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6 Save up 25x Your Income So You Can Retire Early

The big three expenses for Americans are Housing, Transportation, and Food.
3 Ways To Cut Down Housing Costs

Live with family

Get roommates

Do Airbnb

2 Way To Cut Down Transporation Costs

Drive a car that will get you from point A to B

Get rid of your car if you live in a walking city

2. 4 Questions To Ask Yourself Before Every Purchase

Tiffany Aliche speaks on two quadrants when it comes to making a purchase. Always ask yourself four questions:

Do I need this?

Do I love this?

Do I want this?

Do I like this?

Needs and Loves: These provide long-term satisfaction

Wants and Likes: These provide temporary satisfaction

3. Use Side Hustles To Bring In Extra Cash Flow

Sometimes we will have to hustle to make ends meet. Quick cash can come in the form of gig economy work such as driving (e.g., uber or Lyft), dog walking/daycare (i.e., Rover), etc.

There are plenty of ways to earn extra cash if you need extra cash.

4. Create A Business To Build Wealth

The ultimate way to create wealth is to build a business. What are your talents and gifts? What comes naturally to you and doesn’t feel like work? This is what you should be doing with your time. Find your sweet spot, and then find a way to monetize your efforts, so you can focus on doing more of what you love and less of what you don’t love.

5. Decrease Your Cost of Living Significantly

In #1, we discussed American families’ three most significant expenses. If you can significantly decrease your cost of living, you can save that much more money.

In my recent article below, I ask, what if your expenses were rock bottom low? Imagine how much money you could save and leverage in investments to build wealth for yourself and your family. The sky would be the limit for you, and you wouldn’t have to work as much as Rocco Pendola preaches in many of his articles.

How Much Money Could You Save If Your Expenses Were Near Zero?

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6. Save up 25x Your Income So You Can Retire Early

One of the primary tidbits of wisdom from Mr. Money mustache is to save 25x of your ideal retirement income, so you can retire early and withdraw a small percentage of the portfolio each year.

One of the women on the show that won one year of free online coaching dug herself into over $65,000 worth of debt because of emotional spending.

Tiffany Aliche recommended she ask herself the four questions before purchases to spend less [see the four questions below]. She also challenged the lady not to use her credit card for purchases for a whole month. Instead, she encouraged her to utilize a debit card.

Do I need this?

Do I love this?

Do I want this?

Do I like this?

8. Break Up With Toxic Jobs

Just because a job brings in money doesn’t mean you have to stay there. Learn when it’s time to go and spread your wings to focus on other ventures or a better job.

Whether the world is experiencing a recession or not, there are always opportunities to earn money.

Focus on staying in a positive mindset, and know that your positive energy and vibes will attract more opportunities.

9. Don’t Fear Investing

When you don’t know how to do something, fear can take over and make you want to avoid jumping in. Something you should always jump in on is investing.

You will lose money if you invest; this is the name of the game. However, if the markets go down, you can be sure of one thing; they will bounce back up. History shows us that this is the case again and again.

Aim to invest over 50% of your income. Then aim for 85% of your income. Try to live off as little as possible to build enormous wealth.

10. Get Help

Every person on this show got financial help and education from a coach.

You don’t need a coach to do well financially; you can read a bunch of articles, watch documentaries and youtube videos, or read some books.

It doesn’t matter how you learn. What matters is that you learn to transform your financial situation.

This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.