Monday, January 18, 2010

Want to Retire Early? - They Need an App for That

With the popularity of apps, I think there ought to be some to provide assistance in retiring early. Here are two hypothetical apps I would have found useful on our own early retirement experience:

  • i-Save - This app would automatically deposit 12% to 20% of net weekly, biweekly, or monthly net pay into a savings account for retirement. For more aggressive savers, it would automatically save 12% to 20% of gross pay. I determined this is how much I needed to save to meet my early retirement goal.

  • i-LiveBelowMeans - This app would answer Need or Want whenever considering a potential purchase. For us, building wealth required trying to buy only what I needed. As a start, I would err on the side of marking many items as want. For example, I would categorize cable/satellite TV and a personal cell phone as a want, which some might consider strict. On the other hand, I consider health insurance a need.
  • Of course, having apps would only be a beginning. For us, an enabler for retiring early was making these strategies into everyday financial habits.

    For more on Strategies and Plans, check back every Monday for a new segment.

    This is not financial, saving or retirement advice. Please consult a professional advisor.

    Copyright © 2010 Achievement Catalyst, LLC

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