Quitting your job can be the hardest challenge of your life. Let’s all agree, it’s not that easy and simple to break away from something that sustains your needs and wants, especially if you are on your 20s or 30s. at this age, you are more likely to experience crisis within yourself because you might think that you are way behind the timeline of success. Truth is, the age of 20 to 30 is the most critical part of your life. It is the stage where you find what you really desire and where you are good at. It is the time allotted for your preparation if you really want to retire at an early age. Keep in mind that preparation is the key so before you decide to quit your job, ensure that you have a solid preparation already.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.
Stock Smarts Manila — June 15, 16, 22, 23, & 29, 2019
Stock Smarts Iloilo – July 6 & 7, 2019
Stock Smarts Cagayan De Oro – July 20 & 21, 2019
Stock Smarts Hong Kong – August 11, 2019
Stock Smarts UAE – August 30 – September 3, 2019
Stock Smarts Qatar — October 3 – 6, 2019
Stock Smarts Taiwan – November 2, 2019
For you to quit your job as early as 25, you have to set an amount that you want to live on. This will depend on the lifestyle you want to live with when the time of your retirement comes. At this point of preparation, you have to make decisions as to where you want to spend the rest of your life. Is it abroad or here in the Philippines? If it’s in the Philippines, do you want to stay in the city or in the province? When setting the amount, you want to have when you retire, you have to set a reasonable value that you can hit while considering the remaining time when you can save and earn it. Be realistic and include this as your retirement goal.
If you are in debt right now, you have to be certain that you can pay it off before you quit your job because it would be easier to retire. Imagine saving and investing until the age of your retirement just to pay off the bills you incurred when you were young. To start paying your debts, don’t spend too much of your salary and always set aside a portion of what you’re getting every month to pay for it. Say, for example, you can set the 5% of your income to pay loans and 5% can go to your savings. This is just a sample percentage if you can only afford to reserve 10% of your income. It’s all about managing and controlling the inflow and outflow of your cash.
Who says you can’t earn when you retire? Another good thing about retirement, aside from being able to stop working, is that you can still earn as much as you can if you replace your active income with passive income. This is why I always recommend that you save and invest early because passive income is for life. Even if you age, your investment will not wither. Before you retire and quit your job, ensure that you have a solid level of savings so you can get a portion of it and put it in an investment for faster money growth.