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."But also tracking your spending and saving is crucial, so use an app that links all your finances in one place. This makes it easier to see where your money is going so you can make better decisions with your funds."For many people, it can feel like retirement is a deadline on the calendar that you have to hit. But if your goal is to stop working as soon as possible, experts point out that it makes more sense to focus on how much you need instead of when you need it.
."That number is the amount of savings and investments you have or the amount of income you can generate from your investments. The simple way to calculate your number is to take what income you need to live on and divide it by 0.04 percent." "For example, if you think you need $80,000 per year to live, you need about $2,000,000 saved or invested. If you need $100,000 annually, your number is $2,500,000," he explains."Of course, you can work on other ways to generate that $80,000 per year with things like pension or retirement benefits—such as the military—and more. But the goal is the baseline."
"With that framework in mind, you have to see about saving as much as possible as early as possible to take advantage of compound growth. Even if you can stash away $100 per month at 18 or 20, you could be well on your way to early retirement by your late 30s," Farrington says.
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