One part of this early retirement related blog is to give you idea how to decrease your expense in order to follow your 10 Years For Retirement Plan. For this reason I mainly introduced you my way of thinking related to saving and investing. But today I would like to speak with you about something different. Today’s topic is self-confidence and power to do important decisions.
Regular money saving is important, but you should never forget that everything has it’s limits. I mean, if you earn $2,000 every month and you can save 50%, it is fine (you follow my rule for 50-60% saving), but still you can save only $1,000 per month. Your target should be more in order to shorten time necessary till retirement (10 years is fine, but why not retire sooner).
How to do this? You know the answer already I think.
Believe in yourself and change your job. But don’t take other work if they give will you $100 more, there is no real help in this. Think about something bigger. You target should be 20-30% higher salary in case you live in US (or in other high salary country) and 50-100% or more in case you live in “poor” country.
For US citizens it means to think different about yourself. You have to believe in yourself. You have to think how you can develop you skills, or what new you should learn to be able get higher salary. We live in 21st century so use internet and get those information or book on-line education in case your time is limited. There is only one
condition. Don’t be lazy. You should be willing learn new things. Next 10 years are crucial for your financial independence so be hard for yourself. And never stop believe in yourself, because why others should follow you if even you don’t believe in yourself.
I always focus about things which I think they will bring some fruits and also I have passion to learn them. For me, one of those things are new languages. I like to learn it, I don’t mind to spend free time to make this skill better and I love to practice my new skill as well. You should always focus about something you like or at least you have some positive feeling about it, as this will make learning much easier.
If you can get higher salary job, you should be also able to reduce 10 years till retirement to much less. My total time now is 5-6 years so it is already shorten by 3 years. Main reason for this is that I was not satisfied with salary level in my country so I changed country to earn more. By this I can earn more than 2 times of my previous salary. Of course I have higher expense as well, but I was surprised that it is not so much higher.
If you are from so called “poor” countries you should be more brave. Think as well about living abroad as this will dramatically improve your income level. You can say “And who will work if we all move abroad, ha?”. Answer is simple. I think almost nobody from your friends think about early retirement as you do. They never read article like this and they are too scared to leave their life in shell. So they will never consider steps which you consider.
But you are not same as others.
You think different.
You think higher.