Why $420,000 Dollars?
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- Опубликовано: 28 авг 2024
- We've talked about what retirement means to us before, but we've never really addressed how we came up with $420,000 dollars as our target early retirement nest egg.
In this video we discuss why we chose $420k, why it's probably not enough, and why that's OK. Hopefully it answers some of your questions.
Links:
Retire Comfortably? goo.gl/ufZFR7
What Retirement Means To Us - goo.gl/VAeXfx
4% Rule - goo.gl/3LdxFy
Internet Retirement Police - goo.gl/eKdVmS
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dude.. she clearly loves u more than a lil... u r wealthy no matter what happens
That's right, in no way should having saved $420,000 be considered a failure or a shortcoming. Even having a few month's salary saved can afford a person some flexibility when it comes to doing or not doing certain jobs. More just allows for more freedom. Keep up the good work!
chuckdeville Thanks!
Recently I got into the youtube financial niche, and I’ve taken a deep dive into investing, particularly dividend growth investment as it interests me. Tried several methods trying to figure out the best approach to building my portfolio. So far, I’m making progress with the help of my financial advisor. Back to the video, wonderful job there, always look forward to your next content.
It’s almost the same situation here. The difference is that I got off early enough to know that financial planning would help me go a long way. I’m in my 60’s and reaping off my hardwork.
Came across Alec Payden at an investment webinar. You can get all the information you need, just leave him a message if you have inquiries Alecpayden (a) g ma il. Com....you can look him up if you like.
You guys are awesome. I love that you aren't afraid to stick to what you think is best and experiment with your life. Because it's your life and you should 1000% do exactly what you want! Being able to roll with the punches like that and having an open plan means you'll always be able to consider what you want, change things if what you want changes and go for it, instead of gripping so tightly to some plan that might not represent who you are in 20 years. High five, way to go, pat on the backs and woo-hoo to you! You're a huge inspiration to me and others getting out of debt because you are living your dreams! Super-sincerely -BG
Budget Girl Thanks! You're well on your way. Great job to you as well!
$420k sounds like a good benchmark and goal but I think that once you reach it, you will keep growing your nest egg!
Shahrukh Bakar :)
The key to your success is that you two are in sync and moving toward the same goal. Priceless.
420K? You could buy mad weed for only $129. I think you have overshot.
You are one of the only other RUclipsr's I found that are aiming towards early retirement! I also agree, retiring early doesn't mean we will stop doing things either, just gives us choices and freedoms in life so are hard to have when you can't pay all your bills off investments.
Good luck with getting power back. NOT. You dont know how the real world works. Pffffffffffffffffffffffffffffffffffffffffffffffft........................(but really good luck with getting power back)
Jared S Haha!
Are you planning to answer the question above about your insurance?
great goal...I did same thing starting at age 29....by 40 my investments covered my bills...all about planning
Let us all remember that "early retirement" doesn't always mean full retirement. It can simply be a chance to actually delve into what you actually want to do for work regardless of what that job may pay.
Financial independence should be everyone's goal. Keep up the great work, and thanks for sharing your journey
I'm actually so thankful that such a knowledgeable set of people have helped make it so easy to understand personal finances
Just saw your RETIRED video and got recommended this one, THANK YOU FOR MAKING THIS VIDEO! It is so intimidating to think of "retirement" as sitting idle not only for health reasons but also for financial reasons. Thank you for your perspectives and I am so excited for you both and your family! :D
420,000 invested into Property would net you around $4-5,000 a month in rental income ( thats 100k per property rented out for 850-1000+) a month. Thats $48,000 a year , after taxes and land fees youre looking at around 32,000 as the left over. Property tends to increase in value between 4-9% yearly ( depending on where you live obviously, but you would make sure that the area shows strong signs of growth or is already popular ) Thats not including the 3-5% yearly rental increases you're allowed to do, which places you will in front of inflation just from the property increasing in value and the rent increases. Unless you choose to invest in dividend stocks, thats another story, but property tends to out perform, especially in college towns or areas that are underground gentrification. But thank goodness that you both ARE at least investing, ive been trying to get my friends into investing , stocks, mutual funds and property for 10+ years now, some people just have no desire to prepare for the future.
I have experienced similar reluctance from co-workers. I am not the kind of person to flaunt my own views, lifestyle, or judgments, but there has been more than one occasion where a conversation is overheard by other co-workers who are quick to denounce a long term plan as "fantasy." The usual, "You know life doesn't work that way.. something will come up along the way to cause your plans to go south or not the way you wanted."
All I know is that when they do start taking care of long term planning, they will look back and regret it (if they are honest with themselves). A lot of people taut the "I wouldn't change a single thing!" garbage, but that really just means they are trying to convey that they gained some obscure value in self-enlightenment by putting off their responsibilities until later. At the end of the day, it only matters what you choose to do, and what everyone else does is to their own ends. You reap what you sow.
Great timing on this topic. I experienced this freedom of financial independence today. I was faced with a undesirable job situation and was fully planning to quit. I knew that we would be okay because of the money we had saved and our frugal lifestyle. I love that money was no longer a factor in my decision.
Heather Thornton congrats!
Heather Thornton Congratulations Heather! You have been "FIRE'd" ! (If you aren't a Mr. Money Mustician, that means 'Financially Independent' Retiring Early')
Heather Thornton That's awesome, congrats!
Well done guys. Thanks for the inspiration. Douglas
I'm a single man, I spend 29,000 a year. I travel twice a year and I have a home base to come home to (a small apt.) I'm retired military so traveling is cheap as long as I take military flights (called space A) I have no children. After my military career I worked in 2 hospital and gained a nice nest egg to help to retirement. So I'm 65 now. Retired in 2016. The cost of inflation is real. Every year it's getting tighter and tighter to save money to travel, which I love to do. The Euro is a killer and the dollar is bringing less and less. So from a person who has put retirement planning ahead of everything I just wanted to let you know what 420,000 can do today. If you do not have a better plan. The both of you need to revisit it. It takes a lot for this to happen in your life, or you will be scraping and hustling all the rest of your life.
Thanks so much for putting out this video! We're in such the same place as y'all it was like you were speaking our minds :) We've watched some of your videos before, but recently a commenter recommended your saw horse comparison video (after we put out a push stick comparison video) and we feel like we are rediscovering your channel with new eyes. When we first discovered your channel we were in a different place in life, but now that we are RUclipsrs and trying to lay a certain path ahead for ourselves, we definitely relate. Sorry for the novel haha :P
Stick to your guns Mike & Lauren. Most people will simply never understand that it's not how much you have in your retirement accounts, but how much you plan to spend in retirement. My wife and I retired at 49 and have not looked back and yes, you can still work and be retired! Thanks for all that you do...
David Boland Thank you for the encouragement and congrats on early retirement!
I enjoy watching your video's and this one was no exception. Could not agree more with you in regards to the attitude to retirement. It does not necessarily mean not working, but rather having the financial security to do what you want to, and still have the bills paid.
This video reminded me of this quote: “You do have to try, learn, and improve. You do have to put yourself out there and risk failure. But in this new world, you don’t have to go bankrupt if you fail because you can fail small. You can innovate as a hobby. Imagine that: a nation of innovation hobbyists working to make their lives more meaningful and the world a better place. Welcome to the maker revolution.”
― Mark Hatch, The Maker Movement Manifesto: Rules for Innovation in the New World of Crafters, Hackers, and Tinkerers
Mike, if you have not yet read that book, I would highly recommend it. I've loaned out my copy, but I'd gladly recover it and send it to you.
Gene Jordan Absolutely! It would be amazing if everyone followed their purpose. We wouldn't have a world that is full of half made or badly made products, because a person's name and pride would be associated with it.
Gene Jordan Very cool. I hadn't heard of that book yet. I'd love to read it, but likely won't have time until mid-October. If you happen to recover it by then that'd be great!
Here is a link to the sample .pdf from that book: www.techshop.ws/images/0071821139%20Maker%20Movement%20Manifesto%20Sample%20Chapter.pdf
If you invested in an index fund mutual fund on the S&P you could live off 8% and never touch the principle and still have growth 3-4% over what you live off of.
It doesn't work that way. The AVERAGE return of the S&P 500 may be 8,9,10,11% a year depending on the period you look at, but if you withdraw 8% from your account EVERY year, including during DOWN markets, you'll probably end up broke before you die. Your plan would only work if the return on the S&P 500 was 8% or more EVERY year. But it isn't That's the reason for the 4% rule.
I think that it's great what you're doing and that you're doing very well. HOWEVER, you're mistaken about a few things. The 4% rule isn't about never touching the principle, it's to make sure that a retirement portfolio lasts for 30 years. There is also quite a bit of contention on whether or not this is too high of a percentage to ensure success as well. The other point is that while you may do well when you're younger the danger of running out of money comes at the end of your lives when you can no longer work, so you really want to make sure that you've saved enough. What works in your favor is that you (like we are) are savers and can happily live on less than most ordinary bears. As long as you're continuing to build your wealth throughout your lives (even if it's at a slower pace later) you should be fine. Rather than buying properties to turn into rentals, you may find a better fit (and a lot less hassle) to buy a fixer upper, live in it while you fix it up and sell it after 2 years for a tax free capital gain, then lather rinse and repeat. Planning your taxes far in advance (decades) also really pays off. For instance, pretending for a moment that you retire today (in today's dollars) at 62 and start drawing roughly $27,000/year in Social Security, taking $10,000 in "other" income (wages, 401k or IRA account distributions) and $25,000 in long term capital gains, as a MFJ couple...not pay a dime in taxes...on approximately $62,000 of income! Obviously it really matters where you get your income from in retirement, plan accordingly.
Thanks for the video stick to your retirement goal
Have you figured health care costs into your early retirement plans?
Does that include health insurance?
Even if you guys lose, you will still be winning. Keep up the good work :)
Dude, you married up.
Welcome to the club.
One question. If you retire early how will you be insured medically? Medical treatments can be expensive if you dont have insurance. We run a higher risk of having bad health the older we get. Let say you retire early at 50ish you have a few years without insurance. How would you account for that?
+BGskidmark We made a video called "What About Healthcare?"
ruclips.net/video/NpiJguAQU5s/видео.html
WOW, I arrived to this channel because I've had almost the same idea (maybe a bit late as I'm 36) and I totally get it guys! what's more, I arrived to the same number, for the same reasons with the same aim, BUT you guys have gone a bit further with the savings, which gives me encouragement and I'll try to tight that budget a bit more to reach my point a bit faster; One option I have thought up is to live in a cheaper country, I'm sure you could live in Thailand and have a great life over there with your plan ;), best of lucks guys, will definitely keep an eye on your channel
great answer to the question. keep on keepin on.
Good plan. We have a bit over that and have the freedom you are talking about. I think some people are missing your point. We work a lot on things we enjoy. However, we don’t have fear anymore. Keep with your plan.
Good perspective. I'm glad you clarified and shared.
Bruce A. Ulrich Thanks!
I know it was said below, but don't rely on the old 4% rule. Glad to hear you guys are looking at still making money in your retirement. Keep in mind if you love what you do, you will never "work" another day of your life.
Fantastic! You have hit the nail on the head. We are in an era in which retirement doesn't always mean "sitting on a beach sipping pina coladas". It means having an opportunity to pursue your dreams and desires and, as you say, many of those afford you the chance to earn money doing those things. You just don't have to worry about earning as much money doing them. Great video you two! I hope this channel keeps growing until it is a good portion of your income.
Pidasian Hippie Thanks!
I recently discovered your channel.. as a recent college grad these financial literacy videos are great! Subscribed!
No matter what else is said at least you folks ARE DOING SOMETHING. no one knows for sure what will happen in the future but at least you are laying a foundation to work on.
Michael Puffenbarger Exactly. Thanks!
You guys are couple goals! Thank you for sharing your journey! Glad I stumbled onto your channel!!
The 4% rule is an okay tool when you want your money to last under 30 years but you may want to consider using a different number (aka withdrawal rate) given these two issues: 1. you'll want your money to last quite a bit longer than 30 years AND 2. Interest rates VERY low compared to when the financial industry first starting using the 4% rule (early 90s). Just a thought!
Retirement is defined as ceasing to work. So if you need to have money making "hobby income" to live the lifestyle you want, then you're not really "retired". You've just scaled back on your occupational salary requirements.
Basically, you are generating additional money... Subsidizing your "retirement" in the meantime. Like many people 65+ today.
if the definition is to ensure that the basic subsistence needs is taken care of, or survival + obligation, then according to Radical Personal Finance, a more appropriate definition is Financial Security.
A used car guide is a fantastic idea... Get on it!
All depends on where you live. I live in the Midwest and cost of living is low. I purchased my house built 2016, 1800sft for 190k for a 30 year mortgage. I make about 50k a year+ $15k for VA disability. I been at my job for 5 years and have 30k in my retirement. I think retirement at 50 would be completely feasible. House paid off plus over 200k in retirement. My Grandpa died with a networth of 0
420,000 is not quite a random number, and is clearly an indicator of their new recreational hobbies :)
Retiring early throws a wrench in the 4% rule. I’m not sure if you’re accounting for this. A longer retirement horizon would lessen the effectiveness of a 4% withdrawal plan. You may have a 90% success rate for 20-30 years. But 40-50 years is a different animal. The worst thing in the world would be running out when you’re elderly and cannot generate an income. Just be careful, you seem like nice people.
I retired at 42 once I had one years living money in the bank for me $15,000. And $2,000 on top of that as my bankroll. I now make my living betting on tennis. And have all the time in the world for myself.
Does the $420k include money in a 401k? I ask because you can't access that money until you are 59.5 (55 or 50 in some circumstances). You could of course "retire" before then but not make withdrawals, counting on that money to continue to grow until you need it.
If you still have to work to afford stuffs, then you are not really financially independent. You are confused, guys. $420k is not enough to retire with, stop trying to outsmart everyone, you are not. I am at $1.6m and still saving, not ready to declare FI or ready to retire yet.
im all for financial independence, but what about inflation?
gold
That's why people came up with the 4% rule. The interest on your assets may be like 6-8%, and say inflation is 2%. So if you only take out 4%, you're increasing your assets (and the subsequent interest they will give) with the remaining 2-4% interest to keep up with inflation.
The first health issue that comes your way will bring an amazing amount of clarity into your lives.
Extremely great answer. Love you guys. More please.
Yeah, retiring doesn't mean never doing anything ever again to earn any income whatsoever. It just means you can choose when you want to earn, if you want. Not very many of us who has the discipline to save 420K will be lazy enough to sit around doing nothing thereafter.
You don't need $1,000,000. You need the income that 1M gives. If you have a pension that pays 2K, and SS that pays 2K, then you have $48,000 or what that 4% of 1.2M gives you. Now add in any 401k, IRA, or other investments that provide a monthly income, and you can see that you don't need anywhere near 1M. More is better, so save, save, save, just don't get hung up on numbers like 420k, 1M, 5M, etc.
Wishing you all the best.
I did some math on your numbers you posted in 2014, looks like in 2019, you will have 567,000 with a 6% earning per year if you did 100% stock index funds.
How would you handle the rising cost of healthcare?
Move to Norway, duh
I hope you guys make it and get to do whatever you guys want for work one day, what's your thoughts about insurance?
Lance's Woodshop & Adventures Thanks. We generally try and self insure for small expenses and keep more catastrophic plans to protect our wealth. For example we don't carry collision insurance on our car, but we have $300,000 liability.
Loving your style of videos, keep it up guys!
Found you guys today. Keep up the good work.
This is exactly what I wanna do! I just need enough to pay for basic expenses, so I can do what I really wanna do with my life. Which is health policy!!!! :)
Heck, I love that you actually have a real goal!
Great explanation, for us it's just one of the two who'd like to ''retire'' early, in a way you guys describe :)
Your "safe" investing tips are awesome but I'm going all in Warren Buffett style.
Will I fail miserably? Maybe
Will I eventually succeed? Eventually..
You most will definitely fail. Sometimes you know what to buy, but you have no idea where to buy it at. Also you have to think that the difference between you and buffett is that amount of buying power..
things to keep in mind.
thx. old news, but thx.
Yea reading his letters it seems he grew it slowly like an IRA or something.
"we made 18% this year.."
A lot better than an IRA. My situation is looking good, got 16% in 11 days because a company I have been watching for a while fell 3 dollars so I went all in on that.
I took the earnings and threw it in a longer term investment. That's how I'll play it.
(besides retirement funds silver/gold bonds etc.)
Why not work a job you love for a few more years and save 1 million or 2 million? Are your jobs that bad? Sounds like Mike is handy, so maybe a seasonal construction job where you can take time off would be another income stream if all you need is 27,000 per year. You could still retire young with a better standard of living and safety net? I wouldn't retire at 65 with only 420k and no pension but I would spend more too
ELIRAXPRT what they are saying is that 420k is for financial independence, not early retirement. unfortunately for most people a job they would truly love to do does not bring in the money a corporate job might. i would know, i did the corporate grind for many years before suffering a heart attack. that incident gave me the direction i needed to retire early, sell the possessions that never brought me any pleasure and move to thailand where i travel the world (fairly cheaply) throughout the year while earning incoming doing part time english tutoring and some volunteer work at a local shelter while learning thai.
life isnt a guarantee, but my life is 10000x improved.
watched 3 videos already...thought you are cool.. subscribed. thanks
very interesting concept. I love the idea of financial independence. you motivated me. Thank you
+troy scott Thank you and you're welcome :)
Thank you for the video. Viewed it 10 times
I'm glad you guys are realistic.... not like some of these reality shows. very good way to look at life. keep up the great work and I wish you luck with your little one.
Anthony Tobias Thank you!
So what happens if you need a new car? You'll lose at least a year of retirement money. What about living situations - what if something happens to your home that isn't covered by insurance?
Mike Gus Fifteen What do you do if you need a new car? What do you do if something happens to your house? We'd do that except with half a million dollars in the bank.
Mike and Lauren That's fine except my money keeps coming in. I finance a car. When I do, my expenditures go up. If I need to get my house fixed, I pay someone to do it. Which means one monthly expenditure goes up. If your 420k accounts for the expenditures you're currently spending + 25 years expected retirement, how will you compensate for unexpected things?
Finally someone asking the correct and most important question on this video. I'm not sure they ran the numbers and sought all the "life" situations clearly.
@@MikeGusFifteen lol you finance cars? You've already lost.
what half million dollars?????? Sorry but 500k in assets is like owning a house with no cash useless!
Dear goodness, it'll cost 20k a year for housing in h-town.
You guys are cool.... keep up the good work.... very inspirational... thank you!
Love these vids. Wife and I plan to semi retire at $400k when im 39 and she is 37. I just turned 34 and we are halfway to our goal. Hopefully we can be there early and pay off all our debt. I wish you 2 the best and hope you continue to make vids after you reach your goals. Share with us the he the freedom of ER
hrobbins Thanks and congrats to you guys on your progress!
Very good - I'm doing something similar (UK) but with a 'gold plated' pension guaranteeing a set income from 60. I don't need to see a nest egg for that I just lose it from my pay. So my own additional savings will tie me over from 'retirement' to 60. Say 20 years @ £25,000. Saving £500k over 20 years = save £25k per year and be free @ 40. That's well over 50% of the average uk salary, I'm fortunate to perhaps do this though. Plus I count paying off the house as being done during this time pre age 40.
But... I disagree with your reluctance to have a moving target. It's still a valid target (more so) if you fine tune the variables as you go. Could add or take off years of saving. It's about having a viable target after all, and knowing when you have reached it so as to be able to then do what you want, realistically, with reassurance. Be that from age 30, 40 or 50.
I'd rather watch you guys hit that true target than reach an original estimate.
Did you realize they predicted their warehouse investment here?? Wow!
its well enough for minimalist :)
good Luck
This is a different way of looking at what you need for a goal. It seems like most people set their amount with the assumption that they'll never make more money from hobbies, and anything they do make from those is just a safety cushion in case the markets aren't as good as they expect. I guess your idea makes a lot of sense though, since you'll expect to have some income, you can build that into your plan, and even if that doesn't happen, you'll still have your necessities taken care of. Plus, as you said, your RUclips channel gives you a big advantage, both from the income stream it provides, plus as an advertising tool. I guess the only issue would be if the markets went down at the wrong time and your hobby income was less than you'd need, but hopefully those would both be short term events that you'd be able to ride out.
excaliber009 Exactly. And as we say, the worst case scenario is we have to go back to work like everybody else....
420 Blaze it.
Just wanted to say that.
I am confused by your video. Is your net worth already $420,000 or are you trying to reach your goal of $420,000.00 before a certain age. Thanks
You know Ecuador has a great interest rate of 10% if you do a CD. You can live there and live cheap and high on the hog.
What are you guys planning to do about health insurance? I still can't believe the cost of it, and I'll never get a plan anywhere near as good as the one I can get while I'm working full time. That's my biggest concern right now, with not having a full time job. I was even shocked to learn that if I just choose one of those really minimal "short term" plans, I'll actually get slammed with taxes at the end of the year because it doesn't mean "minimum coverage." :/
Health insurance is a scam, the same as car insurance, house insurance, etc. Did you know that any of these scam makers could let you keep $50 from every sale? Not only would you stay protected but you would also have a new career. Reach 1,000 sales and you would make $50,000 per Month! Reach only 100 sales and you would make $5,000 per month, enough to quite your job and never have to work again!
All a scam, they don't want people to realize how easy making money is, so they keep taking it from you, and in many states required, so that they earn the money.
Elites are not dumb, I'll give them that, but that is all I will give them. Because they can actually blow me, the only satisfaction I will give them because I am not bending over.
Agreed family of 4 health premiums are about $800-1000/month unless you do some type of high deductible plan and hope you don’t get an illness until your HSA account is funded. Love your videos and just found your channel.
Hi! Serious question. What if you lose 30% or more of your nut in a down market? I lost 30% my investments in 2008.
Arturo Fernandez Who cares if you lose money when the stock market always bounces back on average? Hold all your investments in an index fund with a 3% or better dividend yield and put at least 20% to 50% of your annual income into it, for a minimum of years or more. Start no later than 25, and ideally you should start by the time you are 20.
Nuclear Armament. No it matters. In this case, if you are relying on the $420,000 as your only source to live off with then a market correction of 30% would matter since you're withdrawing 4% from the original principle. It only doesn't matter if you are continuing to work and ARE NOT planning on withdrawing the money in the stock market anytime soon.
@@jdl9623 The 4% rule takes that into account. The rule used 100 years of market data for its calculations that includes the great depression and the stock market crash from the 80s.
Also I believe the 4 percent rule assumes your portfolio is 60% stocks 40% bonds to account for a market downturn in retirement. Admittedly if the split is 80% stocks 20% bonds there would be an issue but then you would be violating one of the key components of the 4 percent rule so it wouldn't really be an issue with the rule.
I don't think a downturn matters as much following the rule. What you definitely can't do is lock in your loss after a 30% drop by trading from stocks into bonds. Keep your split 60/40.
Great work on the Video!! I can see that you guys will certainly be successful!! You're making smart choices investing in your future and hope you the very best!! Working diligently, and daily, will surely bring you success!!
I just assumed that y'all were doin it for the memes.
So, $420,000 divided into 40 years. Comes to $10,500 a year. Yes the money will increase in time, but you'll be living on a shoestring budget, and hopefully nothing goes wrong healthwise or otherwise, or you are screwed.
Lauren was right.
AcerbusGaming Good to know. Thanks for the question!
I wanna cash out and move abroad w/978k. Just don’t trust any banks right now, or the stability of our current industrial revolution. With Ai, and crypto currencies, i have managed to live with 5k a year. No vacations, my lifestyle IS a vacation.
You guys are awesome!
very smart plan and admirable! Its very rare especially these days that you see a married couple who can withhold instant gratification for long term satisfaction. I hope I can find a woman who will be willing to do this with me someday.
mike9077 Thanks and good luck on your mission ;)
I thought it was 401k
I get your plan to retire and earn for luxuries with work you really like, when you want. But there comes a point you can't work anymore and get extra medical costs. Did you save for that ?
Is this savings in a 401k? If so, RMD might force you to dig into principal and put you in a higher tax bracket. What will you do with SS? 62, 65, or 69?
I still love watching your videos. I think you tube is nuts. I haven't posted a new video since January and I still get steady monthly views albeit low, they still happen. How is the mobile workshop coming?
So, what are going to do when you go to Norway? Just curious as a Norwegian. I enjoy your videos on a regular basis. Good luck with all your plans!
Andreas M We're going to be renting a car in Oslo, camping the fjords for a week and half. Then flying from Trondheim to Tromso to see the northing lights. Where do you live in Norway?
I see, you're here for the scenery! Well, you've done the right thing by going to the fjords. I'm guessing you mean the west coast? I've seen too little of it myself, but will be taking several road trips there in the future. And the northern lights can be absolutely amazing up north. In the late fall/winter you can sometimes see it further south, like Oslo, as well, but nothing like up north!
Do you have any contacts or relations here or have you been here before? If you ever have any questions or want advice about anything Norway related, I'd be happy to help! If you need it I can send you my email address.
I live just north of Oslo, Eidsvoll to be excact - the costitution town, And I've been comuting to Oslo while studying. It's only 35 minutes by train.
Thanks for sharing your videos and good luck with your travels. I hope you get good weather!
Mike and Lauren
So, what would you do after those 25 years?
I don't know about America, or wherever you live, do you have a retirement agency too?
In Switzerland, there's a retirement agency that every single person has to pay a percentage of their earning into each month - and when you're 65, you start receiving a monthly rate so that you can retire.
If you don't work for 25 years - so, get retired at 40, let's say - you only get about half of that, because you normally work from (18-25)-65, which is 40-47 years - and you'd cut half off that with retiring 25 years early. So, unless you factor in this additional cash, you can't retire early.
What about you guys? What's your planning beyond 25 years?
+Overrice Our withdrawal rate would allow us to maintain that lifestyle indefinitely. Especially if you consider unforeseen sources of income.
how did you won a minivan ?
thanks for doing this video! I was curious how that amount was going to be enough but didn't want to be rude asking :)
Sara Mitchell You're welcome!
I thought $420,000 was a reference to pot. Are you both pot smokers?
Who is going to pay for your funeral when you die? That is at least 1,000 in body disposal, each.
Also what if you develop cancer...there goes 100,000 at lest if not 500,000+
Most insurance will *not* cover cancer
(side note there is many types of cancer some treatable...some not)
There's insurance for that.
Glad I live in Australia, our healthcare is free....and fabulous :)
Good luck with the $420k