9 Steps to Early Retirement

4) Get rid of debt

If you are used to juggling credit card bills, or trying to figure out if gas is more important than electricity you may want to put more emphasis on getting rid of your debt entirely. It is easier said than done, however, studies have shown that most people can eliminate all of their debt within 1-2 years if focused on the task. Yet, if you do not focus on eliminating your debt that debt will not only cost you thousands in additional charges, but you will likely take decades to pay it off.

Getting rid of debt may include large priced items such as a home mortgage and student loans. A very hot topic now is renting vs owning, and many of the top financial experts are saying that renting may be a much better financial decision for some. Not only do you save money in maintenance costs and land taxes, but you do not have to deal with the high interest cost of paying off a 30 year mortgage.