Financial Freedom at 25 by Doing What 99% of People Won’t
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- Опубликовано: 5 июл 2024
- Financial freedom is possible at ANY age-yes, even at just twenty-five years old. Today’s guest was able to become a millionaire and reach ultimate financial independence just a few years out of college, and he did it without handouts, winning the lottery, or marrying a millionaire. Cody Berman saved a ridiculous amount of money by spending next to nothing on his monthly expenses. But here’s the best part: Cody was still traveling, eating out, and doing whatever he wanted. So what's his secret?
If you want to be like Cody, you need to focus on a few things: saving more, spending less, and investing all the rest. Thanks to his aggressive attempt at achieving FIRE, Cody was throwing massive amounts of money into the stock market every month, and during strong bull markets, he was making serious gains. But where was he getting that extra money to invest? Side hustles and smart investments (like house hacking!).
Whether you’re twenty-five, thirty-five, forty-five, or fifty-five, you DON’T have to wait until you're sixty-five to retire early and start living life how YOU want. Follow Cody’s same steps, and you could reach financial freedom in a few years, too!
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BiggerPockets Money 26 - Graduating College on Track for Financial Independence with Cody Berman:
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BiggerPockets Business 12 - Step-by-Step Case Study: Manufacturing, Marketing and Selling a Physical Product w/Cody Berman:
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00:00 Financial Freedom at 25!
01:49 Starting (and Failing) Businesses
03:02 Spending Just $24K/Year!?
06:52 Actual Monthly Expenses
10:23 Getting "Lucky"
11:14 Investing and Getting PAID to Live
13:30 Massive Passive Income
16:39 Don't Deprive Yourself for FI!
19:22 Make Money While You Sleep!
20:53 Connect with Cody!
Excited for the 'retire in your teens' video. We know it's coming.
😂😅🤣
LOL!!! Right!
My daughter, who's three months old, has a brokerage account; soon, I’ll buy real estate specifically for her as well to cover college or anything she wants to do later, and when she's old enough and eligible for a Roth, I'll move her over to that too. I think that's one of the few ways for her to be able to retire that young.
@@zachschaneberger you can do a custodial Roth I think.
Very impressive what he's done but some information is missing. I have 2 questions.
4:40 What was he doing to earn $400k/year in his early 20's? That's absolutely insane and not the norm.
15:50 $500k invested in stocks but how are you accessing these tax advantaged retirement accounts before age 60?
Mentioned banking so most likely investment banking. Generally start out mid 100k a year and goes up quick but generally has 80-100h work weeks.
@@bishamuesmus301 I must of missed that part. I only heard mentions of failed school tutoring and t-shirt business, plus a disc golf business.
Probably measuring the amount of stock gain in a certain year
😢i dont know but i feel like all or some of what he said was BS. 400k a year? What dis he do to earn that? I just cant listen and finish it anymore
Great episode!
I’m retired at 15 years old
Great episode
So have Rich parents and get a $400k a year job. So helpful… another “golden nugget” 💩
Right!
The book the Psychology of Money discusses how looking at cases on either side of the spectrum may yield little value for the average person. For example, Bill Gates and Warren Buffet are great success stories, but they had a lot of luck in addition to their hard work that made them successful. The hard work can be replicated, but the luck cannot... where and when you are born, who your parents are, the accidents you avoided (like the one that killed Bill Gate's business partner) etc. These are entertaining to watch, but not practical.
So true
Its not luck its privilege. When you look into who they are related to by ou find out the rich are connected.
@@ambivertical Yes, but the book uses "luck" in a more general sense, such as Gates being lucky that he was born when computers first came onto the scene, and how his school was one of the few in the country that had a computer. Being born to a good family in the USA instead of somewhere in African is lucky. Meeting good people you can connect with is also lucky. Whether you call it privilege or luck, the idea is that it's a result of circumstances surrounding your birth and upbringing that were largely beyond your control.
@@Azel247 gotcha. Thanks for showing more context based on the book
I hope he thank Obama for the affordable healthcare… most people don’t understand what a big deal this is to being able to retire early
Lol....Obama one of the worst presidents in American history !!!!