One Daily Minute
Easy Ways to Retire at 30
Having a nest egg of one million dollars—while young, is within your reach.
It can be yours within five to ten years.
Follow the steps below, and stick with it.
And you will end up with more money than you dream possible.
Photo by Logan Lambert
Figure out your ideal annual expenses:
You will want a minimum of twenty times (20x) your annual expenses to start feeling wealthy.
The lower your ideal annual expenses, the faster you can retire.
Figure out your scorecard today:
You will need to calculate your net worth today. Subtract all your debt from your total assets.
If you have income generating investments (passive income): you can subtract your annual expenses by that number.
The more passive income you have, the easier it is to retire.
Fastest way to compound your net worth: reinvest your investments.
Money is simply 3 categories: income, savings, and expenses:
In order to build wealth quickly, you need to grow your income.
Income generation is the most powerful for growing your net worth. So focus on income first.
But also save half your income.
And keep your expenses as low as possible.
Forget keeping a budget:
Budgets are a huge time sucker. It also creates a scarcity mindset.
Budgets are like diets. They don’t last.
Focus on trimming your biggest expenses—housing, car, food, and taxes.
Keep your major expenses low—and use the savings to invest.
Max out your career. Start a side business. Get multiple income streams.
You get paid by your value to the marketplace.
Focus on improving your skills.
Find a skill where you can be in the top 10%. And either go in that career, or start a business catering to your skillset.
Hustling on the side is the fastest way to grow your investments.
Every dollar from your hustle can be used to invest. Have multiple income streams.
Invest as much money as possible. And often.
Investing is the ultimate form of passive income. Your money makes money for you.
The quicker you can throw money into investments—the quicker you can cross the million dollar mark.
Investing is easier if you can create high income, and/or create a windfall event. Focus on both.
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