Most people who have worked any length of time understand what retirement can be. They also know it usually takes a long time to get to that opportunity, and it requires a good amount of savings to pay for it. For decades people earned retirement through 30 to 40 years of work for an employer and receiving a pension in exchange along with salary. At the end of the work period, the employee gained a permanent, monthly stipend as a pension to live on comfortably, along with social security payments.
Today, that comfortable pension idea of retirement exists now as a memory long gone. Most employment retirement plans consist of what people save themselves in 401k plans. Instead, people now see themselves working until 70 or longer, just to come up with the money to pay for retirement. However, the idea of retirement remains strong. Further, if there was a way to retire early, people would love to know it. That said, multiple ways exist that one can choose on how to retire early or faster than working away until one’s senior years. These include:
1. Winning the Lottery or Gambling – this method of early retirement is highly unlikely and improbable for 99 percent of the population. That said, it does happen. However, people shouldn’t assume by spending enough money that a win will occur. The probability is so high, getting zapped by a lightning bolt is far more likely.
2. Winning a Lawsuit – again, while technically possible, a lawsuit that wins a person millions of dollars usually involves some kind of serious trauma, loss or injury. When that loss is considered, most people would not want that kind of injury to occur. Further, many lawsuits last for years before any kind of judgment or settlement occurs. By the time it does, the legal representation immediately takes a third of the judgment and the IRS and taxes take at least another third. Those millions of dollars begin to shrink real fast for all the frustration and pain that was involved.
3. Starting a Successful Business – Creating one’s own business is probably one of the most common and practical ways of reaching retirement early. It can be a gateway to not only financial security but also a pathway to self-fulfillment. Businesses can grow exponentially within a very short period of time if developed, pushed and operated the right way in the right market. This avenue provides a reachable, viable mode of generating large amounts of financial assets for a person quickly, large enough to retire early if saved and invested properly.
If you’re interested in understand a realistic way on how to retire early, creating your own revenue stream through your own business is the most probably way to do so. And knowledge is power in this avenue of success. So if you’re tired of working for someone else, look to a business path as your answer. And you too can retire early.