I didn’t win the lottery or sell a start-up, and I’m definitely no genius.
What I did do was retire the unconventional way, and the truth is that you can do the same.
Growing up, I only knew of one way to retire: you work hard for a long time, save up and eventually in the 2nd half of life, you can (potentially) retire.
Unfortunately, that way takes a long time and I’ve never had a lot of patience.
The good news, however, is that I learned that you actually don’t have to wait. There are numerous ways that you can retire, all of which are much quicker than the traditional route.
Robert Kiyosaki of Rich Dad, Poor Dad defines wealth in terms of time. I also define retirement in the same way. If you have enough wealth (as in, time), then you can retire.
Wealth is a number of days forward that you can survive without working. Wealth is measured in time, not dollars. – Robert Kiyosaki
The trick is… well, I won’t give it away just yet. Here are the 4 ways to retire:
1. Have a Lot of Money
The most common way to retire is of course by building up a large fund. It doesn’t matter how you get your money; all that matters is that you think you have enough that you never need to work again.
Most people go the traditional route: saving and building wealth slowly, and then eventually they retire hoping that their money will last them for the rest of their life.
In order to speed up the process of building your wealth, you have to master this formula.
The Wealth Equation: make more money than you spend and invest the difference wisely.
There are only three pieces to this equation: income, expenses, and what you do with the left over money.
When you do each of these three extremely well, you can build wealth in a very short period of time!
2. Financial Freedom
Financial freedom happens when your passive income exceeds your expenses. This means that you can stop working and you still bring in more money than you spend.
Passive income is defined as ‘income derived from business investments in which the individual is not actively involved’.
Examples of passive income can include investing (stock market, real estate, small businesses, etc.), network marketing, online businesses (E-commerce, membership subscriptions, affiliate marketing, software, etc.), and so on.
To be financially free, you need to learn what your expenses are and find a way to bring in a legacy income that exceeds this amount. If you have financial freedom, per Robert Kiyosaki’s definition, then you are infinitely wealthy.
3. Love What You Do
Choose a job you love, and you will never have to work a day in your life. – Confucious
The facts are staggering. 70% of people hate the work they do, and are completely disengaged at work. That means 3 out of 10 are not miserable how they spend the majority of their life.
I don’t know about you, but that is not acceptable! I’ve talked to hundreds of people that both make a lot of money AND enjoy what they do. It is more than possible. You may be thinking that, ‘of course they love their job because they make a lot of money’… when in fact the truth is that they often make a lot of money in large part because they are very passionate about their career.
This is one of the many secrets of the wealthy: the more passionate you are about something, the better you are. The better you are, the more money you make.
But the best option of all is #4…
I’ve interviewed and know a bunch of very wealthy individuals, and the wealthiest of them all do a combination of all of these things above. They:
- Do something that they’re passionate about.
- They prefer systems/businesses/vehicles that bring in residual or passive income (get paid numerous times for work, or get paid even without working).
- Not only focus on making a lot of money, but they really stress growing that money.
- Spend much less than they bring in.
- As a result, they also have a lot of money saved up.
The goal isn’t money, anyway. The goal is to have the freedom to do what you wish. Money is just an important piece that allows you to get there. In summary, when you have enough of these things above that you don’t have to do what don’t want to for a long, long time, then you can retire. This is what I’ve tried to emulate and have been fortunate enough to accomplish. That is why I say that I’m ‘retired’.
So, what do you need to do? I know this can be a bit overwhelming, so sign up below and I’ll give you 5 action items that you can start immediately to get you headed towards the freedom that you really want.