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I just retired back in Dec. I love it. My husband and I started really working towards retirement at age 35. We are in our mid 50's and we get the question " why did you retire so early". Are response is because we planned for it.
It's shows how backward the thinking is ,55 isn't so young to retire ,lol.. it is for most ,as they are scared of running out of money . That keeps them working until they are 70 and allows them to die rich .
My grandma is 103 and she’s been saying she was on her way out for like over 30 years 😂 God bless her. Lesson is you never know how long you’ll live. Sooo if you plan to be broke at 80, you could have another 20 years of life you didn’t plan for 😂
You're right ,but you ain't drinking beer ,eating Steak and Shagging at 80 ,expenses are minimal . Ask your grandma what she spends ,I surmise its not $6,000 a month.
@@paufishing3782 That is great! It was a great career and I worked for a great company. It was a lot of hours and a lot of work but so glad that was my path. Keep at it!
Lucky you! I've been in IT pretty much my whole working life too and the only good thing I can say about having done it is how it allowed me to save up for early retirement. My only decision now is to stay in IT or change careers, taking a pay cut, since I no longer have to contribute to my investments anymore. It must feel great not having to handle stupid emergencies anymore.
@@SurpriseMeJT Yes, I miss some of the people but do not miss the oncall weeks. If you are in that situation, all I can say is try doing something you are really passionate about. I have started taking pictures again and absolutely love it. I have sold a few but that is not the purpose I do it. One other recommendation is to continue to put some money aside. Even 10%. Good luck!!!
We were fortunate to retire at the age of 55. We did our traveling and hiking while we still had our health. At the age of 68, hubby is no longer physically able to do these things. You are so smart to be thinking about this in your 20's.
The book “die with zero” really shifted my mind set. Some experiences will be better at certain stages of your life - like when your body can let you do things.
As a 20 year old trying to retire early with high savings rates I would LOVE to see more videos on retirement and ways to retire early!! I love videos like this it keeps me motivated and opens my eyes to a lot of things
The 4% rule does not say that your principle won't get touched. It says that there's a high probability that you won't exhaust your entire principle in 30 years. It's an important distinction to make.
My husband (37) an I (27) are in mini retirement after investing our savings (stock funds) in our homestead. Beeing debt free and "living from the land" allowed us to lower our expenses to a point that we can live from 700€/month as a family of 4. Here in Germany, parents are given a monthly child benefit/allowance plus extra benefits for children under 3 if not put in day-care. We love spening all of our time with our kids and including them in our little farm. Soon we will start developing some more pasive income strategies with our homestead and be able to save up more for retirement and our children.
I am here to say your videos are bringing more value lately. It might be that you are more authentic and bring in more critical thinking, as well as trying less of “trending” videos, when suddenly all of the finance themed RUclipsrs do same videos, like “get ahead of 99% of everyone else” Keep up being honest, common sense, and questioning well-established concepts
It's such a tricky question to answer, because it depends on if you plan on completely retiring and never working again, which gets very boring very quickly. Or if you still plan on just doing something that fulfills you and you're happy doing for maybe slightly less than the current job that you have working for someone else. As someone who has watched your channel for years alongside other finance channels, I've found that saving matters more than what you earn for sure.
Retirement isn't about doing 'nothing', it is about not being required to do something. Not required to show up at the day job, or climb the career ladder, or earn money to pay the bills. For many people this becomes very demotivating, and they default to perminant R&R, which is super unhealthy. They eat junk or comfort food, watch TV all day, and slowly fall apart. Many of us on the ADHD spectrum have a slight advantage here. Everything is interesting, and the most annoying part of working is that we have to work hard at focusing on what has to be done at any given moment. My retirement is going to be all about building a small fabrication space and just letting the ADHD run wild. It's going to be a good time with lots of rediculous projects that come out of it. What makes this retirement instead of work is making sure that I am not shackling my fun into a 'productive hobby' that makes money. If I turn it into a business with requirements and goals, then I will grow to resent it and lose interest. If I have to make money with every hobby then I am not really retired, and I need to earn more to have that freedom. If it is still about the grind instead of the fun of exploration, then the chains are still on and you aren't really retiring.
There's hope for us older folks (35). if i had you tube at 18 or even 25 and the knowledge that is out there id be so far ahead right now. Its ok because hard work will get us there. Building income streams seem to be the best way to go at this point. Maybe a little of both saving and building will get me there in 7.
@@IsaacWineinger I’m not the expert yet. If anything I can tell you what not to do. But I lean towards stocks in that realm just more active day trading as well as long term s&p holds. Getting on RUclips where I can reach the masses is next along with aiming for a fitness training business. Look at your strengths and hobbies and try to think how you can blow those up. Be different and people will flock. Starting young, you can fail many times so take advantage of that.
I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?
I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
There's a tiny flaw in your 23-65 argument: How many people at the age of 23 start with a $72.000 income. I know I didn't. The older you get the more your health will be less. So better to have a 3-day job that pays enough to have a normal live (house, food, clothing) and enjoy your live now instead after 65.
Sure maybe not by 23 but I would say by late 20’s a lot of people are. Also in 30’s/40’s onward probably making well over that. So I don’t think it’s an awful hypothetical
I started at $80k at 25 ended up being about $120k after overtime. Now 28 years old and base salary is $116k on pace to make $150k by the end of the year with OT
A correction on the Trinity Study. The 4% rule only holds over a 30 year retirement. There have been historical markets of 30+ years where 4% would run out. For true historical perpetuity I believe the number is like 3.6%. Although some people believe the markets will never be as bad as they have been in the past. And using only the most recent 50 years would suggest that 5%+ is a safe withdrawal rate for perpetuity.
Great video Gabe! I've enjoyed your videos. Keep it up! As a bespoke multi-generational wealth manager, I just wanted to throw in some good info as well. This is looking at the most inefficient way of "retirement". Doing something as simple as moving some of your investments into an unallocated asset (something not tied to the market like savings, gold, cash value whole life, etc) to create a volatility buffer. So when the market is down, you take money out of that asset to let the market catch back up. This allows your to pull way more than 4% out without worrying about running out of money. That's just one strategy among many that allow you to not have to hit such a crazy high number of savings to live off a retirement you want. Also, having properly structured whole life insurance is a great way to leave a legacy to your kids which gives you permission to spend all your hard earned money in retirement. You wouldn't have to stress about being frugal with your retirement bc you want to leave some to the kids. Anyway! Great video dude! Just love sharing other alternatives to help educate people. We, here in america, are horrifically undereducated when it comes to personal finance!
I am SERIOUSLY considering reducing my workweek to 30 hours in a couple of months. My employer has accommodations for that and I can still have health benefits at a slightly higher rate. I live fairly frugally relative to the average American, so it shouldn’t change my lifestyle much at all. I will be 65 later this year and I’d really like to start tapering off my working life to indulge in a bit more of the things I enjoy: hitting the gym, walking and hiking with my dog, reading, seeing my son, camping, etc. As for the future, after I hit FRA I will decide on a year-by-year basis if I’d like to continue working or just pack it in; only time will tell. Getting to the point of this video, maybe the average American needs, or thinks they need, $1.8 million to retire, but I am certain that I don’t.
Hi. I started my YT journey last month. Your words helped me make a decision to retire early. I want document my 5 year journey to my own financial independence so others can learn and have hope they can do it too! Thank you for your videos and sharing your life!
Four and a half years ago, I left an abusive wife and a beach house to begin living full time in my Toyota Highlander. I was literally killing myself trying to keep her happy and maintain that 2 million dollar house! Dramatically decreasing my cost of living has allowed me to quickly become debt free and live a life I never dreamed possible. I've embraced Minimalism and now my money goes to experiences over posessions. I do not own much but what I do have is Top of the Line. My Montra is "High Quality but Low Quantity". I travel at will and spend lots of quality time with family and friends. SUV Life is the best gift I ever gave myself and I only regret that I didn't do it sooner! SUV Life is Minimalism at it's finest and what you gain in Life's Experiences is Priceless!!!
I appreciate the advice and wisdom you share. I look forward to your content. Just the other day I was having a discussion about finances and lifestyle and I referenced you and your channel by name. Your videos are a pleasure to watch and you seem very authentic. I wish you all the best of luck moving forward.
I love your videos. I’ve decided go for it and use new streams of income to power up my investments and my nest egg week to week ‘cause is a cash flowing business. Already at $1000 and $1000 debt pay off in 2 months Im so excited
My family has a pretty long life span. Obviously, that doesn't mean I will. But most people in my family live from 88 to 99. Nobody has hit 100. Most people in my family that have died before 90 has been because of cancer, alzheimers, or an accident. One of my great uncles was still ranching at 99. He got thrown off a horse and his health declined rapidly after that and died before 100. I'm from 2 huge families so there's lots of data points. And none of these people take care of themselves. In planning my retirement I've kinda assumed I would have a long lifespan jic. My grandmother died at 76 from cancer but my grandfather lived until 90. So who knows. But I am concerned about running out jic. I don't have any kids. So I don't have anyone to leave my wealth too. I'm thinking about creating some kinda fund for either innovation or to help traumatized children. Since I was substantially impacted by childhood trauma. It's probably the reason I don't have a family. I find it incredibly difficult to get close to people. Or be around people because of it. I'm not sure yet how to set all that up. But I know I want to help traumatized kids in some way. Still trying to figure out how to do that. How I want too.
Love the content, what about Health expenses later in life or even current health expenses. Usually when you are part time or no longer working a W-2 you don't have health insurance. Do you have 20-30000 set aside for a major health expense?
Once you've reached your saving/investment goal and you don't have dependents, just move to a cheaper place or country. It might be better for your health as well as much less expensive.
As someone who has been planning on retiring early since finding the FI community in my late 20s, I’m now realizing at almost 42 that I fumbled the ball pretty hard, and not sure if I will ever be able to retire. Life throws curveballs at you and you just need to roll with it I guess
I’m 34 and feel like I’m so far behind. I want to be able to slow down in the next 10-15 years. Not stop working because I love what I do but I don’t want to work as hard
You also have to plan on expenses that generally only happen the last 10 or 20 years. Needing to pay help or being forced to move into places that are pretty expensive that provide help in case your health or body doesn’t hold up well.
Use the 4% Safe Withdrawal Rate as a rough guideline and build slack into your retirement spending plan to guard against uncertainty in equity returns. Be prepared to lower your spending should you see dark clouds on the horizon.
ive retired from 40 hours a week (it has been 50 in my early 20s) to 38 hours a week at age 31 now.. i could have afforded a 20% decrease but i want to spread it out and keep some money working.. this way i can afford another 2 hours less every 2 years and still have my money growing
You say cash producing Assets that give money monthly like property . But surely Stocks produce a monthly income too .. $500,000 in the S and P will give $4,000 per month and not need a toilet unblocking or a leak fixing .
that fed pension never fails. humans only "need" food and housing. groceries, a bedroom, bathroom, (no debt or mortgages) and an unlimited bus pass. in the most expensive city in the US, this is only like $15k yearly. Half that, in the cheapest cities.
Hi Gabe, I quit my job last year and I live on my passive income right now. But I have a fear that with inflation etc.this won't be enough in the long run. I'd love to have a paying job every now and then with mini-retirements as you mentioned, but I am not sure how to keep up with a career with such a relaxed schedule. I used to have a decent job with relatively high pay but I burnt out. And just a year later it seems the industry has changed so much that I am not sure I can return to my previous role. How do you think people keep up with their jobs while on mini-retirement?
*Good video but this is all things being perfect. Most people will get married and half of them will get divorced. House gone. Child support? Alimony? Most American earn less than $100k, so living on $25k (75%), or $50k (50%) will be a challenge. Unexpected life cost? Additional income and retiring in an expensive country is the best plan. Colombia, Mexico, Thailand, Panama or the Philippines will allow you to retire sooner. Lastly, if you’re dating an American woman most of you can forget being a minimalist. I mean she needs to keep up with her friends on IG and TikTok. Great video but divorce, wife being diagnosed with breast cancer or some other negative life experience would easily set him back.*
What kind of American woman? 🤣 Sorry but I’m American and I don’t even use social media except for news. Maybe you should get to know a woman before getting involved with her. There are many different kinds of people in America. Some minimalist, some extravagant, some reasonable (occasionally splurge, normally frugal), some women are coupon fanatics and always searching for deals. I don’t think your generalization about American women is accurate. It sounds like you had a bad personal experience with one woman. Find out how she lives, her perspectives and beliefs before getting involved. I agree life doesn’t go as planned. There are many unexpected hardships that could set us back.
Gabe has obviously been listening to and living the FI/RE philosophy, if you pay attention to his videos. It’s about lifestyle design and he could start over if he had to, but if you are purely focused on the numbers like he focused on in this video then that’s where your concerns may come into play. The ChooseFi podcast is probably the best way of figure out if this mindset is for you because they interview people from so many different backgrounds and lifestyles.
@@yvonnes7412 are you slow or just being funny? You claim not to use social media while on social media. RUclips is social media. Come back and try again. As mentioned above (IG, TikTok) you see more and probably be shocked. Just RUclips “Women’s dating standards” and then tell me “oh it was one bad experience.”
Need to keep in mind inflation and taxes. I’m assuming the $1.8M is today’s dollars. In 30 years from now with 3% inflation, your dollars are only going to be worth half that. If you want to live a lifestyle of $1.8M today, you need to essentially double your target total savings. $1.8M today = ~$3.5M by retirement. Do not target $1.8M as costs for everything will increase over time, but your target will not. Dangerous path.
@@Madchris8828 I guess my point is he’s saying you need to save $1.8M to live a life each year with an income of $72k per year, but that $72k is in today’s dollars. $72k will not get you very far 30 years from now. If you want a lifestyle of $72k per year 30 years from now, your end target should be $3M+ to live the same lifestyle as $72k today. In the end, every person’s situation is different, so make sure you factor in the cost of future goods/services and potential taxes in the end.
People are fucking stupid about money. It’s not the capital it’s the return on it especially in relation to your risk. And a real return. Not nominal which is what everyone focuses on.
Lots of great monthly income stocks and ETFs yielding between 8-12% safely and consistently paying out. If your prioritizing income rather than long term capital growth you need far less money to reach financial independence earlier. 1-2 rental properties and a handful of monthly paying stocks is all it took for me, it may seem daunting, but I worked a blue-collar job and just leveraged debt for the property. If you have strong budgeting skills and a good attitude you can accomplish just about anything.
Die with Zero seems like a great way to spend if you are a hedonist. Why not leave money to people you care about? I don't understand that logic unless you have no family, live alone and don't care about anyone. Unless I'm not getting something there?
Yeah I had same thought 😂 … generational wealth is a huge benefit to families, helps create stability and a safety net, can help decrease debt in the family which also builds freedom, decreases stress, etc Now we talk about money but also historically homes, land, businesses, and assets have been handed down, leading to families of wealth that have many advantages
The book suggests giving/donating during your lifetime. Why wait until you’re gone? What if money would benefit your children more earlier in their lives?
@@spiderqueen601 Assuming the market behaves exactly the same every year yes, but that's not how it happens. If you have 2, 3 or 4 years in a row with bear market and you take 80k a year you are severely damaging your nest egg because not only you will spend 320k the value of your portfolio will decrease, so you are banking on the market to return your losses in time for you to still enjoy it and that probably won't happen unless theres a huge bull market in the next 2 or 3 years. So we are talking about lets say 10 years span that you might destroy all you investments that you took a lifetime to build because you are taking money faster than it can regrow. 4% is imo the best middle ground between peace of mind and enjoy your life with your investments.
Seriously, dude--what's with your bookcase? I really liked this video, but twice in it, you're looking at a book called SAVE THE CAT!, which is about WRITING A SCREENPLAY, something you NEVER MENTION on this channel. Is that something else you're working on? We'd love to know! I may start watching your videos JUST TO SEE what book you'll pick up next!!
@@GabeBult Okay (suspiciously)--but I also just saw NANCY DREW and THE HARDY BOYS in your bookcase--thought I was the ONLY ADULT who still had that in my bookcase--but if you have to be browsing any book while in making a video, SAVE THE CAT! is a great one, for sure. (I'll have more to say if I ever see you pick up THE CLUE OF THE DANCING PUPPET.)
I did the investing thing and quit my real job at 46. Now I'm 70 and make more on my investments than I ever did working. I still don't spend much money. The people I envy are the ones that never put much thought into money. A great example is Dave Martin. Dave's parents divorced and between when he finished high school and when he would have started college, his dad decided the two of them should sail a Cal 25 sailboat from Seattle to wherever. 10,000 miles later they were in New York, when the dad said it was time to return to regular life. Dave asked for the boat instead of college. Dave has spent most of his life sailing, working when he needed money, he got married, had 3 kids and had a life people only dream of. Lucky for him he never took advice from people that "knew" about money or the limitations of sailboats. There are lots of people like Dave Martin, great at life, only good enough with money to get by.
😂😂 but most ppl I know have been married and/or divorced more than once … unfortunately… or at least married and divorced once, looking for a new partner after time has passed… if people like companionship, it’s hard to stay single forever…
10 percent of your income a year spent on assets seems pretty low to me. But in order to spend more on assets I spend less on consumer goods. I rarely want the things more than the assets
This video is really smart and scummy. You talk about the topic with an unrealistic interest rate and then push your sponsor as if it will bring you this interest rate you slickly glazed over. Good luck with your financial goals but I will no longer be viewing your content.
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Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more. 🎨
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gabe, do you personally invest with masterworks?
You are wrong about the 4 percent rule. It is not meant to sustain you indefinitely, but for 30 years only
I just retired few ago at age 45!! So happy, i will not live in luxury for next 30 years but i will be rich in Time & Freedom
That’s awesome!
@@phyju No kids and Single, that helps!
I semi retired at 36 ,I'm 51 now and retired . Time rich and missing out on nothing ,whilst living in Thailand allowing my assets to grow.
@@ChrisBird1 I love south east asia in general, u can basically save money while increasing your standards of living 🤩
That sounds awesome, congrats! Can I ask, what are the source/sources of income that you have to be able to retire so young?
I just retired back in Dec. I love it. My husband and I started really working towards retirement at age 35. We are in our mid 50's and we get the question " why did you retire so early". Are response is because we planned for it.
It's shows how backward the thinking is ,55 isn't so young to retire ,lol.. it is for most ,as they are scared of running out of money . That keeps them working until they are 70 and allows them to die rich .
Having a plan is the key, most people don’t plan, they’re just on auto pilot and they just end up wherever they end up, it’s pretty sad.
My grandma is 103 and she’s been saying she was on her way out for like over 30 years 😂 God bless her. Lesson is you never know how long you’ll live. Sooo if you plan to be broke at 80, you could have another 20 years of life you didn’t plan for 😂
You're right ,but you ain't drinking beer ,eating Steak and Shagging at 80 ,expenses are minimal . Ask your grandma what she spends ,I surmise its not $6,000 a month.
@@ChrisBird1 Speak for yourself :)
And then expect your kids to pay 😅
25 years in IT and now getting to enjoy the fruits of my labor. Do not miss it one bit!
14 years in for me, hope to get there one day!
@@paufishing3782 That is great! It was a great career and I worked for a great company. It was a lot of hours and a lot of work but so glad that was my path. Keep at it!
Lucky you! I've been in IT pretty much my whole working life too and the only good thing I can say about having done it is how it allowed me to save up for early retirement. My only decision now is to stay in IT or change careers, taking a pay cut, since I no longer have to contribute to my investments anymore.
It must feel great not having to handle stupid emergencies anymore.
@@SurpriseMeJT Yes, I miss some of the people but do not miss the oncall weeks. If you are in that situation, all I can say is try doing something you are really passionate about. I have started taking pictures again and absolutely love it. I have sold a few but that is not the purpose I do it.
One other recommendation is to continue to put some money aside. Even 10%. Good luck!!!
We were fortunate to retire at the age of 55. We did our traveling and hiking while we still had our health. At the age of 68, hubby is no longer physically able to do these things. You are so smart to be thinking about this in your 20's.
Indeed
Exactly 💯
The book “die with zero” really shifted my mind set. Some experiences will be better at certain stages of your life - like when your body can let you do things.
We’re 76, we’ve never had those kind of savings, we’re still traveling, and we’re doing just fine. Social security is a big help too.
You’re welcome. -Millennial working stiffs
Yeh us young people will never see social security and yet I max out the contribution every year.
But they paid into it, what does that have to do with you?!
@@Rich_Larr victim harder. They worked to pay in to social security. Get over it
As a 20 year old trying to retire early with high savings rates I would LOVE to see more videos on retirement and ways to retire early!! I love videos like this it keeps me motivated and opens my eyes to a lot of things
Facts 🔥
The 4% rule does not say that your principle won't get touched. It says that there's a high probability that you won't exhaust your entire principle in 30 years. It's an important distinction to make.
My husband (37) an I (27) are in mini retirement after investing our savings (stock funds) in our homestead. Beeing debt free and "living from the land" allowed us to lower our expenses to a point that we can live from 700€/month as a family of 4. Here in Germany, parents are given a monthly child benefit/allowance plus extra benefits for children under 3 if not put in day-care. We love spening all of our time with our kids and including them in our little farm.
Soon we will start developing some more pasive income strategies with our homestead and be able to save up more for retirement and our children.
I am here to say your videos are bringing more value lately. It might be that you are more authentic and bring in more critical thinking, as well as trying less of “trending” videos, when suddenly all of the finance themed RUclipsrs do same videos, like “get ahead of 99% of everyone else”
Keep up being honest, common sense, and questioning well-established concepts
It's such a tricky question to answer, because it depends on if you plan on completely retiring and never working again, which gets very boring very quickly. Or if you still plan on just doing something that fulfills you and you're happy doing for maybe slightly less than the current job that you have working for someone else.
As someone who has watched your channel for years alongside other finance channels, I've found that saving matters more than what you earn for sure.
That’s very true I don’t think most politicians really want to never work again
Retirement isn't about doing 'nothing', it is about not being required to do something. Not required to show up at the day job, or climb the career ladder, or earn money to pay the bills. For many people this becomes very demotivating, and they default to perminant R&R, which is super unhealthy. They eat junk or comfort food, watch TV all day, and slowly fall apart.
Many of us on the ADHD spectrum have a slight advantage here. Everything is interesting, and the most annoying part of working is that we have to work hard at focusing on what has to be done at any given moment. My retirement is going to be all about building a small fabrication space and just letting the ADHD run wild. It's going to be a good time with lots of rediculous projects that come out of it.
What makes this retirement instead of work is making sure that I am not shackling my fun into a 'productive hobby' that makes money. If I turn it into a business with requirements and goals, then I will grow to resent it and lose interest. If I have to make money with every hobby then I am not really retired, and I need to earn more to have that freedom. If it is still about the grind instead of the fun of exploration, then the chains are still on and you aren't really retiring.
But you can only save as much as you earn.
This is a lot to think about. All you talk about is...MONEY! Another Great Conversation.
Just one problem... The 4% rule was based on a 30 year retirement. If you are going longer than that, you need a lower withdrawal rate.
There's hope for us older folks (35). if i had you tube at 18 or even 25 and the knowledge that is out there id be so far ahead right now. Its ok because hard work will get us there. Building income streams seem to be the best way to go at this point. Maybe a little of both saving and building will get me there in 7.
What income streams are you leaning towards?
Im 19 and trying to figure out how I want to plan whenever I come out of college and get a head start financially
@@IsaacWineinger I’m not the expert yet. If anything I can tell you what not to do. But I lean towards stocks in that realm just more active day trading as well as long term s&p holds. Getting on RUclips where I can reach the masses is next along with aiming for a fitness training business. Look at your strengths and hobbies and try to think how you can blow those up. Be different and people will flock. Starting young, you can fail many times so take advantage of that.
Thanks for another great one. Just paid off the mortgage on one of our rental properties! One step closer! 👍
I'm a 48-year-old doctor feeling burnt out from long hours and stress. I've never invested in a retirement portfolio because I've always believed the economy would collapse eventually. However, I plan to retire soon and I'm curious: If you had $1 million to invest safely in stocks over 4-5 years to grow, how would you start?
I believe every investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
Opting for a financial advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with one for a while, and my portfolio has grown by 85% since Q4 2022.
Impressive! I admit I'm scared about retirement as I turn 60 on my next birthday. I need to ensure I have enough money to survive on. How can I consult your advisor? My retirement account isn't performing well.
Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.
There's a tiny flaw in your 23-65 argument: How many people at the age of 23 start with a $72.000 income. I know I didn't.
The older you get the more your health will be less.
So better to have a 3-day job that pays enough to have a normal live (house, food, clothing) and enjoy your live now instead after 65.
Sure maybe not by 23 but I would say by late 20’s a lot of people are. Also in 30’s/40’s onward probably making well over that. So I don’t think it’s an awful hypothetical
Haha nope...I am 41 and still don't earn that much @@RacksonRacksonRibss
I started at $80k at 25 ended up being about $120k after overtime. Now 28 years old and base salary is $116k on pace to make $150k by the end of the year with OT
A correction on the Trinity Study. The 4% rule only holds over a 30 year retirement. There have been historical markets of 30+ years where 4% would run out.
For true historical perpetuity I believe the number is like 3.6%. Although some people believe the markets will never be as bad as they have been in the past. And using only the most recent 50 years would suggest that 5%+ is a safe withdrawal rate for perpetuity.
Great video Gabe! I've enjoyed your videos. Keep it up!
As a bespoke multi-generational wealth manager, I just wanted to throw in some good info as well. This is looking at the most inefficient way of "retirement". Doing something as simple as moving some of your investments into an unallocated asset (something not tied to the market like savings, gold, cash value whole life, etc) to create a volatility buffer. So when the market is down, you take money out of that asset to let the market catch back up. This allows your to pull way more than 4% out without worrying about running out of money. That's just one strategy among many that allow you to not have to hit such a crazy high number of savings to live off a retirement you want.
Also, having properly structured whole life insurance is a great way to leave a legacy to your kids which gives you permission to spend all your hard earned money in retirement. You wouldn't have to stress about being frugal with your retirement bc you want to leave some to the kids.
Anyway! Great video dude! Just love sharing other alternatives to help educate people. We, here in america, are horrifically undereducated when it comes to personal finance!
Thank you for such educational content! You always make me think about what I should do with my life, time and money. 💖
Glad you enjoyed it!
I love how you quote scripture!
Most people leave their money to their kids, but in the Bible verse, we read it says you’re supposed to do it to your grandkids 🤩
We lived as we worked. We took trips that we saved up for and enjoyed those when we were healthy. Doing stop living now. Live and work and plan.
I am SERIOUSLY considering reducing my workweek to 30 hours in a couple of months. My employer has accommodations for that and I can still have health benefits at a slightly higher rate. I live fairly frugally relative to the average American, so it shouldn’t change my lifestyle much at all. I will be 65 later this year and I’d really like to start tapering off my working life to indulge in a bit more of the things I enjoy: hitting the gym, walking and hiking with my dog, reading, seeing my son, camping, etc.
As for the future, after I hit FRA I will decide on a year-by-year basis if I’d like to continue working or just pack it in; only time will tell.
Getting to the point of this video, maybe the average American needs, or thinks they need, $1.8 million to retire, but I am certain that I don’t.
Die with zero is so insane to me.
Hi. I started my YT journey last month. Your words helped me make a decision to retire early. I want document my 5 year journey to my own financial independence so others can learn and have hope they can do it too! Thank you for your videos and sharing your life!
Four and a half years ago, I left an abusive wife and a beach house to begin living full time in my Toyota Highlander. I was literally killing myself trying to keep her happy and maintain that 2 million dollar house!
Dramatically decreasing my cost of living has allowed me to quickly become debt free and live a life I never dreamed possible. I've embraced Minimalism and now my money goes to experiences over posessions. I do not own much but what I do have is Top of the Line. My Montra is "High Quality but Low Quantity".
I travel at will and spend lots of quality time with family and friends. SUV Life is the best gift I ever gave myself and I only regret that I didn't do it sooner!
SUV Life is Minimalism at it's finest and what you gain in Life's Experiences is Priceless!!!
I appreciate the advice and wisdom you share. I look forward to your content. Just the other day I was having a discussion about finances and lifestyle and I referenced you and your channel by name. Your videos are a pleasure to watch and you seem very authentic. I wish you all the best of luck moving forward.
Thank you so much! Really glad you enjoyed my contact
Trinity study.. was over 30 years. Not indefinite. Anyhow minor issue, but still worth to point out.
I love your videos. I’ve decided go for it and use new streams of income to power up my investments and my nest egg week to week ‘cause is a cash flowing business. Already at $1000 and $1000 debt pay off in 2 months Im so excited
That’s awesome!
My family has a pretty long life span. Obviously, that doesn't mean I will. But most people in my family live from 88 to 99. Nobody has hit 100. Most people in my family that have died before 90 has been because of cancer, alzheimers, or an accident. One of my great uncles was still ranching at 99. He got thrown off a horse and his health declined rapidly after that and died before 100. I'm from 2 huge families so there's lots of data points. And none of these people take care of themselves.
In planning my retirement I've kinda assumed I would have a long lifespan jic. My grandmother died at 76 from cancer but my grandfather lived until 90. So who knows. But I am concerned about running out jic. I don't have any kids. So I don't have anyone to leave my wealth too. I'm thinking about creating some kinda fund for either innovation or to help traumatized children. Since I was substantially impacted by childhood trauma. It's probably the reason I don't have a family. I find it incredibly difficult to get close to people. Or be around people because of it. I'm not sure yet how to set all that up. But I know I want to help traumatized kids in some way. Still trying to figure out how to do that. How I want too.
Love the content, what about Health expenses later in life or even current health expenses. Usually when you are part time or no longer working a W-2 you don't have health insurance. Do you have 20-30000 set aside for a major health expense?
Once you've reached your saving/investment goal and you don't have dependents, just move to a cheaper place or country. It might be better for your health as well as much less expensive.
As someone who has been planning on retiring early since finding the FI community in my late 20s, I’m now realizing at almost 42 that I fumbled the ball pretty hard, and not sure if I will ever be able to retire. Life throws curveballs at you and you just need to roll with it I guess
I find it hard to believe that you can save 75% of your income!
I watched Bigger Pockets and when you said " Proven" plan, I was like ...why don't people know about this ?
I’m 34 and feel like I’m so far behind. I want to be able to slow down in the next 10-15 years. Not stop working because I love what I do but I don’t want to work as hard
You also have to plan on expenses that generally only happen the last 10 or 20 years. Needing to pay help or being forced to move into places that are pretty expensive that provide help in case your health or body doesn’t hold up well.
Use the 4% Safe Withdrawal Rate as a rough guideline and build slack into your retirement spending plan to guard against uncertainty in equity returns. Be prepared to lower your spending should you see dark clouds on the horizon.
ive retired from 40 hours a week (it has been 50 in my early 20s) to 38 hours a week at age 31 now.. i could have afforded a 20% decrease but i want to spread it out and keep some money working.. this way i can afford another 2 hours less every 2 years and still have my money growing
This book sounds like a remake or copycat of Die Broke by Michael Pollan (1997), you should read that one too & compare with the original.
I’ll have to check that out!
Agree with you
Thank you for the share
An interesting video 🇬🇧
Thanks rob
Do you have a video that talks about all the different passive income streams ppl use?
When you say savings rate, are you using gross or net?That’s drastically different.
Love your.channel. Excellent content!
What should a 71 year old , medical disabled woman living on social security ($1289) do to increase my income?
You say cash producing Assets that give money monthly like property . But surely Stocks produce a monthly income too .. $500,000 in the S and P will give $4,000 per month and not need a toilet unblocking or a leak fixing .
Watched from Kerala, India ❤
The thing is that will 4% enough ?
What about inflation debt slavery?
I have 2 government pensions, 401 k, haven’t dipped into ssn yet
Gabe, are you reformed? I watched a video where you have the Reformation Study Bible on your bookshelf.
I plan on retiring at 50 with my fed law enforcement job. 1 million plus in 401k and about 50k pension. And 300k plus in Roth which I’ll pull at 59
that fed pension never fails.
humans only "need" food and housing. groceries, a bedroom, bathroom, (no debt or mortgages) and an unlimited bus pass. in the most expensive city in the US, this is only like $15k yearly. Half that, in the cheapest cities.
Hi Gabe, I quit my job last year and I live on my passive income right now. But I have a fear that with inflation etc.this won't be enough in the long run. I'd love to have a paying job every now and then with mini-retirements as you mentioned, but I am not sure how to keep up with a career with such a relaxed schedule. I used to have a decent job with relatively high pay but I burnt out. And just a year later it seems the industry has changed so much that I am not sure I can return to my previous role.
How do you think people keep up with their jobs while on mini-retirement?
*Good video but this is all things being perfect. Most people will get married and half of them will get divorced. House gone. Child support? Alimony? Most American earn less than $100k, so living on $25k (75%), or $50k (50%) will be a challenge. Unexpected life cost? Additional income and retiring in an expensive country is the best plan. Colombia, Mexico, Thailand, Panama or the Philippines will allow you to retire sooner. Lastly, if you’re dating an American woman most of you can forget being a minimalist. I mean she needs to keep up with her friends on IG and TikTok. Great video but divorce, wife being diagnosed with breast cancer or some other negative life experience would easily set him back.*
What kind of American woman? 🤣 Sorry but I’m American and I don’t even use social media except for news. Maybe you should get to know a woman before getting involved with her. There are many different kinds of people in America. Some minimalist, some extravagant, some reasonable (occasionally splurge, normally frugal), some women are coupon fanatics and always searching for deals. I don’t think your generalization about American women is accurate. It sounds like you had a bad personal experience with one woman. Find out how she lives, her perspectives and beliefs before getting involved.
I agree life doesn’t go as planned. There are many unexpected hardships that could set us back.
Gabe has obviously been listening to and living the FI/RE philosophy, if you pay attention to his videos. It’s about lifestyle design and he could start over if he had to, but if you are purely focused on the numbers like he focused on in this video then that’s where your concerns may come into play. The ChooseFi podcast is probably the best way of figure out if this mindset is for you because they interview people from so many different backgrounds and lifestyles.
@@yvonnes7412 are you slow or just being funny? You claim not to use social media while on social media. RUclips is social media. Come back and try again. As mentioned above (IG, TikTok) you see more and probably be shocked. Just RUclips “Women’s dating standards” and then tell me “oh it was one bad experience.”
That die w zero idea is horrible. Does not account for the stress and mental problems having a money problem later in life would be. Not worth it.
Did you even read the book?
Bitcoin is the way.
Do you hold you properties in a company name to pay less tax or is it held in your own name
I didn’t know you were going to sell me something when I subscribed!! Good bye.
Need to keep in mind inflation and taxes. I’m assuming the $1.8M is today’s dollars. In 30 years from now with 3% inflation, your dollars are only going to be worth half that. If you want to live a lifestyle of $1.8M today, you need to essentially double your target total savings. $1.8M today = ~$3.5M by retirement. Do not target $1.8M as costs for everything will increase over time, but your target will not. Dangerous path.
What’s the alternative? Give up and save nothing? 🤔 just do the best you can and the rest will follow.
Compound interest should solve that equation assuming they don't raise taxes indefinitely and by a large margin
@@Madchris8828 I guess my point is he’s saying you need to save $1.8M to live a life each year with an income of $72k per year, but that $72k is in today’s dollars. $72k will not get you very far 30 years from now. If you want a lifestyle of $72k per year 30 years from now, your end target should be $3M+ to live the same lifestyle as $72k today.
In the end, every person’s situation is different, so make sure you factor in the cost of future goods/services and potential taxes in the end.
@@stevenewsome5306 save more.
That is so completely unattainable for most though
People are fucking stupid about money. It’s not the capital it’s the return on it especially in relation to your risk. And a real return. Not nominal which is what everyone focuses on.
Lots of great monthly income stocks and ETFs yielding between 8-12% safely and consistently paying out. If your prioritizing income rather than long term capital growth you need far less money to reach financial independence earlier. 1-2 rental properties and a handful of monthly paying stocks is all it took for me, it may seem daunting, but I worked a blue-collar job and just leveraged debt for the property. If you have strong budgeting skills and a good attitude you can accomplish just about anything.
65-76 lifespan is just wrong
Die with Zero seems like a great way to spend if you are a hedonist. Why not leave money to people you care about? I don't understand that logic unless you have no family, live alone and don't care about anyone. Unless I'm not getting something there?
Yeah I had same thought 😂 … generational wealth is a huge benefit to families, helps create stability and a safety net, can help decrease debt in the family which also builds freedom, decreases stress, etc
Now we talk about money but also historically homes, land, businesses, and assets have been handed down, leading to families of wealth that have many advantages
The book suggests giving/donating during your lifetime. Why wait until you’re gone? What if money would benefit your children more earlier in their lives?
@@staceyjonasen4480 if that's the case it sounds better than the title of the book sounds
According to Dave Ramsey you can take 8% out of 1 million and you have 80k indefinitely 😂😂😂
You can because compound interest is replacing it.
@@spiderqueen601 Assuming the market behaves exactly the same every year yes, but that's not how it happens. If you have 2, 3 or 4 years in a row with bear market and you take 80k a year you are severely damaging your nest egg because not only you will spend 320k the value of your portfolio will decrease, so you are banking on the market to return your losses in time for you to still enjoy it and that probably won't happen unless theres a huge bull market in the next 2 or 3 years. So we are talking about lets say 10 years span that you might destroy all you investments that you took a lifetime to build because you are taking money faster than it can regrow. 4% is imo the best middle ground between peace of mind and enjoy your life with your investments.
Seriously, dude--what's with your bookcase? I really liked this video, but twice in it, you're looking at a book called SAVE THE CAT!, which is about WRITING A SCREENPLAY, something you NEVER MENTION on this channel. Is that something else you're working on? We'd love to know! I may start watching your videos JUST TO SEE what book you'll pick up next!!
I’m not lol it’s just one I read on storytelling
@@GabeBult Okay (suspiciously)--but I also just saw NANCY DREW and THE HARDY BOYS in your bookcase--thought I was the ONLY ADULT who still had that in my bookcase--but if you have to be browsing any book while in making a video, SAVE THE CAT! is a great one, for sure. (I'll have more to say if I ever see you pick up THE CLUE OF THE DANCING PUPPET.)
Retire younger
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First comment yay :)
That was quick!
I did the investing thing and quit my real job at 46. Now I'm 70 and make more on my investments than I ever did working. I still don't spend much money. The people I envy are the ones that never put much thought into money. A great example is Dave Martin. Dave's parents divorced and between when he finished high school and when he would have started college, his dad decided the two of them should sail a Cal 25 sailboat from Seattle to wherever. 10,000 miles later they were in New York, when the dad said it was time to return to regular life. Dave asked for the boat instead of college. Dave has spent most of his life sailing, working when he needed money, he got married, had 3 kids and had a life people only dream of. Lucky for him he never took advice from people that "knew" about money or the limitations of sailboats. There are lots of people like Dave Martin, great at life, only good enough with money to get by.
"Spouses" ??
😂😂 but most ppl I know have been married and/or divorced more than once … unfortunately… or at least married and divorced once, looking for a new partner after time has passed… if people like companionship, it’s hard to stay single forever…
This might sound terrible, but I plan to live as long or longer than my children so I am not concerned about having money leftover when I die.
10 percent of your income a year spent on assets seems pretty low to me. But in order to spend more on assets I spend less on consumer goods. I rarely want the things more than the assets
Who makes 73k at 23 ?
I did
This video is really smart and scummy. You talk about the topic with an unrealistic interest rate and then push your sponsor as if it will bring you this interest rate you slickly glazed over. Good luck with your financial goals but I will no longer be viewing your content.
Who's making $72k at 23?
Normal people. That’s not a lot of money you know. I know 18 year olds who make more than that lol
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