10 STEPS TO RETIRE YOUNG AND RETIRE RICH FOR DUMMIES WITH AMBITION

1.       OPEN YOUR OWN BUSINESS OR ACQUIRE AN EXISTING ONE.

Anyone can do this; high school grads, college grads and even illiterates with ambition to achieve financial freedom. It doesn't matter the nature of business you started. Businesses grow to be great companies and businesses. Fortune 500 companies were once small businesses but grew with time. In all businesses, starters with clear cut goals, dreams, decisiveness, diligence, determination to succeed and required discipline to endure start up challenges, diversion of cash flow returns and commitment to growth always succeed.

2.       INVEST IN YOUR BUSINESS, SHARES AND BONDS.

You must invest in your business to achieve growth. Also invest in shares of other companies’ shares, government bonds and Treasury bill to achieve different kinds of income and returns.

3.       TAKE LOAN ONLY TO GROW YOU BUSINESS AND NOT TO START IT.

Some businesses have long gestation period before it can break even or break through. So taken up loan may lead to accumulated default interest before the above period.

4.       DELAY IMMEDIATE GRATIFICATION.

At the starting, do not hire much staff, and not for big pay staff. Starters don’t pay themselves salaries until the business has broken through.

5.       DIVERSIFY YOUR INVESTMENT.

Move some part of your profits, dividends, interest and commissioned earned to revenue generating real estate investment.

6.       SEPARATE YOU’RE BUSINESS FROM YOURSELF.

Incorporate your business to enable you escape paying for your businesses mistake with your private wealth.

7.       START A PART TIME BUSINESS IF YOU WORK.

If you work, start a part a part time business and gradually exit when your business has grown. You can engage some men to run it for you while you gradually disengage to run it.

8.       OUTSOURCE ALL PROFESSIONAL JOBS.

All professional jobs and services can be out outsourced, accounting, tax, legal and even production in business like printing, marketing and research, block industry etc. Buyers, clients, and customers don’t care where you get your goods and services or who produced them for you.

9.       DON’T TRY TO REINVENT THE WHEEL.

Don’t try to reinvent the wheel like Bill Gates, Thomas Edison, Henry Ford, Hichiro Honda, Conrad Hilton or Mr. Benz. You can amend, reconstruct, re-brand, remake and remodel the wheel, its parts, marketing and selling strategy. People like Ray Kroc did it with MacDonalds, when he bought the franchise from the inventors.

10.   LET EVERY POSITION BE EARNED.

Do not let your children, relatives and spouse occupy a position in your business they don’t earn. Let them remain shareholders alone unless the earn skills for management position.