8 Ways to Retire a Millionaire Early

Retiring early is one thing. Retiring a millionaire is another. But if you play your cards right, you just might manage to do both. Here's how.

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Spending judiciously during your working years could be your ticket to growing wealth. And following a budget will help make that happen. A budget will show you where your money goes every month and help you make smart choices that help your savings efforts. You can set one up using a spreadsheet, an app, or even a simple piece of paper.

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To build a lot of wealth for retirement, you'll need to get into the habit of spending a lot less than you earn. Set priorities and think about what's most important to you. If you want a nicer home, that's fine, but then you may need to take less expensive vacations every year or drive a budget-friendly vehicle.

The more time you give your money to grow, the greater your chances of amassing enough of it to become a millionaire. Ideally, you should start setting funds aside in a retirement plan from the moment you start collecting a steady paycheck. In time, that could set the stage for early retirement -- and a lot of wealth to go along with it.

Investing in stocks is an effective way to grow wealth. While stocks do tend to carry more risk than bonds, they also tend to deliver much higher returns. If you're not sure how to handpick stocks, you can look at index funds or exchange-traded funds, which let you buy a bucket of stocks with a single investment.

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The more money you have coming in on a regular basis, the more cash you'll have to reinvest. It pays to secure a few different income streams in this regard, such as municipal bonds and dividend stocks, both of which can also grow in value over time.

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Owning property could be your ticket to retiring early with a lot of money. First of all, real estate has the potential to increase in value over time, so that if you buy a home for $200,000 in your 20s, it could end up being worth $600,000 by the time you reach your 50s. Also, renting out that home month after month could serve as another viable income stream -- one that covers your mortgage and gives you more cash to invest.

Medical bills can eat into your budget, making it harder to consistently carve out savings. That's why it pays to take care of your health. Exercise, eat right, and go to the doctor for your annual physical so that if medical problems do start brewing, they can be nipped in the bud quickly.

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The more debt you accrue, the more money you'll lose to interest. And that's money you could otherwise be investing in your future. While it's common to carry a mortgage for many years, make a point to stay away from credit card debt, which can be extremely costly from an interest perspective.

Many people aim to not only retire early but leave the workforce with a healthy nest egg to fall back on. If that's your goal, sticking to these tips will help you kick-start your retirement when you want to, and with a nice chunk of money to make your senior years as enjoyable as possible.

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