Do a Full Medical Health Checkup.
8. Build up a Nest Egg for the long term and the unexpected.
9. Do pay off your Debts, Loans and Credit Cards as much as possible.
10. Do Mentally prepare for the change of Lifestyle and Time usage.
10 Things you Must do before Retirement in More Detail :-
1. Work out what stable source of Income you will live on. Preferably a Passive Income. Have a stable source of funds to keep you going is so important to take away stress and strain during Retirement.
Most people who are retired live off Investments, Superannuation or Business Income. The best way if Investments and Superannuation are low is to operate a “Done for You” Home Business and make it into a Passive Income source. It takes 12 – 24 months on average to do that with the help of a good mentor and system. Click Here for more Info.
2. Do a Monthly Budget to find out what you actually need in Retirement. You need to know how much Income to Live on. Once you have that figure it makes it much easier to plan your Income sources and cash flow amounts. Then you can start planning for the big day.
3. Work out how long your funds need to last for. Most of us will live 20 to 30 years beyond normal retirement age so it is important to plan for the long term. This is another reason to have ways of generating ongoing income rather than running off reserves as normally is the case in superannuation. Investments and Home business are by far the best ways to do this.
4. Write up your Resignation letter from your work and Notify any relevant authorities of your change of circumstances which will be affected by your plan.
5. When do you actually want to retire early on? Make sure you leave time to complete all your preparations and build up your nest egg and income streams. Better to do this part time while you are still working your main Income source. Once you are getting close then double check all is still going to plan. Most plans do fail so make sure you plan for the unexpected like unforeseen expenses, maintenance or replacements of any of your assets. Take into account friends and family what could happen to them. Travel, Health or Nature.
6. Work out what you will do with your Time when you Retire Early. Do you want to travel the world or your country? Do you want to live somewhere different like a sea change or tropical change or maybe just downsize? Do you want to do volunteer, charity or church work? Will you be caring for someone with a health challenge maybe later?
Will you be helping your family or friends or just relaxing taking it easy?
7. Do a Full Medical Health Checkup. It is so important to know if any problems are sneaking up on you and may need a lot of funds to treat and deal with in your older age.
Change your lifestyle habits of eating more fruit and vegetables, having more fresh water, more sunshine and doing regular exercise to prolong the drain on your funds. Meditate and relax your mind to reduce stress on your body.
8. Build up a Nest Egg for the long term and the unexpected. Remember to plan for Health deterioration and your funeral costs. Always there are things that will hit your funds out of the blue as life gives you problems. Always better again with an Income stream than draining reserves. Cash flow is King over Cash Reserves any day.
9. Do pay off your Debts, Loans and Credit Cards as much as possible. Interest rates compound and cause prolonged drain on any of your reserves and resources.
Use compounding the right way. Leverage your Time, Effort and Income to generate increasing income which builds up your resources, not drains them. That way you get on top of your Expenses and can cope much better with the unexpected.
10. Do Mentally prepare for the change of Lifestyle and Time usage. You may feel you are ready but the body has been in a pattern for so long with your work routine that any change tends to paralyze you somewhat and procrastination often sets in. Imagine a life where you are living the way you want already in Retirement. This gives you amazing insights and things you may not have thought about. Also gets your body ready much better.
Time goes by so fast when retired and you often feel you achieve so little in life as the years go by. Plan your Work and Work your Plan. This will give you a life that is more rewarding and satisfying for you.
Focus on helping others to get even more rewards and a feeling of life being worthwhile.
To speed things up a bit and Learn how to provide that extra source of passive income for yourself, CLICK on the Red Button below to Watch our Lifestyle Video and Learn more including FREE ACCESS to our 6 step Lifestyle Program that changed my life.
To get a FREE pdf copy of these ’10 Steps you need to do before you Retire’ including a Checklist click Here.
I look forward to working with you on the inside and sharing more with you on how I help people make a real difference.
You deserve a break and you don’t need any special Skills. Just a Desire and Dedication to following a Proven Recipe for Success!