WHEN TO RETIRE: SIGNS YOU MAY BE READY
Building a profitable business or brand is not easy, and it’s not for everyone. Although it can be easy to forget in pursuit of our goals, even a few years of year of year growth is a statistical anomaly.
It can take years (or what feels like it) to build a successful business to the point that you feel like you can walk away as the owner.
After spending this much time, and dedicating your skills to growing your aptitude day in and day out – it can be hard to imagine walking away.
How will you know when you’re ready to retire?
Once you realize that there is more to life than just work, you’ve entered the beginning of your retirement.
Age is just a number, and it does not matter if you’re 45 or 65 – you still have a life waiting for you beyond your career.
However, the right time retire is different for everyone, so to help you decide when it might be the right time, here are some common signs:
You Envy Retired People
Whenever you log-in to your social media account account, you see your colleagues sharing pictures of exotic vacations. The friends and co-students you graduated with are out enjoying themselves traveling different parts of the world. If you’re tired of envying those people, you might want to consider retiring yourself.
The fact that everyone you know is retiring or traveling except for you is a clear sign of two things: it’s possible, and you’re old enough to make it happen.
Stop saying, “that must be nice” and create the life you’ve been dreaming of instead. Set a passive income or net worth goal you need to retire yourself, and devote yourself to achieving it.
Your Business Is Fine Without You
Many entrepreneurs have a really hard time stepping away from their business. Especially if it’s felt like the business has been your life – even the feat of losing it can be heart breaking.
However, you’ll never be able to retire if the business rests on your shoulders alone. If you want to retire, but feel like the business would fail without you, it’s time to find a really good second in command.
This person can be the manager to “man the front” so you can step away. Focus on identifying someone who you’ve seen to care about the business the same way you do, and who’s strengths compliment your weaknesses.
Empower this person with responsibility and ownership, and begin to step away in small steps. If the business continues to flourish without you, you can take pride in your decision.
You’re one step closer to being ready to retire!
Your Investments Create Monthly Cash Flow
It’s important to make sure you have the financial security to retire before you do it. Have you created passive income in your business or personally? What about affiliate income streams or diversified investments? A diversified portfolio can be critical to support you through your retirement.
When you’re planning for retirement, cash flow is extremely important. Cash flow will help to create financial security to support you through whatever comes your way next.
If you need help creating passive or diversified cash flow in your business or personally, contact the REM Team! We can help!
You Can’t Stop Thinking About It
Deciding when to retire or step away from your business is going to be one of the toughest decisions you’ll ever have to make. The very fact that you would spend your time reading this article speaks to your desire to retire. It’s okay to let go of things and move on with life.
If you think these signs suggest you’re ready to retire, then do it! Tomorrow is promised to no one, and it is never too soon to start living the life of your dreams.