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5 things I think you can do today to get rich and retire early

first_img5 things I think you can do today to get rich and retire early See all posts by Rupert Hargreaves Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. Rupert Hargreaves owns no share mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Being able to retire early with a large financial nest egg is the dream for many. Unfortunately, many savers struggle to meet this ambitious target. However, there are several simple steps you can follow to help you get there.Get savingThe most obvious step is to start saving as soon as possible. Even if you can only put away a few pounds a week, over the long run, these small deposits could make all the difference.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…For example, since its inception three-and-a-half decades ago, the FTSE 250 has returned around 10% per annum (even after recent declins). On this basis, £3 a week, or £156 a year, saved and invested in the index during this time would be worth £46k today.Get investingAs noted above, the FTSE 250 has returned about 10% per annum since inception. These sorts of returns would be impossible to achieve with cash. That’s why if you want to get rich and retire early, it’s vital to start saving and investing as soon as possible.You don’t have to invest in the FTSE 250 either. There are hundreds of funds, stocks and trusts out there you can buy to earn the best return on your money.Tax benefitsOpening savings accounts with tax advantages could also help speed up your journey to early retirement. SIPPs, LISAs and Stocks and Shares ISAs all offer their own unique benefits. LISA savers receive a bonus of 25% of their deposit from the government (up to a maximum of £1,000).Meanwhile, SIPP contributions attract tax relief at your marginal tax rate. That’s 20% for basic rate taxpayers. So, for every £80 you save, the government will add £20, taking the total to £100.Pay down debtIf you have any debt, paying this off as soon as possible could also help you build a large financial nest egg quickly. High-cost debt, such as credit card debt can be particularly damaging to wealth creation.The best strategy could be to pay off any debt before saving. Most credit cards charge borrowers 20% or more a year. Few, if any investments, have the potential to produce these sorts of returns, which suggests reducing debt is the better option.It might be best to eliminate all borrowings entirely before you start saving and investing.Invest in yourselfIf you’re serious about building a large savings nest egg, investing in yourself could be well worth the time.Investing in books about personal finance, and stock picking, might not generate an immediate return. However, they should help you avoid making any serious investment or savings mistakes.It’s essential to concentrate on the long-term benefits of these books, rather than the short-term cost. Some of the best books on personal finance cost £30 or more. That might seem like a lot, but if they help you build a £1m pension pot, they should be worth the money. Enter Your Email Address “This Stock Could Be Like Buying Amazon in 1997”center_img Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Rupert Hargreaves | Sunday, 1st March, 2020 I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Image source: Getty Images I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement.last_img read more