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First and foremost, it's important to understand that this journey is not rushed. Realistically, it might take anywhere from 5 to 10 years to achieve your financial goals. Starting as early as 18 years old, for instance, can set you up by your early twenties. However, patience plays a crucial role, as immediate wealth from get-rich-quick schemes is exceedingly rare. For most, a strategic approach over several years is necessary to build a stable and reliable source of passive income.

Define Your Vision of Retirement

Before diving into the steps, you need to clarify what retirement means to you. There are generally three types of retirement goals:

1. Comfort - This might entail an income of around $50,000 a year, allowing for a modest lifestyle without financial stress.