I want to become rich and retire in 5 years - please help me i hate rat race

If you’ve had enough of the rat race then you need to plan for an early retirement or try to gain financial independence so that you no longer need to earn money for a living. Once you become financially independent you can choose to work if you want to, this liberation from the rat race is possible and how long it takes really does depend on you.

You don’t have to wait until your 60 to retire, take the bull by the horn and start planning right now. To become rich and retire you need to replace your income, if you can live on $1000 per month then you need $12,000 per year to be generated from your investments so that you can retire, if the prevailing interest rate is 3% then you’ll need $400,000 to retire or you need to save %80,000 per year for five years to achieve your ultimate goal.

Five Ways to Generate More Money

I’ve read countless books on personal finance and perused the sites of many rich and wealthy people who have become financially independent. I have found that there are five ways for real ordinary people to become rich, these options include becoming a high salaried person, becoming an entrepreneur, real estate, commission sales and investing. If you can pick one of these and put all your energy and drive into becoming successful then you will earn enough money in five years so that you can retire early.

#1: High Salaried Person

This involves earning $100,000 per year after tax and then only spending $20,000 and saving the remainder for five years so that you’ve got enough money to retire. A $100,000 salary after tax might seem out of your reach now however if you spend every moment between now and next year thinking about how to get ahead it’s entirely possible.

You need to learn everything there is about the company and then offer solutions to your superiors. You need to become an integral part of the team and someone who can solve problems quickly and effectively. Your goal is to get promoted quickly because you’re seen as someone who management can rely on. Take time to improve your qualification, take a course in management and then use what you learn to become a better employee.

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#2: Become a Entrepreneur

If you’ve developed a product or service and you really believe in what you’re offering then you will be able to make plenty of money as an entrepreneur running your own business. If you’re passionate about what you’re producing and you’ve identified a need then you will become very rich.

If you do have an idea then it’s time to test the waters, don’t be afraid of failure and take time to learn about business, the industry and the trends within the industry. If you can start small and then continually build your business and make sound financial decisions then you will be on the route to creating a business empire, if at the end of the five years you’ve achieved your goal you can simply sell the business or leave it on autopilot and then retire early.

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#3: Real Estate to Become Rich

If you don’t like the first two ideas then you should definitely consider real estate. Take time to build your credit history by improving your credit score. Get your credit score to a point where you’ll be eligible for a mortgage and then buy a property that you can rent out for $1100 per month.

The property will essentially become your business and your ultimate goal is to pay off the mortgage so that you can enjoy the passive income that comes in the form of rent. You can repeat this process as much as you like. If you can buy a property for $200,000 that pays $1000 per month rent then all you need to do is save $40,000 per year for five years to pay it off, with interest rates so low now you could use part of the rent money to clear the mortgage and then concentrate on ways to increase your income so you can pay off the loan.

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#4: Commission Sales to Become Rich

If you’re a natural born sales person and really believe in a product or service then why not become an affiliate, if you’re passionate about your product or service then you’ll be able to sell a lot of item. There are so many ways to sell items these days from phone, internet and even door to door.

Take a course in sales and then polish your sales technique, research about a product and then find one that you really believe in. Now all you have to do is find the leads and convert and close. As time goes on you’ll become better and better and if you spend a significant amount of time selling you could reach the £$100k per year target.

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#5: Investing to Become Rich

You don’t have to be an accountant like Warren Buffett to become rich investing money. Many people are still afraid of the stock market because they see it as a risk, if you can study and become an expert at controlling that risk then you can make a lot of money investing in company stocks.

If you can take time to learn about a particular field of investing to a point where you become an expert or a pundit then you’ll be able to see opportunities other people miss, you’ll be able to see risk other people miss. If you can assess risk and return and make the right decision seven out of ten times then you will make a lot of money. Knowledge is power; don’t be afraid to become an expert as this will help you make money in the long run.

I Want to Become Rich & Retire in 5 Years

There are probably more ways to become rich in five years but these options have been tried and tested. It really is possible and if you remain motivated and focused you will achieve your goals.

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