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How To Retire Rich In 4 Simple Steps

April 16, 2012 | Comments: 0 | Views: 170

Perhaps it is something that crossed your mind, but you brushed it off believing that you did have what it takes to pull it off. Or maybe you've taken years to decide whether it is really what you want. I am referring to the ultimate dream of retiring rich.

How to retire rich remains a fantasy to many, but as with anything in life, the moment you clearly define what you want and devise the steps that will get you there, the dream becomes a goal, and once you implement the steps, it then becomes a reality.

In this article, I will explore four simple steps on how to retire rich. Keep in mind that the earlier you start planning, the better.

Step 1 - Define exactly what retirement means to you

Irrespective of how old you are, you probably have a vague idea of what retirement really means to you. Unfortunately, vague is not good enough. You need to visualize exactly what you want your life to look like after retirement if you are going to be able to plan carefully for it. Where will you live? What will you spend your time doing? If you want to retire rich, how rich is rich? You need specific answers to these questions.

Step 2 - Determine how much you need to retire

After you have defined what retirement means to you, the next step is to put a price tag on the lifestyle that you have visualized. If you intend to travel the world in style, find out how much it would cost and multiply that by two just to make sure that you supersede your intended financial targets.

You also need to make sure that you are creating income streams that will be compatible with your financial goals. One thing that gets people into a panic is the realization that they will outlive their money. Do not let that happen to you.

Step 3 - Set a retirement date of your own

For most employees, this is the scary part. This is because retirement is usually looked at as society's way of pushing you out of useful existence. Suddenly the big extended vacation after 30 years of work becomes extremely scary.

You need to understand that retirement and old age should not necessarily go hand in hand. If you want to retire rich, it helps to set a time horizon over which you intend to achieve the financial resources that will give you your desired lifestyle.

Step 4 - Work towards achieving your retirement goals

The final step is to take proactive steps to make sure that your goal remains at the top of your mind and that it influences your every financial decision. This requires discipline but with a little practice, it should come naturally.

Do not fall into the trap of thinking that you still have time, irrespective of your age. Working steadily towards your plan on how to retire rich will allow you to make necessary adjustments along the way to cater for any inaccurate assumptions that you might have come up with at the planning stage.

Retiring rich is a dream for many people because they keep it that way, just a dream. However, the only way you can turn your dream into reality is by taking proactive steps, however small, to achieve your desired end.

Looking for more tips on how to retire rich? Visit today and download a FREE eBook "7 Wealth Secrets of The Rich Finally Revealed!"

Source: EzineArticles
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