Early Retirement and Financial Freedom

According to the text, why do most people not achieve early retirement?

• They were never given a step-by-step guide

• They don't want to retire early

• They enjoy working until they're 65

• They don't have enough money

What does the businessman in the text suggest replacing the word 'retirement' with?

• Success

• Wealth

• Freedom

• Happiness

What is the 'freedom figure' mentioned in the text?

• The amount of money needed to retire

• The number of years until retirement

• The age at which retirement is possible

• The target income after retirement

What is the 'times 25 rule' used for?

• Calculating the number of years until retirement

• Determining the amount of money needed to retire

• Estimating the annual income after retirement

• Deciding the best investment strategy

What is the recommended approach to building wealth in the early stages of retirement planning?

• Prioritize cashflow over building wealth

• Focus on saving as much money as possible

• Invest in high-risk assets for quick returns

• Prioritize building wealth over cashflow

What is the first stage in laying the foundations for financial stability?

• Building an emergency fund

• Paying off high interest debt

• Investing in the stock market

• Reducing tax liability

Why is it important to have an emergency fund?

• To cover unexpected expenses

• To invest in high-risk assets

• To pay off high interest debt

• To maximize cashflow

What is a good credit score important for?

• Getting a loan in the future

• Building wealth through investments

• Reducing tax liability

• Maximizing cashflow

What is the purpose of opening a retirement account?

• To reduce tax liability

• To build a good credit score

• To pay off high interest debt

• To save money for retirement

What is the main focus in phase three of the retirement plan?

• Building multiple income streams

• Creating passive income

• Investing in the stock market

• Reducing tax liability