Maybe like me, you thought your 9-5 is going to be it. Going to be the thing that will take your life to the next level, to achieve your dreams and desires, retire early and finally live life.
It turned out to be something that just pays for the bills.
Now you are sat wondering if there is more to life than being stuck in the rat race for the next 30-40 years.
When will you get to live your life, when will you get to travel the world?
I am with you.
I felt the same. The job is great, but I needed more. You can read more about my story here.
Hence started thinking, searching and finally found a way to create that financial independence.
Yes, I am still in employment but that is only a testament to how sound this method is, good money doesn’t get made overnight.
The steps that I will walk you through are not a get-rich-quick scheme, they are not come and be the next overnight success.
That stuff does not happen.
It’s 4 steps for you to build your solid financial independence to be able to retire early and travel the world.
Investing a good year or two of your time in building a solid foundation, allow it to blossom over that short period of time while you take it with you on your travels and it will always outdo working for 35 years, don’t you think?
Okay now, let us get into it the 4 steps on how to retire early and travel the world…
Rationalize where you put your money.
A wise person told me ALWAYS pay yourself first. What does that mean?
Have a look at your pay-check and figure out your hourly rate, for every first hour of your working day take that sum of money and set it aside in an account you cannot access easily.
Let us say you work 5 days a week, 4 weeks a month and your hourly rate is 20£ for example. Every month you should take out 400£ and save them. If you can spare more awesome, save more.
The second thing you should do is look at your outgoings and stop all the ones that you cannot remember why you started them, the ones that no longer serve you or go above what you need.
The magazine subscription that you never read, the extra data on your phone, the whatever thing you thought you needed but never used. I mean who watches over 300 channels of TV? Just saying.
You will find that it will save you a handsome chunk of money, add it to the savings.
Take 30-50% of your savings and put them into an investment, something low risk and easy to manage like ETFs or ISA accounts. Whatever profit you make add it to the savings.
You can use your savings as your emergency cushion and as capitol to start funding your business idea.
Invest in creating a product that makes money for you.
Work smarter not harder. Allow your money to work for you and stop trading time for money.
We all know something that the people around us do not yet can benefit from, create a product from that knowlegde. The time and effort investment you will put into it will keep paying you back multiple times whenever someone uses the product.
For example, create a booklet, a guide, an online course, or program.
Creating these products can be easily done alongside your main job/income stream. So, you build up your streams of income in a risk-free way.
It also allows you to test out your business ideas on a smaller scale and once you find that thing that your target audience go mad for, make more of it!
Automate your income streams/your business.
I talked about this previously; you can have it all, but you do not have to do it all. Check out how to balance a business along a fulltime job.
You do not want to be stuck working your business 24/7 that is not a freedom vibe at all!
Create processes in your business that are automated, yes it will take time to build them up, but it is essential to invest the time in the beginning. It will pay off nicely later.
Examples of automation, building up your attraction marketing, serve groups of people instead of 1:1 work, affiliate marketing, social selling/network marketing, email automations and sourcing out to virtual assistants.
Learn more about business models that allow you to retire early and travel the world.
Invest your earnings.
Now you are at a position to make bigger and better investments that will generate larger profit.
A business is like a baby, it will take time to grow it at the beginning, if you do it the right way then it will grow, be self-sustaining, give you returns and will look after you.
When you start making bigger returns you would be able to make bigger investments. A big mistake that entrepreneurs make is once the profit starts to come in, they start spending it on celebration dinners and drinks or buying things they like to have in their business instead of things they need to have to grow it.
Pour your profits back into your business and grow it more, at least in the initial phases and then start putting portion of the profits into bigger investments.
Your goal is to have a diversified income portfolio, if one streams dries up you will have the others to hold you in position. Never rely on one source.
You probably would have noticed I talked about making money from a business and making that money work for you because you are not going to be able to retire early solely working a job.
Jobs are designed to make you survive paycheck to paycheck (if that) instead of thriving and living your best life.
See how you can generate multiple streams of income regardless of your background and experience.
Thanks Ola. Really enjoyed reading this. Defo going to start step 1!
That’s awesome… glad you found it useful… Do let us know how it worked out for you?