How to retire at 55 instead of 65 or 70.

[RSKY]

Get a job and keep a job.

Pay your bills including credit cards monthly. NEVER carry a balance.

Don't borrow money for toys. If you have to borrow money to pay for that boat, Harley, motorhome, or vacation, you cannot afford it.

Keep track of your finances.

Learn a little about the stock market, mutual funds, CDs, and other investments. Then invest in a 401K or an IRA and LEAVE THE MONEY ALONE. That is your future.

Plan and be realistic on your plans. Look at what you can have 5, 10, 15, or 20 years in the future.

NEVER carry a credit card balance.

Somebody else put in some good ideas here.

RSKY

 

[Creamer]

Buy a house and pay it off so you have the equity.

Let your kids pay their own way after school which can include up to four years of college. If they can't then they need to change their thinking.

 

[Sigarms]

Won't do me any good. My wife knows I'll probably be working until I'm 65 or 70 not because I have to, but because I want to.

Other than the stock market, pretty much on track:thumbsup:

 

[saxnbees]

Basically, live beneath your means.

Start saving and investing when you are young. Get the house and car you need, not a big mansion or fancy car. As stated previously, pay off credit card bills immediately and never carry a balance. Treat the credit cards as if they are cash in your bank account. If you don't have the cash to buy something, don't buy it unless it is absolutely necessary. Use state or local colleges whenever possible....no expensive schools. Most expensive schools are overrated anyway.

 

[kcflhrc]

All good ideas, but the reality is something way different. I'd be bored to death anyway if I was already retired.

 

[saxnbees]

And if you get a raise, save as much of the raise as possible instead of increasing your spending on more expensive items.

 

[RNeumann]

Defense wins championships! and Don’t outspend your stupidity!

People will say “it’s easy for folks who make X, But I don’t make that much”. The reality is living within your means is what gets you ahead.

I’ll argue and say skip the credit cards all together.

 

[kcflhrc]

You guys crack me up

 

[mcfarmall]

If you get a lousy 2% raise, increase your 401k contribution by 2% and keep moving.

 

[CobyRupert]

Not sure if Einstein really said this, but it's definitely true: