Published on December 24, 2020

How To Retire Early (And What To Consider Before You Do)

How To Retire Early (And What To Consider Before You Do)

When it comes to knowing how to retire early, the process is both simple and complicated. It is simple for those who understand how to do it and are ready to put in the effort and discipline to have enough to retire early. But the process is complicated for those who have no such understanding.

Have you realized how easily some people make millions? Have you also realized how challenging it is for some to make a living? This is the reality everywhere around the globe.

In many countries, the normal retirement age is between 60 and 65. At this age, a person has worked for 40 years or probably more. Many people work for 40 years with a decent salary but end up depending on social security for survival after retirement.

This shows that having a decent job with good benefits is not enough to retire comfortably, let alone retiring early. Is a good job a solution? If not, then what is?

This article will not only teach you how to retire early but also how to retire early and rich. If you start following the steps in this article, you can retire in 10-15 years as a millionaire.

4 Things To Remember If You Want to Retire Early

To retire early, you have to make enough money to guarantee a decent living after retirement. This has to be done early. The process is simple:


  1. Earn more money.
  2. Spend wisely.
  3. Save and invest wisely.

However, before we look at the process, we must keep in mind the following important points:

1. Set Your Retirement Goals

Setting goals

is the first step to any major achievement. They show you the way and help you know when you get there.

These retirement goals should answer the following critical questions:

  • What is retirement to me? This can be not working again, leaving formal employment and starting your own business, or just doing what you are passionate about.
  • When do I want to retire? Do you want to retire at 20, 30, 40, or 50? This will help you evaluate the amount of time you have to achieve your goal.
  • How much should I have at retirement? What net worth do you want to have at retirement? How much income should your assets bring you every month after retirement?
  • What kind of lifestyle do I want to have after retirement? Some people want to retire and travel the world. Others want to retire and just spend time with family. The lifestyle you want to have after retirement should dictate how you live today.

2. Understand Where You Are Today

When heading to a certain destination, you have to understand where you are currently to know the shortest and most convenient route to take to that destination. This calls for an honest evaluation of your current circumstances. Do a thorough life audit to get this understanding.

3. Evaluate Your Options

After setting your retirement goals and understanding where you are currently, you need to evaluate the options. You can start a business, get a better job, invest in real estate, get a financial advisor, and all that.


4. Know the Way Forward

What options will I take? After understanding all the options available, you need to choose an option or a combination of options. These options will guide your actions moving forward.

After answering these questions, there are specific actions that will help you retire early. We will divide them into the three major steps we pointed out earlier. These are: earn more, spend wisely, and invest prudently.

Earn More Money

This is inevitable. To retire early, you have to earn more than the average person. This will enable you to invest more and get financial freedom faster.

Earning more money is not easy. If it were easy, everyone would be doing it. After all, everybody wants more. You need financial education, effort, and discipline to make more than you are making today.

As we pointed out, your lifestyle after retirement should guide your actions.

1. How to Retire Early to Rest

If you want to retire early and spend time with family or rest, there are several steps that you can take to earn more. These steps will give you enough to pay for your bills after retirement.


They include the following:

  • Get a second job. For those who are employed, a second job can increase your income at the end of the month. You can then live off one income. This will give you more investment capital to push you to your retirement goals. I have an employee who works for me during the day and then takes other jobs at night.
  • Get a better job. You can a job with better remuneration if you want to make more money. However, you need to increase your level of education and specialization.
  • Renegotiate your current remuneration terms. You do not need a better job if you can make the current one better. Renegotiate the terms with your employer to make more every month.
  • Start a side hustle. A side hustle will bring extra dollars at the end of the day. This can be a small business that you run in the evening and during the weekends. You can also employ someone to run it on your behalf.

2. How to Retire Early as a Millionaire

If you want to retire early as a millionaire and travel the world, you need to take a different path.

Here are the following things you should do:

  • Start a scalable business. To become a millionaire, your business has to serve thousands of people. Here, the business idea should be working. The business should have working systems that can run even without you having to work every day.
  • Use other people’s time. People who retire early understand how to leverage other people’s time to make more money. Successful people give money to buy time while average people use the time to get money. This is the difference. This is why the richest people have thousands of employees in their companies.
  • Use other people’s money. To get more money, you need to invest more. In this case, you need to know how to utilize debt to your advantage. Debt is a catalyst for financial growth. It is also important to be cautious because debt can be a catalyst for financial distress and disaster.
  • Work smart. To retire early as a millionaire, you cannot just work hard, you need to work smart. Working smart means achieving more with less. Get more by investing less time, effort, and resources. It can also mean earning without having to work.

Spend Wisely

It does not matter how much you earn if you cannot spend it wisely. To retire early and retire rich, you have to spend little as you can and invest the rest.

The following actions can help you spend less:

  1. Track your spending. Record everything you purchase in a book and do the math at the end of the month. Consider whether what you bought is adding value to you or it was just an unnecessary expense.
  2. Only purchase what is necessary. To retire early, you only need to spend on what is needed, not what you want. Is it a need or a want? A need is something you cannot do without. A want is something you desire but is not necessary. Only buy needs.
  3. Sell your greatest liabilities. Liabilities take money from your pocket. They reduce your economic value. To spend less, you need to dispose of your greatest liabilities. If you have several SUVs, you can dispose of them and purchase a fuel-efficient car. This will save you money every day.
  4. Avoid consumer debt. Consumer debt will ruin your financial future. You will incur unnecessary interest payments without making anything from the debt. As Robert Kiyosaki says, when you take a loan, do not pay for it. Let others pay for it. This means that you have to invest the debt and use the profits from your customers to repay the debt.
  5. Live your life. One of the best ways to avoid unnecessary expenses is to live your life. Avoid unnecessary influence to upgrade your lifestyle. Do not keep up with the johnnies.

To retire as a millionaire, you have to spend as little as 10% of your income. However, to retire early with just enough to spend, you can follow the 50-30-20 rule.


The rule says that you should allocate 50% of your income to your needs. This includes paying your most necessary bills like rent, food, school fees, taxes, etc. Also, invest 30% of your income on wants. These are things that increase your standard of living but they are not necessary. They include cars, a bigger house, a vacation, etc. Then, invest at least 20% of your income on investment. This is the bare minimum.

Invest Prudently

You cannot retire early and rich without becoming an investor. It is the investment that multiplies what you have into what you want to have.

Investment is a risky area because money can easily go down the drain. This is why most people fear even the term itself.

To invest prudently, the following are important:

  • Get financial and investment intelligence. This is what most people lack. They cannot distinguish between a good investment and a bad one. This is why they find it easy to play it safe and keep what they have as is.
  • Take calculated risks. This means that you do not just throw your money ignorantly into a project. You have to do your due diligence and gather as much intelligence as you can.
  • Overcome fear. Fear is common in all of us. However, successful investors overcome it. The rest allow it to stop them from doing what they have to do.
  • Overcome greed. A good investor is ambitious but not greedy. It is greed that causes the average person to lose money. As they rush desire quick returns, they lose everything. As Warren Buffet says, a good investor is cautious when others are greedy.

Final Thoughts

If you want to retire early and rich, you will need to come out of your comfort one. You will need to get knowledge, change your attitude, take risks, make moves, and become your best version.

As I pointed out, if it were easy, everyone would do it.


More Tips on How to Retire Early

Featured photo credit: Nguyen Thu Hoai via

More by this author

Mark M. Gachunga

Founder Wealthy Wolves Consulting Ltd and Giimark Education & Publishers Ltd

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Last Updated on April 19, 2021

40 Healthy And Really Delicious Meals You Can Make Under $5

40 Healthy And Really Delicious Meals You Can Make Under $5

Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

1. Fish Tacos in Crunchy Shells ($3.56 per serving)

Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.


    2. Mini-Meatball Noodle Soup ($3.43 per serving)

    We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.


      3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

      Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!


        4. Kabocha Squash and Lentils ($3.12 per serving)

        Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.


          5. Baked Coconut Lentils ($0.91 per serving)

          Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!


            6. Easy Marinated Roasted Chicken ($3.40 per serving)

            We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!


              7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

              This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!



                8. Beef Pot Roast ($3.22 per serving)

                One word: perfect. This meal will warm your insides and fill you up with the high protein content.


                  9. Fajita-Style Quesadillas ($0.43 per serving)

                  If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.


                    10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                    Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!


                      11. Beef and Black Bean Chili ($1.36 per serving)

                      Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!


                        12. Crispy Fish and Peppers ($2.18 per serving)

                        Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.


                          13. Vegetarian Gumbo ($1.50 per serving)

                          You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!


                            14. Mexican White Bean Soup ($0.99 per serving)

                            With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.


                              15. Black Beans with Mango & Cilantro ($0.38 per serving)

                              Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!



                                16. Bean Burritos ($0.71 per serving)

                                If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.


                                  17. Five-Spice Beef Kabobs ($2.43 per serving)

                                  The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!


                                    18. Cornmeal Crusted Pork ($1.92 per serving)

                                    If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.


                                      19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                      Easy to do, extremely healthy, and super delicious. A must-try!


                                        20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                        I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.


                                          21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                          Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?


                                            22. White Bean Tuna Salad ($1.36 per serving)

                                            You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.


                                              23. Sausage Eggwiches ($0.80 per serving)

                                              Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?



                                                24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.


                                                  25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                  Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.


                                                    26. Vegetable Lasagna ($1.73 per serving)

                                                    If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.


                                                      27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                      Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.


                                                        28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                        A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.


                                                          29. Butternut Squash Chili ($1.04 per serving)

                                                          You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.


                                                            30. Fast Shrimp Bisque ($2.03 per serving)

                                                            Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!


                                                              31. Chicken-Noodle Casserole ($0.98 per serving)

                                                              Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.



                                                                32. Burrito Cups ($1.18 per serving)

                                                                Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.


                                                                  33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                  Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.


                                                                    34. Potato Frittata ($0.87 per serving)

                                                                    If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.


                                                                      35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                      Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.


                                                                        36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                        Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.


                                                                          37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                          You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.


                                                                            38. Herbed Salmon ($2.49 per serving)

                                                                            Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?


                                                                              39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                              Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.



                                                                                40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.


                                                                                  Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via

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