Where Do You See Yourself In 5 Years latest 2023

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How To Retire In 5 Years or Less

I was personally in debt of 5 million in 1990 and technically bankrupt. 7 years later, in 1998, I retired. If I had had the information that I am giving you in this article, I would have easily done it in less than 5 years.

The steps:

  • Calculate your total income and expenses
  • Reduce your expenses.
  • Create a surplus.
  • Invest the surplus
  • Replace your salary with passive income.

Total income and expenses: Create a graph of the last 6 months of your exact total income and expenses. Now you can see your exact financial situation from a cash flow perspective. Monitor this monthly.

PS A picture is worth a thousand words.

Reduce your expenses: This may require moving out of your home, renting it out, and finding inexpensive accommodation. You have to make sacrifices if you want to speed up the retirement process.

Create a surplus: Pay yourself first each month and create a surplus. It needs to be automated to make it happen every month. This money can be paid into a savings account or your access voucher, to be used for income-generating investments later. Keep creating this surplus which is purely for investment purposes.

Invest the surplus: Invest in cash flow positive investment properties. Use money from the bank or find a partner who will provide the money and you will do the work. Your partner has the property as collateral.

Replace your salary with passive income: If you are willing to live without it for a few years, the income from your assets (passive income) can eventually replace your salary.

All it takes is making a decision, believing you can do it, and then taking action.

You must also create systems for everything, so you can do more in less time. For example, there are 24 hours in a day;

  • 8 hours to work
  • 8 hours to sleep
  • 8 hours for family and leisure.

If you max out those 8 hours of work, you’ll find that you end up doing in 6 months what normally took you a year. So 10 years now becomes 5 years.

The good news! You don’t need special talents, luck, education or superior knowledge to become financially independent. Just apply the basics and keep it simple.

The most important part you need to focus on is your “cash flow”

Here are some ways to increase your cash flow:

  • Immediately reduce your living expenses.
  • Consolidate your debt.
  • Pay off your debts at the highest interest rates first.
  • Rent or sell your house and move into a cheap apartment.
  • Increase bonds (refinance) if you have investment property.
  • Make your own rental if you have investment properties.
  • Save on tax deductions – “any expense related to income generation is tax deductible”.
  • Manage your office from home.
  • Increase your bonds to 30 years.
  • Rent rooms in your house.
  • Turn your house into guest rooms
  • Rent your garage.
  • Turn your outdoor quarters into a grandma’s apartment.
  • Add an apartment above your garage.
  • Find a part-time job.
  • Letting property and subletting for profit.

From the above you will notice that you can do it without money. You are using money from the bank or someone else’s money that is not getting a decent return.

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