How to get on the path to an early retirement

The key to retiring early is achieving financial freedom. Financial freedom is a lifestyle through which an individual is able to rely on passive income and not worry about their debt because their debt works for itself. This type of lifestyle is achievable, but not by the masses. It requires a sense of fearlessness, determination and risk to successfully navigate your way to financial freedom and ultimately an early retirement. Here are some ways you could get started!

Invest in dividend-paying stocks or exchange-traded funds (ETFs): Investing in stocks that pay dividends or ETFs that track stock indices can provide a steady stream of income. This is because the dividends are paid out regardless of the stock price, so even if the stock price goes down, you can still receive income. Being paid in dividends for simply investing and trusting a stock is an excellent passive income source.

Rent out a room or space: Renting out a room or space, such as a basement apartment or a storage unit, can provide a steady stream of passive income. The key to financial freedom is to compromise on the basic comforts in the beginning, such as, the privacy of your own space. In the long run, this can really pay off if you slowly move into real estate rentals.

Invest in real estate: Investing in rental properties or real estate investment trusts (REITs) can provide a steady stream of passive income in the form of rent. Ideally, you will want to rent out a property to mostly or fully cover the expenses of holding the property. If you manage to earn more in income than the expenses, you will be on your way to cash-flowing finances in no time!

Start a side hustle: Sure, it's great to do your day job, but you coudl kick start your retirement plans with a side hustle. Starting a side hustle, such as creating an online course or selling products on Etsy, can provide passive income over time. As your audience grows, so will your income. You can even start side hustles in social media services, such as Instagram, Facebook and TikTok, where you just have to spend a few hours a day.

Invest in bonds or high-yield savings accounts: Investing in bonds or putting your money in high-yield savings accounts can provide a steady stream of passive income in the form of interest payments. Just be aware that the amount of interest you earn will be lower than other forms of passive income.

Selling digital products: You can sell digital products, such as e-books, printables, or stock photos, on social media platforms like Instagram or Etsy. There are even stores like Printify that do all the physical work for you. All you have to do is come up with the design and creativity behind your brand! This can be a great way to earn passive income, as the products can be sold 24/7 without you having to be present.

Affiliate Marketing: You can promote products on social media platforms like Instagram, YouTube, or Twitter and earn a commission for each sale that is made through your unique affiliate link. Well known affiliate platforms, such as, ClickBank, offer various types of affiliate products for marketers to bring value to their audiences.

As with anything you venture into, it is always important to research and conduct full due diligence on the topic so that you jump in educated. It is always recommended to reach out to financial professionals or successful people to learn more about these opportunities. Reaching financial freedom is not easy and takes a lot of pushback before you make your wins, but when the winning becomes a habit rather than a challenge, the difficulties are certainly worth it!