Rule No. 3 is a clever trick to make sure you’re saving and investing every month.
I was never the sharpest knife in the drawer. Or the smartest kid in class. In fact, I suffered from a learning disability all throughout school because I didn’t pick things up as quickly as my classmates.
Building enough wealth to retire takes time, but the concepts are not difficult. Let’s take a look at the five money principles I used to retire young, and how you can take more control over your finances and make your money work for you. Financial freedom isn’t something that just materializes. It’s like getting into shape. Most of us won’t lose weight or gain strength by refusing to change our habits and prioritize fitness and diet. It won’t happen. Life doesn’t work that way. Financial freedom — as with getting into shape, takes drive and dedication, and the first step is to make it our primary goal. We need to want it.
If you invest $1,000 and it appreciates 10% in a year, then your new base starting point in year two is $1,100. Another 10% gain is $110, not just $100. Add a couple of zeros to those numbers and we begin talking about quite a bit of money. Enough money on which to retire. Each month, money comes in and money goes out. For most of us, money comes in through our paychecks. It might also come from odd jobs we do for extra cash or by finding a crisp $20 on the street.Money also goes out. Our rent or mortgage, food, restaurant spending, cable television and our cellphone bill, and anything else we buy or spend money on during the month. That’s money out.
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