I wish I had a partner who shared the same ideals but all she ever wants to do is spend spend spend, and consume consume consume. I really want to end things with her and find someone that wants to work hard and save early on instead of constantly wanting short term gratification.
It would be interesting if you could do a video about your current expense and net worth so we could understand how much it takes to sustain a travel lifestyle that you are living now.
You can find a lot of that stuff on our blog (which has way more content than our RUclips channel, tbh). Here's an example of our household expenses in one year of early retirement: www.tripofalifestyle.com/money/our-spending-revealed/ And here's an example of the cost of a typical trip of ours: www.tripofalifestyle.com/gear-and-tips/cheap-travel/ You can use these as rough starting points to think about what you might want your own lifestyle to look like, and come up with your own target numbers, which might be different from ours. 🙂
Well, if my salary was 70k or 90k a year, I would be able to retire at 30 too. Unfortunately here in Italy the average salary is €1000 or €1200, so doing some sums, saving 80%, in 10 years I would only have 120k instead of your 800k x2
Thanks for your comment! Here are some things to consider... 1) The beauty of financial independence is that only the savings rate (percentage) matters for determining time to retirement - not the absolute amount of money. If you save 80% of a lower salary, then you must also be living on the remaining 20% of that lower salary, meaning your expenses are much lower, and thus, you need proportionally less to retire. Only the percentage matters. 2) Your math doesn't seem to add up. It's possible you are neglecting income taxes, investment growth, or making some sort of arithmetic error. You can see a chart of our actual net worth over 10+ years here though if you like: www.tripofalifestyle.com/money/how-to-save-a-million-dollars/ 3) According to Statista, the average wage in Italy in 2024 is about €31.5k/yr ($34.5k USD), or €2.6k/mo, not €1k - €1.2k. It looks like there may be some significant room for growth in your income, which is a good thing: www.statista.com/topics/7167/earnings-and-wages-in-italy/#topicOverview 4) We didn't make $70k - $90k/yr for our entire careers. Here's an example of the progress we were able to make earlier in our journey (with all the math included): www.tripofalifestyle.com/money/we-saved-100k-in-2-years-on-teacher-salaries/
That is so cool! What grade? And where did you hear about us originally, just out of curiosity? Thanks for sharing our stuff with students; that's exactly who we'd most like to reach.
I have been following you both for a good amount of time and you guys as well as Dave Ramsey inspired my wife and I to change our lifestyles. I truly am hoping to clear all of our debt within the next year and join the FIRE movement sooner rather than later
If you'd like to check out a couple real-life examples of people who have done this with kids, try: - Modern FImily: modernfimily.com/ - Mr. Money Mustache: www.mrmoneymustache.com We're personally more aimed at people following a path similar to ours (starting toward financial independence right out of college or high school).
I wish I had a partner who shared the same ideals but all she ever wants to do is spend spend spend, and consume consume consume. I really want to end things with her and find someone that wants to work hard and save early on instead of constantly wanting short term gratification.
It would be interesting if you could do a video about your current expense and net worth so we could understand how much it takes to sustain a travel lifestyle that you are living now.
You can find a lot of that stuff on our blog (which has way more content than our RUclips channel, tbh).
Here's an example of our household expenses in one year of early retirement: www.tripofalifestyle.com/money/our-spending-revealed/
And here's an example of the cost of a typical trip of ours: www.tripofalifestyle.com/gear-and-tips/cheap-travel/
You can use these as rough starting points to think about what you might want your own lifestyle to look like, and come up with your own target numbers, which might be different from ours. 🙂
Well, if my salary was 70k or 90k a year, I would be able to retire at 30 too.
Unfortunately here in Italy the average salary is €1000 or €1200, so doing some sums, saving 80%, in 10 years I would only have 120k instead of your 800k x2
Thanks for your comment! Here are some things to consider...
1) The beauty of financial independence is that only the savings rate (percentage) matters for determining time to retirement - not the absolute amount of money. If you save 80% of a lower salary, then you must also be living on the remaining 20% of that lower salary, meaning your expenses are much lower, and thus, you need proportionally less to retire. Only the percentage matters.
2) Your math doesn't seem to add up. It's possible you are neglecting income taxes, investment growth, or making some sort of arithmetic error. You can see a chart of our actual net worth over 10+ years here though if you like: www.tripofalifestyle.com/money/how-to-save-a-million-dollars/
3) According to Statista, the average wage in Italy in 2024 is about €31.5k/yr ($34.5k USD), or €2.6k/mo, not €1k - €1.2k. It looks like there may be some significant room for growth in your income, which is a good thing: www.statista.com/topics/7167/earnings-and-wages-in-italy/#topicOverview
4) We didn't make $70k - $90k/yr for our entire careers. Here's an example of the progress we were able to make earlier in our journey (with all the math included): www.tripofalifestyle.com/money/we-saved-100k-in-2-years-on-teacher-salaries/
You guys are amazing! Love ur shorts and use them to help teach a finance class! 😍😍👏👏🎉🎉
That is so cool! What grade? And where did you hear about us originally, just out of curiosity? Thanks for sharing our stuff with students; that's exactly who we'd most like to reach.
Hey new subscribers here. Great video. We are shifting our lifestyles to be able to travel full time too. Great to see others are doing it too!
Welcome to the club! 🙂
I have been following you both for a good amount of time and you guys as well as Dave Ramsey inspired my wife and I to change our lifestyles. I truly am hoping to clear all of our debt within the next year and join the FIRE movement sooner rather than later
That's great to hear! Thanks for following along 😊
Following up to see how things are going?
Pretty tough to do when you have kids
If you'd like to check out a couple real-life examples of people who have done this with kids, try:
- Modern FImily: modernfimily.com/
- Mr. Money Mustache: www.mrmoneymustache.com
We're personally more aimed at people following a path similar to ours (starting toward financial independence right out of college or high school).
How do you keep a sizzling hot gf like that without splashin the cash