These days, I read a lot of articles where many couples share their success stories after retiring early. Most of these magical things happened post-COVID. Having two earning members in the family is a great thing to start with. One person can be a primary earning member, and another person can keep taking risks. This has to happen during the early days of the career because after we get commitments, we cannot keep taking risks. I see many success articles where couples plan their finance at a very young age and by the time they reach their 40s, they are self-sustaining and continue to work.
Financial planning is important
We have to understand that financial planning and financial education is very important. In most of these articles, they say that people make mistakes by not planning their spendings, savings, and investments. When we start getting more money, our mind naturally goes into luxury mode and don't think much about savings. But the interesting fact is that if we save during the early days, we will be able to reap the benefit when we have enough corpus with us.
Spending more time learning about financial planning is very important. Especially for people who are going to have kids and plan their education, financial planning will help them handle unexpected expenses and risks.
Post-COVID financial situation
Some people are lucky to have their financial investments doing good post covid. The market did very well in India, and people who invested in certain mutual funds had their money grow. Some people were able to attain their financial freedom because of that. Even though life changed a lot during COVID and after COVID for many people in the wrong direction, there were so many success stories where people were forced to try new things, and they ended up successful in that.
Financial discipline
Spending enough money on entertainment and family time is also very important. If we stay more conservative just because we have to save the money, we might lose the age and later, if we want to do it, we may not be able to do it because of age problems or financial situations. Having good financial discipline is important. Sometimes lifestyle changes might be required for this, but if we do it properly, early retirement can be a possibility.
These success stories that I read are not from people who already have a good financial background, but it is also from people who build wealth from the ground up. They made some best decisions in their life to be able to sustain a good amount of wealth with a good lifestyle.
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