10 Steps to Retiring Young

10) Stick to Your Plan

A common word of advice you may hear in a company is not to let short-term complications affect long-term goals. Developing a financial plan is a great start to retiring early. But, if you catch yourself in a trap of dipping into your savings when you need, or worse, want something you will see your savings grow slower than you may have expected. This often leads to a hustle to try and put more money back into your savings, although that pulls away from the income you need to live on. So, you invariably withdraw that money, justifying it should have never been put into investments anyway.

Having a mindset that your savings cannot be touched until retirement, or unless you are in such a hardship that there is no other way to supplement your needed income, will keep you safe from randomly withdrawing $20,000 to buy a new car if your car breaks down, or $5,000 to go on a nice vacation with friends.