How to Retire Early in Your 40s by Supercharging Your Savings
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- Опубликовано: 27 июл 2024
- You CAN retire early, even if you JUST found out about the FIRE movement. Whether you’re in your twenties, thirties, forties, fifties, or sixties, you could be only a decade away from living the rest of your life exactly how you want. No boss, no office drama, and no more spreadsheets (woo!). So, how do you get started? Just repeat what Arik Peterson did, who was able to retire at just forty-four from his high-stress corporate investing job.
Arik was able to reach financial independence and retire early in just a decade. After reading Mr. Money Mustache’s famous FIRE blog, Arik quadrupled his savings overnight and started investing all the money he had into boring investments most Americans don’t pay attention to. Now, he spends all day fishing, biking, drawing, and doing DIY projects instead of staring at a screen!
If you want to hear exactly how Arik did it, why he disagrees with the 4% rule, what he’s investing in, and why getting laid off could be the best thing to ever happen to you, keep watching!
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How to Retire Early (From Someone Who Did at Age 27):
www.biggerpockets.com/blog/re...
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Financial Independence at 35 by Investing on “Autopilot”:
• Financial Independence...
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Read the Mr. Money Mustache Blog:
mrmoneymustache.com/
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Ed Slott’s “Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s”:
www.amazon.com/Fund-Your-Futu...
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Connect with Arik:
Facebook: / dadsare
Instagram: @dads_are or / dads_are
Live Long Live Often: livelongliveoften.com/
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00:00 Early Retirement in His 40s!
00:59 Finding the FIRE Movement
02:10 Life Before FIRE
04:57 Saving 70% of His Income!
08:34 Recovering "Money Obsessor"
10:15 "Put Your Risk in Your Roth"
12:43 Ditch the 4% Rule!
14:21 From Laid Off to FIRE at 44!
17:06 Connect with Arik!
"I obsessed about money so I don't have to obsess about money". Lots of gems in this episode. I just turned 40 and it would be a dream come true if I'm out of the game by 44-45.
Great point. Best to obsess n save early....then be able to relax a little
Agreed, That’s a bar. “Also putting your risk in your Roth”
Corporate jobs are soul crushing
I retired from the military at 47 years old. Not alot of money, but enough for the rest of my life. Stress free, since my bills is paid fully at end of month. VA health insurance 100% no co pay. Tricare for life health insurance. I take vacation to Europe and Philippines every year.
I retired at 40 and went back to work at 45. Those 5 years were just horrible for me. The first few weeks were good for me but after that I became so lazy and didn’t want to do anything. It was even hard for me to wake up and shower in the mornings. I was just so lazy and add to that I had so much anxiety. When I went back to work I felt so much better and felt 30 years younger. The key here is to stay active and not get lazy. I plan to work as long as I can. Although when I get near 60 I plan to work part time.
The best is when you want to work. @@markjou9799
The Philippines 🦾🦾
I retired at 46 and it’s amazing.
He was somehow able to live on 30% of his income it seems. Not hard to believe he had all types of good options open!!!! HOW IS ANY OF THAT AMAZING?
@@donaldlyons17 huh?
@@garrett7101 Did you watch the video? His savings rate was almost 70%!!!! There is a ton of stuff that can be done living on $1 while making $3 total!!! His outcome being ok is not even a surprise.
Wow, he discovered FIRE at 34... now I don't feel too bad since I thought I discovered it late
Really wish I had supercharged my savings earlier on, but it's never too late!
I like this one. Seeing someone make it and talking about how to unwind is nice.
I am turning 45 in April. Only 4 years ago I was in a deep financial hole due to a complicated divorce. So I set out aggressive goals to (a) pay off all debt, (b) start supersaving, (c) max out all retirement accounts, AND (d) actively manage own investments. Ended up beating S&P by a 20% margin just in a year.
Here I am, looking forward to retiring in August in overseas, with a half a mil nestegg. And yes, I am in a similar situation with a relatively high pay but an extremely stressful job.
A lot of things become a possibility with patience and dedication over a 4-5 year period.
How much do you make?
Watching this while on a virtual bike ride in France. Thank you BP and Bkool.
In other words. Side hustles, and keep working.
I love this video......
I was raised in a family of extreme savers and investors. I didn't know saving 80% of your income wasn't normal. Lol
Lol I was in a family that was totally opposite! I save 80% out of fear of ever ending up like them!
People don’t say “put your risk in your Roth” when referring to stock gambling because if you lose, and you most likely will, you have a limit of now $7000/annually to try and recover which will probably be impossible if you lost a lot. Then you have very little in your Roth for retirement.
Correct. His statement didn’t quite have the same appeal to me as it did to the host for the reason you described.
I take “some” risks in my brokerage account. If I hit I have the money to pay the taxes; if I lose I can deduct to offset the taxes on other wins.
🤷♂️
well that likely all depends..... Someone with 1 million cash who does not use the 20 to 40K made after taxes and yet needs to spend very little likely can't be beat!!! When I was making 20K while living on 15K I never had an issue!!!!
I hope you make it video with him on tax strategy ideas
What index fund and asset allocation did he use?? He skipped the question 🙄
put your risk in your Roth! best quote in this podcast
What is the book on tax that he mentioned
Sounds almost like batista fi since he says it's not about the 4 percent from investments but about finding fun income.
Thats where I put my risk is in my Roth lol.
What I’ve come to realize is, I would rather work 5-10 years. Save 40% of my monthly income every month for 10 years, along with retirement savings will be enough for me.
How about starting a retirement fund at 41, and immediately going into a recession which is/is turning into a depression... And still don't own a house either.
You’re basically buying at a discount. I started during the Great Recession and ended up hitting FI about 10 years later when everything rebounded. Just stay the course.
@@danielmills3337 True(ish) -We will not see returns to the historic high returns like the S&P bringing ~26% annually from ~2006-2019 (vs the likelihood of only 7% annually over the next 25 year's) as recessions will become more common, which creates more depressions....
I work in general production for a major brand and heard from someone at another corporate headquarters that in less than 5 years I most likely will lose my job to AI robots..... Being homeless if anything happens to my aging parents (80 in under a year) as I live with them now.... Also stinks we're 100 miles from any good paying job....I'm making under $60k, and can't come anywhere near maxxing out my Roth 401k...... Wish I could max out Roth 401k and Mega Backdoor Roth as a real estate agent in a major city, in a warmer state but the housing market sucks now... The only people buying houses are investors who already have their own network of people (no license) running around finding them off market or freshly listed properties.
Make lots of money, save most of it, start early, don't keep up with the Joneses.
Ideas are not bad the reality is very different!!!! Even if people do everything right they can end up broke..... With Money factors matter. Also he had either a very good income or very low expenses and even if he did not track at all he managed to somehow save a ton of money compared to needed money.....