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How To Retire In 5 Years or Less
I personally was 5 million in debt in 1990 and was technically insolvent. I retired in 1998 after 7 years. If I had the information I’m giving you in this article, I could have easily done it in less than 5 years.
- Estimate your total income and expenses
- Cut your expenses.
- Create a surplus.
- Invest extra
- Replace your salary with passive income.
Total Income and Expenses: Graph your total income and expenses for the past 6 months. You can now see your exact financial position from a cash flow point of view. Monitor it every month.
PS A picture speaks a thousand words.
Reduce your expenses: This may require leaving your home, renting it out, and finding cheaper accommodation. If you want to speed up the retirement process, you have to make sacrifices.
Create a surplus: Pay yourself first each month and build a surplus. It needs to be automated so it happens every month. This money can be deposited into a savings account or your Access Bond, which can then be used for income producing investments. Keep building this surplus which is purely for investment purpose.
Invest extra: Invest in cash flow positive investment properties. Use bank money or find a partner who will put up the money and you’ll do the work. Your spouse holds the property as security.
Replace your salary with passive income: If you’re willing to take a few years off, the income from your property (passive income) can eventually replace your salary.
It’s all about making a decision, believing you can do it, and then taking action.
You need too Create a system For everything, so you get more done in less time. For example there are 24 hours in a day;
- 8 hours to work
- 8 hours to sleep
- 8 hours for family and entertainment.
If you maximize those 8 hours of work, you will find that you end up finishing in 6 months what normally took you a year. So 10 years now becomes 5 years.
Good news! You don’t need any special skills, luck, education or high knowledge to become financially independent. Just apply the basics and keep it simple.
The most important part to focus on is your “cash flow”.
Here are some ways to increase your cash flow:
- Reduce your living expenses immediately.
- Consolidate your debts.
- Pay off the loan with the highest interest rate first.
- Rent out or sell your house and move into a cheaper flat.
- Raise bonds (refinance) if you have investment properties.
- Pay your own rent if you own an investment property.
- Save on tax deductions – “Any expenditure in the production of income is tax deductible.”
- Run an office from home.
- Extend your bond up to 30 years.
- Rent out rooms in your house.
- Turn your home into a bed and breakfast
- Rent out your garage.
- Turn your outdoor quarters into a granny flat.
- Add to the flat above your garage.
- Find part-time work.
- Rent out a property and sub on the profit.
From the above you can see that you can do this even without money. You use banks’ money or someone else’s money that doesn’t get a fair return.
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