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From The Expert: Tips to Save A Fortune and Retire Early

Early retirement is no longer a shot in the dark for some people since more and more people every day are realizing that they won’t have to win the lottery to make it a reality. Here are some strategies on how to bulk up your retirement fund:

Make a clear and specific plan.

The sooner you have a plan, the sooner you’ll see your savings compounding to something substantial. Planning means deciding when you want to be financially independent and retire. After choosing a time frame, focus on the execution.

Figure out how much you need.

Ask yourself how much money you will need to maintain your lifestyle in retirement. List your expenses and make a rough estimate of how much that is.

Downsize.

If you can, choose to live in a tiny home. Smaller homes mean that there are lesser costs for the upkeep and maintenance.

Develop a minimalist mindset.

Having one will help you keep your fixed costs low. A minimalist mindset means being aware of the stuff that you own and the kind of burden it can create in your life. Do you need it?

Distinguish wants from needs.

One simple way to do this is to track your expenses. Evaluating where you spend your money can help you distinguish the “wants.”