How to retire young and rich – 5 Tips
TIP #1: The time to retire is the day you’re born!
If I ever have a gravestone created for myself it will say RETIRED IN PEACE! For me, this is the only time to ‘retire’ when we are 100% dead!
Until that eventful day, we should continue our life with full vigor and focus on ALWAYS doing what we love to do.
For most retirement is an end goal – a set of goal posts that exist far into the future that can hardly be seen and only imagined.
TIP #2: You can decide to retire today
The key word is DECIDE. When I was 22 I decided to retire. What retirement for me back then in my young days was to only do what I love to do for the rest of my life. I have kept that promise to myself.
Since I was 22 I have done a myriad of things including travel around the world 3 times (literally), washed dishes in the Strath Corry restaurant on the Isle of Skye in Scotland and got a reference saying I was their best dishwasher EVER, created over 8 businesses from zero in four different countries, created 6 children and fathered 4 of them burying 1 of them, been married 3 times (and soon to be married again in a month), and my latest project – creating an organic farm paradise on land where it does not rain for 7 months of the year which is now our family home in the Philippines.
Life is about living!
If right now you are living a life where you prostitute yourself for money – stop! Prostitution can be selling your brain, body or soul for money!
Make a decision to retire today and create the life you desire. A decision does not require anything more than making an agreement with yourself. And seeing there is only one person involved in the decision-making process it should be easy!
How to create the life you desire and create the money you desire in order to create the life you desire, well that’s a whole new set of questions and a whole new journey. Working with the power of asking better questions will start you off on that journey.
Tip #3: Create your own dirty word list and add the word retirement to it!
Yes, go on do it!
We all grow up with concepts and beliefs that define our life and our life journey and we give names to these. Retirement is a super-unclear concept. Traditionally it meant to work all your life for someone else so you can one day just do what you love to do all day long.
My step-father and mother both worked in a cotton weaving mill in the small town of Rochdale where I grew up in the north of England. They worked from 6am till 6pm on the day shift and 6pm to 6am if on the night shift.
They worked all their lives in a living prison just so they could etch out a basic life. For them, retirement was a dream. For me even when I was young it felt like a sad dream.
By the time I was 22 I had created more wealth than what both of my parents had created in over 20 years and I did it doing what I love to do which at the time was computer programming and systems analysis. I was in charge of the computer systems that took care of the payroll for over 15,000 people.
At 22 I got married for the first time, sold my own home that I had bought when I was 19, sold everything I owned and bought two rucksacks. With my new wife, we set off together on a three-year journey that would take us around the world three times literally.
Tip #4: Learn about money – educate yourself financially so you can ‘retire’ young
Education is a life-long adventure – it should never stop. School if anything should be the jump start engine to get children excited about life-long learning, rarely though is this the case except in exceptional educational systems like Steiner and Montessori.
Financial education is nowhere to be found in traditional education systems – this is sad. Along with relationship education and communication education, these three should be at the core of all good life-transforming education systems. All three are sadly missing though in institutionalised education.
The best age to start financial education is 7 years old. At this age, children have the core mental abilities to grasp financial knowledge along with having basic maths skills.
You can see my youngest daughter above with a page from her financial education workbook. We created this page together this morning. Kyra has her own business that I helped her create two months ago.
The best way to learn is to do! Learning abstract knowledge is not too exciting for young minds. Learning should be experiential as much as possible.
The best way to learn is to do!
Kyra has a water business. She sells our excess well water to our neighbours selling it by the minute and not by volume.
Over the last two months she has learned so many business fundamentals such as:
- customer service
- business service commitment
- business innovation
- cash management
- product development
- business development
- staff management
- swot analysis
- risk analysis
- operational management
Kyra has learned so much so quickly – all with ease and flow. Every part has been fun for her. And as you can see from her bank account above she is doing well. She opened that up last week so I could start to teach her about banking systems. It has been a lot of fun for me too, teaching her the fundamentals in a fun way. I taught her business service commitment by having races with her to see who can get to the water tap the fastest so her customers would not be waiting for her.
I got her excited about creating the business in the first place by promising she could keep 10% of what she created and be able to spend it on anything she liked. The 90% balance would be kept to finance her continuing education.
Over the next 7 years, until she is 14 years old, I will teach her all she will ever need to know about creating wealth and living the life she desires. After that, she will have all the practical skills to create anything she desires along with her self-created financial backing to power her along.
Robert Kiosaki financial education so you can ‘retire young’
Kyra’s learned about the 4 basic wealth-creating modalities this morning. This material is straight from Rober Kiosaki’s cash-flow quadrant. I have taught Kyra a slightly different version putting investor at the top right seeing most people flow anti-clockwise from employee – self-employed – business owner – investor. It’s rare for self-employed people to jump into being investors.
If you have zero to no financial education the time to start is right now! It is never too late. It’s like the best time to plant a tree is 7 years ago and the next best time is today!
Without financial education, and good financial habits you will not have financial stability. Without financial stability, you cannot ‘retire’.
retire = do what you want, when you want, with who you want in the way you want = freedom
Tip #5: Get off your ‘arse’ and DO IT! ‘Retirement’ is an activity required pastime
Here are the steps to retire ‘young and rich’ today:
- Make the decision right now to retire today
- Review your current financial status
- Review your financial level of education
- Create a plan
- Use your feelings to model your plan into the best plan for you
- Find financial mentors to learn from
- Just do it!
- Wash and repeat points 2 to 8 for the rest of your life