Are you dreaming of retiring early? Are you part of the growing population of men and women who are dreaming of retiring early? Are you ready? Those questions probably raise so many thoughts and emotions; it would be hard to address all of them.
Perhaps these thoughts include “Yes, absolutely…I can’t wait for the day when my time is mine again! “Or” Actually, I was careful to spend less than I do and to save the rest. I have a nest egg that will support my lifestyle…so bring it on!” Or “What?? Are you out of your mind! We just remortgaged, yet again. My grown kids and their kids just moved back home. I love to spend time with my grandchildren, but the last thing that I can afford to do now is retire!”
Well, wherever you are in relation to your retirement plans, chances are at some point you have day dreamed of retiring early and getting your life back. Those dreams can become reality, but will require careful consideration and planning.
Some of the things to consider include what your lifestyle will be after retirement. Will you and your spouse want to travel? If so, your retirement income may not cover the extra expense; in fact you could be spending more in retirement than while you were working. You would need to make a realistic plan of how much travel and how many years. If your projected expenses are higher than your retirement income, it may be wise to have some additional income after you retire.
Conversely, will you alter your lifestyle to meet a smaller retirement fund? Will you have to cut back even more after you retire, even though you worked all of those years? Some call this the 40-40-40 rule (or dilemma). You work for 40 hours per week, for 40 years and then retire with about 40 percent of your salary. If that is not your ideal retirement, you may want to consider MLM options for retiring early. This is especially true if you have 5 or more years before your desired retirement age.
There are several good reasons for considering all of your MLM options for retiring early. These include the type of MLM. There are many MLM companies out here. You should do your due diligence and make sure that it is a good fit for you. Some MLM companies provide a service (legal services is an example); while other MLM companies provide products (cookware for example). Give this some thought, since there will be a startup cost.
That leads to another consideration: the cost of starting your business. Keep in mind that most of your operating expenses are expenses that you already have. If you have a cell phone, internet service and a place in your home with a desk, then you have just about taken care of your basic operating expenses. In fact, you now may be able to claim some or all of those expenses against your new business. The cost to join the company will range from less than $50 to possibly several thousand dollars. It should include a website, a good assortment products and training materials. Again, since this is a business, some of this expense may be tax deductible.
Another consideration is the support that you will get from family members. Remember, this will take some time away from your family. There will be training for you to attend; there will be phone calls, emails, presentations, etc. It is very wise to discuss this ahead of time with your family. Once they see how important this is to you and support you, this will definitely have a positive impact on your success.