Financial Freedom and Traveling the World for JUST $40,000/Year!
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- Опубликовано: 5 июл 2024
- Is traveling the world your financial freedom dream? With just enough money, you could jet from Singapore to Spain, staying in small towns or big cities and eating to your heart’s content. But being a full-time globetrotter doesn’t come cheap, right? That’s where you might be wrong, as traveling the world full-time might be exactly what allows you to reach financial independence and retire early. That’s what Kristy Shen realized, who became financially free at just thirty-one years old.
Kristy thought she needed a lot of money to travel full-time-it turns out that wasn’t the case. For as much money as she was spending in expensive Toronto, Canada, Kristy could live wherever she wanted, doing whatever she wanted. Now, she’s settled down a bit more, with a tireless one-year-old to take care of. Can she still live out her FIRE dream and travel the world?
We talk to Kristy about how much she had to save up to take this big leap in life, exactly how much she spends traveling the world, the easy ways to cut out expenses and speed up your timeline to FIRE, and why financial freedom is crucial while raising a family! If Kristy can do it, you can too! So what are you waiting for?
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00:00 FIRE at 31!
00:58 How Kristy Retired in Three Years
04:14 Cutting Expenses
08:07 Financial Independence with Kids
11:47 Grow Net Worth in Retirement
14:09 Best Advice to Reach FIRE
16:24 Connect with Kristy!
Great interview! I did something similar…been traveling the world full time since 2019!
I heard Kristy interviewed in 2015 (I think) and her story and introducing me to the fire movement changed my life. Currently 2 years from FI and I owe that to her and all the amazing FI communicators
Her book Quit Like a Millionaire was very inspiring!
If you don't have a house or a home base, where do you keep your belongings? How can you take everything you own with you when you travel?
LOVED her book and LOVED this interview! Such an inspiration! 👏👏👏
I like to listen to these stories but ALL of them have a grey part around the numbers. She said their starting salary was 50k but in 2-3 years they already have a 500k saving for a house? HOW? She also mentioned first they had around 50% savings rate
High paying career and rapid job bouncing to higher wages
She also said 3 years, then quoted 9 years to get to FI
Maybe more details are on her site, maybe she's not entirely honest about how much help she got, or maybe it's the rest of us that cast doubt cause that's who we are. Regardless of whether she and her partner did it themselves or not, there are many who did, so it's possible, and the only path there is to try, continually honing our efforts. We got there without even knowing FI was a concept! Now we just want a big buffer and nicer lifestyle...
The 3 years she states is the timeframe from when she discovered FI to the point at which she became FI. She had been working for 6+ years at that time, having begun her career earning $50k and then later earning nearly "six figures" by the end of her FI journey. Kristy had a ~9 year working career, but only considers the final 3 years of that career as her FI Journey.
@@arcanedominion13Ah, that makes more sense. Thanks!
Great episode. I have been following the millennial revolution blog for some years now. Very inspiring!
Is she talking in Canadian dollars?
Hats off to FIRECracker for publicly showing this lifestyle is not only attainable but sustainable. It's awesome to see her "Millennial-Revolution" blog posts from way back in 2016 discussing these topics and it's great see that she is still thriving today. This kind of nomadic FIRE is not new either - Billy and Akaisha from "Retire Early Lifestyle" FIRE'd in 1991 in a similar, travel oriented fashion. As someone who is pursuing FIRE and recently "location independent" (aka using geographic arbitrage, middle-class homeless, digital nomad, etc.), I'm grateful for these kinds of examples.
Great interview, thank you!!!
Wow ... Inspirational
Tq
Amazing! ❤❤❤
Awesome interview! So glad to hear her interview in person!
listened to her book 2x
Sweet
Lots of judgment in here "fancy dinner" etc. I think cutting down on your expenses is great, but you can also try to go and reach your maximum financial income prospect. I know software engineers in Toronto who end up making 500k+. When you're dealt a hand like that, with the ability to earn this much, maybe try to reach for that instead of retiring at 31. You don't know what may happen during life.
And yes expenses do go up with a kid, especially if you want the best for them.
There's a cap to how much you can save, no cap to how much you can earn
Ironic you criticize her for judgement because she said she prioritized savings and traveling over lots of fancy dinners and other things that didn't bring her joy....yet you're judging her for retiring in her 30s even though she's a smart woman and understands what she wants out of her life. Not everyone cares about making $500,000 and the stress and lack of freedom that comes with it after they've reached their savings goal.
@@ariefraiser140 I'm not judging. I made similar choices, I'm just saying a lot can change and when you're 31 you still have a lot of runway to go.
@@patienceisalpha Agreed. I'm in my 50's with family members that live a long life, so I'm thinking my retirement could be 40+ years long and I'll have to make sure the money lasts. If I'm concerned with a 40 year time horizon, thinking about a 60-70 year one would probably worry me sick...lol.
Those retiring early on a pittance (say $500k) are way too eager and asking for it imo, but those that have $1M+ can probably succeed in the long haul, IF they manage to continue to grow their nest egg at a rate that exceeds inflation. Personally, I think I'd prefer $4M+ cause I really don't want to restrict myself when I'm old, but for most, I think $2.5M will be more than comfy... Finally, while Kristy and her partner have grown their $1M to $1.5M in ten years, you have to remember the past decade has been a very good one in the markets. With their current 75/25 asset allocation, and a decade of modest gains ahead in the market as interest rates normalize (as per the "experts"), they're not going to grow their net worth at the same rate the next ten years, and both inflation and lifestyle creep may gain on them... Hmm, maybe I'd save at least $2M first, would prefer more buffer room. Hey, it's got to last a lifetime, right?
@@dstevens518 agreed. While I think the 'one more year' syndrome is real, and people should aim to retire from unwanted labor as soon as possible, there's a risk when you're early 30. the entire building blocks of your life are not really set (location, kids, careers etc..). There's a lot of unknowns
@@dstevens518best thing imo is to never completely stop working.
Either work at a hobby level to keep yourself moving and keep a little income flowing, or do the homesteading thing where you're working on your property creating little streams of products that meet your needs and reduce your income needs.
This is true financial exaggeration? No way to survive in Toronto on 40k? Just ask GSP ? 💔🙏he talks about having to move out of Toronto due to the cost of living 💔🇸🇪🇺🇦🇲🇽🇫🇮🇯🇵🇰🇼🇺🇸🌹
So Dave Ramsey is correct!!! You can withdraw more than 4% and this proves it.
The 4% Rule allows for 95% probability of success. ie. it accounts for the worst case scenarios. In most cases you'll end up after 30 years with significantly higher amounts than your starting portfolio (in some cases 6x more than your starting amounts). So yes you can probably withdraw more, but with higher risks of failure. Dave Ramsey's 8% is a bit much tho....
PS: if you think one person's outcome after 10 years "proves" it, then you don't understand why people even bothered to come up with stuff like the 4% rule in the first place.
@@kevinvo6144 Even if it was 50 years and not 10, it wouldn't prove anything. It's funny how investments always have that fine print warning that past performance is not a guarantee of future performance, YET the 4% rule was based on past performance data. And most of that return came from boomers growing up and consuming, as well as The New Deal creating the biggest cohort of middle class consumers in history, and boosted growth from globalization. Well, going forward, there's no New Deal anymore, quite the opposite as the rich hollow out the economy and the middle class fall into the lower class. Boomers are aging out and consuming less, and globalization is retrenching as right wing viewpoints become more popular. In other words, 4% is dead, try 2-2.5% if you want your money to last...