The main challenge for those seeking to retire early is how to generate enough income to meet or even exceed their monthly household budgets. The challenge is magnified when you consider the fact that your cost of living is likely to grow exponentially as your children grow and enroll in schools. With a projected rise in household budgets, you will, therefore, need to also plan diligently on how to generate enough income over the years to meet those growing financial obligations.
Sources of income, rather than the uses of the income thus raised, should be your first priority when you are planning your early retirement. Some of the sources of income will be applicable both before and after your retirement; while others will fall to either before or after your retirement. To afford an early retirement, you do need to plan for it in two ways.