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In the book Retire Before Mom and Dad, Rob Berger talks about how to achieve financial freedom early, sooner than most people think it's possible.
The book gives actionable advice to readers and helps them figure out how they can retire early. Let’s look at key lessons from the book.
Start saving as early as you can, irrespective of the amounts. Over time, your savings will grow like a snowball rolling downhill, thanks to the magic of compounding.
Know exactly why you want financial freedom and work for it. Having strong personal reasons will motivate you to resist impulses and help you make smarter choices.
Make a note of each of your expenses to identify unnecessary spending. Prioritise and make intentional choices that align with your financial goals.
High-interest debt slows down wealth-building. Pay off high-interest debts first, and use debt carefully. Avoid using borrowed money to purchase depreciating assets.
Don’t try to time the markets. Automate investments and build consistency. Invest in low risk tools like low-cost index funds and invest for the long term.
Early retirement is a choice. You don’t necessarily need to do it; but it’s not only about freedom of money, it’s about freedom of time—choose how you want to spend your life.
Thanks for reading!
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