FIRE Goals. (Financially Independent Retire Early) This is not a dream. It’s an attainable goal. If you aren’t already on this path, hop on.
Retiring early does not mean five o’clock dinner specials, bingo, and canasta. Unless that’s your jam–then you do you. Retiring at an early age is not something only the wealthy get to enjoy. It does require you to work smart and put your hard-earned dollars to work FOR YOU. It requires discipline and is more likely to happen if adopted early on.
This requires breaking many social expectations that lead to frivolous and fruitless spending. This does not mean you have to sacrifice all your expendable income. However, it does mean that you will have to make mindful decisions about every dollar spent and have a monthly budget that leads you towards your goals. Real wealth is really quiet, private, and stays hidden for a very long time. Save to invest. Don’t believe in everything that you see. I know broke people with rich-people stuff, and I know wealthy people living very modestly.
The goal is to retire at 40 or 50, not 65 or 70 with a pension. The more time and effort you put into building multiple streams of income, the better chances you will achieve financial freedom to live the life you want. So if you’re still tied to your day job, and you’re serious about reaching financial freedom, then ditch the cars, jewelry, and luxuries. Instead, spend your hard-earned money on income-producing assets, and let your assets pay for your lifestyle & liabilities.
Find a passive income revenue source to offset your current expenses, as suggested in a recent article by Eric Martel, Forbes Councils Member – Forbes Real Estate Council.
One tried and true investment towards independent wealth and early retirement is Real Estate. There are many options in this lane, and not all require a hands-on approach. Although DIY’ers can save thousands in the process.
As with any financial investment, consult a trusted and experienced Financial Advisor and personal Accountant.
Diversify your Real Estate Portfolio by purchasing income-producing properties like short and long-term vacation rentals, and REITs.
Another way to increase the diversification in your portfolio is to look at multiple asset classes. Think of investing in single-family residential properties, multi-family residential properties, as well as commercial real estate.
A great real estate diversification strategy spreads the risk across different locations, strategies, and types of income properties, allowing you to navigate any housing market trend.
Your journey starts here. Give us a call or send us a text. Our team can work in tandem with you and your financial advisor(s) to find the best path forward.
I look forward to hearing from you soon.
All my best,
Colette