Make a written work plan for the actions and steps you plan to follow towards securing your early retirement, and one that will act as a checklist of your own honest commitments to your self.
The first mistake most people make is they lack a written plan for building financial security.
Early retirement and financial freedom are synonymous with each other. But you can’t put the formula for financial success to work for you without a written work plan to accomplish it.
It may be a simple process, but it won’t happen randomly. You make it happen by taking action. A written plan with goals provides the road map and is a necessary first step.
Financial success is a choice. It results from the many small decisions you make each and every day. Without an adequate retirement work plan and goals to achieve wealth, your life is like a sailboat without a rudder: it just spins in circles without definite direction.
Plans and goals provide the necessary context to focus each and every decision in your life with purpose.
Time spent writing goals and building a step-by-step written work plan to achieve those goals is an investment in your future. It reduces wasted effort, increases efficiency, produces amazing results, and best of all, costs you nothing.
Every research study on goal setting and planning support the same conclusion: it’s a remarkably effective tool.
For example, a 30-year study by Harvard Business School showed how the 3% of participants with a work plan produced 10 times the results when compared to the 83% of participants with no clearly defined goals. A 10-fold improvement is a life-changing difference worth planning for.
To get results like that you must create written savings and cash flow goals, and you must formulate a plan complete with specific action steps to achieve those goals.
Your plan can use the investment vehicles of paper assets, business, real estate, network marketing or any combination thereof.
There is no single right answer to wealth building despite what the latest guru of the day is telling you.
Instead, you must formulate a plan specific to your unique interests, skills, resources and abilities. No two people’s plans should be identical since each person’s situation is unique.
You may want to formulate your early retirement plan based on three separate financial stages during life:
How you manage your income and assets will vary with each financial stage of life thus requiring a different work plan.
The overall objective of your work plan is to utilize your career and semi-retired years to build residual income in business, real estate, paper assets and or network marketing so that your passive income exceeds your living expenses.
When you reach that point you are infinitely wealthy as long as you continue to grow your income and assets in excess of inflation. You will always feel abundant and never outlive your income.
Achieving this goal may sound nice, but results like this only occur when you build a written work plan and take the necessary action steps to achieve the result.
Are you doing that?
Ensure you are working toward your goal into action step two which leads you the wealth building process..
Return from written work plan to early retirement