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The next crucial step involves scrutinizing your spending habits. Assess your lifestyle choices and identify areas where you can cut costs. By being frugal—taking pride in living below your means—you can increase the amount of money you save, thereby speeding up your pathway to wealth accumulation. Taxes also play a significant role, and opting to reside in a low or no-tax country can substantially accelerate your journey to financial freedom.

Every dollar you manage to save is a step closer to your retirement goal, so prioritize reducing unnecessary expenditures.

Increase Your Earning Potential

To really boost your chances of reaching financial independence within 5 to 10 years, you'll need to focus on increasing your earning potential: