I Just Reached Financial Independence
HTML-код
- Опубликовано: 10 сен 2024
- Wow... did this just happen? First, lower your burn rate like crazy, then use the 4% rule. LeanFIRE is when you have 25x the amount of your yearly spending when spending in lean mode. This is when you know you are retired but with barebones spending. I talk about how I got here and how paying off my home was one of the catalyst that allowed such a crazy thing to happen so early.
► More resources at my Patreon: / beatthebush
► My honest reviews on Amazon: www.amazon.com/...
► Mint Mobile, as low as $15/month: mintmobile.com...
► Moomoo, up to 17 FREE stocks: j.moomoo.com/0...
► Webull, up to 12 FREE fractional shares: bit.ly/2XwlcQ4
► Get $30 when you spend $30: www.rakuten.co...
► FREE Audible Audio Book: bit.ly/2Z4RrN7
► Build Credit w/ NO Credit by Self-Lending: self-lender.3q...
► BeatTheBush Honey Badger T-shirt: bit.ly/2FBAeLA
Other BeatTheBush Channels:
/ beatthebushdiy
/ beatthebushfoods
I reached LeanFire in 2018 at the age of 53. Won't get to FatFire until I can access my 401ks at 59 and a half. I only work about 18 hours a week to pay for health insurance and keep from dipping into too much savings to pay low monthly expenses. I love all my free time and being free from the rat race. My burn rate is very low also. Since I'm only 55, trying to be cautious. House is paid. No debt. I never made over 39k in one year. I think my average salary was probably 27k overall. Spend way less than you earn and invest as much of the difference as you can. It is very doable, especially for couples, but most people don't have the discipline to do it I think. I never had that luxury. I did it alone. Congratulations to you and love the vids!
Congrats on your FIRE! I've considered retiring at 40. Between ROTH contributions and outside investments I'm projecting well over $600k to bridge me to the point of drawing 401k/IRA earnings (plus HSA for healthcare).
Wow!! That is very inspiring thank you for sharing
Congrats well deserved
Honestly?I laughed so hard in the beginning of this video.....and was delighted with the wisdom you gave towards the end. Thanks so much and keep up the wonderful work.
Your friend,
Maxine
Thank you!
Wisdom towards the end: "eat all the time? You cant really do that."
I dont disagree tbh.
Congratulations of leanfire btb. What next?
Pulsejets?
The longer the 'uninteresting' part of this video went on, the more awkward the silent stares of T-Rex & co became.
Congrats on your achievement!
So some people will be like... okay.. old middle aged man with stuffed animals sitting there not talking... ROFL!
I started wondering about why the Snorlax was down... Was he sleeping? Or was he knocked out? Why was the kitty laughing at him...
@@TerranceYu LOLcat laughs at everyone. I think that's why she's always on her own
...I can't believe this comment got so many likes!
I was more like " this joke is going om way too long", then I was more like" is this a joke, or is it real?"
isn't it amazing to be able to have a coffee late at night and not giving a damn about any potential effects on sleep as you don't have to wake up early. You're an inspiration
I still don't like to mess up my sleep schedule. The great part is no alarm clock, no commute, no breathing in traffic fumes, less stress from traffic, no bureaucracy, I can go on and on.
I've done almost the exact same thing as BTB. Bought a modest condo, paid it off early (13 years), and have been stacking/investing a very large chunk of my income. I did it on well below 100k a year, so it's definitely possible for a lot of people.
You implied being frugal I think. You wanna be frugal and have your own time and not be commanded to jump and you say how high? I choose being frugal. =D
@@BeatTheBush Yes indeed. I still work, but the bosses don't hold much leverage over me, and they know it. Having liquid assets and no debt gives you certain power and options.
@@dcamnc1 I too bought a condo. I paid $245K for it and it's worth about $330K right now, about 4 years later. I am in the process of refinancing to a 15 year fixed at 3.15%, from 4.675% at 30 years. It will save me a lot in interest and allow me to pay off my home by the time I retire. It will require me to make an additional $300 per month in payments . If I were to keep my 30 year mortgage at 4.675%, I calculated that I would need to make an extra $600 or so towards principal to pay off by the same time. I hope I am making the right decision with this refinance. I can comfortably make the extra $300/mo payment but am wondering if it's the right move given the opportunity cost. I will be getting a pension worth up to $40K/year if I work 16 more years. If I leave sooner, I will only get a fraction of that. I need to max out my 401k (it is not employer matched since I work for the state and get a pension that they contribute to). Right now I only make $200/mo payments into that 401k and wondering if that extra $300 mortgage payments to accelerate my payoff would be better used by beefing up my 401K instead. Aside from that I have about $70K in a former employer's 401K which I now have in a Vanguard index fund. I want to get to where you are and wondering if you have any tips. My position maxes out at just over 6 figures, but I'm not maxed out yet.. and am $24K below that right now. I won't max out for another 2 years or so.
@@StefanUrkel Honestly, the only tips I can give would be to scale back the lifestyle through very detailed line by line analysis to free up cash. I would stick with the 15 year mortgage, so that you will be forced to pay off the condo by retirement, which is 16 years away; you don't want to carry debt into retirement, if possible, with your then lowered retirement income. Once you get the 15 year mortgage, I would do everything possible to lower your burn rate and increase income, applying remaining cash to the 401k. $200/month is too low, as you know; that's only about 3% contributions assuming 80k/year, though your 70k rollover is a nice start. I'm hesitant to give allocation advice, but I will say that I too will get a state pension. Since the pension is a (supposedly) guaranteed steady payout, I consider it to be the bond/stable/annuity portion of my portfolio, with my 401k/457 being a 100% stock position. You will have to weigh your own wants and needs on the allocation decision. You'll want to weigh your whole financial life, looking at what is a steady payout (pension, social security) vs your likely more volatile 401k/stock position, and not forgetting to factor in how much your real estate position is/will be. I see many many people pour everything they have into expensive real estate, leaving them with no liquidity at all, you don't seem to have done this, thankfully. Lowering the burn rate as much as possible is my best advice, I think BTB would agree with this as well.
@@dcamnc1 Thanks! I appreciate the reply. I will have to see where I can lower burn rate. I kept my car after I paid off, and i've had it 6 years.. it still has a good 100K mi of life left in it, at least. car insurance, gas, cable/internet are expensive. i have also been spending a good bit on family vacations but feel it's for good reason due to family situation. But I will break down my expenditures and see where I can cut.. getting a total of 12% pay raise in July will help too.
Oh Frances. You just crack me up. Congrats!! 🎉
Thank you!
This guy should do a collaboration with TechLead
=D
👏👏👏You go boy!!👏👏👏👏
Some people just won't understand and keep dancing for master. Congratulations!!
I'd say not working for the man is underrated. I used to think I would take a 50% salary cut to self employ but now that I'm living it, I might cut deeper like 60-70% because it really is worth it.
i fired 6 months ago at 48. got a part time job, 20 hours a week. paid off house, 100% debt free. love it
This video was hilarious. I loved to see you enjoying the peace and quiet while drinking coffee. lol
I really enjoy watching this channel huge inspiration of mine !!
Thank you!
LOL! Hard-core fans are going to watch you, regardless. Silence, ambient lighting, coffee breaks, etc. all welcome here!
I have the best hard-core subscriber group! I am so lucky! =D
This "uninteresting" portion is the hardest FI flex I've ever seen and I absolutely love it
Bush, you speak too much common sense for the common man that hurts to realize how simplicity can lead to financial independence. Appreciate your vids, very basic and down to earth. No hype, no fluff and nothing to sell.
This is absolutely brilliant, coffee slurping brilliant!
Your pauses and slow delivery are such a witty flex 😂
I’m so far from lean! I feel a little discouraged 🙁 on the other hand, you are setting a great example for everyone. Congratulations!
It takes sooooo long so don't get discouraged. Maybe look at the 10 Levels of Financial Independence video to get there on step at a time.
@@BeatTheBush Having the right partner also helps. Very difficult to address.
Congrats Btb. Your channel produces a lot of valuable information. Thank you for serving humanity.
Congratulations! I also paid a big lump sum towards my condo and then eventually paid it off with 8 years. I like when you said the secret is there is no secret. I agree 100%. Work hard. Spend minimal save and invest the rest.
I admire your determination. Wishing you all the best.
Thanks!
Great video, congrats on becoming financially independent at such a young age. Cheers to that!
I don’t understand the dislikes
Cause this was hilarious 😂
Love your videos
Keep up
Lol... dislikes will always happen.. the ratio is not that bad actually.
144 people are jealous and wish they were retired ...
@@BeatTheBush ع
Sanket, your a real buzz kill.
🤣I am sitting here with the flu 😷 and laughing so hard. Thank you!🤣🤣🤣😭
You're welcome? I wish I know where people are laughing.
1:00 part made me realised how edited yt vids are.
Brooooo!!!!!!!!!!!!!!!!!! That silence was so loud. Congrats!
XD XD
The philosophy parts are very important. I am much older and fired and I think often about the why more so than the how.
Congrats on getting to that $350k to maintain that 14k a year spending. Also 100th like 👍
It's around there. I think I quoted $414k? Sadly, it's not money I would spend, this is money you must have to buy freedom. So it stays put earning dividends and interest.
@@BeatTheBush I must have missed that moment, that's awesome for sure though. I'm slowly getting there. The family aspect of it adds a layer to getting the cost of living down haha ☺️
@@BeatTheBush $400k + live in SE Asia = Very Comfortable Living.
is that amount in brokerage, retirement or both?
@@BeatTheBush That's THE ultimate goal!
Yes! Hate it when coffee gets cold. Just sit there silently sipping your coffee first for however long it takes. I'll watch. Then you can talk about whatever you want. Haha
Morning muses? In a way, the pause is an important part of this video.
Congratulations! You are an inspiration to us aspiring investors. Keep the awesome content coming!
Thanks!
I love these frugality and FIRE videos from you. You being an asian are a natural at that. Please keep making more of these. You have a charisma and are good to watch without getting bored especially when you talk about FIRE. Subscribed
More FIRE vids huh? Sure!
Congratulations Beat the Bush! 👍🔥🎈🎉
Thank you!
I really thought the full 18 minutes would be about you making a coffee :) Well done.
XD Like a friend I am entertaining, I feel I cant just sit silent at least.
You made me start doing excels for all my income expenses and assets!! Thanks BeaththeBush
It really helps you narrow it down to what is impacting your cash flow. Do it for your networth. And sort the expenses from largest to smallest for expenses. A real eye opener.
Good video. Congratulations! Paying off your house is smart.
I have always wondered about the 4%. It says that if you live on 4% of your investment, but how do you live on it? do you sell 4% of stock/bonds every year? or 4% is the dividends amount or interest? How do you liquidate your stock gains and spend it?
You sell them in the most tax advantaged way possible. So the total number of shares will get smaller and smaller but the value of it should for the most part increase.
@@BeatTheBush Thank you for the explanation. Maybe a video on how to sell them in the tax savvy way later on. Cheers! Btw, I'm in Hayward, CA =)
Thanks for sharing your insights very inspirational and something I am working towards freedom😊
Congratulations! 🍾🎉 something for rest of us to aspire to. Hope u still do RUclips- love yr videos :)
The Trinity Study's 4% rule is only over 30 years. If you are expecting it to last longer then you need to be more conservative with your withdrawal rate. It is VERY difficult to forecast what is a sustainable rate for very long withdrawal periods. Just as small difference in growth can have a massive effect over long periods, so a small difference in withdrawal rates can cause a portfolio to completely to fall short even though it may appear to be doing well for a long time.
Great video. Thank you so much. I am going to pay off my mortgage next year! You reminded me of the very good reasons to pay it off. You are very inspiring and I appreciate your videos.
I think of it as building a solid base to work off of. If you try to invest it, you don't have a place to live yet! So when I make more money, I will invest that instead.
I do lean fire. It's the best way to create wealth. My income is about $75k and my monthly expenses are about $950. That's everything. ( health ins., gas for car, food, etc.) My home is paid for. I like saving and investing.
Wow.. that's even lower than my expenses.
@@BeatTheBush Yes. I wasn't trying to compare my situation to yours though, u know many do. I was just mentioning it. I'm in saint clair shores, michigan where cost of living is pretty descent. Oh...and my income comes from 9 paid off rentals properties (lots of equity). I hate to say it but I really do have more fun saving money than I do spending money. Since I'm only dependent on my investments I have to always think about securing my future. And money in the bank along with assets that pay me every month is security for my future as long as one keeps investing. Great video BTB!!!
Whoa... you need 9 properties to get to 75k? But so good with the equity! The numbers look very secure even if you double your living costs. Try it for a month? Or you rather buy another property?
My LEANFire is still a journey to end 2022. Glad you are trodding the path ahead and sharing your journey. Seeing your other videos of coming “out of retirement” after doing all you want to do and boredom starting to creep in. Good to learn about the roller coaster that i would go through when my turn arrives. All the best in your journey.
15:00 I work at a payoff department, the paperwork was a reconveyance fee where we send a document that states that we no longer own the house. This is actually a fee by the recorders office. Sometimes they actually have a percentage of the amount you are trying to pay off as a early payoff fee. It is rare now but most mortgages had those. And be sure to ask the good through date to be a little bit extra as if they have a longer processing time and you might not have paid it off all together. The more you know.
Lmao BTB has such a good sense of humor. Love it!!
=D
Congrats, Francis. I look forward to seeing your Fat FIRE video someday soon. My strategy used to be more investing-heavy and mortgage-light until I had a change of heart and started dumping most of what we have saved into the mortgage and make it disappear for good. It has slowed due to our daughter's 529 but it's worth it IMO. It feels good to not have even this housing debt over our heads soon! I laughed when you stopped moving and speaking, followed by making yourself a nice cup of java.
I'm guessing you'd travel more and eat more luxuriously when you reach Fat FIRE and if you do buy a Lamborgini, it'd be a used, older model. I don't think my spending would change much when we reach Fat FIRE, except for more Uber rides (I despise the MTA), eating out a bit more, upgrading my flights more willingly and possibly traveling an extra time or 2 in the year. Nothing else would change much ultimately. I think we become more of who we are when we become freer in life. Oh, and my husband can work on his own terms if he wants, duh!
HA HAH AAH! Taking a breather when reaching lean fire. XD XD XD
Seriously, I wouldn't travel more as I have a limit on how long I want to stay away from my own bed. I eat everything I want to eat already. Maybe have to burn money on dainty French food. Depends how much I have in FAT fire that dictates if I buy a new or used Lambo. Probably used since so much depreciation is taken by someone else! Else I'd be really trying to burn money?
@@BeatTheBush Yea, let someome else take that steep depreciation burn. You prob can find a nearly-near Lambo at a great discount by buying used. I can imagine you doing a travel video, munching your way through Paris and enjoying the cafe scene.
So 13.8K x 25 = $345,000? How are you buying health insurance.
You’re an inspiration. I’m going to work and get as close to financial independence as I can. Thanks BTB.
There is that 10 Level of Financial Independence video you might like. It spells it out in steps. ruclips.net/video/dZyUTnbqiu0/видео.html
Congrats man! I know you worked really hard to hit this goal!
I feel... I didn't work too hard... really hard to get off the normal job at least.
Congratulations. You're an inspiration
Thank you so much!
Man I wanna get some of that merch to celebrate for you but I shouldn’t buy it, I don’t need it.
=D Thanks for considering but yep. If you don't need it, don't buy it.
Funniest comment! LOL
Post mortgage, don't forget to include property tax, insurance, utilities AND maintenance fund in your planning
Well, the big thing in being financially independent is having options. There are people who show up at a job everyday, probably in large part, because they know they can quit, without giving notice and without consequence, at the drop of a hat. There boss may be their boss but, that boss doesn’t actually have any power, when you’re not living in fear of losing your job, your benefits and becoming destitute. I think a lot of people can’t admit that to themselves, to keep them from leaping across a table and choking the living sh*t out of their boss or any other antagonizing coworkers, in an environment you once described, that you’ve experienced and, for certain, so have I. So many slip into apathy as, they know it’s for the duration of the most productive years of their life.
Also, as much as people don’t want to believe or think about it, the jobs market is a prison system of sorts, for many reasons:
You have to account for your time and answer to someone who is above you, even when they’re an idiot.
I remember when I’ve applied for jobs,’in the past, and being asked what I had been doing between jobs. While I had to answer the question? I knew it was an invasion of my privacy. If I wasn’t being paid by this person or this company, why would I need to account for my time? And many people have to lie and say that they were traveling, in part, to lift themselves above the average Joe Schmo, to provide the image that they could do as they please as, they cake from money. If not, you feel you have to say you did some “community volunteering” to not look lazy. As if, while you weren’t working, money needed or not, the only thing you dreamt of and wished for, was punching a clock, to shuffle some paper for someone. I remember applying for a job at an agency and I can tell you that, as a black woman, I was utterly insulted that it was insinuated that I was probably in jail, when I wasn’t working.
Add to it that, what I’ve found out, during this pandemic is that, if you began WFH and decided to move to a cheaper locale instead, your employer may cut your pay, according to your new cheaper cost of living.
I also know someone who has been caring for their parents overseas, for the past 6 months. Their parents both got COVID. But, this person kept working their job, without consideration of the time difference, as if they were still here in the states and their boss knew and was fine with it. But, once HR found out, they said the person had to return or be fired. So, they’ve basically been told, by their employer, that they’re unable to provide care for their parents, because the employer sees it as imperative that they be on US soil, instead. I’m going to assume that will detonate, at some point...
This is my plan to pay off my house!!! I plan to pay 5k increments until it’s paid in full. I already own 2 other properties that are paid for and I rent them out. I also enjoy coffee in the afternoon just because I can. Loved this video!!!
Nice! Just be careful with keeping enough emergency cash around.
@@BeatTheBush I have 2 years of an emergency/opportunity fund saved. Great advice!!! This doesn't include my reserves for my 2 rentals. I love your mindset!
cl west that’s so cool!
"and were you live"
I came to a similiar conclusion on mortgage payoff. Instead of just plunking extra money into principal payment, I have been saving that extra cash up. That way you still have access to it instead of being broke. I love watching my savings grow every month. When I have enough, then I will smash that debt. Only 5 years to go.
=D It's like a line of credit but you have to pay for it if you keep it in a savings. The difference isn't that much though after mortgage interest deductions.
Congrats🎈🎉
Wow BTB congratulations. You are doing very good. An inspiration for other financially minded people.
Thanks! Not the only way to do it but it worked for me.
I'll let you know how it goes. 550k left to pay on principal residence. Vancouver, Canada
Wow... that's a lot.
Well done. You look really relaxed.
More and more so than before. =D
Congratulations!
You're an inspiration to us all
Thanks!
*Dang* *that* *is* *amazing* , *congratulations* !
Thank you!
@@BeatTheBush Of course! I enjoy watching your story. One day I will be able to say the same thing =)
To people new to thinking about FIRE, one big aspect of your life is enjoying what you're doing.
For men this usually means your work. You should strive to have a good job and like the work you do.
This means already having a good life, before you've FIREd yourself.
And to the young people - as you master your craft, you get more satisfaction out of it.
It takes time, it's not easy, but it's there for you to grab it.
I love your cup. I have had that same cup for 5 yrs. Coffee...
AWESOME DUDE WAY TO GO!!!!!!!!
=D
Get fat fire! I would love to see this journey
looking deeply into the sunset, One stood up and said strongly, "Financial freedom isn't free," the sky fades to *black....*
We don't know what happen to that person but *they were never seen* (working a job they hated) *again*
Is that what my coworkers think? I assume some know about my career change.
@@BeatTheBush who knows, I was just trying be poetic 😂
FIRE is literally impossible in France, where I live, but just trying to get there helps me to keep going on working everyday
I would love to listen to a longer video on this topic of grindding coffee🙂
I have hand held coffee grinder. I try to refine it to make better and better.
I have heard of slow fi and now lean fire lol I love it! Definitely more attainable for most. And I think that can allow for focus on family, friends. ..just things that really matter happiness
It doesn't cost that much to pay for the costs needed to gather some of your friends and/or family together. Totally worth the cost.
i like your sence of humor, good one, u got my like.
Thank you!
Congratulations BTB. As long as you happy that is all it matter.
=D
Generally u appear automatically on my you tube. Past few days your thumbnail was missing so I went searching for you....
The dead stare from your T Rex is creepy. IT looks alive & breathing.
Have to admit I skipped through the long pause, but it did make me laugh regardless, well done 😅
I’m in a very different boat since for me, leanfire will mean I can cut back my working life to 5-6hr/wk and stay home with my daughter. I had her alone at 20-21 and it’s always been crucially important to me to stay home with my children. So, when I achieve this in a few years I can be with my daughter.
Congrats!!
The pauses are the best part!!!
BeatTheBush alas, perhaps not even piano can save my hopeless millennial attention span 🙈
Wow! Such a young guy and you've already achieved financial independence! CONGRATULATIONS and most important there is no secret....I guess just having common sense. :D
Don't buy too much stuff is an important aspect.
Love to u see u havin fun witit
=D TY!
Congrats Francis! You did it!! Thank you for your great videos and humble approach. 😊
Thanks!
How about finding a significant other to share your happiness with?
Is the Lean Fire 25x that you saved all outside the 401k or combination of 401k, HSA and investment accounts.
You must feel great! After watching your video sitting in a park in NY and talking about burnout, the first four minutes of this got me worried we might lose ya! Glad to hear you’re still enjoying being a RUclipsr. Another good video!
I do... when I make videos that I really want to make and not have to make.
I like French pressed coffee.
Thanks for sharing your accomplishment. Diligence does pay dividends. 😁
I avoid it because apparently the oils in the coffee isn't good for you.
congrats btb, and to others discouraged by how hard it can be to get there, remember the closer you get the better, its not an all or nothing proposition.
Yeah... it's a gradient. Less money you need every month the less stress.
sir...i just subscribe for you.....your knowledgeble....not annoying person to listen with...im so glad i found you...make more video....and im your students
Thanks! Welcome!
@@BeatTheBush i just signed up....but when i give my bank acct number....theyre asking password also....why?
Signed up for... which thing?
@@BeatTheBush sir...in webull apps...? How did you fill up the page...for deposit to enyer your bank account by doing manually..?? But not to link the pages...i want ro do it manually...how?
Congratulations!! You are amazing! Thank you for the video and keep it up!
Thank you!
LOL!!!!!!!!!!! Apparently a few people who downvoted didn't get how funny this is! :D On another note, I have you to thank, for the monthly net worth statements I have been doing this year, and that has made a big difference in keeping a BIG watchful eye on making larger investments, paying down the house, and watching the net worth skyrocket.
XD XD I wish I knew what was funny so I can have more of it. I know right? With the networth tracking? When money not burned in interest goes towards your networth its a win.
Congratulations on reaching this milestone! Well done!
Thank you!
Been watching your channel over the last few days since it showed in my suggested video feed. Lots of good topics you cover on saving money on the channel! Glad I found this channel.
Thank you for your subscribing! Welcome!
Love your vibe cool man
Not long enough. Should’ve made this into a live stream
18 mins not long enough? Goodness.
You're so wise now that people actually watch a video waiting for you to finish drinking your coffee just to hear some wise advice from you! Lol. Congratulations! I hope to achieve fat fire in near future....
Lol... I wouldn't make people wait too much. =D I had to do it to emphasize my point. =D
OK you deserve it, take a youtube break. Congratulations. I also love a coffee in the afternoon and it's interesting how much I appreciate a coffee at FI in the afternoon. Thanks for the transparency.
It's so unfortunate you have to limit it and not have too much caffeine. It just doesn't work drinking as much as you want.
Yes I'm working on paying off my house too
I certainly think it's a great way to go.
@@BeatTheBush thanks for great video :)
Great insights as always, I’d like to hear what you’re thinking about the slowing economy and what strategies you suggest.
I get skeptical when everyone says the same thing. It makes me think it might not happen.
BeatTheBush caught me by surprise there, that’s actually true in many cases. I will take that perspective into account. Kudos
Grats Francis.
Thanks!
Congratulations with financial independence. Keep it up.
I shall try my best!
Im envious 😎
That was comedy gold Francis... Good financial information also, always enjoy all your videos, God bless...
=D =D
He has transcended the corporeal world. "Alright, Imma head out" BeatTheBush, 2019
Lol... I wonder about that. What financial obligations do I still have? Slowly cutting them all lose.
congrats!!
Thanks!
Congratulations
=D
this was fantastic.
Thanks!
This video is unlike any other video I've ever seen. LOL.
Glad to change things up a bit!