Retire as Early as You Can
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- Опубликовано: 19 июн 2024
- Everyone wants to retire early... but few people get to do it. So what is preventing people from actually retiring early? Is it money? Is it fear? Is bad retirement planning keeping from retiring early? I will tell you the three things I think keep from retiring early in this video. I hope it will change the way you think about retirement.
“Fear” has many people over saving, over delaying gratification and overworking.
Yeessss. This is my point. You should check out my last video.
Good information! I just subscribed. 👍
@@davidcuervo1734 Thanks man!
The people who actually love their jobs should keep working and contributing to society.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Gloria Robinson
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
You trade with Gloria Robinson too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Thanks for teaching us on the proper mindset to adopt
Thanks
I retired super early at age 30. I haven't worked a job since.
I now set my own terms for living, and make money with my investments and the joy of being a consultant.
I travel the world, and could y be happier!
Don't be hatin'.
Look for ways to escape the Matrix - you can do this, but not with conventional thinking.
It's true... everything thinks we're crazy, then they say we're lucky. You can't retire early doing what everyone else is doing.
Can you please explain how you were able to retire so early.
I early retired age 37. Couldn't be happier. Live the life I've always dream of now :)
37 is quite an achievement. Congrats! Living life on your terms is the dream.
LOL.....impossible to retire at 37......you quit.
@@TheRetirementality 💯
What is a typical day like for you as a 37yo retiree?
@@william78583 Varies greatly. I am based in Asia right now. Usually take an adventure or luxury int'l trip for 2 weeks every 2 months. I never had kids, met some very good girls so far that would make a great mother. Focus on fitness (vO2max training, lifting), read, learn and still do about passive investments (passive private placement real estate), learned Spanish, will enroll in a University (GI Bill) in the future to learn a new language or skill), lots of hiking.
You have showcased different ways of thinking about retirement, well done! & Thank you
Thanks Wayne!
I'm 53, about to retire :) I could (and should) have retired three years ago as I had the money, but like you said, there was this irrational fear of giving up work! Recently, I changed jobs, wasn't planned but an opportunity came up, but it's not working out, and this has given me the kick I needed to just quit working.
Congratulations! Check out my last video and the idea I touch on about "working for free" after you hit a certain point. I think you might like it.
I was in a very similar situation. Retired on my 54th birthday and best thing I ever did. If you have the money, go for it 👍🏻. Wish you the best.
@@dominic8218 Best to you too!
The healthcare cost was a big obstacle for me, but Covered California turned out to be pretty reasonable. Another thing that hung me up was the 4% rule, which wasn't quite enough for my living expenses and healthcare. Once I discovered the 5% rule (Guyton's Guardrails), the numbers finally worked out, and I was able to retire.
Do you just have investments like 401K and stocks? Are you in a high cost of living area if you are in CA? It's got to be hard in CA just with the taxes.
@@TheRetirementality Yes I live in San Clemente, California and the taxes here suck. But, I'm able to live a pretty frugal living and pay less taxes, because my house is paid off and property taxes are reasonable. Insurance went way up and so has food and entertainment, so that hurts a bit.
Health insurance is a big reason, too. Medicare doesn't kick in until 65.
Yea, once you "retire" if you can show a small income on your taxes you can get obama care for a couple of hundred bucks a month. But if something happens you and you need care, you could be $15-20K out of pocket.
I agree with most of the money discussion and people delaying retirement longer than they need to.
We both retired at 63, 2 years apart. Both worked part time for a couple years before retiring. We just don’t “need’ as much money as we thought we would now that we retired.
I don’t agree at all about the not liking my job discussion. That is completely silly. My wife and I both liked our careers. We would do it all over again.
I would never want to spend my whole life “retired”. We had a lot of good times. We traveled a lot. Everything in life is a bit of an equation and a compromise. There is no perfect lifestyle.
Now that we are retired, we are not bored, but I can see that it could happen. Retirement requires more self motivation, which hasn’t been a problem for us. We also have a good relationship and mostly similar interests. I watched both our fathers get bored. It can be a real thing.
I would be careful about assuming other people think the same. Some will, some won’t. Same for what people like.
It makes a lot more sense to say “if you think you might get bored, here are some ways to address it or figure out if it’s a real risk”
Congrats on retiring at 63. Its sooner than most people get to do. Thanks for the thoughtful comment. I understand that a lot of people like their jobs, myself included. My point was just that no matter how much you like your job, you don't have freedom to do what you want. The point that I make over and over on this channel is that the most important thing about retirement is that you need to know what you want your retirement to look like. That means figuring out what you are retiring to, not just what you are retiring from. This is the best way to ensure you won't be bored. Some people just retire with no plan, and this is when you could get bored.
We were able to retire from our 9-5 jobs at 28. By far the best decision we made and now can enjoy life in our youth. There are challenges of course, but there our challenges for our business not someone else's. Our net worth also continues to grow because we can focus on that instead of making another company (Your Job) grow.
That is pretty awesome. I'm already subscribed to your channel and have seen your story. Keep on livin the good life.
@@TheRetirementality Thanks brother! You should come share your journey on my podcast?
@@FinancialFreedomLifestyle I would definitely be interested in that. I was just on Two Sides of FI and it was a lot of fun.
@@TheRetirementality that’s awesome. Maybe one day I’ll get one there. do you have IG?
@@FinancialFreedomLifestyle My IG is the same name, I don't really use it anymore though.
Depending on investments to make money in the future to finance your retirement is equivalent to counting your chickens before they hatch. Also try finding a decent job when you’re older. Inflation, taxes, medical expenses, insurance, market crashes, major home repair or expensive life event can put you in a very bad place. The Pollyanna effect doesn’t serve you well in something as critical as retiring. You better have it right the first time. Once you’re unemployed you are ostracized by employers. Your network will abandon you. Poverty and old age is the most miserable situation to be in.
Yea, I guess that depends on your set of skills if you need to re-enter the workforce. I've always been in sales so I can find some kind of job if I ever needed to. But, my income comes from rental properties and I have more than one of expenses in cash. So as long as you have a good runway you have time to make moves.
I hate my job! I am taking SS and have an annuity doing nothing at 65 worked my whole life i am over it
It sucks to have a have a job you hate. Figure out what you want to retire to.... so you enjoy the chapter of your life.
Just saw an article from Blackrock CEO saying that people should work past 65 yrs of age. 😂 We will retire well before the 'normal' retirement age. It's all about mindset to fund future fixed expenses, overshoot a bit on your savings just in case if you are nervous about running out of money.
I guess if you have people giving you half of their income to save for retirement, you want them working as long as possible. I can't believe they said that out loud though. The closer you get to that actual retirement day, the more you keep thinking "maybe a little more... just in case". That is the hard part.
I think the blackrock ceo mentioned this in relation to keeping social security sustainable. As life expectancy has gone up, the age at which social security starts also must be adjusted to prevent the system falling apart.
@@Pieter2360 If they talk about raising the age of SS in France they protest in the streets. If they talk about it in the US we just go "oh well, we knew this would happen anyway". I don't think its a life expectancy thing, more like "we spent all the money thing".
@@TheRetirementality True. Like Churchill once said “American will always do the right thing. After they tried everything else”.
It’s because all the older politicians and c-suite level execs for these companies are still working till their deathbeds. They don’t want to be the only older people working. 😂
How do you deal with medical insurance if you are not 65?
It depends on the income you have. But obama care is probably the best option.
@@TheRetirementality obamacare is not a viable option if you have had medical issues in the past (due to extremely high deductibles). One relapse could wipe you out. In other countries you can sometimes retire, but not in the US.
For major planned medical procedures you could look into medical/dental tourism and/or get private insurance outside of the USA
@@WanderingTuckers That is a good idea too. My friend in St Thomas used to go to Costa Rica to get dental work done.
@@bradtrades Yea, just the out of pocket money is a big deal for most people if you have a problem. We are looking at exiting the US. Stay tuned for more videos on this topic.
People don’t retire early because they’re afraid they don’t have enough money, they’re afraid they don’t have enough money, they’re afraid they don’t have enough money
Ha! for sure. That is why I preach over and over on this channel about figuring out how much your life in retirement will cost so you know how much money you need.
You tube reenforces why I can’t retire. I am only capable of making money at my job. Terrible at any kind of side hustle like you tube. I am trying but doing badly with it because I want to retire soon. I am 67. The only thing saving me is that I bought a rental property in 1985 that I can use for some side income. So just saying retire first and then ask questions might not work for a lot of people.
Maybe you can use some equity from the rental to buy another one? Or maybe you can reduce spending? Get a raise at work? Most side hustles aren't going to get there. You need to make bigger changes. I've been doing youtube for like 4 years now and barely make any money. I'm not doing this for the money.
I’m 44 with $5 million, 50% invested in property and 50% invested in a global ETF.
That is awesome. Are you retired?
just write a book or become a wall street trader... 🤪
I'm working on a book. I had about 5 chapters done and just decided to scrap it and start over. But.... one day....
I will only retire when I can support my cocaine habit indefinitely.
Not enough people focus on this aspect of retirement. Thanks for joining the conversation. 😂
You're still working...content creation requires work.
That is very true. But, I get to do it when I want, and it's still fun for me. That's why I didn't put out a video for two weeks when we had our friends in town. Also... I'm not sure if it counts as work since I get paid about $0.40 an hour for this job. 😂