Being able to save and consistently invest some of your money is a key step to retire early. Most of us will eventually retire when we are older, but there are some people that have the goal of retiring early. They want to live a free life, away from corporate stress. They want to be able to make their own decisions without any restrictions. Saving and investing is one of the ways you can achieve this faster.
The FIRE movement
The financially independent retirement early movement has been gaining new adopters since the last decade. A vast number of younger individuals who start their corporate jobs are looking for new ways to live their lives. Perhaps driven by their parents’ life experience. They seek to work hard during their 20’s and 30’s so that they can retire early, travel the world or enjoy whatever they want. This restrictionless life is the dream for many entrepreneurial young people. However it is not so easy to achieve, and besides extreme frugality, it requires constant saving and investing.
Save = Investment
To achieve fire the first thing you have to do is to save. Ideally, you should want to focus on saving over 20% of your income. Do not forget to set aside an emergency fund in case something extreme happens. After you have put aside a large enough emergency fund, you should focus every month on channeling your savings to investments. These can be made in stocks, index funds, real estate, commodities, and the list goes on. It is important for you to keep your investment portfolio diversified so that you are always protected against several risks.
The faster you convert your savings into investments, the faster you will be able to achieve your fire goal.
Stick to the plan
To achieve FIRE, the most important attribute is the focus. You need to focus on your end goal, so you can carry out everything as planned. Try to maintain some targets, and make sure you reward yourself along the way. Keep your saving levels steady throughout the year. Of course, there are some monthly or seasonal variances, but overall you should be able to achieve what you initially plan.
Prepare different income sources
Use your investments as future income sources that you can receive during your retirement. This is another important aspect that allows you to easily collect income, without much effort. Having these passive income sources is a great way to ensure you reach FIRE faster. One of those sources of passive income can be growing dividends.
Umar Nisar was born and raised in the busy city of Abbottabad. As a journalist, Umar Nisar has contributed to many online publications including PAK Today and the Huffing Post. In regards to academics, Umar Nisar earned a degree in business from the Abbottabad UST, Havelian. Umar Nisar follows the money and covers all aspects of emerging tech here at The Hear Up.
A Few Things to Check Before Hiring an Electrician
Hiring an Electrician
Many homeowners attempt to do home improvement projects themselves, and the results are often disappointing. However, trying to handle electrical work independently can lead to costly errors and injuries. Discover a few things to check before hiring an electrician to get the job done right and stay within the budget.
When looking for an electrician, the first thing to consider is whether they are properly trained. The electricians should attend a vocational school or other recognized institute to learn how to perform the work correctly. Discuss the training process to find the right team for the job.
Comparing electricians includes reviewing their relevant experience performing similar work. Homeowners should discuss the project scope with potential electricians and determine whether they have experience in that area. Also, ask for recommendations and referrals from previous satisfied customers.
Once homeowners have a list of prospects, check online reviews to narrow down the possibilities based on customer experiences. Often, people discover more about an electrician or other service providers by reading reviews and talking to others. Also, discuss referrals with neighbors, co-workers, friends, and families to determine which services handled the work most efficiently.
Licensed and Insured
Verify your state’s requirement for license and insurance and then ensure the electrician is compliant to protect your most valuable asset. It is often tempting to hire an unlicensed or uninsured electrician to cut costs, but that often adds up to spending more money in the long run. Plus, you could be liable if an accident or injury occurs on your premises, adding even more to the costs.
Verify Credentials and Permits
The first step to verifying an electrician’s expertise is to inquire about licenses and insurance. The next step is to verify these credentials and permits to ensure they are valid and current. A quality electrician will immediately provide documentation for customers to verify.
Talk to Several Electricians
After comparing reviews and verifying credentials, consult with several electricians to find the right one for the project. While all of them might be qualified for the job, homeowners should find an electrician that understands their vision and wants to work with them every step of the way. Take notes during the interviews to review and determine the best candidate for the job.
While qualifications are crucial to getting the job done correctly, homeowners must also stay within their budget to avoid financial stress associated with unexpected surprises. An electrician should provide a precise estimate and include everything to be done to complete the project for homeowners to plan for payment. The goal is to find a qualified electrician that provides all the services needed for the most competitive price.
Look for Outstanding Customer Service
Finally, it helps to work with electricians dedicated to providing the highest level of customer service and that stand behind their work. Inquire about warranties and other guarantees to verify the project will be completed according to specifications. Then choose the electrician who communicates clearly and makes you feel comfortable about their skills.
Hiring an electrician is often critical to getting the job done right and avoiding additional costs related to injuries and errors. Use this checklist to find a qualified electrician that provides outstanding service within your budget.
Khalil ur Rehman is a proud born and raised in Abbottabad. Khalil has worked as a journalist for nearly a decade having contributed to several large publications including the Yahoo News and The Verge. As a journalist for The Hear Up, Khalil covers climate and science news. [email protected]