Thanks for watching! We know...the lighting is INSANE. Our new video camera is more sensitive to the light. We're working on it.Thanks for sticking with us. :)
Hot4Style Our youngest is 18 and the older 2 “left the nest” around the date we retired. 36k would be hard (for us) if we were supporting the 5 of us. . But, we did have the expense of kids in our spending for more than 20 years.
Watching this at 29 years of age. Everyone laughed at me when I told them I plan to retire early. I'm still working on paying back my debt right now, only student loans. But I already paid off $29000 within one year. Will be completely done in September/October this year and then I'm putting almost everything into 401k and IRAs and savings. I have a lot of catching up to do for my age bracket but I consider that is due to being raised without any knowledge of finances or retirement lessons. I am slowly figuring things out for myself so am hoping everything will turn out okay.
It sounds as though you're on a good path. One thing to add? Friends who support you! Check out ChooseFI for local groups or Mr Money Mustache's forums, maybe Reddit. Good luck!
I retired at 38. Me and my mom live comfortably on 300 dollars a month in East Europe. I invest money in my land and life stock . I rather work for goats and rabbit than people. Money come and go but the garden and my work is not going anywhere.
That "live in the moment" is a tricky one. Had we worked so hard and not been able to be healthy (or alive) to enjoy it, that would have been extra-tragic. But, "planning for a rainy day" was a good stategy for us in hindsight.
Congrats on your achievement. I am retiring in 9 months at 40! 1) don't buy things you can't pay cash for 2) buy things that pay you an income or appreciate 3) forget about useless material things that everyone else has
If it is useless to you good but if others find it useful that is also good. We don't all value the same things. Also buying thing that pay us income without interacting with others is very not easy!!!!
I'm 100% debt free, own a brand new home outright own my cars, have 2 yrs of emergency fund in the bank and a lot in investments...and am 100% debt free. And.... I'm on my way to a 2 week vacation to Europe soon. All this because my late husband and I were careful with our money, bought a home in a pricey area 18 yrs ago and I sold it when the market was at its peak last year. Keep things simple, save and get a good financial adviser.
Our retirement date is in less than 4 weeks. After listening to your video we find that we are doing 99% of the things you mentioned here. We are older than you but apparently right on track. Great video guys! Lynn and Danny
Sold my house in the expensive suburbs and moved to the "HOOD". Believe me the "HOOD" is not that bad especially when your kids are all grown and gone. Me and wife made this move to buy our home and a rental property all for cash using the procedes from the sale of the house in the suburbs. 5 years later we are planning the cash purchase of our 3rd rental, all thanks to the sale of our financial headache five years ago. Believe me their is no status in paying just to keep up with the Jonesones!!! Wish we would have done this from the beginning!!! Live and learn.
I currently live in the "hood". The label is slapped on low-income, but hard-working and family oriented communities. They don't judge me and they're actually nicer/kinder to me.
Just an FYI, you can take money out of your Roth IRA before 59 & 1/2 but only the principle, not your gains. I moved overseas to increase my savings rate to reach FIRE
Ugh, I'm turning 50 in three weeks, hubby turns 50 in October. We're nowhere near where we need to be to retire. We both experienced financially devastating divorces in the past, career changes, student loan debt, on and on. Sigh...time flies, so if you're younger start following these types today, don't waste a single day.
Love it! I guess my husband and I are doing the same. We have zero debt and live off of blog/RUclips. We are in our 30s but I hope to have as much invested as you all when we are your age! I love hearing how your plan came together over many years of diligence.
How sweet that you make enough to live off your YT and blog!!! I just checked out your intro video and I'm in love with your production value!!! Your camera work is as gorgeous as your kids.
Lisa, you inspire me too the way you paid off your home in five years and bought a real true fixer upper. You are a Christian family which inspires too. And your cooking, homemaking, and raising of babies is wonderful. Living in Mo is smart as lower living expenses. Your hubby coming home is sweet too.
Thank you for the video! I'm 26 currently working hard as I can towards FI/RE. The hardest thing for me has been lifestyle creep, as my income has quadrupled in the past two years. What always helps me is that I ask myself "is this purchase going to mean something 20 years from now?" Not always an exact science but it's helped me avoid frivolous spending and focus on travel :)
We're retiring in a year, early 50's for us and we didn't downsize our big house. #1 our kids/grandkids come home frequently so we need room for them and #2 it makes us easy money. We put our basement on airbnb and we live close to Yellowstone Park so we're booked all summer. I'm working on ways to increase this in the off season as there are hotels/motels here so we should be able to get bookings year around. I didn't know about the 4% rule so that was very good to know. We are also retiring to allow more time to run our bakery. My husband bakes artisan bread in a wood fired oven he built in our garage. He sells as much as he has time to make right now, with a full time job so anyway, that is more income we will have. I have to admit, traveling sounds far more fun to me!! My husband hates to travel but I"m hoping that once he retires and actually has some time to think about where he would like to go, maybe it will be different.
Sensible, proven and practical advice. My path to early retirement has been a little different. I moved to a developing country with a flat, low tax rate and low cost of living but with high salaries for foreign expats. I'm still there and for the past 9 years I have lived comfortably on just 15% of my net salary....the other 85% is saved - every month. I started a bit late and had a divorce but will still be a fully self-funded retiree in just 4 years. Quick money saving tip....make your lunch every day and take it to work; don't buy lunch out. I've done that for 25 years...it is healthier and much cheaper.
Knowing your incomes is so important. If you have a high income and live frugally its a lot easier to retire early. This is my strategy for sure, I don't need expensive things
@@TurreTuntematon My wife retired in June of 2018, I end my gainful employment in December of 2019. I am happy to say we will enjoy our retirement together, lol. We celebrated 20 years together on April 10, 2019!
I can understand your disbelief, I was the same way until I actually ran the numbers and understood 136 year historic US market growth and compounding interest effects. Our 90% stock and 10% bond portfolio on average increases at a rate of 4.24% per year (inflation adjusted @ a 3% increase YoY) after and our living expenses of 1.87% are removed. Now since that 4.25% gain will also increase over time as compound interest grows year by year the rate of surplus will increase. At our low withdraw rate in the worst case scenarios if the market returned bad returns forever we would still be able to pay our bills indefinitely with no gains of a future surplus factoring in a 3% inflation rate. But if the market only returns average returns we will eventually have major surpluses based on the compounded growth. Take a look at a compound interest calculator or FIRECalc and run some numbers yourself, you will be surprised at the results of compound interest growth when you keep your percentage of with drawl very low and factor in a 3% inflation YoY.
You can find one. People laugh at me for my millionaire goal so I can retire. Whatever. For the last four months I’ve paid off one additional debt. I will be paying off something else this month too. I was so excited last night when o looked at my budget and found I was right on track. Plus some side gig $ looks like it will continue beyond March 17 so I may just get that next big debt down ahead of time. I find myself getting excited that I might get a jump on my other last item which is my house. If that house can go to zero I call and quit.
Operating similar principles to those you promote, I (divorced at 50) was able to retire at 55, and my new partner is retiring this month at 52. There is no sense in working longer than you need. Life is a one way ticket. Let's enjoy it. I'm not sure about the nomadic lifestyle though. Yet I love road trips. Have you done much road trips? I hope to accumulate enough capital to keep our home and buy a couple of apartments in destinations like Portugal, Malta, and use those as our travel enablers. Good luck to you both on the road.
People in my community keep asking me why aren't I in work. I dont have the heart to tell them Im retired. I just tell them I dont have anywork on right now being a bricklayer. Property made me financially free. I still do pick and chose jobs at the right price. 47 yrs of age.
Yes, this is awesome my aunt retired at 50 from the government with 30 years of service. She paid off her house, car, and lives off her pension she hasn't touched her 401k because yet and she's been retired for 10 years now. This is my goal to do what she did and what you all did.
@@Rockerlady She worked from the bottom starting off as a clerk and worked herself up to a higher position. You are missing the point though Irene, it's not how much you make, it's how much you save and invest starting at a young age. My best advice to you is read David Bach who is a Financial advisor book" the Latte factor". He does a great job explaining why most people don't save for retirement when they have the money but spend it on useless things.
Thank you! It's interesting...we were on a very different path together when we met. The reality that we ended up on a drastically different path at the same time is a huge blessing. There was no convincing on either side. We recoginize how special that is all the time.
Glad to find you folks. we are already retired approaching 65 now. Nice to see there is a movement out there now. The book in the 80’s that got me on the right track was “Your Money or your Life”. You still can get it on Amazon. Tracking, living below your means, works. Hope lots of young people will latch on to your information.
That would be a lame Master Plan! :) Last month's YT earnings = $310 between the 2 of us. And, much less this month. Income report will come out August 14.
@@natabulous6429 That would be lovely! We just started to share our monthly spending with our RUclips earnings so it will be "out there" for all to hear.
This FIRE concept is so attractive, I haven't even started college and I can't wait to retire. And I read voraciously about saving, investing, etc. But theres a nagging feeling inside of me that says that FIRE is just my laziness and not wanting to contribute to the economy. Theres a voice that tells me it's very wrong to leave the professional workforce earlier than the normal person. My aim of retiring early is to be able to do fun things like travelling and activism and maybe write books and poetry.
You ask such a good question! It's one that's asked of the FIRE community often. I read something that answered that question for me. It went like this...I can't imagine the best use of my limited time on earth should be spent in a cubicle. While we both really enjoyed our jobs, they demanded top priority in our lives. Priority over our health and our sleep. For us, life in FIRE includes frequent volunteering and our marriage is stronger than it's ever been. I think it's a good idea for people to pursue FI(RE) even if they're in a job or business they love. Options are nice and things can change quickly. Have you heard of Vicki Robin? I think you'd enjoy her! vickirobin.com/ Good luck with your journey!
Instead of worrying about retiring before you even have started college, my goodness, think about doing something you love that you wouldn't want to retire from, your contribution to yourself and the world. I mean, be frugal, stay out of debt, save money, but your career should enhance your life, your well being. You should try to wake up everyday loving to greet the day and going to your job. That is the ultimate gift. Then when that time is over, you should explore the next phase of your life. Don't just try to."get through it" to retire early. This is your life here and now.
My husband and I are in our twenties and have no debt & make close to 300k before taxes & have 400k net worth. We’re Planning to purchase a home next year, & we just hope for the best with the knowledge we’ve been given and through our research. Financial independence is what we strive for and it’s tough starting out, but we’re hoping to get there as well, but it will be a long road. Thank you for sharing to everyone who aspires to be FIRE and also how to manage money wisely.
With that income, you might achieve FIRE faster than most if you keep your spending low. Enjoy life and spend where your values are...save the rest! :)
I've retired early at 57 yrs old. Everything you've mentioned is the truth. Especially the savings aspect, not going on numerous vacations is one of them.
Thank you! Thanks to travel hacking and house sitting, we can fit in frequent travel, too. It's pretty incredible how much we can do without spending a lot. It's our #1 passion and hobby, so it's good we can make it work.
We're saving SO THAT we can experience the world! We spend on things that matter to us. Last year, we traveled 107 nights and will be close to that this year.
Yes my comment was meant to convey that people who haven't saved and retired, go on a lot of expensive vacations and don't have the savings to retire to have freedom to do the things they want to do.
chowceo vacations don’t have to be expensive. And you don’t have to be retired to travel. I find it easier and cheaper to travel when you’re young. You can stay in hostel. Go on treks. Climb a mountain and etc. Some of my older friends require a five star hotels for comfort or need a driver because they couldn’t walk 3 miles down to the beach.
I admire you two so much and I agree on a lot of your points. I’m a registered nurse in my mid 30s that moved to America alone at 18 and I’ve been investing in the stock market since I was 19, when I made less than $400 a paycheck. I always tell my friends this and they never listen. I get called a cheapskate for most of my actions. This process works and I’m seeing it first hand in my vanguard investment account. My only complaint, and I’m not trying to be negative, is that your video may be a little misleading. This only worked for you two cos you’re two people who love and understand each other and are on the same path. After seeing several of my peers divorce, I will not feel comfortable doing this while married cos divorce can throw a lot of these things off balance. The state could clean me out and totally ruin all my sacrifices. In this generation where divorce is so rampant, it’s just so scary planning this long term strategy with another human being. But I really do admire you guys and I hope I find someone I could be on this same financial independence journey with. Great video!
You make some valid points. Where do you live in the US? There are lots of local social groups on ChooseFI. We've made friends through the group...friends who don't think living frugally is crazy. Here's the link to find the closest group - www.choosefi.com/local-groups/. We were both married (once) before we met each other. It's amazing, we didn't have a plan to live frugally, to retire early or to travel continuously when we met but both came to these life changes at the same time. We are grateful beyond belief for each other. But, that was just luck. You're right about divorce. It can be expensive, especially if kids are in the mix. Hopefully, you find someone who is on the same page as you!
Very nice! Love the honesty and detail. Mostly like that you are not an "e-begger" with a link to a Patreon account begging for money. Not you, but I'm always surprised to see so called FIRE peeps begging for money on Patreon... Your channel provides answers to real issues, contingency planning, and retirement planning when you have a reduced or static income. You are providing real, usable information. And... you actually raised some kids with a FIRE goal.... DINKs (again, not you) in FIRE is no significant accomplishment; its mere changes in spending for people with no dependents. You're more representative of the American situation. Keep up the good work and content.
Far and away another informative and entertaining video. What makes your stories stand out are your true stories and real experiences. I especially agree with the idea of saving those small extra bits of income like salary bonuses and tax refunds etc.
I've only just began this FIRE journey at the age of 21. I think for me personally, I'd want to be able to save up enough to be able to retire whenever I wanted. I'll probably work until my body physically doesn't allow me to. The security of having that money will mean that it doesn't matter if I leave a job or get made redundant. Investing about 40% of my income at the moment so hoping to get as much money into that pot as I can!
It's smart to start your working life with a commitment to save such a big percentage. As your income increases, that will serve you well! We say that options are a great idea. Work or retire...it's nice to have the choice.
Great video and tips you two!! I stumbled on your page but I dont believe it was by accident. My wife and I are on our journey and have implemented many of these strategies. Never heard of the 4% rule so thanks for that insight. Congrats on your retirement!
This is amazing! Great job. We're in our 20's (kind of embarrassed about this- we had a ton of debt). We just sold everything to travel full time with our toddler. We're building businesses as we go, and teaching other's how to do what we do on our RUclips channel. I really hope to be retired around 40 as well! :)
1. Increase your income 2. Save your money 3. Avoid debt 4. Invest in low cost funds 5. Learn about the 4% rule 6. Track your spending 7. Reduce your spending 8. Evaluate pre/post tax money 9. Insurance your assets 10. Considerate a plan B, C, D, E
We retired (but not early) last May and move back and forth between two homes which are paid for. When we are not at each house it is rented out which pays all of its expenses. We have two other homes that are paid for that generate income. We saved and invested over 35 years to make this happen. We have one 20 year old car and no debt. Retirement is sweet.
Raging liberal Lol...17.5 years in and I hope to stay alive for another 2.5 years. Then I will be 38. Probably will relax and enjoy life for at least 3 months then decide if I want to go back into the work force, depending on how my vacation goes in a low cost of living country(Philippines or maybe somewhere in the Caribbean)I might not even go back😄.
That'll be me in less than 2 years. My wife retired early at 31 with a lifetime pension of $3k, but she's not done. She'll be a doctor in a couple of years.
Great Advice and we are planning on retiring early as well and enjoying more of the things we like, i.e travel, festivals, meeting up with long lost family or relatives. I think one of the more important points is knowing or having a budget. Most people do not know how much money they spend every week, month, year. It's amazing that you would not track that and look at what you spend money on to decide what can I get rid of or cut out.
Yes!! Whenever people ask us where to start, we suggest tracking every penny spent for about 6 months. Then, you have good data to review. Good luck with your plan!
Great tips! Everything adds up. Savings in stock market can generate passive income to retire early and taxes for capital gains of 15% for long term which is not too bad.
Spend LESS, Spend LESS & spend LESS...heard you loud & clear...Glad for you guys...you seemed relaxed, happy & very content...what else can you ask for in life. Spread the joy & financial wisdom. Thank you.
If you got 2 words from this video, those are the 2! :) Embracing them has given us freedom we could not have imagined. Thanks for watching and commenting!
thanks for the video, lots of good information. you seem like such a nice couple. i think it's great to have someone who shares your same interests. good luck and thanks again.
I can attest that these 10 are key for early retirement. I followed every single one of them. Particularly #7 (and particularly controlling house inflation).
Great Stuff! it's Jeffrey, Karen and I travel the world together and are focused on living our best life! We are now trying to help others Live there best lives! I started in sales as well!!! Worked my tail off, first guy in the office, last to leave, for years. I made it to the top, but now Karen and I are focused on more important things!
I you guys are spending within the 3% rule, at $36,000 a year means you have $1.2M in investments. That’s a lot more than most of your subscribers will ever have. SS will be a significant portion of an average retiree’s income, by saying you are not including that in your retirement plan, may alienate some of the people watching. I enjoyed your video and you guys sharing your story.
Getting to a high 6 figure retirement balance is not out of reach, but it's out of reach for most people who lack the fundamentals and education to do it. You have to start early, you have to be investing in equities, and you have to be doing in consistently over time. Most folks in America haven't got much, but there sure do hit starbucks daily and have fancy cars. Spend now, or retire early your choice. End of day, you might have a jammer and drop dead before retirement, it's all a gamble.
@@JayandSarah "Most folks in America haven't got much, but there sure do hit starbucks daily and have fancy cars." YEP! The way I look at it, if I dropped dead today, at least I've had the past 4 years of retirement which have been nothing short of magical. I'm thankful I've been able to have that time and realize with each shockingly early death in the news or my social circles that not a day is guaranteed. Where do you live JT? Appreciate you commenting!
That’s so sweet!! If you’re on Facebook, you will love our GoWithLess group. Thousands of the most inspiring people sharing information and friendship.
Do you enjoy living on a low spending level? If so, more power to you! Not only are you socking away money, you are more flexible in life. Having fewer needs makes things easier.
I'm 58 and have a job with a great salary, but the stress level is high. I plan to work at this job for 1 and 1/2 more years and then start my "retirement job." Not sure what that's going to be, but I never want to stop working....just have a job that I look forward to each day that will supply me with health insurance!!! So I've felt your pain with finding good, affordable insurance. I've really enjoyed listening to your struggle with those decisions. Also, love the idea of house sitting...I'll definitely look into that and try not to be your competition! : )) That will be a great way to visit my son when he graduates from college and moves who knows where!!!! Love your channel.
Health insurance is important and so are liability and umbrella policies and homeowners (if applicable) because those can be catastrophic expenses. At a certain point though you can self-insure your cars for collision and comprehensive and other smaller expenses in your life.
All these fire videos summary. Become valuable, make more money, stuff as much away as possible into investments until u can retire. There. Get it done.
QQ: how much do you spend for health insurance? Given that you are not employed or rather self-employed because YouTubing IS a job, your health insurance must be quite expensive. So, is it $10k? 20k for the both of you? And what is the 'out of pocket' limit?
I retired at 38 my wife at 33 (military) and we live a modest life style some call minimalist (we own only what we use or need at least once a week) and we wake up every day doing whatever we want and it’s an amazing feeling but it can be stressful at times. Not a lot of people can do this and it can effect you in a negative way. Not working creates a void that you have to fill and you can lose the social aspect of daily interactions that come with a job. Just food for thought
That happened to me. Retired from the military at 42 single, and no debt and a guaranteed 43k a year in pension retirement. I was pretty stressed out for the year and a half I took off. Cant explain it, but I was really bored and needed a job. Now, i have a SWEET retirement job and less stress.
The 4% rule still leaves you at the mercy of the market and the stress that comes with that. A SPIA is another option that rids you of that stress, but you do give up control depending on which one you are considering.
Great video. I'm 48 and only a few years from retiring myself. Technically I could do it now but I want solar panels first and a bit more of a financial cushion before I quit the rat race, so I'm working for a few years yet. I've been doing everything you two did for a long time now, I'm just a bit behind you is all! 😎
Way to go!! There's a term we've heard and used, "one more year syndrome". It's hard to know when enough is enough and it's tempting to add to your net worth. It was hard to walk away from our income so we understand the challenge.
When you guy move out of your home in the situation of "plan E" have you considered renting out the home instead of selling. Even with the fees from paying a property manager it'd probably be for beneficial financially and give you a place to live when you are elderly in 20-30 years.
Awesome video! Very helpful information to empower financial responsibility! Would love to see a video about your contingency planning to secure early retirement.
Thanks! Do you mean our contingency plan for the future? Early retirement kind of "popped up on us". Less than a year after learning about it, we were done.
@@GoWithLess thanks for responding. Yeah would love to hear more about your contingency plan for the future. Amazing to hear that you managed to accomplish this in less than a year, congrats!
@@Open_Mind_ProjectThank you but to clarify...it's not that we accomplished it in less than a year. Doing the things we mention in this video (saving, no debt, healthy earnings, etc) set us up so when we learned about early retirement, we were almost at our goal number. Once we reduced our spending, that opened up lots of contingency options. We don't need a lot of money to have a good life. We thought we did...we were wrong. :) Our annual spending is close to $36K now and we traveled more than 100 days last year. There's still lots of fat in that number. We could trim to $30k if needed...maybe less. So, assuming our investments went to zero (which they wouldn't), the 2 of us need to earn $30k a year to live. Less, if we rely on any investments. We can move to a cheaper US state (we're in pricey Colorado) or to Mexico where it's very inexpensive. We can house sit around the US or the world (that's something we're already doing). We could go back to corporate jobs like those we left and save a huge percentage of our income. I hope that helps!
So glad to find your channel. Your first tip allowed us to retire early but still a bit older than you - increasing income:) In our case, with an online business and alternative investments. Great video. Thanks
You CUT OUT $6500 in spending a month? My husband and I spend about a third of that amount on our monthly spending in TOTAL. You must have had a large combined income to be able to indulge in that much discretionary spending every month. It is easy to retire early when you are making that kind of income. Don't get me wrong, I agree with everything you are saying here, and the same principals can be applied to people of more modest means, but it will be harder. You very briefly mentioned health insurance. That is a big one. Some details on how you managed would be really helpful. Many people have to continue to work longer than they need to just to keep their employee health insurance. I think this warrants some further explanation.
You're completely correct. We did have healthy incomes but we know many of our peers make just as much and are in big debt from lifestyle inflation. Healthcare continues to be a mega challenge for us. Here's a recent video we did about it - ruclips.net/video/K68THhgGozA/видео.html.
One bit of advice. Debt is very important. Borrow other peoples money to leverage your earnings on investment. Not as good as it used to be but residential real estate of a rental property. Income and capital gain. Use negative gearing if possible. If you can get an offset mortgage and put all savings against, use a credit card all the time to gain a month of free credit, pay in full each month.
So what is the 8th thing you guys did? I didn’t catch it and I’ve reminded the video at least 5 times lol Btw thank you so very much on sharing your story!!! I’m so proud of you guys and are happy for you!
Bravo to you for catching that!! We have 2 7s and 0 8s. Once a video is published, we can’t change it and we realized our error after it was live. #8 should be having money in post tax/pre tax buckets. We appreciate you asking and are sorry for the grief!!
Love this. I moved out of an expensive state from the North and moved South. By doing so, I have reduced my debt down to just my mortgage and am on track to be paid off in 6 years. The only challenging part is I am doing this on a single income. I am inspired by this video. How did you manage your children's tuitions?
That is AMAZING!!!! Even more so on a single income! That's inspiring. We have money put aside for college education. The money came with some incredibly reasonable strings attached. The 2 older kids went in another direction and the youngest plans to attend after taking a break. Our FIRE plan was shortened since we didn't have to save as much for all 3 kids. We both benefited from our parents paying for us and planned to pay for the majority of the kids but that wasn't the road our kids picked.
You guys are smart and inspiring couple. I found about you a month ago and enjoyed your videos. Wish we had your mindset when we were younger. Thanks a bunch
When you easily could save 6500$ a month I have to wonder how much your combined income were at that time, both before and after tax? I have just started my professional carrier and have a single income, but I "only" get about 5000 USD a month before tax. I guess it doesn't help that the Norwegian krone is pretty weak to the US dollar at this time, but still. A few years ago I could have said I had about 9000 USD a month before tax 😇 Have you ever considered investing some in the property market and let out? I think strongly about going this route, if the marked crashes so does the property market so I loose my investment either way.
Thanks for watching! We know...the lighting is INSANE. Our new video camera is more sensitive to the light. We're working on it.Thanks for sticking with us. :)
Hello, Do you have kids?
Hot4Style Yes, 3!
@@GoWithLess Amazing! Could you please go into details about how you sustain the expanse for 3 kids on 36k. Thank you
Hot4Style Our youngest is 18 and the older 2 “left the nest” around the date we retired. 36k would be hard (for us) if we were supporting the 5 of us. . But, we did have the expense of kids in our spending for more than 20 years.
Didnt notice the light until I saw the comment. Im use to just listening this kind of videos while driving or doing another things
Watching this at 29 years of age. Everyone laughed at me when I told them I plan to retire early. I'm still working on paying back my debt right now, only student loans. But I already paid off $29000 within one year. Will be completely done in September/October this year and then I'm putting almost everything into 401k and IRAs and savings. I have a lot of catching up to do for my age bracket but I consider that is due to being raised without any knowledge of finances or retirement lessons. I am slowly figuring things out for myself so am hoping everything will turn out okay.
It sounds as though you're on a good path. One thing to add? Friends who support you! Check out ChooseFI for local groups or Mr Money Mustache's forums, maybe Reddit. Good luck!
Yin congrats sis doing the same thing
Bless you. I m 38 and just starting now.
@@giapponerosso Never too late. You can do it! ☺️
@@KristineVerzoPinayMinimalist thank you. I wish you much success too!
I retired at 38. Me and my mom live comfortably on 300 dollars a month in East Europe. I invest money in my land and life stock . I rather work for goats and rabbit than people. Money come and go but the garden and my work is not going anywhere.
Svetla Nikolova i love your mentally , one day not too far , I will do the same 🇺🇸✌️
@@Doritos1216 don't wait!
@Tuco The Rat I have two dogs and I am always with my goats! I lock them in at night! There are not Gypsies everywhere
Hi Svetla. We love that you have found your happiness...and it doesn't cost much $$$. What county are you in?
@@GoWithLess Bulgaria high mountains!
I paid 7 k for my house but they have cheaper going around 5k and less without a broker
Seldom you will see a couple doing prudent planning. There is usually one is the spender. Congrats
We consistently have conversations about how lucky we are that we are on the same page...with just about everything. :)
That "live in the moment" is a tricky one. Had we worked so hard and not been able to be healthy (or alive) to enjoy it, that would have been extra-tragic. But, "planning for a rainy day" was a good stategy for us in hindsight.
so true!
Congrats on your achievement. I am retiring in 9 months at 40!
1) don't buy things you can't pay cash for
2) buy things that pay you an income or appreciate
3) forget about useless material things that everyone else has
WOW, you're almost there! How thrilling! With our plan to get rid of most of our stuff so we can become nomads, we buy very little.
The older I get I find that less is more
If it is useless to you good but if others find it useful that is also good. We don't all value the same things. Also buying thing that pay us income without interacting with others is very not easy!!!!
I'm 100% debt free, own a brand new home outright own my cars, have 2 yrs of emergency fund in the bank and a lot in investments...and am 100% debt free. And.... I'm on my way to a 2 week vacation to Europe soon. All this because my late husband and I were careful with our money, bought a home in a pricey area 18 yrs ago and I sold it when the market was at its peak last year. Keep things simple, save and get a good financial adviser.
Good advice!!!
Great story, but financial advisers are not required. Nobody works for free, and that just takes away from your money.
@@JayandSarahNo financial advisors aren't required. We use one and the fees are built into the very low expense ratio for our mutual funds/EFTs.
Best financial advisor is yourself.
Virtually all financial literacy is free.
@@GoWithLess what is "very low"? Sounds expensive. My highest cost is 0.19% and that's for Chinese index.
Our retirement date is in less than 4 weeks. After listening to your video we find that we are doing 99% of the things you mentioned here. We are older than you but apparently right on track. Great video guys! Lynn and Danny
Sold my house in the expensive suburbs and moved to the "HOOD". Believe me the "HOOD" is not that bad especially when your kids are all grown and gone. Me and wife made this move to buy our home and a rental property all for cash using the procedes from the sale of the house in the suburbs. 5 years later we are planning the cash purchase of our 3rd rental, all thanks to the sale of our financial headache five years ago. Believe me their is no status in paying just to keep up with the Jonesones!!! Wish we would have done this from the beginning!!! Live and learn.
well said, absolutely
I currently live in the "hood". The label is slapped on low-income, but hard-working and family oriented communities. They don't judge me and they're actually nicer/kinder to me.
Just an FYI, you can take money out of your Roth IRA before 59 & 1/2 but only the principle, not your gains. I moved overseas to increase my savings rate to reach FIRE
Ugh, I'm turning 50 in three weeks, hubby turns 50 in October. We're nowhere near where we need to be to retire. We both experienced financially devastating divorces in the past, career changes, student loan debt, on and on. Sigh...time flies, so if you're younger start following these types today, don't waste a single day.
Hi Mary Jo! We made lots of financial mistakes along the way. Start wherever you can!! (Happy 50th!)
If you watch RUclips videos that speak to homeless people, almost always they say a bad divorce wiped them out.
Bitcoin. No one can take your bitcoin.
Not sure if you're joing but people can absolutely take your Bitcoin. Our friends had a huge amount stolen from them,
@@GoWithLess It's important to do your research and learn how to properly store your bitcoin. #PersonalResponsibility
Love it! I guess my husband and I are doing the same. We have zero debt and live off of blog/RUclips. We are in our 30s but I hope to have as much invested as you all when we are your age! I love hearing how your plan came together over many years of diligence.
How sweet that you make enough to live off your YT and blog!!! I just checked out your intro video and I'm in love with your production value!!! Your camera work is as gorgeous as your kids.
Lisa, you inspire me too the way you paid off your home in five years and bought a real true fixer upper. You are a Christian family which inspires too. And your cooking, homemaking, and raising of babies is wonderful. Living in Mo is smart as lower living expenses. Your hubby coming home is sweet too.
Thank you for the video! I'm 26 currently working hard as I can towards FI/RE. The hardest thing for me has been lifestyle creep, as my income has quadrupled in the past two years. What always helps me is that I ask myself "is this purchase going to mean something 20 years from now?" Not always an exact science but it's helped me avoid frivolous spending and focus on travel :)
Love that you boiled down the 20 part series into a nice, concise video. Loved it guys!🔥🔥🔥🔥🔥
Thank you so much!!!
We're retiring in a year, early 50's for us and we didn't downsize our big house. #1 our kids/grandkids come home frequently so we need room for them and #2 it makes us easy money. We put our basement on airbnb and we live close to Yellowstone Park so we're booked all summer. I'm working on ways to increase this in the off season as there are hotels/motels here so we should be able to get bookings year around. I didn't know about the 4% rule so that was very good to know. We are also retiring to allow more time to run our bakery. My husband bakes artisan bread in a wood fired oven he built in our garage. He sells as much as he has time to make right now, with a full time job so anyway, that is more income we will have. I have to admit, traveling sounds far more fun to me!! My husband hates to travel but I"m hoping that once he retires and actually has some time to think about where he would like to go, maybe it will be different.
You are side hustling up a storm! Well done!!! Hopefully, you'll convince your husband to do a little travel. :)
Sensible, proven and practical advice. My path to early retirement has been a little different. I moved to a developing country with a flat, low tax rate and low cost of living but with high salaries for foreign expats. I'm still there and for the past 9 years I have lived comfortably on just 15% of my net salary....the other 85% is saved - every month. I started a bit late and had a divorce but will still be a fully self-funded retiree in just 4 years.
Quick money saving tip....make your lunch every day and take it to work; don't buy lunch out. I've done that for 25 years...it is healthier and much cheaper.
That's a fantastic way to get to FI! What country are you in?
@@GoWithLess I live in Kazakhstan where I am a university professor. The tax rate for foreigners is 10%
@@skeptical_sorcerer Nice "out-of-the-box" thinking.
Knowing your incomes is so important. If you have a high income and live frugally its a lot easier to retire early. This is my strategy for sure, I don't need expensive things
We hit our walk away number this year. I will be 48 and my wife walked away last summer at age 40.
Congratulations!!!!!!!!!!!!!!!!!!!
Will you walk away together?
@@TurreTuntematon My wife retired in June of 2018, I end my gainful employment in December of 2019. I am happy to say we will enjoy our retirement together, lol. We celebrated 20 years together on April 10, 2019!
@@binbalebardac4156 how the hell will you support yourself for 25 yrs? What about when your 75-100 yrs old u won't have any money
I can understand your disbelief, I was the same way until I actually ran the numbers and understood 136 year historic US market growth and compounding interest effects. Our 90% stock and 10% bond portfolio on average increases at a rate of 4.24% per year (inflation adjusted @ a 3% increase YoY) after and our living expenses of 1.87% are removed. Now since that 4.25% gain will also increase over time as compound interest grows year by year the rate of surplus will increase. At our low withdraw rate in the worst case scenarios if the market returned bad returns forever we would still be able to pay our bills indefinitely with no gains of a future surplus factoring in a 3% inflation rate. But if the market only returns average returns we will eventually have major surpluses based on the compounded growth. Take a look at a compound interest calculator or FIRECalc and run some numbers yourself, you will be surprised at the results of compound interest growth when you keep your percentage of with drawl very low and factor in a 3% inflation YoY.
This is my goal to find a woman that's on board with a plan like this
There should be a dating site for FIRE or frugal people!! I hope you find a wonderful woman that will share your life.
@@GoWithLess thank you
You can find one. People laugh at me for my millionaire goal so I can retire. Whatever. For the last four months I’ve paid off one additional debt. I will be paying off something else this month too. I was so excited last night when o looked at my budget and found I was right on track. Plus some side gig $ looks like it will continue beyond March 17 so I may just get that next big debt down ahead of time. I find myself getting excited that I might get a jump on my other last item which is my house. If that house can go to zero I call and quit.
@@nvalles2565 are you in denver lol
@tyler gnosis...I am right here😛
OMG I can't wait until I knock off the mortgage... and spending less is KEY
It was very liberating to pay it off!! Good luck!
Awesome job guys! Your story is very inspiring! Wish you both all the best!
Operating similar principles to those you promote, I (divorced at 50) was able to retire at 55, and my new partner is retiring this month at 52. There is no sense in working longer than you need. Life is a one way ticket. Let's enjoy it. I'm not sure about the nomadic lifestyle though. Yet I love road trips. Have you done much road trips?
I hope to accumulate enough capital to keep our home and buy a couple of apartments in destinations like Portugal, Malta, and use those as our travel enablers. Good luck to you both on the road.
I wish I had some of this knowledge when I was younger. Well done you two!!
People in my community keep asking me why aren't I in work. I dont have the heart to tell them Im retired. I just tell them I dont have anywork on right now being a bricklayer. Property made me financially free. I still do pick and chose jobs at the right price. 47 yrs of age.
BRAVO Alwyn! We hope you'll find some friends who are in the same boat!
@@ojrivas6843 Excellent answer!
@@ojrivas6843 Where do you teach english on line ? Thanks for the information !
We started on this path late but are making great progress.
Better late than never!! Welcome to the party!
Yes, this is awesome my aunt retired at 50 from the government with 30 years of service. She paid off her house, car, and lives off her pension she hasn't touched her 401k because yet and she's been retired for 10 years now. This is my goal to do what she did and what you all did.
It's nice you have a family member to help guide you! Good luck on your journey!
How did she in get 30 thirty years of service? What was her job title at age 20?
@@Rockerlady She worked from the bottom starting off as a clerk and worked herself up to a higher position. You are missing the point though Irene, it's not how much you make, it's how much you save and invest starting at a young age. My best advice to you is read David Bach who is a Financial advisor book" the Latte factor". He does a great job explaining why most people don't save for retirement when they have the money but spend it on useless things.
@@yolandamcbride3404 I asked because it's difficult to get government jobs at a young age. Was curious about the job title.
@@Rockerlady actually it's not I have a government job. It's how your write your resume.
Good job guys. I think its everyone's dream to have an early retirement but not everyone can do it.
Thank you! We get lots of questions about our story so this is just our way of sharing what we did.
You two are such a great team. Both financially savvy and connected on the same path. Huge advantage from the get go. 👍👏
Thank you! It's interesting...we were on a very different path together when we met. The reality that we ended up on a drastically different path at the same time is a huge blessing. There was no convincing on either side. We recoginize how special that is all the time.
Glad to find you folks. we are already retired approaching 65 now. Nice to see there is a movement out there now. The book in the 80’s that got me on the right track was “Your Money or your Life”. You still can get it on Amazon. Tracking, living below your means, works. Hope lots of young people will latch on to your information.
Thank you for your comment!!! That book has influenced many an early retiree’s path.
Master plan: become RUclipsrs sharing your financial wisdom and continue getting income 😅
That would be a lame Master Plan! :) Last month's YT earnings = $310 between the 2 of us. And, much less this month. Income report will come out August 14.
I mean in time.. no one booms off YT earnings right off the bat, theres still time ;)
@@natabulous6429 That would be lovely! We just started to share our monthly spending with our RUclips earnings so it will be "out there" for all to hear.
This FIRE concept is so attractive, I haven't even started college and I can't wait to retire. And I read voraciously about saving, investing, etc.
But theres a nagging feeling inside of me that says that FIRE is just my laziness and not wanting to contribute to the economy. Theres a voice that tells me it's very wrong to leave the professional workforce earlier than the normal person.
My aim of retiring early is to be able to do fun things like travelling and activism and maybe write books and poetry.
You ask such a good question! It's one that's asked of the FIRE community often. I read something that answered that question for me. It went like this...I can't imagine the best use of my limited time on earth should be spent in a cubicle. While we both really enjoyed our jobs, they demanded top priority in our lives. Priority over our health and our sleep. For us, life in FIRE includes frequent volunteering and our marriage is stronger than it's ever been. I think it's a good idea for people to pursue FI(RE) even if they're in a job or business they love. Options are nice and things can change quickly. Have you heard of Vicki Robin? I think you'd enjoy her! vickirobin.com/ Good luck with your journey!
@@ojrivas6843 thank you!
Instead of worrying about retiring before you even have started college, my goodness, think about doing something you love that you wouldn't want to retire from, your contribution to yourself and the world. I mean, be frugal, stay out of debt, save money, but your career should enhance your life, your well being. You should try to wake up everyday loving to greet the day and going to your job. That is the ultimate gift. Then when that time is over, you should explore the next phase of your life. Don't just try to."get through it" to retire early. This is your life here and now.
Excellent advice!
I’m 43, I retired at 36. It wasn’t hard, nor was it complicated. Invest early and let compounding do the rest.
What age did you start investing? 😊
My husband and I are in our twenties and have no debt & make close to 300k before taxes & have 400k net worth. We’re Planning to purchase a home next year, & we just hope for the best with the knowledge we’ve been given and through our research. Financial independence is what we strive for and it’s tough starting out, but we’re hoping to get there as well, but it will be a long road. Thank you for sharing to everyone who aspires to be FIRE and also how to manage money wisely.
With that income, you might achieve FIRE faster than most if you keep your spending low. Enjoy life and spend where your values are...save the rest! :)
I've retired early at 57 yrs old. Everything you've mentioned is the truth. Especially the savings aspect, not going on numerous vacations is one of them.
Thank you! Thanks to travel hacking and house sitting, we can fit in frequent travel, too. It's pretty incredible how much we can do without spending a lot. It's our #1 passion and hobby, so it's good we can make it work.
Whats the point in saving if you dont experience the world 🙄
We're saving SO THAT we can experience the world! We spend on things that matter to us. Last year, we traveled 107 nights and will be close to that this year.
Yes my comment was meant to convey that people who haven't saved and retired, go on a lot of expensive vacations and don't have the savings to retire to have freedom to do the things they want to do.
chowceo vacations don’t have to be expensive. And you don’t have to be retired to travel. I find it easier and cheaper to travel when you’re young. You can stay in hostel. Go on treks. Climb a mountain and etc. Some of my older friends require a five star hotels for comfort or need a driver because they couldn’t walk 3 miles down to the beach.
I admire you two so much and I agree on a lot of your points. I’m a registered nurse in my mid 30s that moved to America alone at 18 and I’ve been investing in the stock market since I was 19, when I made less than $400 a paycheck. I always tell my friends this and they never listen. I get called a cheapskate for most of my actions. This process works and I’m seeing it first hand in my vanguard investment account. My only complaint, and I’m not trying to be negative, is that your video may be a little misleading. This only worked for you two cos you’re two people who love and understand each other and are on the same path. After seeing several of my peers divorce, I will not feel comfortable doing this while married cos divorce can throw a lot of these things off balance. The state could clean me out and totally ruin all my sacrifices. In this generation where divorce is so rampant, it’s just so scary planning this long term strategy with another human being. But I really do admire you guys and I hope I find someone I could be on this same financial independence journey with. Great video!
You make some valid points. Where do you live in the US? There are lots of local social groups on ChooseFI. We've made friends through the group...friends who don't think living frugally is crazy. Here's the link to find the closest group - www.choosefi.com/local-groups/.
We were both married (once) before we met each other. It's amazing, we didn't have a plan to live frugally, to retire early or to travel continuously when we met but both came to these life changes at the same time. We are grateful beyond belief for each other. But, that was just luck. You're right about divorce. It can be expensive, especially if kids are in the mix. Hopefully, you find someone who is on the same page as you!
Very nice! Love the honesty and detail. Mostly like that you are not an "e-begger" with a link to a Patreon account begging for money. Not you, but I'm always surprised to see so called FIRE peeps begging for money on Patreon... Your channel provides answers to real issues, contingency planning, and retirement planning when you have a reduced or static income. You are providing real, usable information.
And... you actually raised some kids with a FIRE goal.... DINKs (again, not you) in FIRE is no significant accomplishment; its mere changes in spending for people with no dependents. You're more representative of the American situation. Keep up the good work and content.
Thank you so much for your kind comments!!! We're happy to have you here!
Far and away another informative and entertaining video. What makes your stories stand out are your true stories and real experiences. I especially agree with the idea of saving those small extra bits of income like salary bonuses and tax refunds etc.
Thank you so much!!! It can be so tempting to spend those extras but they all add up!
I've only just began this FIRE journey at the age of 21. I think for me personally, I'd want to be able to save up enough to be able to retire whenever I wanted. I'll probably work until my body physically doesn't allow me to. The security of having that money will mean that it doesn't matter if I leave a job or get made redundant. Investing about 40% of my income at the moment so hoping to get as much money into that pot as I can!
It's smart to start your working life with a commitment to save such a big percentage. As your income increases, that will serve you well! We say that options are a great idea. Work or retire...it's nice to have the choice.
Great info and thank you for sharing! The best part is watching your relationship and the way you guys work together. :) xWBW
That's so sweet of you to say, thank you!
Great video and tips you two!! I stumbled on your page but I dont believe it was by accident. My wife and I are on our journey and have implemented many of these strategies. Never heard of the 4% rule so thanks for that insight. Congrats on your retirement!
I’m thrilled you have found us!!!! Learning about the 4% (3%) rule was a game-changer for us. Hope it’s helpful for you, too!
This is amazing! Great job. We're in our 20's (kind of embarrassed about this- we had a ton of debt). We just sold everything to travel full time with our toddler. We're building businesses as we go, and teaching other's how to do what we do on our RUclips channel. I really hope to be retired around 40 as well! :)
Nothing to be embarrassed about. It’s part of your journey. And, what an exciting journey it is for you and your family!
Traveling Holmes We travel full-time as well and have similar goals to retire early...well, earlier than our 60’s. Maybe we’ll see you on the road!
@@rallistribe1938 that's amazing!
These have also been the keys to our success! Great concise presentation! Love your story!!
Thanks, Emily!!! It's nice to confirm that what worked for us to retire early was similar for you! We appreciate you watching and commenting!
Your video reassured some of the topics I was already contemplating doing . Thank you!
So happy you both in same mind. Way to go my early retirement!
You can do it!
@@GoWithLess 😍
1. Increase your income
2. Save your money
3. Avoid debt
4. Invest in low cost funds
5. Learn about the 4% rule
6. Track your spending
7. Reduce your spending
8. Evaluate pre/post tax money
9. Insurance your assets
10. Considerate a plan B, C, D, E
Thank you!
Thanks for sharing this video. Y’all r such a sweet couple. God Bless.
We've had some mean people comment this week so extra appreciate your sweet comment.
New to your channel. Thanks for the summary. My kind of content.
We're happy you've found us! Welcome!
We retired (but not early) last May and move back and forth between two homes which are paid for. When we are not at each house it is rented out which pays all of its expenses. We have two other homes that are paid for that generate income. We saved and invested over 35 years to make this happen. We have one 20 year old car and no debt. Retirement is sweet.
Thanks for the great Information.
Thanks for watching and for your comment!
Great tips and that blooper part at the end was hilarious 😆
Thanks for watching ALL THE WAY to the end. :) And, for your comment!
Sure fire way to retire at 38.. join the military and try not to die before your 20 year mark
Raging liberal
Lol...17.5 years in and I hope to stay alive for another 2.5 years. Then I will be 38. Probably will relax and enjoy life for at least 3 months then decide if I want to go back into the work force, depending on how my vacation goes in a low cost of living country(Philippines or maybe somewhere in the Caribbean)I might not even go back😄.
That is what I did.
Thank you all for serving! God Bless You!
That'll be me in less than 2 years. My wife retired early at 31 with a lifetime pension of $3k, but she's not done. She'll be a doctor in a couple of years.
Just don't join the army or Marines and you'll be fine
Great Advice and we are planning on retiring early as well and enjoying more of the things we like, i.e travel, festivals, meeting up with long lost family or relatives. I think one of the more important points is knowing or having a budget. Most people do not know how much money they spend every week, month, year. It's amazing that you would not track that and look at what you spend money on to decide what can I get rid of or cut out.
Yes!! Whenever people ask us where to start, we suggest tracking every penny spent for about 6 months. Then, you have good data to review. Good luck with your plan!
Love the unity in your marriage. God bless you guys.
Great tips! Everything adds up. Savings in stock market can generate passive income to retire early and taxes for capital gains of 15% for long term which is not too bad.
Great video! I’m 33 and hope to retire by 45.
Woot woot!!! Sending you good vibes!!
You two are super cute. Keep spreading love and knowledge ♡
So very kind of you!!! Thank you!
Great tips! It's so impressive that you guys retired early and are living the life that you love!
Thank you! :)))
Pennies Not Perfection
hello! nice to bump in to you on this channel.
happy dance!
Spend LESS, Spend LESS & spend LESS...heard you loud & clear...Glad for you guys...you seemed relaxed, happy & very content...what else can you ask for in life. Spread the joy & financial wisdom.
Thank you.
If you got 2 words from this video, those are the 2! :) Embracing them has given us freedom we could not have imagined. Thanks for watching and commenting!
thanks for the video, lots of good information. you seem like such a nice couple. i think it's great to have someone who shares your same interests. good luck and thanks again.
Hi Dave! Thank you so much...that's so sweet of you to comment. PS...Is your YT picture your dog? ADORABLE.
I can attest that these 10 are key for early retirement. I followed every single one of them. Particularly #7 (and particularly controlling house inflation).
We retired at 38 and 42. Living in mexico now with our cashflow from rentals in US. Our properties are our social sucurity.
We just got Mexican residency. We love Mexico.
@@GoWithLess Nice! We also got it this year. Plan to stay here for a couple of years and lets see.
Great Stuff! it's Jeffrey, Karen and I travel the world together and are focused on living our best life! We are now trying to help others Live there best lives! I started in sales as well!!! Worked my tail off, first guy in the office, last to leave, for years. I made it to the top, but now Karen and I are focused on more important things!
Good to hear from you. Tim and I are now 100% nomadic. Where are you?
Awesome insights! Thanks for sharing.
Great content, keep it up!
Thank you!
I you guys are spending within the 3% rule, at $36,000 a year means you have $1.2M in investments. That’s a lot more than most of your subscribers will ever have. SS will be a significant portion of an average retiree’s income, by saying you are not including that in your retirement plan, may alienate some of the people watching. I enjoyed your video and you guys sharing your story.
Thanks for your feedback, Larry!
Getting to a high 6 figure retirement balance is not out of reach, but it's out of reach for most people who lack the fundamentals and education to do it. You have to start early, you have to be investing in equities, and you have to be doing in consistently over time. Most folks in America haven't got much, but there sure do hit starbucks daily and have fancy cars. Spend now, or retire early your choice. End of day, you might have a jammer and drop dead before retirement, it's all a gamble.
@@JayandSarah "Most folks in America haven't got much, but there sure do hit starbucks daily and have fancy cars." YEP! The way I look at it, if I dropped dead today, at least I've had the past 4 years of retirement which have been nothing short of magical. I'm thankful I've been able to have that time and realize with each shockingly early death in the news or my social circles that not a day is guaranteed. Where do you live JT? Appreciate you commenting!
Good contents guys, I learn something here. Thank you
Thank you! We do lots of videos about retiring early. I hope you'll get to check them out!
Looking at fire videos from time to time, too motivate me grinding. I’m soooooooo tired of working like I do.. soon I keep telling myself :-)
You got this!
Thank you for your videos. You guys are awesome 💕
Having 2 little kids makes it a bit harder to retire early for me. Hopefully early 50's for me.
Tim has 3 kids from a previous marriage so it can be done. Obviously, there's a cost to having kids so that's a factor. Good luck!
I just found your channel. I love it! You both inspire me. Thank you for all that you do and for sharing with us. Y’all are my new favorite channel.
That’s so sweet!! If you’re on Facebook, you will love our GoWithLess group. Thousands of the most inspiring people sharing information and friendship.
I couldn’t agree more with tracking your spending and spending LESS!!!
+Freedom In A Budget Thanks for watching! Both were so important to reaching our goals!
Very accurate. I live one level above poverty and earn way more so I can retire in another 1-2 years.
Do you enjoy living on a low spending level? If so, more power to you! Not only are you socking away money, you are more flexible in life. Having fewer needs makes things easier.
I'm 58 and have a job with a great salary, but the stress level is high. I plan to work at this job for 1 and 1/2 more years and then start my "retirement job." Not sure what that's going to be, but I never want to stop working....just have a job that I look forward to each day that will supply me with health insurance!!! So I've felt your pain with finding good, affordable insurance. I've really enjoyed listening to your struggle with those decisions. Also, love the idea of house sitting...I'll definitely look into that and try not to be your competition! : )) That will be a great way to visit my son when he graduates from college and moves who knows where!!!! Love your channel.
Health insurance is important and so are liability and umbrella policies and homeowners (if applicable) because those can be catastrophic expenses. At a certain point though you can self-insure your cars for collision and comprehensive and other smaller expenses in your life.
All these fire videos summary. Become valuable, make more money, stuff as much away as possible into investments until u can retire. There. Get it done.
You'd be surprised how many follow up questions we get! :) This video was created to address those in one place. Thank you for commenting!
😅
QQ: how much do you spend for health insurance? Given that you are not employed or rather self-employed because YouTubing IS a job, your health insurance must be quite expensive. So, is it $10k? 20k for the both of you? And what is the 'out of pocket' limit?
Thanks for making this video!
Thank you for watching this video!
Excellent video, I’m in. New sub.
Mr. Matt 5 Minutes of Finance Hello and welcome! Thanks!
Great video guys
Thank you!!
Thanks for the advice!
I retired at 38 my wife at 33 (military) and we live a modest life style some call minimalist (we own only what we use or need at least once a week) and we wake up every day doing whatever we want and it’s an amazing feeling but it can be stressful at times. Not a lot of people can do this and it can effect you in a negative way. Not working creates a void that you have to fill and you can lose the social aspect of daily interactions that come with a job. Just food for thought
Congratulations! Doing it with a partner at your side is a huge help.
That happened to me. Retired from the military at 42 single, and no debt and a guaranteed 43k a year in pension retirement. I was pretty stressed out for the year and a half I took off. Cant explain it, but I was really bored and needed a job. Now, i have a SWEET retirement job and less stress.
And, you choose to work. That makes it a pretty sweet situation! Congrats!
The 4% rule still leaves you at the mercy of the market and the stress that comes with that. A SPIA is another option that rids you of that stress, but you do give up control depending on which one you are considering.
That is something we are considering.
...I love all your expenditures in the background---
Thank you!
Thanks! Great video!
Thank you! And thanks for watching (and commenting!)!
Great video. I'm 48 and only a few years from retiring myself. Technically I could do it now but I want solar panels first and a bit more of a financial cushion before I quit the rat race, so I'm working for a few years yet. I've been doing everything you two did for a long time now, I'm just a bit behind you is all! 😎
Way to go!! There's a term we've heard and used, "one more year syndrome". It's hard to know when enough is enough and it's tempting to add to your net worth. It was hard to walk away from our income so we understand the challenge.
@@GoWithLess Oh it won't be hard for me, I just have a bit more preparing to do yet in order to minimize my expenses going forward.
Love the deflating the expenses. Working on paying off my home to reduce my expenses.
When you guy move out of your home in the situation of "plan E" have you considered renting out the home instead of selling. Even with the fees from paying a property manager it'd probably be for beneficial financially and give you a place to live when you are elderly in 20-30 years.
Feel like I woke up at 41!
Thanks for the video and keep it up please!
Why not go with the Roth conversion ladder to take money out of your retirement accounts without penalty?
That's a good option. We have money in post-tax accounts that should cover us to 59 1/2 yrs old. Using $ in a ROTH is Plan B!
Great info thanks!
Thank you!
Awesome video! Very helpful information to empower financial responsibility! Would love to see a video about your contingency planning to secure early retirement.
Thanks! Do you mean our contingency plan for the future? Early retirement kind of "popped up on us". Less than a year after learning about it, we were done.
@@GoWithLess thanks for responding. Yeah would love to hear more about your contingency plan for the future. Amazing to hear that you managed to accomplish this in less than a year, congrats!
@@Open_Mind_ProjectThank you but to clarify...it's not that we accomplished it in less than a year. Doing the things we mention in this video (saving, no debt, healthy earnings, etc) set us up so when we learned about early retirement, we were almost at our goal number. Once we reduced our spending, that opened up lots of contingency options. We don't need a lot of money to have a good life. We thought we did...we were wrong. :) Our annual spending is close to $36K now and we traveled more than 100 days last year. There's still lots of fat in that number. We could trim to $30k if needed...maybe less. So, assuming our investments went to zero (which they wouldn't), the 2 of us need to earn $30k a year to live. Less, if we rely on any investments. We can move to a cheaper US state (we're in pricey Colorado) or to Mexico where it's very inexpensive. We can house sit around the US or the world (that's something we're already doing). We could go back to corporate jobs like those we left and save a huge percentage of our income. I hope that helps!
So glad to find your channel. Your first tip allowed us to retire early but still a bit older than you - increasing income:) In our case, with an online business and alternative investments. Great video. Thanks
Thanks for watching and commenting!
Nice recap!
Thank you!
Great video!
You CUT OUT $6500 in spending a month? My husband and I spend about a third of that amount on our monthly spending in TOTAL. You must have had a large combined income to be able to indulge in that much discretionary spending every month. It is easy to retire early when you are making that kind of income. Don't get me wrong, I agree with everything you are saying here, and the same principals can be applied to people of more modest means, but it will be harder. You very briefly mentioned health insurance. That is a big one. Some details on how you managed would be really helpful. Many people have to continue to work longer than they need to just to keep their employee health insurance. I think this warrants some further explanation.
You're completely correct. We did have healthy incomes but we know many of our peers make just as much and are in big debt from lifestyle inflation. Healthcare continues to be a mega challenge for us. Here's a recent video we did about it - ruclips.net/video/K68THhgGozA/видео.html.
One bit of advice. Debt is very important. Borrow other peoples money to leverage your earnings on investment. Not as good as it used to be but residential real estate of a rental property. Income and capital gain. Use negative gearing if possible. If you can get an offset mortgage and put all savings against, use a credit card all the time to gain a month of free credit, pay in full each month.
So what is the 8th thing you guys did? I didn’t catch it and I’ve reminded the video at least 5 times lol
Btw thank you so very much on sharing your story!!! I’m so proud of you guys and are happy for you!
Bravo to you for catching that!! We have 2 7s and 0 8s. Once a video is published, we can’t change it and we realized our error after it was live. #8 should be having money in post tax/pre tax buckets. We appreciate you asking and are sorry for the grief!!
Congrats. This is a great achievements.
Thank you!!
Love this. I moved out of an expensive state from the North and moved South. By doing so, I have reduced my debt down to just my mortgage and am on track to be paid off in 6 years. The only challenging part is I am doing this on a single income. I am inspired by this video. How did you manage your children's tuitions?
That is AMAZING!!!! Even more so on a single income! That's inspiring.
We have money put aside for college education. The money came with some incredibly reasonable strings attached. The 2 older kids went in another direction and the youngest plans to attend after taking a break. Our FIRE plan was shortened since we didn't have to save as much for all 3 kids. We both benefited from our parents paying for us and planned to pay for the majority of the kids but that wasn't the road our kids picked.
You guys are smart and inspiring couple. I found about you a month ago and enjoyed your videos. Wish we had your mindset when we were younger. Thanks a bunch
That's very kind of you! Thank you!
When you easily could save 6500$ a month I have to wonder how much your combined income were at that time, both before and after tax?
I have just started my professional carrier and have a single income, but I "only" get about 5000 USD a month before tax.
I guess it doesn't help that the Norwegian krone is pretty weak to the US dollar at this time, but still. A few years ago I could have said I had about 9000 USD a month before tax 😇
Have you ever considered investing some in the property market and let out?
I think strongly about going this route, if the marked crashes so does the property market so I loose my investment either way.