We all know what it takes to be able to afford to leave the workforce early: Save like mad, slash your spending, invest with abandon and don't let anyone — including yourself — skim money from your savings along the way.
The hardest part is staying strong on all of those financial fronts at all times. But that may not be necessary.
If you are willing to focus on achieving extreme results in just one area, you could cut years — decades, even — from the 9-to-5 life. Here are three scenarios to consider.
1. Saving a lot more than 10 percent
Accelerated retirement plans call for more aggressive action than the standard advice of saving between 10 and 15 percent of your income.
Following the standard "save 10 percent" advice adds up to $246,000 after 15 years, assuming a $100,000 yearly income and earning an average annual return of 6 percent. Increase your savings rate to 20 percent and you will have nearly double that amount. Thank you, compound interest!
Saving one-third or more of income isn't easy, but it's not impossible. You may already have had practice if you have ever aggressively paid off debts, saved for a down payment on a home or gotten by on a single salary when a partner isn't bringing in income.
Applying that same concentrated rigor to pursue a goal that adds money to the positive side of the balance sheet uses the same financial muscles. Even being an extreme saver for just a little while can move the retirement goalpost significantly closer.
2. Making your starter home your forever home
For some, whittling down every expense to the bare minimum would turn those years leading up to financial freedom into a miserable slog. If that's you, go ahead and enjoy your Monday morning lattes. Instead, sweat the really big stuff, such as the biggest purchase you have likely ever made: your home.