Category: News Finances

The Plan to Retire Early

Whilemany people set their sights on retiring at 60 or 70, a growing number of people are feeling like there’s more to life and want to retire earlier. There are those that are skeptical, but according to experts at Gallagher Financial Group Dallas residents are already realizing this dream. 

Pursuing Early Retirement 

Experts say if you want to retire early, keep it simple. Many people reject consumerism as a start. In societies where consumerism is often more a source of stress than pleasure, many dream of selling everything they have and reducing their belongings to the bare minimum. 

Many people say with fewer possessions, you can save a lot and live a frugal “glamourous” life of leisure. This delivers greater financial freedom and happiness, as well as a smaller environmental footprint. This thinking resonates with many people. 

Nowadays, all the same options are open to everyone but there is more awarenessand community support for this type of effortless, efficient living. Minimalism is not almost empty white rooms with little furniture, it’s just being smart about purchases. Experts say living a lifestyle about 50% less expensive than most of our peers will help you retire earlier than everyone else. 

Embracing New Savings Strategies 

There are key savings strategies that are necessary to retire early. 

  • Pay down your debt. Your number one priority should be paying down debt, like credit card bills and loans. 
  • Try to move closer to your employment. Cycling, walking or riding public transportation is cheaper than driving. For example, the further away from your job will drive car costs up.
  • Honing your cooking skills. Just $50 every week at a restaurant translates into nearly $20,000 in 10 years. 
  • Stop buying stuff. Browsing shops can turn into an expensive habit and searching online doesn’t decrease the
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