This is such a great video! Will be sharing this with my friends! I totally agree with you on these points! Love how you explain that early retirement give you time and time gives you Energy and mental clarity!!
I ran into this so much in 2019. I pulled a mad-fientist as I basically went in all in on deprivation mode. Since the I’ve pulled back a little and put a fund away for travel and hike way more than before
I've learned to just keep my mouth shut unless people ask for specific advice. 😬 I do try to get my friends to at least contribute up to the 401(k) match though!
Great work. I'd suggest anyone just contribute and build a taxable brokerage, enough to bridge the gap for the 5 year conversion holding period. Realistically, someone going after FIRE will likely max out all the tax deferred accounts and seek taxable accounts 2nd anyway. High savings rate. Besides, don't want to roth convert if you're in a high income bracket, so makes sense to wait until you quit the prison 9-5 first, reduce the earned income to lower the bracket.
Great job on the video. I am surprised you already knew about the Roth Conversation ladder. I wish I had personal finance down you like when I was your age.
I actually only learned about it recently after being asked about it several times! I knew there was a way, but I wasn't sure about how it worked exactly. Luckily it was a lot easier than I expected. Thanks for watching!
Talking to someone in their 50s about early retirement is a waste of time. My 52yo colleague has a a big house, always books villas when he travels and generally spends everything. He told me that I should enjoy my life 🙄.
I feel like I enjoy my life just as much as others spending most of their income. I honestly don't know what I'd really change, even with a lot more money. Too many things in my life just stress me out!
@@AlexQuinnYT well, this colleague only buys top quality stuff, such as wine that costs more than 25 dollars per bottle. He only books villas of 500 dollars per night when he travels. He never wants to have things on discount and stuff like that.
The issue with the 4% rule imo that isn’t realistic for early retirees is that it’s based off of 30 year time frames. As you mentioned, adding in some extra funds will pad the blow for many early retirees
Yep, agreed. I'm not personally using 4%, I'll probably use something closer to 3% because I have a lower risk tolerance. I also haven't actually decided on a FIRE number yet - but I've got a lot of time to figure it out! 😂
Personally, I believe any age can and should be motivated to learn these techniques and implement in whatever method possible. Every generation has insight that is extremely useful - KNOWLEDGE is so readily accessible today - but it does take action to put things in place. Great job debunking the common myths!
Yes, this was actually something I only recently learned! I guess it's not super vital information to understand while you're still in the early stages of saving/investing. But it's absolutely crucial to allowing you to retire early!
This is such a great video and well researched. Technically I retired at 24 when i started my own business. That was way before I knew what FIRE even was. We also see all the myths you mentioned and decided to create our own movement (Financially Independent Female Entrepreneur). I love what I do and don't intend to "retire". I'm going to give this a share on my socials to. this video in my humble opinion is something all young people and old for that matter who want to have financial freedom should watch!
@@AlexQuinnYT The FIFE movement is officially launching tomorrow so look us up tomorrow. We will have daily videos at least mon-fri and it will also be available as a podcast!.
Really interesting video. Great info and like how you break it down makes it very achievable for many people. 15 years and $80,000 p.a. isn't anywhere near as long or as much money as you think, so that is a great way to think about retirement. Great vid!
Definitely! I think it's a lot less than people expect. Obviously everyone's own numbers will look slightly different, but I think it's still achievable for a lot of people. Thanks for watching!
I’m glad that I‘ve been able to avoid lifestyle inflation too. It makes me much happier to save my money, than spend it on silly things I don’t need. Great video, new subscriber here :)
Oh wow thank you so much! It's not necessary at all but I appreciate it! There are so many myths about early retirement - I couldn't even fit them all in. I had no idea this was an almost 20 minute long video until I started editing it. 😂
Your enthusiasm for personal finance shines through. 🙌
Thank you so much!
There are so many myths we've been tough to. I like your B-rolls, great video again!
Thank you!
These are all great tips! I LOVE F.I.R.E. 🔥🔥🔥
This is such a great video! Will be sharing this with my friends! I totally agree with you on these points! Love how you explain that early retirement give you time and time gives you Energy and mental clarity!!
Myth #2! Contentment is so underrated. If you can't find happiness while saving money then saving just won't be sustainable for the long run!
Definitely! You have to find a happy balance.
I ran into this so much in 2019. I pulled a mad-fientist as I basically went in all in on deprivation mode. Since the I’ve pulled back a little and put a fund away for travel and hike way more than before
It’s all about Financial freedom 💰💰
Yes, these myths are very real. Thanks for sharing.
Rule #2 is one I've struggled with communicating to people. I love these myth bustings! Thanks for sharing Alex!
Thanks for watching!
Its important to know all of these! Great video!
Thanks for watching!
I don't think I will have a problem figuring out what to do with my time when retired. 🤔 Great video 👍
Definitely - I have a LONG list of things I want to do during retirement. Thanks for watching!
The 59.5 is a big myth. Max out your Roth every year and you'll be in great shape.
That's the plan!
I enjoyed your video.💕
Thanks, My good friend. Have a good day~
Great information, Love the myth points, What I like about to retire early to have the option to choose when I how I work and if I work 😀
Some really great information here, I learned a lot about early retirement!
Thanks for watching!
It’s really awkward telling 55 y/o people you’ll retire by 35.
I've learned to just keep my mouth shut unless people ask for specific advice. 😬 I do try to get my friends to at least contribute up to the 401(k) match though!
Alex Rae - Personal Finance
Agreed. Just smile and nod.
Haha im leaning more and more towards FIRE community... but i do love my job!
That's awesome! Finding a job you love isn't easy!
Great work. I'd suggest anyone just contribute and build a taxable brokerage, enough to bridge the gap for the 5 year conversion holding period. Realistically, someone going after FIRE will likely max out all the tax deferred accounts and seek taxable accounts 2nd anyway. High savings rate. Besides, don't want to roth convert if you're in a high income bracket, so makes sense to wait until you quit the prison 9-5 first, reduce the earned income to lower the bracket.
Great job on the video. I am surprised you already knew about the Roth Conversation ladder. I wish I had personal finance down you like when I was your age.
I actually only learned about it recently after being asked about it several times! I knew there was a way, but I wasn't sure about how it worked exactly. Luckily it was a lot easier than I expected. Thanks for watching!
Talking to someone in their 50s about early retirement is a waste of time. My 52yo colleague has a a big house, always books villas when he travels and generally spends everything. He told me that I should enjoy my life 🙄.
I feel like I enjoy my life just as much as others spending most of their income. I honestly don't know what I'd really change, even with a lot more money. Too many things in my life just stress me out!
@@AlexQuinnYT well, this colleague only buys top quality stuff, such as wine that costs more than 25 dollars per bottle. He only books villas of 500 dollars per night when he travels. He never wants to have things on discount and stuff like that.
The issue with the 4% rule imo that isn’t realistic for early retirees is that it’s based off of 30 year time frames. As you mentioned, adding in some extra funds will pad the blow for many early retirees
Yep, agreed. I'm not personally using 4%, I'll probably use something closer to 3% because I have a lower risk tolerance. I also haven't actually decided on a FIRE number yet - but I've got a lot of time to figure it out! 😂
Personally, I believe any age can and should be motivated to learn these techniques and implement in whatever method possible. Every generation has insight that is extremely useful - KNOWLEDGE is so readily accessible today - but it does take action to put things in place. Great job debunking the common myths!
Totally agree - thanks for watching!
thanks for explaining the roth ira contribution ladder! was always curious how do people get to withdraw their funds early when they're retiring early
Yes, this was actually something I only recently learned! I guess it's not super vital information to understand while you're still in the early stages of saving/investing. But it's absolutely crucial to allowing you to retire early!
This is such a great video and well researched. Technically I retired at 24 when i started my own business. That was way before I knew what FIRE even was. We also see all the myths you mentioned and decided to create our own movement (Financially Independent Female Entrepreneur). I love what I do and don't intend to "retire". I'm going to give this a share on my socials to. this video in my humble opinion is something all young people and old for that matter who want to have financial freedom should watch!
Oh wow, thank you so much! I really appreciate the kind words. I'm so glad you found FIRE and I love your new acronym. Thank you again for watching!
@@AlexQuinnYT The FIFE movement is officially launching tomorrow so look us up tomorrow. We will have daily videos at least mon-fri and it will also be available as a podcast!.
Really interesting video. Great info and like how you break it down makes it very achievable for many people. 15 years and $80,000 p.a. isn't anywhere near as long or as much money as you think, so that is a great way to think about retirement. Great vid!
Definitely! I think it's a lot less than people expect. Obviously everyone's own numbers will look slightly different, but I think it's still achievable for a lot of people. Thanks for watching!
I’m glad that I‘ve been able to avoid lifestyle inflation too. It makes me much happier to save my money, than spend it on silly things I don’t need. Great video, new subscriber here :)
I definitely get more happiness from seeing my savings increase than spending on needless things. Thanks for watching!
Thanks for clearing up the misconceptions hahaha the fight club clip
Haha glad you liked it. 😊
Great video. The FIRE movement is so much more of an agenda in the US vs the UK. But we all want it right ;) Great video :)
For sure - thanks for watching!
I’ll give you a shout if I draw some inspiration from this video. Great video.
Oh wow thank you so much! It's not necessary at all but I appreciate it! There are so many myths about early retirement - I couldn't even fit them all in. I had no idea this was an almost 20 minute long video until I started editing it. 😂
good job!
Ooohh. I need to steal this video.
I feel a myth is people in the FIRE community are cheap
I think there is definitely a difference between frugal and cheap! I strive to be the former, not the latter. 😉
Agreeeeed! The first two minutes of this video is one reason why “ok boomer” became a thing. 🔥🔥🔥
I totally agree!
FI-RE ("recreational employment")
Who you calling boomer Rebecca? lol.
2:12 wait.. I can't start murdering people in retirement? :) All jokes aside - great video and keep it up!
Thank you! And uh.. maybe if you retire on some remote anarchist island? Do those exist?