This post may contain affiliate links; please see our disclaimer for details.
There are many reasons why you may want to learn Mandarin Chinese. Maybe you have always been interested in the language or need to learn it for business or personal reasons.
Whatever your reasons, you can do a few things to make learning Mandarin Chinese easier and more fun. My wife is from China and shared with me these tips for learning Chinese!
As a student, you will be bombarded with new information daily. To learn effectively, it is essential to be aware of your own learning style and tailor your study methods accordingly.
Some students retain information best when they visualize it, while others prefer to write down key points to create a permanent record.
Still, others find that combining both methods works best for them.
The vital thing is to experiment with different techniques and find the ones that work best for you.
By developing effective learning strategies, you will be setting yourself up for success in the classroom and beyond.
2. Focus on phrases and not words
It’s common for people just learning a language to focus mainly on vocabulary.
While it’s true that vocabulary is essential, it’s also necessary to learn about the context in which words are used.
If you don’t have context, you’ll be just as confused as when you started.
One way to offer context for the words you’re learning is to use them in various expressions and sentences.
This will help you become familiar with how they’re used in conversation. Once you’re familiar with the words, you’ll be able to use them more easily in relevant conversations.
3. Immerse yourself in the language
While many language acquisition methods exist, immersion is widely considered the most effective.
Immersion involves surrounding yourself with the language you are trying to learn and letting it become a part of your everyday life.
This can be a challenge if you don’t live in a country where the language is spoken, but there are still many ways to immerse yourself in Chinese.
For example, you can watch Chinese movies and TV shows, listen to Chinese music and podcasts, and read Chinese news and literature.
Immersing yourself in the language, you will quickly understand how it is used in real-world situations.
Additionally, you will have the opportunity to learn about the culture and customs of Chinese-speaking people.
If you’re looking to acquire Chinese quickly and effectively, immersion is the way to go.
4. Find a language partner
One of the best ways to practice your Chinese skills is to find a native speaker who is also interested in learning your language. This way, you can help each other out, and both of you will make progress.
While finding someone who meets these criteria can be challenging, many online resources can connect you with potential language partners.
Once you find a partner, you can practice speaking and writing Chinese together and exchange tips on the best resources for learning the language.
The internet is an excellent resource for finding materials and people to help you learn Mandarin Chinese.
With a little effort, you can find the resources you need to progress in your studies. Look for social media sites that Westerners and Chinese people use and websites that focus on teaching Mandarin Chinese.
You can also try looking for online forums where people discuss language learning.
5. Don’t worry about grammar in the beginning
Many Chinese students eventually become intimidated by the language’s grammar rules and complexities.
However, it is essential to remember that Chinese grammar comes with practice. Instead of getting bogged down by the details of grammar, focus on learning the tones, pinyin, and essential vocabulary first.
Once you have a solid foundation, you can gradually start incorporating grammar into your studies. With time and practice, you will be able to master the intricacies of Chinese grammar.
6. Use technology to your advantage
Language learning has come a long way in recent years thanks to technological advances. There are now many language-learning apps and websites that can be used to supplement your studies.
These tools can be extremely helpful in helping you to review and practice the material you’ve learned.
In addition, many of these apps and websites offer games and other activities that make learning Mandarin Chinese fun and engaging.
There are many different apps and websites that you can use to learn Mandarin Chinese.
Put them on your smartphone and use them when you have a few minutes to kill, such as when you’re waiting in line or taking a break at work.
Every minute you can devote to studying will help you to make progress.
7. Have realistic expectations
It is necessary to have realistic expectations when learning Mandarin Chinese. While it is possible to make significant progress quickly, it is crucial to remember that Chinese is a complex language with many different characters.
It will take time and practice to master all of the material. Don’t get frustrated if you don’t see results immediately, and be sure to celebrate your successes, no matter how small they may be.
You may want to learn Mandarin Chinese in days or weeks, but it is essential to have realistic expectations. It will take time and practice to master the language.
8. Practicing daily is a must
It’s no secret that practice makes perfect, and this is especially true when it comes to learning a new language.
When you first start learning Chinese, it can seem impossible.
However, if you are willing to put in the effort and practice daily, you will be surprised at how quickly you begin progressing.
Repetition is vital when it comes to memorizing new vocabulary and grammar rules.
By listening to audio clips or reading texts daily, you will slowly but surely start to internalize the structure of the language.
In addition, regular practice will also help you to develop a feel for the rhythm and intonation of Chinese speech.
9. Set goals and celebrate your achievements
One of the best ways to stay motivated when learning Mandarin Chinese is to set goals for yourself and celebrate your achievements.
Every time you reach a new milestone, no matter how small, take a moment to celebrate your success. This will help to keep you motivated and on track.
Some goals you may want to set for yourself include:
Learn 1,000 new vocabulary words
Read a Chinese newspaper for 10 minutes every day
Have a conversation in Mandarin for 15 minutes
10. Combine skills to challenge yourself further
To become fluent in a language, you must master the four abilities of reading, writing, speaking, and listening.
One way to become proficient in all four at once is to find exercises that use several different skills.
For example, to improve your reading and speaking skills, try reading aloud. If you want to blend your listening and writing skills, make notes about the podcast or movie you’re watching.
You can also practice reading and writing by reading a sentence and then rewriting it on a different piece of paper.
And if you want to improve your speaking and listening skills, have a conversation with someone.
Of course, there are many other ways to mix these four skills—so experiment until you find a study method that works best for you!
11. Master the basics of pinyin
Pinyin is often seen as a stepping stone to reading Chinese characters, and for a good reason.
The romanization of Mandarin Chinese can make learning the language much easier, especially for beginners.
In addition, with pinyin, you will be able to familiarize yourself with common sounds and tones, two essential aspects of the language.
Once you have mastered pinyin, you will find it much simpler to type in Chinese. This is because most computer keyboards are designed for Latin languages.
As a result, learning pinyin can save you a great deal of time and effort in the long run.
A strong understanding of pinyin will give you a solid foundation to build your Chinese language skills.
By starting with pinyin, you will be able to learn other facets of the language more quickly and effectively.
Conclusion
Learning Mandarin Chinese at first might seem impossible if you’re new to the language.
It will take you some time and practice to get used to the sounds and tones of the language. However, it’s not impossible to achieve if you’re willing to put in the effort.
By following the tips above, you can make strides in your journey to mastering Mandarin Chinese.
Remember to be patient, set goals for yourself, and, most importantly, have fun! With enough time and practice, you’ll be speaking Mandarin fluently before you know it.
This post may contain affiliate links; please see our disclaimer for details.
Jocko Willink and Leif Babin, former United States Navy SEALs, wrote the book Extreme Ownership: How U.S.
Navy SEALs Lead and Win to share their leadership secrets with a broader audience.
In addition, they explain how the lessons they learned during their time in the military can be applied to other walks of life, including the business world.
One of the main ideas they emphasize is the importance of taking ownership of one’s actions and decisions. They argue that successful leaders must be willing to take responsibility for their team’s successes and failures rather than placing blame on others.
This message is delivered clearly and concisely, making it easy for readers to understand and apply it to their lives.
As a result, Extreme Ownership is an essential read for anyone looking to improve their leadership skills.
Here are some of the lessons that can be learned from Extreme Ownership: How U.S. Navy SEALs Lead and Win:
There Are Only Bad Leaders, Not Bad Teams
The book “Extreme Ownership” argues that to be a successful leader, one must take complete responsibility for their team.
The book describes an incident during SEAL basic training, in which two teams – one performing well and one not – became equals by simply exchanging commanders.
This principle eliminates any justifications for a leader not taking complete responsibility for their team.
In other words, the leader must be willing to accept blame when things go wrong and give credit to their team when things go right.
This philosophy can be applied to any organization, from businesses to the military. By adopting an extreme ownership mentality, leaders can create a culture of accountability and success.
Keep Your Ego in Check
To practice Extreme Ownership, you must first put your ego in check.
This means being confident in your abilities but not letting your ego get in the way of making decisions or taking action.
It also means being modest and humble, recognizing that you are not always the best or most qualified person for the task.
It is important to never become complacent in your role or position. Even when things are going well, it is important to remember that there are always people willing and able to take advantage of any flaws or weaknesses you may have.
By keeping these things in mind, you can ensure that you are always practicing Extreme Ownership.
Make Your Mission Simple
Plans and goals are the foundation of any successful team, but they can also be the source of conflict and frustration.
When team members don’t understand the mission or goals, it can lead to disagreements and resentment.
The key is to keep your plans and goals as simple as possible so everyone on the team can comprehend them.
If your team doesn’t understand, you failed because the situation was not maintained straightforwardly.
Keeping things simple opens the door for communication and collaboration, which are essential for a successful team.
Believe in the Mission
A strong leader always starts with clearly understanding their group or organization’s mission, vision, or objective.
Without this foundation, it would be impossible to gain the trust and respect of the team.
The frontline troops are the ones who carry out the day-to-day work of advancing the mission, so they must believe in what they are doing.
Leaders must communicate this belief convincingly, or the team will quickly lose confidence. If a leader’s conviction ever wavers, the team will notice and may lose faith in their ability to achieve the goal.
To be successful, leaders must always maintain a clear and unshakeable understanding of why their work matters.
Own Your Successes and Failures
Being a leader is not easy. You are responsible for the success or failure of your team, and excellent leaders recognize their own errors and faults.
They put the mission and the team ahead of any one person. As a leader, you should always start by concentrating on what you will do differently rather than what others need to do.
You should also take responsibility for mistakes made by your team but give credit where credit is due.
Following these principles can set you up for success as a leader.
Cooperation is a Must
The theory is that in a SEAL unit, half of the members advance in a mission while the other half pushes forward. This is said to be essential teamwork because, without it, the effectiveness of the entire organization is jeopardized.
The key is to cooperate, communicate, and provide one another with mutual assistance. By working together, they can accomplish more than they could work alone.
Each member has a role to play; when everyone does their part, they can achieve great things.
This theory can be applied to any organization where teamwork is essential for success.
Cooperation and communication are key to accomplishing goals, whether it’s a sports team, a business, or even a family.
Stay Calm and Execute Your Plan
A leader’s job is to maintain composure and make the best choices possible, even under extreme pressure. This can be a difficult task, but it is essential for success.
The SEALs have a saying that encapsulates this idea: “Relax, look around, and make a call.” In other words, leaders must take a step back, assess the situation, and make the best decision possible. This may seem simple, but it is often easier said than done.
Trying to do everything at once can be tempting when faced with multiple priorities and deadlines. However, this is usually not possible, and it can lead to mistakes being made.
So instead, leaders must focus on the highest priority task and complete it. Only by remaining calm and focused can leaders hope to make the best decisions for their team.
Simplify Your Command Structure
In general, humans are unable to manage more than 6 to 10 individuals effectively. This is why teams must be divided into manageable units of four to five operators under the direction of a recognized leader.
The organizational structure must be clear so that each team knows who is in charge and who they can contact with any queries about the mission or goals.
All levels of leadership must be familiar with the mission to enable swift judgments when seeking approval from those above is impossible.
This way, every team knows what they need to do and can act quickly and efficiently when necessary.
Dividing into manageable units also allows for better communication and coordination between team members.
Everyone knows their role and responsibility, and working together towards a common goal makes it easier.
Conclusion
Leadership is not easy, but it is essential for entrepreneurs who want to build a successful business.
By following the principles of extreme ownership, leaders can set themselves up for success.
These principles include taking responsibility for your actions, cooperating with others, remaining calm under pressure, and simplifying your command structure.
By following these guidelines, entrepreneurs can build a strong foundation for their businesses and achieve their goals.
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
When most people think about retirement, they imagine a time when they can finally relax and enjoy life without worrying about work.
However, one of the most important things you can do for a smooth retirement is to have an emergency fund in place.
In this article, I share why it’s a good idea to have at least two years’ worth of living expenses saved up before you retire.
This post may contain affiliate links; please see our disclaimer for details.
What is an emergency fund, and what is its purpose?
An emergency fund is a savings account that covers unexpected expenses, such as a job loss, medical bills, or major repairs.
The purpose of an emergency fund is to provide financial security in the event of an unforeseen circumstance.
It’s important to note that an emergency fund is not the same as a retirement fund. A retirement fund covers living costs during retirement, while an emergency fund covers unexpected costs before or during retirement.
It can be used during retirement as a hedge if there is a bear market and you want to take less out of your retirement accounts than the normal 4% or whatever rate you typically withdraw each year.
Why is it necessary to have an emergency fund in retirement?
A few reasons why having an emergency fund in retirement is important.
First, it provides security in unforeseen circumstances, such as a job loss or medical emergency.
Second, an emergency fund can help you avoid prematurely tapping into your retirement savings. If you don’t have an emergency fund and experience an unexpected cost, you may be tempted to withdraw money from your retirement account. This can be detrimental to your long-term financial security, as it can reduce the amount of money you have saved for retirement.
Third, an emergency fund can help keep your retirement lifestyle on track. If you have to tap into your retirement savings to cover an unexpected cost, it can set back your retirement plans and cause you to have to make lifestyle changes, such as downsizing your home or cutting back on your travel plans.
How much should you have in your emergency fund?
When it comes to your emergency fund, the general rule of thumb is to have at least two years’ worth of living expenses saved.
This may seem like a lot, but having a cushion in a major financial emergency, like a job loss or unexpected medical bills, is essential. Having a robust emergency fund will help you weather any unexpected storms that come your way.
Of course, everyone’s financial situation is different, so you may need to adjust your savings goals based on your particular circumstances. But saving two years’ worth of living expenses is a good goal.
How to start building your emergency fund
If you don’t have an emergency fund, it’s never too late to start one. Here are a few tips to help you get started:
1. Set a savings goal
Determine how much you need to save based on your unique circumstances. As a general rule of thumb, aim to have at least two years’ worth of living expenses saved.
2. Make saving a priority
Set aside money each month to contribute to your emergency fund. If possible, automate your savings so that the money is automatically transferred to your account each month.
3. Keep your emergency fund in a separate account
This will help you avoid dipping into your savings for non-emergency expenses.
What should you do if you’re about to retire and don’t have an emergency fund?
If you’re close to retirement and don’t have an emergency fund, building one as soon as possible is essential. You might not be able to reach your two-year savings goal, but every little bit will help.
In addition, if you’re about to retire and don’t have an emergency fund, it’s crucial to have the plan to cover unexpected costs. This might include downsizing your home, cutting your travel plans, or working part-time during retirement.
Tips for maintaining your emergency fund once it’s established
So, you have your emergency fund and are still years away from retirement. Congratulations! Here are a few tips to help you keep your emergency fund in good shape:
1. Review your savings goals regularly
As your circumstances change, so too should your savings goals. Review your emergency fund annually to make sure you’re still on track. Life has a way of throwing curveballs, so it’s essential to be prepared for the unexpected.
2. Make regular contributions to your emergency fund
Even if you have enough saved to cover two years of living expenses, you must continue contributing to your emergency fund regularly. This will help you keep up with inflation and give you a cushion in an unexpected financial emergency.
3. Invest your emergency fund wisely
Once you’ve built up your emergency fund, it’s crucial to invest the money wisely so it can grow over time. A high-yield savings account or short-term certificate of deposit (CD) is a good option for most people.
A great place to get started with your savings account isCIT Bank. They offer very competitive saving rates with no monthly maintenance fees.
With their Saving Connect Account, you can earn 12x the national average! There are no ATM fees, and you have the convenience of online banking.
If you don’t mind a negligible risk, you could also consider investing your emergency fund in a stock market index fund. This will give you the potential to earn a higher return, but there’s also the possibility of losing money.
The bottom line
There’s no right or wrong answer regarding how much you should have in your emergency fund. It’s always a good idea to have at least a few months’ worths of living expenses saved, but some experts recommend aiming for two years’ worth.
Building up a larger emergency fund is an excellent way to prepare for the unexpected if you still have many years ahead of you before retirement. And if you’re close to retirement and don’t have an emergency fund, building one as soon as possible is essential.
Whatever your situation, it’s always a good idea to have a plan in place for how you’ll cover unexpected costs. This will help you weather financial storms and keep your retirement plans on track.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
As with this image, you will need to tear back certain parts of your life or make changes to find Financial Freedom.
What does financial freedom mean to you? Is it being able to afford whatever you want without having to worry about money? Or is it something else entirely?
In reality, financial freedom is different for everyone. For some, it might mean living a comfortable life without any debt. For others, it might mean being able to retire early and travel the world.
The important thing is that financial freedom means something different to each individual and everyone can achieve it.
So, how do you go about achieving financial freedom? Read on to find out!
There are many different paths to financial freedom. Some people achieve it through hard work and disciplined saving, while others come into money through investing or inheritances. No matter how you reach financial freedom, the important thing is that you have a plan and you stick to it.
Can you achieve financial freedom?
The short answer is yes! Financial freedom is possible for almost everyone, no matter your current situation.
So whether you’re struggling to make ends meet or already comfortable, you can always make changes to improve your financial situation. It might not be easy, but it is possible.
The key to achieving financial freedom is to have a plan and to be disciplined. You need to know your goals and what you’re willing to sacrifice to reach them.
For some people, that might mean cutting back on unnecessary expenses and saving as much money as possible. For others, it might mean taking on additional work or investing in high-yield investments.
For us, the Biesingers, Financial Freedom is living on our terms. Having enough money in savings and investments that we can pivot or change what we do for work or stop working entirely. We believe that flexibility allows us more opportunities to feel peace and happiness.
Let’s turn our attention to how you can obtain financial independence:
Understand your current financial situation
When it comes to financial freedom, the first step is always the hardest. But the journey becomes much easier once you take that first step.
The first step is to take stock of your financial situation. This means listing all of your debts and savings.
Once you have a clear picture of what you owe and have saved up, you can develop a plan to pay off your debts and grow your savings.
One strategy for reducing debt is first to pay the debt with the highest interest rate or try the Debt Snowball Method. Another method for growing your savings is setting up automatic transfers from your checking account to your monthly savings account.
Have clear goals that you can achieve
The second step to achieving financial freedom is to set clear goals. This means knowing what you want to achieve and when you want to achieve it.
For example, do you want to be debt-free in five years? Do you want to retire at age 60?
Perhaps what you what to achieve is financial independence and retire early. Whatever your goals may be, make sure that they are realistic and that you have a plan for achieving them.
To help you understand how much you may need for retirement, you can check out our other blog posts about the 4% rule or the 25x rule.
Be disciplined with your spending
The third step to achieving financial freedom is to be disciplined with your spending. This means knowing what you can and cannot afford and sticking to a budget.
It can be challenging to stick to a budget, but it is possible.
Many helpful resources are available, such as online budget calculators and financial planning apps.
You can’t just be disciplined regarding spending; you need to track every cent you spend. This means knowing where your money is going and ensuring you are not spending more than you can afford.
You can’t get a good picture of your financial situation if you don’t know where your money is going.
Spend far less money than you earn
The goal is to spend far less than you earn to save as much money as possible. This can be difficult, but it is possible.
There are many ways to save money, such as couponing, setting a budget, and cooking at home.
You also need to ensure you are not spending money on unnecessary things. For example, don’t buy anything on credit that you don’t have to.
The interest on credit card debt can quickly add up and make it difficult to get out of debt.
Have an emergency fund
Life can always throw you a curveball, no matter how well you plan. That’s why it’s crucial to have an emergency fund to cover unexpected expenses. This fund should be used for medical bills, car repairs, or job loss.
Your emergency fund is there to protect you from financial ruin, so don’t dip into it unless it is necessary.
I created another article sharing on everything you need to know about Emergency Funds.
Invest in yourself to become financially independent
It can’t be stressed enough that you must invest in yourself if you want to become financially independent. You should consider investing in college or learning a trade to earn more money.
You’ll never succeed in becoming financially independent or retiring early if you don’t have a skill that enables you to earn more money than the average person.
An excellent way to increase your PASSIVE income is by renting out extra space! With NEIGHBOR, you can easily rent out extra space, such as your garage, self-storage unit, rooms, etc.
From neighbor.com
Start your own business
One of the best ways to achieve financial freedom is to start your own business. This can be a difficult and risky endeavor, but it can also be very rewarding.
When you own your own business, you control your financial destiny. This means you can earn a lot of money if your business succeeds.
Of course, starting your own business could be something you do on the side. It takes a lot of hard work, dedication, and some risk-taking. But if you are up for the challenge, it can be a great way to achieve financial freedom.
One of the most crucial steps: Paying off debt
Carrying around debt is like having a weight tied around your neck. It can be incredibly stressful and difficult to achieve your financial goals.
That’s why paying off your debt is one of the most important steps to becoming financially free.
There are a few different ways to pay off debt, such as using a debt consolidation loan or making extra payments on your debts.
Whichever method you choose, ensure you are dedicated to getting out of debt as quickly as possible.
Every person reading this can become financially independent
It’s true; every single person reading this can become financially independent. Of course, it will take work, dedication, and discipline, but it isn’t as complicated as you think.
If you are willing to put in the effort, you can achieve financial freedom. It is not an impossible dream; it is within your reach.
The difference between those who achieve financial independence and those who don’t is simply a matter of choice. You’ve got this; we’re rooting for you!
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
If you are nearing retirement and are looking for good and affordable health insurance, you have come to the right place.
In this blog post, we will discuss some of the best health insurance options for those in retirement.
We will also provide tips on how to find affordable health insurance coverage.
So, whether you are just starting to think about retirement or are already retired, read on for information on health insurance options for older adults.
This post may contain affiliate links; please see our disclaimer for details.
This post may contain affiliate links; please see our disclaimer for details.
COBRA
According to the Consolidated Omnibus Budget Reconciliation Act, or COBRA, dependents of employees are permitted to continue receiving group coverage under their former employer’s health insurance plan.
This could be an excellent choice for health insurance for an early retiree if they retire 18 months before they are eligible for Medicare.
COBRA is only valid for 18 months; however, coverage may be extended in certain circumstances. You can preserve your current insurance through COBRA, which means you won’t need to worry about your coverage or network changing.
It’s crucial to remember that only businesses with at least 20 employees are required to comply with COBRA, and that it does not apply to government employers or churches.
COBRA can be an excellent option for those who need a bridge between their old employer’s health plan and Medicare, but it’s essential to understand the program’s limitations.
Get covered under your spouse’s plan at work
If you’re married and your spouse is still employed, you may be able to enroll in their health insurance plan through their company. Many companies offer this as a benefit to employees, similar to retiree benefits.
Sometimes, the company will even pay a portion of the premium, making the coverage more reasonable. However, if your spouse includes more people in their plan, their premium will go up.
Before agreeing to your spouse’s proposal, consider any financial repercussions. Will your income be sufficient to cover the additional cost?
If not, you may need to look for other options. Ultimately, the decision comes down to what makes the most financial sense for you and your family.
My wife’s current job offers health insurance even for part-time employees. Look around, and you might be surprised at what is available.
Take a look at the off-exchange marketplace
If you’re shopping for health insurance, you may come across the term “off-exchange.” Off-exchange plans are private health insurance plans that aren’t offered on the government’s Health Insurance Marketplace.
Instead, you purchase these plans directly from an insurance company or broker. One advantage of off-exchange plans is that you may have more plan options to choose from.
However, these plans may also be more expensive because you’re not eligible for the same subsidies and tax credits available through the marketplace.
If you’re considering an off-exchange plan, compare the costs and coverage options carefully to find the best fit for your needs.
Something else to consider about the marketplace is that you can only enroll during the open enrollment period.
This period typically runs from November to December, but it may be different in your state. If you miss the deadline, you’ll have to wait until the next open enrollment period to sign up for coverage.
Many employers offer retirement benefits to workers
Many firms voluntarily provide retirees with health insurance policies that resemble the ones they received while working. Most employers subsidize between 70% and 80% of their active employees’ healthcare premiums to make health insurance accessible to their workers.
However, an employer’s contribution to a retiree’s plan is neither guaranteed nor required, so retirees can be obliged to pay the full amount of their premium.
The average yearly premium for an employer-sponsored plan before employer subsidies is $7,740 for single coverage and $22,220 for family coverage.
Voluntarily providing health insurance policies for retirees is beneficial for both the employer and the employee. It strengthens the bond between them, tempting the employee to stay with the firm for longer.
In addition, it allows the employer to have a healthier workforce since inadequate health care is linked with poor health outcomes.
From the employee’s perspective, health insurance gives them peace of mind knowing they will be taken care of in retirement.
Access to health care is essential, and retiree health insurance policies help to ensure that retirees can continue to receive the care they need.
Get health insurance through membership organizations
Organizations can offer their members lower insurance rates in a variety of ways. One common method is to negotiate better prices with insurance providers.
By pooling their resources, organizations can often secure discounts that would not be available to individual consumers.
Another way to reduce costs is by dividing care expenses among members. In association-based health plans, for example, participants share the cost of their care, which helps to keep premiums low.
Similarly, health-sharing schemes allow members to pool resources and pay for care costs monthly. As a result, both of these approaches can help to lower your monthly insurance costs.
If you’re looking for affordable health insurance, membership organizations may be an excellent option. Some health insurance organizations include professional associations, trade unions, and religious groups. By joining one of these organizations, you may be able to get access to lower-cost health insurance.
Get a short-term health insurance plan
Short-term health insurance plans are temporary policies that last for a fixed period, typically between 30 and 364 days.
These plans are not required to provide the same level of coverage as major medical plans, which means they often have lower premiums.
Short-term health insurance plans can be a good option if you’re between jobs or waiting for your employer-sponsored health insurance to start.
They can also be a good choice if you’re not eligible for Medicare and are looking for an alternative to COBRA.
Keep in mind that short-term health insurance plans do not provide the same level of coverage as major medical plans. They typically have higher deductibles, copayments, and coinsurance and don’t cover pre-existing conditions.
If you’re healthy and don’t have any pre-existing medical conditions, a short-term health insurance plan can be a good option for you. Just make sure to compare your options carefully before choosing a plan.
Get a part-time job with health insurance benefits
If you’re looking for affordable health insurance, one option is getting a part-time job offering health insurance benefits. Many employers offer health insurance as an employee benefit, so working part-time can be a good way to get coverage.
You may not want to work being so close to retirement, but consider that getting a part-time job specifically for health insurance benefits can save you a lot of money. Even if you only work a few hours per week, you may be able to get health insurance that covers most of your medical expenses.
You can always find a part-time job in your profession to avoid taking a job that you’d really rather not have. Even though there’s nothing wrong with taking on a fast food job in retirement, you’ll probably feel better about yourself if you can find a job that’s in your field.
Consider a high-deductible health plan
A high-deductible health plan (HDHP) is a type of health insurance with a lower monthly premium but a higher deductible. You’ll have to pay more out of pocket for your care before your insurance coverage kicks in.
HDHPs are often paired with a health savings account (HSA). An HSA is tax-advantaged savings account that you can use to pay for your medical expenses.
If you have an HDHP, you may be able to use your HSA to pay for your deductible, copayments, and coinsurance. This can help you save money on your healthcare costs.
HDHPs are a good option for healthy people who don’t need much medical care. If you have an HSA, you can use it to cover your out-of-pocket costs, and any money you don’t use can be rolled over into the next year.
Move abroad to a country with lower healthcare costs
If you’re looking for a way to save money on health insurance, one option to consider is moving to a country with lower healthcare costs. In many countries, the cost of healthcare is much lower than it is in the United States.
For example, Thailand can get basic health insurance for about $50 per month. In Mexico, you can find health insurance plans that cost as little as $30 per month. And in India, many affordable health insurance plans are available.
Of course, moving to another country is a big decision. But it’s worth considering if you’re looking for a way to save money on healthcare.
You may be able to find a country that has both lower healthcare costs and a lower cost of living, which can help you stretch your retirement savings further.
Even if you have to pay out of pocket for your healthcare expenses while living abroad, you may still be able to save money. In many countries, the cost of healthcare is much lower than it is in the United States. So, you may get the same level of care for less money.
Consider a health-sharing plan
For people of faith, there are a growing number of health insurance options that consider their religious beliefs. These faith-based programs typically involve sharing the costs of expenses with other participants and may require members to demonstrate their religious affiliation or pay a monthly contribution.
While the monthly payment is usually less than traditional health insurance premiums, the coverage is often far less extensive. Members may have to pay for some medical expenses out of pocket.
Some faith-based plans may not cover pre-existing conditions or long-term medication costs, which could be problematic for people with chronic illnesses.
As such, it’s essential to carefully review the coverage options before enrolling in any faith-based health insurance plan.
Faith-based health insurance options are available, and the costs and coverage vary depending on the plan. Some popular options include Medi-Share, Liberty HealthShare, and Samaritan Ministries.
Many self-employed or early retirees find that faith-based health-sharing plans offer them a more affordable option for health insurance.
While this is an option for many, there are plenty of risks involved, and it’s best to explore your options before making a decision.
In Conclusion
There are several health insurance options available for early retirees. The best option for you will depend on your individual needs and circumstances.
However, some options you may want to consider include HDHPs, health sharing plans, and moving to a country with lower healthcare costs.
No matter what option you choose, it’s essential to carefully review the coverage and costs before enrolling in any plan. This will help ensure you’re getting the coverage you need at a price you can afford.
If you’re planning on retiring early, the best thing you can do is start planning and saving now. The sooner you start, the more time you’ll have to find the best health insurance solution for your needs.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
Anyone seeking financial freedom to retire early or FIRE knows that many options exist to save and invest money. Today I’m excited to share with you 16 ways to help you reach FIRE faster!
The question is, what’s the best way to go about it? The problem is that there’s no one-size-fits-all answer, as the best method depends on each person’s unique circumstances.
That said, there are still some critical steps that can help anyone on the path to FIRE.
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1. Decide how early you want to retire
At what age do you want to be financially independent? Are you talking about retiring at 40 or maybe 60? The answer to this question will play a big role in determining how much you need to save and invest.
This is the first question you must ask yourself, as it will shape the rest of your FIRE journey.
There are different ways to calculate how much you will need for retirement. You can check out the other articles I’ve written describing the 4% rule and the 25x rule when considering retirement.
2. Take into account your cash flow and how much you owe
Cash Flow is Key
FIRE isn’t just about saving money – it’s also about ensuring your cash flow is positive. That means you need to consider how much you earn, how much you spend, and how much debt you have.
For example, if you’re earning a high salary but have a lot of debt, it will take longer to reach financial independence. The problem with debt is that it can be like a weight around your neck, dragging you down and preventing you from making progress.
Once you have a handle on your cash flow and debt situation, it’s time to start thinking about investing. Investing allows your money to work for you and grow over time.
There are many different options, so it’s important to research and find the right ones.
If you’re young, don’t be afraid to take some calculated risks. My wife and I purchased our first real estate property in our early 20s while still attending college. We learned many valuable lessons and were able to later turn it into an investment property that brought in passive income.
You might want to focus on more stable investments if you’re older. Adjust your investment strategy to your age and willingness to take on risk.
4. Automate your finances
One of the best things you can do to reach FIRE faster is to automate your finances. Set up automatic transfers from your paycheck into your savings and investment accounts.
This will help you make headway on your goals without even thinking about it. Automation is key to achieving financial independence because it takes the emotion out of decision-making.
You also want to ensure that you automatically invest your money in the right places. You can do this by using a service like Betterment or Wealthfront.
5. Live below your means
One of the most important things to remember to make the path to FIRE faster is that you must live way below your means. This doesn’t mean that you have to live like a monk – but it does mean that you need to be mindful of your spending.
Seriously consider your every purchase and ask yourself if it’s something that you need. A lot of people find that they can save a ton of money just by making small changes to their spending habits.
If you don’t need it, don’t buy it. Of course, that’s easier said than done if you have kids or other financial responsibilities, but it’s still something to keep in mind.
How is this different than living below your means?
Well, living below your means is more of a general principle. Keeping your expenses low is specifically about finding ways to reduce the amount of money you spend each month.
There are many ways to do this, but one of the most popular is downsizing your home. Moving into a smaller house or apartment can save you a ton of money monthly on rent or mortgage payments, utilities, and more.
7. Make extra money
Of course, saving money isn’t the only way to reach FIRE faster. You can also make extra money to help you reach your goals faster.
There are many different ways to do this, but one popular option is to start a side hustle. This could be anything from driving for Uber to starting a blog to selling products on Etsy.
The key is finding something you’re passionate about and can do in your spare time. Making a few extra hundred dollars each month can significantly affect how long you reach FIRE.
An excellent way to increase your PASSIVE income is by renting out extra space! With NEIGHBOR, you can easily rent out extra space, such as your garage, self-storage unit, rooms, etc.
From neighbor.com
8. Go back to school and further your education
No matter where you are in life, there’s always room for further education. Returning to school or picking up a new skill can help you get a better job and make more money.
This doesn’t mean that you need to get a Ph.D. – but taking some classes or getting a certification in something can really pay off.
The goal is to make yourself more marketable and increase your earnings potential. If you can do that, you’ll be well on your way to reaching FIRE faster.
You need to make yourself irresistible to potential employers. Plus, your current job might pay you more if you have more education.
9. Get rid of your debt
To retire early, you must get rid of your debt. We’re talking every last penny – credit cards, student loans, mortgages, car payments, everything.
The reason for this is twofold. First, debt is a massive weight around your neck. It’s emotionally and psychologically draining.
Second, debt costs you money. The interest payments on your debt could go toward your retirement.
The more money you spend on interest, the longer it will take you to reach FIRE. So, if you’re serious about retiring early, you need to get rid of your debt and begin living a debt-free life.
You can always try out the debt snowball method. We used this debt payoff strategy to repay 56,000 in student loans quickly.
10. Put as much money as you can in your retirement accounts
Of course, you want to do this after paying off your debts!
There are tax benefits to doing this, which we’ll discuss briefly. But the most important thing is that you’re putting your money towards your future.
The more money you can put into your retirement accounts, the better. This will ensure you have enough money to live comfortably when you retire.
The best retirement accounts are 401(k)s and IRAs. If you can, you should max out your contributions to both of these every year.
By maxing out your 401(k), you’re putting $18,000 away each year. And if you have a company match, that’s even more money you’re getting for free.
With an IRA, you can contribute $5,500 each year. And if you’re over 50, you can contribute an extra $1,000.
If you can swing it, maxing out these accounts each year is a great way to reach FIRE faster.
11. Reduce your tax burden as much as possible
You’ll need to hire a good accountant to do this. But there are a lot of different ways to reduce your tax burden.
This could be anything from taking advantage of tax breaks, setting up a home office, and deducting your business expenses.
The goal is to keep as much of your money as possible and to have less of it go towards taxes. The less you’re paying in taxes, the more money you’ll have to save for retirement.
You don’t want to cheat on your taxes, of course. But there are legal ways to reduce your tax burden. And you should take advantage of them if you can.
If you do your taxes, ensure you take advantage of all the deductions and credits you’re entitled to.
12. Consider relocating to a cheaper area
This isn’t for everyone. But if you’re serious about retiring early, you might want to consider relocating to a cheaper area.
Moving to a cheaper area will reduce your cost of living and free up more money that you can put toward retirement. We’re talking about lower mortgage payments, cheaper groceries, and lower utility bills.
If you work remotely, this is an especially good option. You can live anywhere in the world and still work from your laptop. The only downside is that you might have to say goodbye to your current lifestyle and social circle.
13. Take good care of your health
Your health is one of your most important assets. The healthier you are, the less money you’ll have to spend on medical bills.
You’ll earn more money now if you’re healthy and can work longer hours. And you’ll have more money in retirement if you don’t need to spend it on medical bills.
If you can be healthy when you’re young, you’ll be more likely to stay healthy in retirement. So, take good care of your health now, and you’ll reap the rewards later.
You’ll also save money once you retire if you’re in good health. That’s because you won’t need to buy as much insurance.
14. Invest every cent that you don’t spend
Any money left over at the end of each month should be invested. Let’s say that you budget yourself $300 a month for entertainment.
But at the end of the month, you only spent $200 on entertainment. That extra $100 should be invested. You might think the $100 is meaningless, and you can let it sit in your checking account.
But that’s not true. That $100 can grow into a lot of money if you invest it. Toss that $100 in a rising tech stock and let it sit for a few years. You’ll probably get a better return on your investment than letting the money sit in your savings account.
One way you can increase your savings and investments is by mico-investing.
ACORNS is a popular platform that can round up money from purchases and automatically allocate those funds to diversified investments.
If you’re unhappy with how things are going, don’t be afraid to make changes. That’s true in both your personal life and your financial life.
If you don’t like your job, quit and find something else. End it if you’re in a relationship that’s not working out.
If you’re not happy with your current financial situation, make changes. That could mean getting a better-paying job, finding a cheaper place to live, or investing more money.
Whatever it is, don’t be afraid to make changes. Life is too short to be unhappy. And you’re in control of your own happiness.
Although easier said than done, you can start making baby steps today toward meaningful change.
16. Don’t let your emotions get the best of you
Your emotions can lead you astray, especially when it comes to money.
Don’t make financial decisions based on your emotions. That’s a surefire way to lose money.
For example, don’t sell all of your stocks when the market is crashing. And don’t buy stocks just because everyone else is buying them.
Investing is a long-term game. You need to take a long-term view if you want to be successful.
You’ve Got This!
So, by now you should know how to retire early. It’s not easy, but it’s possible. You need to be disciplined with your money and make smart financial decisions. Try focusing on one or a few tips in this article to help you reach FIRE faster.
You begin by assessing your current financial situation and setting some goals. Then you need to create a budget and start investing your money.
You should also make sure that you’re taking good care of your health. That way, you can stay healthy and work harder. The harder you work now, the faster you’ll get to enjoy FIRE.
Please comment below with ways you’ve been able to gain control over your finances and speed up your financial freedom journey!
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
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