9 Steps to Early Retirement

5) Keep those big expenses at bay

If the large expense you are considering is not a need and will not bring any return on your investment then you should not be buying it. Some examples of these large purchases might be a luxury vacation, an additional car or even a boat. In both the long and short term, you are essentially throwing this money away as you will never recover it with these expenses and it is less money you have saved for retirement.

These big expenses that we used to not even think about now can add up over the years often to the tune of tens of thousands of dollars, and often seeping into the hundreds of thousands. As you get closer to your goal of early retirement, you don’t want to kick yourself for spending $50,000 on a new BMW when you could have easily purchased a much less expensive although still stylish automobile.