10 Steps to Retiring Young

4) Have a Backup Plan

In order to retire early you will need to have a backup plan if your job goes south. Diversification has already been mentioned. But it is important enough to mention in more detail when it comes to your job. Unfortunately, many people have been through a series of lay-offs. It is a hard cycle to break in some industries such as manufacturing and often administrative services.

The cycle of having a job, losing a job, unemployment, having a job, losing a job…is all too common. Rather, if you find a focus for your career, something you truly enjoy doing and is solely dependent upon your own hard work, you may be much better off. And the best time to start a small business is in its infancy and while you are working for another company that provides a dependable salary.

Find something you love. It can be crafts, writing, consulting, or whatever you do well that you have an interest in. That way, either when your small business grows, or if you lose your job, you will be prepared to step into the sought after sector of self-employment.