To accelerate your way to early retirement, you can’t seek money. You have to seek wealth.
Wealth is having assets that earn money for you passively.
Money is a means of how you transfer your time and wealth.
If you don’t come from a rich family, you will have to begin your journey of pursuing early retirement by trading time for money, which means you have to have some kind of a high-income skill that allows you to make a steady income.
Every time you cash in your paycheck, you have to max out your allocation into assets, which are investments that earn you money while you sleep.
Most people won’t be able to invest most of their capital in assets because they enjoy partying or buying fancy cars (liabilities) when they’re young.
But remember, if you do what everyone else does, you’ll get what everyone else gets, which is 40–50 years of slaving away at a dead-end 9-to-5 job, only to retire and enjoy your freedom in your most feeble years of life. I mean, who knows how long you’ll even live…
Don’t forget… assets generate income for you while you sleep, meaning when you have enough of these assets to cover for your living + enjoyment expenses, you no longer have to trade your time for money.
This is the beauty of assets… they break you free from having to trade your time (the most valuable resource) for money.
While this may be painful in the short term, I believe being content with living below your means is one of the most underrated advantages you have when it comes to financial planning.
When you have assets generating you passive income, you can use the capital you get from those assets to allocate into even more assets, and on goes the cycle for the gradual elimination of your dead-end 9-to-5 job.