Can You Really Retire in Your 30s?
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- Опубликовано: 19 мар 2019
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The popular “FIRE” movement proclaims that anybody can retire decades earlier if they save like crazy and slash their costs. Is this realistic? Is this something you could achieve?
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Philip Olson, CFP® and Andrew Matthews
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SOURCES:
www.ssa.gov/planners/retire/b...
en.wikipedia.org/wiki/Mr._Mon...
en.wikipedia.org/wiki/FIRE_mo...
yourmoneyoryourlife.com/book-...
www.theatlantic.com/business/...
www.marketwatch.com/story/mr-...
www.investopedia.com/terms/f/...
www.montanamoneyadventures.com/
www.cnbc.com/2016/05/05/mille...
www.mrmoneymustache.com/2018/1...
I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Mind if I ask you to recommend this particular coach you using their service?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Inheriting enough money to retire was the smartest financial decision I ever made.
Have u made the decision????
It was a joke. I'm amazed I had to explain that.
@@gastonave Of-course I know ...........I was adding to your joke..........and I now I am amazed.........I have to explain this to you........
Sorry, I misunderstood.
@@gastonave so nice of u......this world needs more people like u........
the younger you learn about F.I.R.E, the more grateful your future self will be.
I have been retired for five years now. Although I've been adhering to the 4% rule, things are challenging as I did not anticipate. 30% of the $600K I invested in st0cks is lost to the market. How can I diversify my portfolio for retirement
Now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I needed a good boost to help my dwindling stock portfolio stay afloat, hence I and came across an expert who helped a lot to grow my port-folio from $275k to approx. $850k in two years.
@@Nernst96 This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advsors.
@@Nernst96 Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
s&p 500
it should not really about retiring in your 30s. .... it should be about escaping the rat race, being financially independent, and having enough resources to do the things that you really dream of as early as possible in your life.
noli sarmiento yes that’s what they said “taking an active step to replacing the job you hate with the job you love”
Did you watch the video?
literally what FIRE supporters and 2cents said.
For North Americans, that is retirement.
By the age of 35, if you work in a setting you hate, you're not living a good life.
RUN THE NUMBERS...........Yup, I can afford to retire when I’m 256 years old.
Oops, sorry to hear
Get going now! 😂
Make 3 sources of income. I am 23 have 3 sources of income down to 2 because college. Landscaping and Passive Tax write off investments. Also I am earning free Travel miles and free Hotel stays
@alex Cooper Then how does netflix Amazon and Walmart avoid paying the IRS legally
FIRE most of the time neglects healthcare cost. If you are healthy, great. But when you or a family member become sick, 4% withdrawal doesn't cut it unless you FIRE to a low cost country.
This was a realistic goal for me on my own, but once kids enter the equation, things completely flip. When I was single and childless, I kept my expenses under $2500/month, but now: Healthcare for two dependents = an extra $800 per month, larger apartment = an extra $1000 per month, daycare so that my wife and I can work during the day = $1200 per month. That's $3000 extra every month without even factoring in food, clothing, diapers, additional utilities, college/trade school savings fund, and all the other million little expenses that come with children.
There's a joke from the Simpsons where Homer says, "I have three kids and no money... Why can't I have no kids and three money?" I love my family and wouldn't trade them in for more funds but I relate. Having children increased our household expenditures by way, way more than I ever anticipated, not to mention the upfront costs of childbirth and/or adoption.
I don't know why people are to dumb to run the numbers before breeding.
I swear the amount of people I see saying "wow I didn't know kids were expensive and parenting is hard" is just laughably depressing.
Humans have been breeding as long as humans have existed, We have so much information on the internet from millions of people.
Tons of parents have written about their experiences.
The knowledge about raising children and the cost of children from multiple sources is free to view all over the internet, easily searchable and totally free.
Yet so many people do absolutely no research and then just decide to pop out a handful of kids and then go "Oh I didn't realize it was going to be like this"
This is why there should be breeder licenses. If you're too lazy or stupid to do research, You don't deserve to be subjecting new life forms to your laziness and ignorance.
@@shadowsoulless6227weirdo
@@shadowsoulless6227 breeder licenses for humans is wild💀💀💀
@@shadowsoulless6227 I don't know why you don't think adult relationships don't have adult activities involved and that even if you plan that things fail. I also don't understand why you have to rag on someone else. At least they are being productive members of society and are being good parents. Just because you are jealous doesn't mean you have a disrespectful, spiteful, and an arrogant person.
@@shadowsoulless6227 f*%k u buddy
i’m 15 and this video has introduced me to my new life goal
@television kid, you lucky bastard... don't waste this information sir.
Heres a bit of advice for you then kid: Do as much research as you can on potential careerpaths (qualifications, salaries, experience needed) and if it needs a degree don't be afraid of earning it through community college to keep costs down.
@@theironmanx428 thanks, man! I’ll keep that in mind :)
Don't buy coffee, eat out everyvday or buy a dumb sports car.
@@Jspath3 well said. I don't buy coffee I don't buy food. I don't buy sports cars. I get other people to pay for those things for me. And save all of my money. I plan to be completely retired. Well I've never worked. I never will work. I just like things given to me. I guess I'm already retired.💵😎
*It's not about retiring early, but having options. It's insanely rewarding to be in a great financial position where you can do what you want!*
That would not be retirement.
@@NotShowingOff Look up different kinds of retirements! Traditional, early, temporary, semi-retirement, mini retirements
You got it. The key thing is the financial independent part. Although I retired at 45, I still spend 5-10 hours per week on investments and financial matters.
@@gr8bkset-524 That's awesome! Congrats on early retirement and being financial independent!
Sean Lei exactly! I'll probably still work but I won't have to.
This is the most reasonable explanation ive seen of the FIRE movement ever!
Aww, that's so awesome. Thanks!
That great if this something everyone try
I'm having a hard time believing that one story with the adopted kids and 50k of debt etc. Kids and fire don't mix.
You don't retire at your 30s. You give up work at your 30s.. Neet..
campkira is t that the same
Having two exceptional incomes can lead to early retirement. This means finding someone of equal education and financial sense. Unfortunately, one medical crisis can sidetrack it completely if you live in the United States.
Underrated comment
just leave the US then and visit the free world for once haha
You voted for Biden. You get what you deserve
@@garyoakham9723 bro u acting like the us wasnt always like dis
@@garyoakham9723
So what exactly did Biden do to make medical expenses worse than it’s always been? Do you blame Biden for your failed marriage too? 🤔
My portfolio has good companies, however it has been stalling since last year. I have approximately $600k stagnant in my reserve that needs growth. How do i mitigate this volatile market?
Find stocks with market-beating yields and shares that at least keep pace with the market long term. For a successful long-term strategy you have to seek guidance from a broker or financial advisor.
I diversified my $400K portfolio across various market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds.
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé
"Mr Money Mustache, no relation" LOL
Lolz. Right?
@@TwoCentsPBS That's comedy gold right there! :D
@@TwoCentsPBS I actually thought you were MMM the first time I watched Two Cents!
He should have been like my father. Lol
he has a beard hahaha
I retired one year ago at age 57. I was so frugal I lived like I was on a camping trip at my house. My co-workers made jokes about me, laughed at me and called me a greedy miser. Now I laugh at them because they have to work and I don't.
I don't get why being not consumeristic is considered 'greedy' by some people. I'm only 20 and I learned that its best not to tell people at work about fire, there's just a high chance of them reacting negatively, calling you too cheap, trying to dissuade you, etc.
@@katar9090 as a fellow 20 year old who has no intentions of FIRE, but instead plans on working for his entire life... Doing something he loves (I am fortunate enough to have a profitable passion, meaning I can enjoy the benefits of FIRE without the frugality and such)... Good luck!
@@liranpiade4499 Thanks! Likewise, good luck on your career!
@@liranpiade4499 are you sure that your current passion lasts your lifetime? Probably in 10-15 years your hobbies/passions change. Maybe you get tired of that work?
@@katar9090 if you tell your coworkers you plan to retire early, chances are your bosses will think you are not gonna stick around.
Retiring in 20 years? Due to inflation, you may need upward of $3.6million to maintain your existing lifestyle, with the ongoing effect of high inflation, lower forecasted stock market returns or value, and stagnant wages. Achieving a secure early retirement could be more challenging than ever before.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..
You are right! Such considerations can certainly have a role, when I think about whether I ought to buy more shares but I never purchase purely on that basis. I always have to seek the advice of my financial advisor who has help me gain over $1m in a well diversified portfolio that has experience exponential growth.
I’ve been down a ton, I’m only holding on so I can recoup, I really need help on my investment portfolio. Please who is the financial advisor that guides you? Mind if I look them up..
Renowned for his proficiency and expertise in the financial market, 'John Desmond Heppolette' my financial advisor, has an extensive knowledge of portfolio diversification and he is recognized as an authority in this domain. Research the name online, you’d find necessary details to with a correspondence to set up an appointment..
Thanks for the information! He really seem to know this stuff. I found his web-page when I made a google search of his full names online, read through his resume, educational background and qualifications, it was really impressive. I left him a note and booked a call session with him..
Oh! I did that! I worked on a job I hated for 4 years, while saving a big chunk from my earnings. That gave me 1,5 years of freedom to start up my own business and work in something I love 😃
I'm 30, so I guess I missed that boat to retire at 30 :(.... i think 50-75% savings is very difficult living in LA. I'm doing 25% and I feel proud lol.
keep up that 25%. that will do amazing things for you in the future, you dont have to do >50%, that for retiring within a decade. but saving 25% of your income into a good roth IRA (invested mostly in stocks) should make you a wonderful nest egg and have you enjoying retirement.
Juan Rivas, that's still impressive in the LA area! What do you do for a living?
@@bigfatbrownbean Accounting/Asset Manager for a Nonprofit.
I mean it does say in your 30s so you have 9 more years. I’m nearly 30 and am nowhere near saving 25% so that’s awesome.
@@shaynannigans I created a spreadsheet when I got to work and in 9 years, I'd probably have about $155k assuming all the factors I set stay as is and I have an avg. return of 7%. No where near retirement money lol. It did take me a while to get to the 25% savings since I first paid off my student loans that were at a 6-8% interest.
I LOVE RUN THE NUMBERS! I get so excited when they say "I time to run the numbers" 🤣
Anything for our fans! 😂
It is so corny, but I have let there corniness grow on me lol. :)
jrg305 their*
First time on this channel. Can confirm, I got excited when they said "Lets run the numbers". My excitement (and numboner) waned by 4:28 as they completely ignored income tax. BUT in fairness, RUclips is global (differing tax laws) and attention spans are short (so K.I.S.S. applies).
It's the music, dammit!
I retired in my early 20s, then i moved out and started working
Hogggg ridaaaaa
@@leeroymlg4692 lol
Reverse retire. Nice. Ur like a professional boxer. retire and then start fighting real money fights lol
I've been diligently working, saving, and investing toward financial independence and early retirement, but the economy since the pandemic has eaten up the majority of my $3 million portfolio. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
Monica appears to be very knowledgeable. I found her webpage and read through her resume, educational background, and qualifications, which were all very impressive. She is a fiduciary, which means she will act in my best interests. So I scheduled a call with her.
Retired 24 years ago at age 40, after reading the book-" YOUR MONEY OR YOUR LIFE"!
Did you sit on your ass and not make anymore money since then? If not, then you never retired, only changed careers.
I assume you did more than read the book? What steps did you take?
I'm living in my car and yes my parents have told me I'm crazy. But being in California, I am saving $1,475 a month in my savings account just on not paying rent. Doing this for 3 years, and I have saved over $50,000
Picachuu 3 maybe he can buy a house rented out and life there for “ “ free
@Picachuu 3 It can be a lot if you invest it. Assuming he ONLY invests the $1475 a month (in reality it'd be much more), it would become *$600,000 in 16 years* at an 8.5% interest rate. If he waited *20 years, it'd become $1,000,000*. Definitely enough to retire from. If you start at 20ish, retiring in late 30s/early 40s is pretty damn good.
And again, that's ONLY $1475 a month. If you made just $60k a year, and you saved 50-75% (as the video suggests) you'd be putting away 2500-3750 a month. I agree I wouldn't wanna live in a car for 16+ years, but finding a cheap place to live (without even _that_ high of a salary) so you can spend the rest of your life doing what you wanna do might be worth it for some people. My guess is acar1994 is just out of high school or (in) college, so his salary will probably become large enough to get a cheap place soon while still investing a good amount to retire early.
Good for you man.
How do you take showers though? Just curious. And also how do you cook food yourself to cut down on cost?
@@dixu4949 some of the companies have showers for employees, thats crucial I think, otherwise wou would have to look for the gas station with shower
Exactly one year ago, I have seen this video for the first time, and it literally changed my life. I seriously reconsidered my future life plans and started saving like crazy. I also managed to read every single article from MMM (it took me about 6 months) and got to investing while still being in college. Today, one year later, I am watching this out of nostalgia and am so grateful I have seen this a year ago, I will also invest some money today as a form of celebration
MMM? How are you doing today now?
@@jonathancastro8487 mmm = mr money mustache (i googled it but also realised its mentioned in the video)
The best way to find that balance between saving and living is by investing. This way you get to have your saving intact and then live comfortably off the revenue coming in from your investments. Financial freedom is possible, you just need to know what to do and when to do it. I am a living testimony .
I totally agree with all that you have said, this is the reason I have so many investments, financial freedom is my number one go.
I have seen videos, read comments. I am still trying on my own to start investing and it has not been working out for me. What do I do? How do I begin again?
It is not smart to start an investment by yourself when you clearly know nothing about it. I say leave it to the professionals. I use the services of an excellent portfolio manager myself, I don't wanna take chances. I advise you do same.
Investing all by yourself with no prior experience can be detrimental, you can loose all your money. I will advice you get assistance from a good professional, that way you will not loose your money, plus you will learn more.
Does anyone have a trusted recommendation that I can look up? Please.
I really like the final comment : Retiring early isn't about lounging around and doing nothing. it's about not doing jobs that you wouldn't do for free anyways.
The most difficult part, at least if you're not on track to make the big bucks, would be finding a partner who's on board with this.
Yea. Many of these ppl were married already.
Haha, you start by seeing if your partner is willing to be frugal. :) I’m very into FIRE and I found one who is open to the idea but isn’t as hardcore as I am. The plan still works!
Sounds like a cool startup idea, btw
Yup nailed it! And if you are single it can make it a lot more difficult if you aren’t making much more than survival needs. When you have a partner who supports you emotionally, financially (at least partially), and is just as excited as you are about this then it’ll make things a lot easier than being alone
Arvind Talukdar Harder if you have kids to raise , easy if you have no kids in my opinion
Love your Chanel guys! I’m very excited I found it! You do an outstanding job approaching this topics, being easy to understand the concepts and examples. 👌🏼 Keep it up!
I have 2 kids in High school they love these videos, I have them watch them as part as their financial education. I take words from financial terminologies from the video and write down the definition and use during the week as much as they can. Thank You
I’m not necessarily pursuing FIRE, but I am saving and investing (70% of my income) like someone who is. That way in 20 years I’m covered whether I still enjoy my work or not. I figure it’s a win win either way. Great video 👍🏻
Jarrad Morrow that’s exactly what FIRE is all about! Don’t focus on the “RE” part.
Jarrad Morrow what kinda job do you have??
I'm not planning on retiring, but I am planning on hitting the point where I can afford to work part time at something that I enjoy. Doing so greatly reduces the amount of money that I'd have to have in order to "retire."
I've just seen too many people who retire and then die shortly thereafter because they couldn't cope with the lack of structure in their lives.
@@SmallSpoonBrigade we have a security company that mainly hires retirees.
Must be some low returns you're getting lol
I’m going to retire at 30 by .... becoming homeless
*Professional Outdoorsman
David R ah yes lol 😂
check out theprofessionalhobo.com
#gohobo i'm planning to do that too sir
Luis Sierra #gohobo or #gohome lol
0:05
Just like to point out that life expectancy wasn't *actually* 58, it was 70-75. The issue was that infant mortality was so incredibly high due to all the complications that could happen at birth; as many as 1 in 4 newborns died.
It's a similar case with pre-historic humans, where they supposedly had a life expectancy of 35, but the issue was 1 in 2 would die either at birth or in the first year. Take away those deaths and most would live to see their 70s.
Life expectancy post infancy *has* increased with technology, but not that drastically, with closer to a decade added out of 7 decades rather than doubling the length of our lives. This is because the thing that kills all of us in the end is old age, which we no where near curing yet. Obviously improvements to dealing with disease and injury have still raised it, but death by those things were uncommon already so they didn't make too much of an impact.
The real benefits, as previously mentioned, were with child mortality, where complications made up a huge percentage of deaths in newborns, and these (unlike ageing) have been cured or at least been made treatable in the modern day, thus raising life expectancy from birth a lot.
A very good point
Yeah, people don't understand life expectancy at all.
"which we no where near curing yet." I wouldn't say this. I would bet it's gonna start to be tackled in the next few centuries
Life expectancy calculations includes those deaths. You merely provided a clarification for why the mortality rate was what it was back then.
@@bradleymyers974 Yes. My point was however that having a retirement age of 65 wasn't a cause "most people die before then so we might as well".
One problem is that you've got to have a partner who has a similar financial mindset. This is a hurdle I'm facing. I would love to retire by my early 40s at the latest. For me, it's not about early retirement but it's more about the flexibility, quitting the 9-5 rat race, and being able to do things that make me happy
Why is Freddy mercury lecturing me on the social security act of 1935?
Good one
Lol
Idiot, it's not really Freddie Mercury. It's Ryan gosling in a fake moustache acting a role as Freddie Mercury.
He got tired of singing and he decided to start youtubering
Because he's just a poor boy from a poor family
.
All this content for free.. You guys are amazing!
Well free for us to watch but they still get paid lol
@@gshah921 not much its pbs
remember if you don't pay for a service, _you_ are the product.
@@khaki.shorts sadly nowadays even if you pay you're still the product. Like streaming services that still show ads despite you paying for a subscription
Thank you for stressing on the compound interest point. Helpful tips. Thank you for sharing the video.
I recently found this channel. you guys are awesome. I'm learning a lot from this. Thank you and love from Canada
That's how I felt when I moved to my wife's home country, Taiwan. We have everything we need, universal health care, we pay a quarter of US rent on a bigger place. I was able to focus on drawing for a living, we still need to buy our own house but we are getting there.
Fer Galicia wow that’s cool
Exactly, this is one of the many ways, as far as am getting good money from my business am staying here, After that am going to moving to Thailand, Costa Rica Malaysia Spain I can easily live on $1-2k which are peanuts of my saving.
I assume you are not in Taipei, right?
Taxes must be rough
Abisael Villegas I have lived In Europe, USA, Dubai, Thailand, Indian-sub continent. For 90% people You pay one side less but end up paying more on other side. So work out same. It’s also depend individually, income, job lifestyle etc. I used to save more in EU than now here in USA with more income in USA. America are so obsessed with Taxes from Boston Tea party 1773, The tea went 50% down in price & but Boston were concern about 3% tax on it.
Retirement as replacing a job you hate with a job you love. Beautiful !
Your videos helping me to understand things with perfect clarity. Fabulous work 👌👏
At 38 and I just cut back to part time. Feels so good to exit the rat race, especially that of retail pharmacy. I’d rather live on less than continue destroying my own soul.
I learned about FIRE 1 year ago and Its such an easy trend to follow! Im 22 and I never really controlled my budget, yet I managed to save 20,000$CAD over 4 years of working as a 15$/h forklift driver. Most of that money is ready to be invested. 6 months ago, I quit the company and joined a bigger one wich pays 25$/h. Now I started to control my budget and will be able to save 25k-30k$CAD per year and invest even more. The only diploma I have is a Highschool degree and Ive never been to college.
I did some easy research when I was 18 and found out that becoming Forklift Driver is accesible and well-paid. No diploma required.
The only thing I stress about with money is losing out on living. Travelling for example is always expensive, even if frugal when you get to your destination, flights are pricey man.
Read "Quit Like A Millionaire" this book was written by a women who went from living in poverty in China, to retiring at 32. Then traveling the world with her husband for only 40k a year (same as their US spending). This was through staying at AirBnbs, flights/transportation from credit card points/frequent flyer miles, staying in locations/countries for months at a time (some were very inexpensive say taiwan or phillipines, and others were more expensive in europe like italy and france for shorter times), they would cook in some nights at the unit, or look around for a balance of activities to offset one another on cost). It's totally doable to travel for inexpensive.
If you do it right, you shouldn’t actually pay for your flights. You should be able to get them for free or disconnected using points.
The FIRE movement is super inspiring! Working towards it now!! Awesome breakdown 👌🏾
I love this channel. Thank you so insight full and fun
Me : i retired early
Friend : wow what do you do with all your time?
Me : i still work
Exactly. Leave it to MMM and his cult to confuse people as to the basic meaning of the word, retirement.
@@bradleymyers974 who is mmm lol
@@samaraisnt Mr Money Mustache
Why though? That’s not technically being retired though, right? Just financial independence, which, don’t get me wrong, is great, and is what I’m going for.
Omg love your guys videos! I learn so much keep it up !
Wow great video, so well produced and to the point. Not to mention so well thought out!
I love how cheerful she is instead of yelling at us to save more. nice video!
Volunteer with dog rescues! I'm 42, and learned about FIRE 5 years ago. I save 71% and my FIRE date is April 8, 2024 (next US Total Solar Eclipse). VTSAX for life!
Did covid cause any delays in your plan? Hope you're still on track!
Photography for me. No more chasing clients to pay the bills. I'm on track to FIRE by 34.
Daaang!! Way to go!
the truck is to have them (clients) chase you-you just have it backward with that adjustment all will be well
@@jameshumphrey9939 I get what you're saying, but that doesn't interest me. I'd rather not have clients at all.
@@patrickhobbs8201 I'm with you 1000% on track by 34!! I'm aiming 35-38 the most and fuck chasing clients!!🖕
congrats!
The thing these types of videos never address is how you get or pay for health insurance before age 65, especially if you or your family isn't perfectly healthy. Not all of us qualify for VA benefits.
Private insurance maybe or pay the minimum to have public health insurance (without having a job). At least in my country (Chile) you have those two options and where i live right now (Brazil) also, but with the benefit that even if you're not paying any health insurance you can always get treatment in the public system without spending a cent, health system here is completely universal, even as a tourist!
And if your plans are to travel the world (as mine is) you pay an international health insurance.
@@sinnombre3610 Yep, I was thinking of retiring in the US. The cheapest (poor coverage) plan here for the "public option" is close to $1,000 per month.
By not taking much from your investments a year, you get charged that amount as your income. Then you look on the public exchange. I see some there in the amount I'd be happy to live off of in a frugal retirement and it's ~500 for two people. You'd have to build that into your amount you need.
@@TheahLil Good thought. 1st year could be a bear.
Came to the comments to say this exact same thing. This is the missing piece of the puzzle. My financial advisor loves to remind me that I could retire ten years ahead of time if it wasn't for the prohibitive cost of private insurance.
Thanks..really needed this
I love the way you present financial concepts! Very engaging and interesting. If I had children I would definitely teach them about finance via your channel.
I'm learing a lot of stuff myself thanks to your channel
I watched the full ad and commenting just to say THANK YOU for this great content
Always loved your videos such rational ways of explaining financial knowledge
This video along with some own calculations have motivated me to give up my existing rented home and I am planning to rent similar one 7 km away from the existing one with one third of the current rent. It's not only about early retirement, but also about the efficient use of the money. Thank you for the video, it enabled me to think deeper and further.
Before moving away check your commuting costs.
@@charlesbronson21 No additional cost. I use pereonal motorbike for commuting.
All millennials, should be on the fire track. It's one the most sensible ways to manage your financial life and life in general. I wish I started earlier. I mentioned F.I.R.E. to some of my 50+ year old co-workers and of course they scoffed at me, saying it couldn't be done with family and such.. glad to see Im not crazy... The workign world over the next generation is going to go through a drastic changes, the sooner you can escape the need to work the better off you'll be.
Those old people never had a life and want everybody to go through the same or worse shit, and can't stand it that others have a different life model than they did. It's thanks to those aholes that the world has come to what it is. Instead of reducing working hours when women entered the workforce, or robots increased productivity manyfolds they kept on working longer hours, expecting others to do so as well .For what? making the rich richer and increase the gap between the poor.
With the productivity we have now, nobody should have to work more than 6-4 hours a day. But nope, people are doing over time and are expected to be on call even on weekends to oust each other. Lets face it, most jobs nowadays are redundant bullshit, with which we could do without. And they come up with more and more bullshit jobs, while automization is increasing. Why? To keep the money circulating.
I mentioned this to a near retired co-worker. I think they don't like the thought that someone young could retire decades earlier than them. Nobody wants to think they could have spent another 20 years relaxing instead of working.
@@maythesciencebewithyou This comment. Perfect. Exactly what I've been thinking but written so much more eloquently then I could have.
Tony Brandao there’ll be an unconditional income in like 30 years anyways as we won’t need that much labor anymore. so jokes on you.
I'm planning to retire at age 14
Congratulations 😇
??
I’m planning to retires at 16
I m 8 and already retired. Try again.
Some of the best two cents I've ever found. :)
This is very important thanks 👍🏻
Work from home, Salaried at a decent 6-figure income, doing a fulfilling job. Yay Data Science!
nice
What did you study to become a data scientist?
A true Data Scientist is a unicorn job. You can't be an expert in Computer Science, Computational Statistics, with Domain Experience, unless you've spent most of your life learning everything..or if every tool you have is proprietary to the job at hand. People work in teams too, so the roles are all blurred out though the titles are there.
Being an expert in two of the three though is enough to land you a comfortable job in Tech, whether it be a Data Analyst/Researcher, Machine Learning Expert, or Software Engineer.
@David he's on drugs. All you need is a math or CS degree.
buuuut money is the whole problem any number figure salary sorry about that money is an illusion you worship as your culture teaches
You guys are doing so well. Keep it up!
Thank you for this helpful video! Most people whom I know/read about "retire in their 30's" because they either inherited it, or became a higher-up in a pyramid scheme/MLM, basically utilizing downlines to be their workers to ensure they retire early. Thank you so much!
I like the way of ur presentation...... Thanks for sharing..... ur research.
I absolutely love the content that you two provide to us. We all need more of this in our lives from our school education systems to more adult financial decisions like buying a house or the FI/RE movement (such as this video)
Just a friendly suggestion but maybe it would be worthwhile considering creating a video on the mental health aspects of living a frugalustic lifestyle and always making sure your money is going in the right direction etc. For example, I have Financial dysmorphia, where (if you don't already know) I am easily able to treat myself to socialising at an event like a festival as I have the funds but would rather opt to paying that money towards a mortgage to clear it quicker. A lot more to it then that but essentially it's going without the nice things now that could keep one sane for a batter financial tomorrow.
I think a video like this could really open up a dialogue between a large number of people
Anyway, even if you don't do the above, please keep making new content as I love seeing what you guys come up with
Outline of the video : 1. do the job you don't love (because it pays well)
2. Save a ton load of money even it may make the life little difficult
3. Invest
If you follow the above 3 rules then
You can start living a stress free life from early 30 on wards
Thanks guys great advice
Love it!!!! So inspiring!
Thank you for breaking it down!
I would literally be a nomad, traveling from city to city and taking hell of pictures and interacting with everyone . Also eat every damn desirable food each state has to offer👏🏾👏🏾
When you visit Missouri, try some Kansas City barbecue.
In US, each state offers pretty much the same food. It’s not a new food or recipe when you throw an extra patty or add cheese on your fries.
@@beowulf555 As someone who has lived in multiple states, I have to disagree. You can definitely find burgers in any state, but I wouldn’t go to Hawaii expecting Louisiana cajun, or to Mississippi expecting health food…haha.
@@1justdont But you can go to California and expect all that anywhere.
@@beowulf555 Sure, but the trade off is that it’ll take you a year to get there in California traffic. 😂
I'm starting the journey to FIRE, wish I started sooner. I would spend more time in ministry, travel, and I would do home reno's to rent or flip.
Retired at 38, I'm 40 and in my PJs now.
So what do u do now?
@@anneliselim602 today? I completed a 1000 piece jigsaw puzzle haha. If you meant how I spend my day I eat healthy and do a lil workout, guitars and motorcycles are my passion so I do a lot of riding. I travel once every three months and I got stuck in the Philippines during lockdown which was awesome. For money I collect rent, it's a building in a commercial area which I bought a few years back. I built my little house away from the city and decided to retire. I don't have much expenses, my car is 9 years old and I'm single. I never had much friends or even use social media. Yep that's about it...
@@AllThatJazz1910 That sounds like a peaceful life. I'd assume dating with a FIRE mindset leaves for slime pickings.
You're not into social media, but ChooseFI has a singles subgroup on FB.
I'm close to it and I'm 31.. your comment is so encouraging 🤗
@@AllThatJazz1910 You didn't retire, you became a full time landlord.
This was really cool! Thx!
I hope I still remember this vid when I'm 19. Right now, I'm 14 and my parents want me to study finance. Don't get me wrong, I love finance. ( Why else would I be here?) But I want to pursue graphic design. So I believe this movement is the best option. Please don't delete this video. Also really grateful for the video. Thank you.
Life is too short to be miserable. Do graphic design if it’s your dreams.
I agree don’t live your parent’s dreams live your own. Please do this wisely though, it will carry along with you for the rest of your life.
If you can, you should download the video so that even if it’s deleted you’ll still have it. If not, then write down the essential ideas with good old pen and paper. We have myriads of methods to store information externally for years to come, so why not find a way that works for you?
Hope you havent given up on ur dreams. I definitely think graphic design has the potential to make money, especially if you have talent and/or can work hard
If you go into finance, you'll be able to retire much more quickly, after which you can pursue your dreams of graphic design with very little risk.
I am 16th and I am watching your videos for future....never stop making videos!
I’d suggest checking out their videos on investing, if you haven’t yet!
I am 40 and I'm glad someone has a chance to avoid my mistakes...
@@BarnyWaterg8 have watched every single video! These 2 are such a cute couple..it's a treat watching them talk
@@3dzipp0 I am from India and the group of people ( caste) I belong to is known for being excellent with money by everyone else...so ya hopefully
But do stop cultural appropriation with that shirt
I retired in my 30s, ran out of money....now I'm working in my 40s
jcman240 ....so you thought that the funding will last close to half of a century at the time when you retired in your 30s? As for myself, I am working until I reach to that gold-plated pension though.
Pete Adeney is working too, so don't sweat it. They're not talking about real retirement, just working a job you love. MMM and his cult don't understand what the word means.
This channel is a gold mine. Thank you for existing
At 30?! Hell I’ll be happy if I do it by 60
Thanks, this just motivated me to get a job even though I'm a full time student and my parents are paying for my college. Going to be using that money to invest and cut my costs
In college, I was lucky and didn't need to work. But doing so gets a head start on the stock pile of cash you'll need to FIRE. School comes first, but i graduated with a hefty leg up.
.... there are lots of nice beach towns to visit!
Or you can pay your parents back the money for your school and be a responsible adult. Hey theres an idea!
@@mjspeedzone5532 if they offered it as a gift, that would be an utterly illogical decision, and far from a *responsible* one.
The parents who can pay for school often do so because their parents did so for them (and they didn't pay their parents back), and they want their child to be as financially successful as they are.
Same! Although my parents aren't paying for college, so I'm trying to pay off and make more on top of that.
Very very useful video. You ppl always make informative n practical videos related to our financial stability. Thanks a lot. Love from India..
love the "no relation" note to the Mr. Money Mustache introduction
This video also failed to mention job security- something that many young people in workforce dont have. I've had a string of contract jobs whereby I would have the ability to save and then lose the savings by being between jobs
Same, I'd be in between jobs living off my savings and as soon as the money starts to dry up, I realize I can't be picky & grab the first reasonably paying job I can find. Then I'd stay there for years saving money & being miserable at the same pay despite doing well enough to deserve promotions, then lose said job and have to live off my savings once more. I keep restarting the cycle all over again. If I had advice to give my younger self, it's to realize that if your job isn't seeing your value, take online courses to get into a job that pays better & won't burn you out. Also, to have multiple streams of income, so that if one income gets cut off, you have others to fall back on. Lastly, it's to move to an area where the cost of living is lower & to forget about vacations. Every trip that I've been to was no more exciting than the road trips I took right in my backyard -- in fact, the road trips were way more fun & memorable. People abroad save up lots of money to see the US, and yet there I was thinking that I needed to leave my country to see amazing sights. Not true.
Wow! This looks really cool! It was so interesting, looks challenging, but interesting! I didn't even know that this was a thing and now, I know that it's not only a thing, but possible! ( Also, If I could retire early I would travel to the all of the National Parks! )
That's totally what I'd do if I retired today Ranger Ruby!
Jillian Johnsrud awesome!
im saving about 40% of my income atm.
Thanks so so much for this video
Thanks for comments dont forget to hit the subscription button
+①④①②⑥⑨⑤⑥③④⑨............
=whatsap//++............................
I like it most from yours videos. Blessings from India..
I love this video, however it did not take into account sudden overpriced (USA) medical bills/charges towards end of life...
*Move to Europe?*
Moving to Europe isn‘t the solution to everybodies problem. Srsly.
Long term care insurance.
@@FrozenberryCupcake If you've no need for employment and you can move to a country that has socialized healthcare, you're way better to move away from the USA. Tbh, the US is a horrible place to live if you've chronic conditions or are old and have no insurance.
Don’t have children,invest in your health a crap ton, and have LUCK 😂
Your videos bring so much value! The 4% rule is a game changer!
@piximperfect
I wonder if you have enough to retire already
Love this video! I think most people may not retire early even if they can but it allows us to really pursue our passions and take wild career risks without having to worry about how it will necessarily provide for us financially. And that’s invaluable
If I was financially independent I would definitely go back to school for my PsyD to become a Grief and Bereavement Therapist. Not being worried about another 6 figures of student debt could change my life.
Ps I love all of your videos! I have learned so much, thank you!
Just reading the comments got my more FIRE'd up than the video. Even if you can't or don't want to retire early. Implementing elements listed can still bulk up your retirement fund when/if you need that money. I'm definitely going to start implementing a stronger savings regiment.
Thank you ❤️
Love your content... Greetings from Costa Rica
A must watch
Nice one sir.
4:37 "A good income" well, that's the catch, isn't it?
not at all, the FIRE movement to a degree also hits upon Dave Ramsey methodology, and with Dave Ramseys community, you can get out of debt and build wealth to retire early on ANY SALARY. I can't tell you how many people I have met that were able to retire only making 40k a year. It all comes down on discipline and how frugal you are. I'm taking eating rice and beans, and not buying any new clothes unless something gets torn or worn out. Obviously a higher paying job is what will help get you to FI faster...but if the salary is the roadblock then you just have to find a way to increase the income...if you want FIRE bad enough you would do anything. trust me.
@@sabrinatatalias4277 Maybe you weren't aware, but $40k is more than a lot of people make. "Just get a better job" or "get a second job" are not options that everyone can take advantage of.
@@jeffc5974 me and my girlfriend earn a combined income of £28,000 (roughly $37,000 USD). We're 28 and are currently half way to our retirement goal. On our current trajectory, we'll be able to stop working entirely if we wanted to at the age of 32. We probably won't retiree entirely, we work as musicians and writers at the moment which obviously we both really enjoy as hobbies anyway, but it will mean we won't have to take those grungy bar gigs anymore and can focus on other creative endeavours. Its possible on almost any salary, but you may have to make some major changes to achieve it. Wouldn't say its for everyone
@@TomBedlammusic I can tell by your currency that you don't have insane medical bills and medical insurance to worry about. Also sounds like you don't have kids. That makes a huge difference.
@@jeffc5974 most astude good sir, I do not. But there are plenty examples of people who do. 'our Rich journey' are a couple from the US that recently reached their fire goal with 2 kids.
But yes I concede it may be easier here and certainly if you don't have kids, but people definitely look for excuses and blow it off as impossible when it's in fact just improbable and takes a lot of dedication. And of course, it's not like you aim for retirement or nothing, adopting the fire movement will massively improve anyone's financial position, even if they aren't aiming for the grand goal of retirement
love this channel
Great video! Just wanted to add the Trinity study (4% rule) assumes the portfolio lasts 30 years, not forever. Keep it up, though! You got a new subscriber :)
As someone who “retired” in 2004, at age 35, I have three pieces of advice:
1) max out a Roth IRA every year you are working, starting in year 1. When I got my first job at 16 as a pharmacy stockboy I was only working part time (at minimum wage, $3.35/hr) but I was living with my parents who took care of all my expenses (and even matched what I earned with allowance money) so I was able to put every $$$ into a Vanguard fund. A little over $1600 the first year and $2000 the next two years, but none since then (because I changed where I invested) and at age 50 that IRA is already worth over $72,000. My other retirement savings (mostly 403b) is substantially more, and of course I have no intention of taking anything out of any retirement plans until I must comply with RMDs, so this money isn’t what allowed me to retire early, it’s just that once you retire you might not have any income to tax defer, so defer as much as possible as soon as possible.
2) share living expenses with one or more people. You don’t necessarily need to get married (though there can be substantial tax benefits under some circumstances) but it’s usually more pleasant to live coupled rather than single, and *much* cheaper.
3) don’t have kids until you retire (if ever). My mom was 40, my dad 48 when they had their first kid (my older sister) so they were financially well established and ready to raise a family, and then at the point when I was ready to retire early I was (not to be crude about it, but death is a fact of life) I was in a position to take advantage of the inheritance. Mom lived to be 91, so had I been born when she was 22 instead of 42 I would have been 69 years old and any inheritance would be more or less irrelevant.
Just some thoughts, your mileage may vary 🙂
Precious moments and joys of life if having a life and a wife and kids at a young stage are priceless, growing old with your wife and growing close to our parents feed our natural instinct of life... I would not trade that for money
Sem Sho yeah, re-reading what I wrote I don’t think I expressed myself the best, I should emphasize that if someone is ready and eager to start a family then of course they should, even if there are financial hardships; don’t let a love of money get in the way of starting a family! I was writing from the perspective of someone willing to wait (and there are good reasons to wait, that’s why we don’t encourage teenagers to start families) so my point was that a person likely will enjoy their kids more starting a family on a sound financial footing, compared to rushing to have kids as soon as possible but then having to struggle to meet financial obligations. But if it’s time for family then it’s time for family! I would *never* suggest for example that a woman terminate a pregnancy because she isn’t “financially ready.” Love will indeed find a way, but a little foresight and planning makes love’s job easier.
Sounds cool but I look at it this way my parents had kid in there early 20s. They bought a small house every yr since then. Buy the time I was in my early 20s they were low key millionaires. All I did was study there steps to success married someone that agreed on this lifestyle. We were able to accomplish what my parents did in just 10 yrs. My parents are still alive. I wanted build on my own and I get more satisfaction knowing their grandkids will get their grandparents inheritance. I will pass mine to my grandkids. I feel that keeps the child humble
This is my fifth year after retirement. I’ve been following the 4% rule thing, but this isn’t really how hard I expected things to be. I still have about $460k outside funds in my IRA to invest in stocks. Pls how do I take advantage of the market turnaround?
now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
This is really nice. I worry that I have a couple more years before retirement, and I want to switch to using a financial advisor, I could really use the expertise of this advisor.
I started out with an FA named Nicole Desiree Simon Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
Great video and advice!
Thank you 2cents. I watched this like 10 times now