(ThyBlackMan.com) Retiring early is not a desire for some people. Who these people are, I don’t know. Statistics show more and more young people (“millennials”) have no desire to follow the college-career-retire-at-65-mold of their parents and grandparents. Today there are more entrepreneurs and startups than ever before.
Below I’ve listed my top 7 ways you can have the money you need to retire by 40, or at least earlier than anticipated. Share this article with friends and family no matter how close or far away they are from realizing their retirement goals. It’s never too late to save the green and plan for the future.
1. Consider a move abroad. Places like Costa Rica boast a decent cost of living and many American expats are going there to live out their retirements. Even the idea of splitting time between a foreign 
country for 3-6 months should entice you and save a few bucks for the retirement pile. Sunshine, beaches, great rum and fantastic Latin cuisine should be reason enough to look into an abroad retirement.
2. Pay yourself first. Some experts say the magic number is 60% of your earnings should be tossed into some sort of savings account. Even if you arent willing to give up that much of your upfront monies, consider 35%. Stay at a job making $50,000 for 15 years while saving 35% and you’ll be looking at roughly $260,000. 30 years and you’ll be well over half a million, minimum.
Have a plan that pays you first no matter how small or large your annual income.
3. Focus long term. We can all be short-sighted, especially when we are young and less experienced in the ways of the world. Keep your eyes on the long goals by not settling for short term gluttony. Write out the exact number you believe you’ll need to retire comfortably and keep chipping away at it. At first, it may not seem like a dent is being made but as time passes and you make more money in your career, that number will become a realization in no time.
4. Don’t buy debt. Expensive new car that depreciates in value when you pull it off the lot? Consider a used vehicle you can save up for and pay for in full. Also, pay your bills on time to avoid unnecessary late fees and high interest charges. In fact, avoid paying interest at all and keep that money in your pockets by all means. One thing many of our elders passed down was the idea of not buying anything unless you were paying cash for it. Not a bad idea at all.
5. Invest in payoffs. CD’s, 401k, IRA’s. Put a little away every single time you get paid. Consider peer-to-peer lending. Try out the stocks on your own and be cautious when doing so. Banks and lenders make money on interest. Why shouldn’t you? The longer you let your money sit in accounts that earn you interest, the more your money can work for you, and not the other way around. Think like the people who already have money and operate as they do. No need to reinvent the wheel.
6. Be frugal. I met a business owner when I was 17 and living in San Francisco. I asked him how he was able to afford a nice cafe in the Fillmore District of San Francisco. Although this was twenty years ago, the costs for housing and commercial space in San Francisco were still extra high. He said for three years he skipped out on going out with friends, going to the movies, going to the bar. He said he ate as cheap as possible and never spent money unless he absolutely had to. After three years he had enough money to make his business dreams come true. You can do it the same, long term.
7. Get residual side hustle money by becoming an expert or go-to person on something. For example, writing ebooks on interior design, making popular YouTube videos or blogging about vacationing on a budget or even how people can retire by 40, like you. Act like that side money doesn’t even exist, put it into an interest earning account long term and soon you’ll be ready to punch out for good.
Not only is retiring by 40 (or early than expected) an option, it’s an option for anyone no matter where you are or how much money you make. Take the guide from above and start applying them immediately to see results and your retirement dreams start to take shape.
Staff Writer; Charles Foster Jolivette
This talented young man can also be found over at; The California Creole and also Charles Patreon Page.
