Mikael Rieck is the author of more than hundred articles on topics of how to make money both online and offline. He has been online since 1999 and has always had a passion for money making opportunities and teaching others how to make a profit.
How to Retire Early and Rich by Making a Commitment
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As you might be aware this blog was intentionally created to help people that are looking for ways to retire early and retire rich to do just that. The ways to actually achieve this goal are many and I might even dare to say unlimited but even so there are just as many ways to avoid reaching that goal.
Unfortunately I find that many people are searching for ways on how to retire early because they are looking for ways to retire as fast as possible. They might be sick and tired of their jobs or they might have been in an argument with their boss or similar. Making rapid decisions and looking for quick fix solutions is almost never the best way to go and as far as I am concerned this apply to the early retirement situation as well.
I can fully understand that you would want to retire as early as possible and that you would want to become as rich as possible so that you can fully enjoy your retirement period with travels, cars, adventures and anything in between. I think that this is something that most people would want so why is it that so few actually achieve it?
To retire early and rich will require more than a 401k or putting a little money away on a savings account and what I have found is that one of the major keys to actually achieve the goal of early retirement is to make a firm commitment to yourself that you will do whatever it takes to get there. In comparison it is not much different from wanting to lose weight or wanting to quit smoking. If you’re not committed you’ll not be successful and will only feel worse about yourself after trying half heartedly.
But making a commitment does not mean that you will have to give up everything else in your life to achieve your goal. A commitment is more like a deal that you have made with yourself that you can’t under any circumstances break. If you break it you have lost.
Being committed requires an action plan with steps that you need to take to get to where you want to go. The best way to actually reach the end goal is to make a lot of little steps that will lead up to the bigger steps that eventually will result in the goals you have set out.
So before you start to map out your plan you will need to ask yourself whether you are truly committed to making this happen for you. Do you really want to retire early and rich and if so how much are you willing to give up while working your plan? You’re not going to get any more hours in the day so something will have to be given up.
The more time you’re willing to free to spend on this commitment and dream the faster you’ll advance. But remember to take a deep look inside and be truthful to yourself about how much you can give up in this pursuit. Because if you break the commitment you’ve made you have lost and I therefore recommend that you are true to yourself and that you will only commit to something that will make you stretch a little instead of too much.
To Your Success,
Mikael
5 Responses so far
Sire
May 15th, 2009
11:36 pm
Commitment is certainly important, as is sacrifice. Many will never retire early as they will always spend as much as they earn. Why? Because they want to enjoy the here and now because you never know if there will be a tomorrow. Unfortunately for many tomorrow arrived and they were caught unprepared.
Sacrifice amongst other things means not going out as often as you would like, Not spending more than you earn and not buying stuff you do not need. I know of people who went into business and were doing really well but spent all that they earned and when things went wrong had nothing put away to bail themselves out and lost everything.
Mikael
May 16th, 2009
1:18 am
Hi Sire. I’m glad that you agree and I’m sure you’re right about some people spending all that they have (and then some) because they don’t know if there will be a tomorrow. However I am pretty sure that it doesn’t apply to everyone.
Because personally I believe that a big part of it is also not knowing how to manage their financial situation. I see so many people trying to SAVE their way out of their current situation but only very few actually trying to do the opposite which is trying to make more money.
I hurts me to see people WILLINGLY forcing themselves to live below their means instead of just making more money. It really isn’t that hard and it will provide a lot more benefits in both the short and the long term.
Sire
May 16th, 2009
1:23 am
Actually you would be surprised how many people live in such a fashion, especially the young of today who have no concept of what is waiting for them if they don’t do something about their future now.
Mikael
May 16th, 2009
1:31 am
I’m sure I would but I am also surprised for every single one I meet so
All I am hoping is that I can teach just a few how to start making MORE money instead of trying to just use less (which for some of them would also be a good thing). For everyone I can help I’ll feel grateful.
Sire
May 16th, 2009
1:46 am
That is a good goal in life that you have set Mikael as not many freely give of what they have learned as there is usually a catch. I look on with interest and no matter how old you are there is always something new to be learned,
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