A popular mantra in the early retirement community is this: Don't retire *from* something, retire *to* something. I believe you exemplify this concept well.
I so much agree with you about the landlord biz. I have never been tempted in any fashion to ever want to become one. It is a nastier business than people realize. Leave it to the big corporations.
From personal experience, if you have six months safety net and your new business is making enough to live on, it's fine to quit the main business. Happiness is much more important
I agree that you have to be smart about your transition from either job to job or job to no job, however I disagree that you need the amount of money you discuss. For you personally, I understand you came from a six figure income and a career. Most people survive going from a job or gig to another, without saving much. You were able to save a substantial amount as a result of being employed at a well paying career job which you did for what I am assuming is several consecutive years. That is very admirable. Most of the country cannot say the same. I'm in my 40's and have changed career paths and took a huge pay cut and moved from my comfort zone but am happy I leaped! My only advice to those who want out and start again is WATCH YOUR DEBT RATIO and keep monthly expenses to minimum. Thanks for all your wisdom, for the most part I agree with your finance talk, just think your numbers should be relative to each person's life.
One guy I know accumulated one year time off so he took it. Someone in (government) management questioned how someone could take a year off and not be needed. When he came back they eliminated his position and laid him off.
I agree with everything you've said here, and I want to add that it's important to leave your job on a good note - i.e. leave when people think you're great, and keep contact with your industry after you quit - so that, if things go south in your venture into infinite vacation, you can always get another job again. That way, each side can be a safety net for the other and then you're really free to do whatever you please. Good work reputation + good financial planning = choices = complete freedom.
I commend you for realizing at a young age that you were trapped in a rat race. I leave the Silicon Valley on Monday mornings and drive 65mph counter commute and see the solid lines of cars almost at a stand still going the other way.. Solution? Get up 2 hours earlier? NO! Your observation that an 8 hour a day job is actually much longer was on spot! Best wishes to you as you chase your dreams. At 60 years of age you will look back and wonder where it all went. Fill those years with accomplishments.
This is my plan. Quitting soon ---F-I-R-E---but if I don't make it happen this year, it might be just F-I-R, no E. And the stock market is making me a little crazy. I know I know, hold long term and it shouldn't matter! Totally agree on avoiding commute times. I go to work at 6:20 AM to avoid a headache and thus leave at 3PM to avoid another one (and it's only 5 miles). Thanks for the vid.
=D Wow.. .you're a trooper for going in so early. People might not like it when you leave early though no? Just like when people don't like it when you arrive late.
At my workplace, flexible hours are allowed so there's not too much "side eye" when people come and go. They know I'm getting the work done. There are a few of us doing early days. Others however, fight traffic and drama to get there at 8:30 or later and are at work well after I have gone. And I love that.
For a moment, I thought this video is about how to quit your job with burning bridges. Safely, esp. for you? If you have already save x amount, you can retire. You can always go back to find part-time job.
This is the life I'm working towards but my husband isn't so interested. I hope he'll come around someday, but even if he never does I'm still looking forward to it.
Hey, you don’t have an idea 💡 how much I need this video, I am looking forward to being transfer to a different department. (After 7 years )because I love the company that I work for, however if I am not able to have that transfer completed I will be looking for other options, thank you for this video, you are a source of inspiration to me and always remember ( just don’t let your ego being larger than yourself)
9:41 I feel the same way. I had been thinking of producing content for almost 3 years. Nothing specific, but kind of around the arena of lifestyle and tech. Recent years I’ve been hosting Chinese exchange students in addition to working as a salesman. I’m at a point now where hosting students is more fulfilling and bringing in more money so I’m on the brink (3 months give or take) of putting in my resignation. I mean there’s other PERSONAL reasons, but since reducing myself to a very minimal capacity I’ve been able to really get started on what I want and I noticed I’m MUCH more happier with myself and my life. I mean I still work... but moreso on my own terms... which is kinda nice! :)
There are instances for people who's early life has been hard where it's actually possibly more important to take that leap of faith without much backing. The younger, the better. If you find your job or life choices to have led you to a place that is unsatisfying and your income doesn't allow for a smooth transition, it just might be fine to quit your job, take loans to try to build a business, buy an education. There are risks worth taking... That being said, this comes from me, and my "job" is such that I have to be willing to take risks. I do believe however that if you're an engineer or you have some sort of trade that allows you to get a good wage, you can actually afford to ensure a smooth transition.
It's very risky quitting your job without having anything to fall back upon. However this can sometimes motivate people into the right mindset to succeed. Me personally I'm more risk averse and prefer to build up a back up plan whilst I still have a job.
I quit several jobs to move into a new job. I think i like working for social reasons. I will probably have at least a part time job more for the friends i make at work than money.
planning such a thing buddy, bought land in the philippines and in my other country (aside from the u.s) dominican republic. paying off my student loans and off i go :) vacation for months at a time especially winter.
everything i own fits in a large suitcase, but still working on financial stability. Gotta work harder then most I've spent at least 3 years in the hospital total so gonna get my GED first, i hope i can one day do TH-cam to.
I think I'm going to start including a Snorlax in my videos. Also, solid vid too lol - I think an important emphasis would be to make sure you are aware of the worst-case scenario and additionally strategizing how to re-establish oneself in a stable economic position. This way, you can build yourself back up and quit your job again as soon as possible
I like how your stuffed animals have multiplied but you were talking about downsizing your stuff. 😀 The snorlax is my favorite Pokémon. I’d keep him too.
Quitting a 9 to 5 mentality could really improve your life but you do however need to be careful when doing that and not just go 'F**CK THIS JOB, I am off to flipping yeezys on instagram"..
Landlord/rentals..Have you looked into seeing what a management company would charge? .. so you can be completely hands off. Mine were bought owner carry.. but they were distressed properties bought over 35 years ago. I lived in them and slowly fixed them up. It was small town property. Most work done w no permits (enforcement very lax) and I did it all myself. Property probably not bank financeable but I can sell owner carry if need be.
I think the people who quit their jobs without planning like that are out of their minds. That said, I think the reason why they do it is because jobs seem to require more than they used to. While some may feel good that the chaos is a job creator, there is often an awfully mismanaged chaos that also chews through employees to the point where they just want to run. To management, it’s normal or even wonderful. To those below them, it’s Hell and no one is interested in being in Hell. Although I’m getting older and will not likely be able to stop working before I retire (even if I’m lucky enough to retire), I am lucky enough to be able to save a good portion of my income to save and invest so that, at the very least, if I lose my job, I’m not in a desperate sweat to get back into another realm of Hell.
I'm planning to move onto a narrowboat once I finish my current contract and aim to live for a year with a max budget of our annual tax-free income limit, which is just over £8,000. That would hardly require any work in a year.
I'm a bit nervous, but I've been itching for this for a decade. I feel that one has to do something radical every once in a while to spice up your life and get different perspectives.
I have no debts and have a year worth of income saved. I don't have a big side income setup yet (just some crypto nodes), but I felt that I had to quit for other reasons. I have good job offers but I'd prefer no to go back :( I have a validated product idea though, any advice?
Can you do a video on how to purchase index funds (ones you recommend) from Vanguard or whatever company you recommend? Step by step with screenshots? I know I should do it, but get lost every time.
When my savings builds up past 6 months worth of bills and I start getting the urge to buy something I start researching stocks and blow it all on that. I just recently blew a load of cash on Altria while it's cheap.
I'm fairly new to it but I have a background in financial services and accounting so I can do basic financial analysis. I've been beating the market the last couple years and my two biggest trades this year had an annualized return of 43% and 38% so this year has been really good for me.
Can you make a video on how to move a really heavy Box (treadmill) by yourself? I need to drag one about 8 feet and up two steps. IT WILL NOT BUDGE lol
My problem is I can't even get a full time job, but I've always been good with my finances. Now that I have the capital I don't know what to invest in :(
What if your health is suffering? How can I continue in job where it’s hard for me to perform and I suffer health wise? I feel it’s best to quit but o guess fear holds me back
Hey BeatTheBush, you said real estate is not your thing because you don't want to worry about tenants, but US real estate youtube channels keep talking about property management firms, why don't you use one of those? Unfortunately I can't find one in my country, but this country is less developed.
Yeah, but those channels I mentioned eralier say that you can get 12%-20% on real estate in the US, that leaves enough margin to pay them. Anyway, I'm not trying to convince you, I'm just saying that I would do it if I lived in the US. And that some people in your position wouldn't mind the occasional phone call and maybe some repairs if they didn't want to hire a property manager.
Hey btb, you may notice I watch all your videos. Do you write a script or just make keypoints and ramble and fix in the edit? I would love to know and would help me to know
Ive really been thinking about what you just said, but I can't quite figure it out, how so? Do you believe that it makes for inpatience which creates unhappiness? Because I am having trouble with the time aspect of it most of all things really.
How do you manage healthcare? How much do people spend on buying private insurance? I am in good health and only need a high deductible catastrophic policy. They are very expensive.
I had Blue Shield coverage and went into emergency for 3 hours. My share was $3800 on a policy that was costing me $1200/month. The San Mateo (area) hospital told me there was a forgiveness program for "low income" people (< $65k per year!). I only paid $250. I am 62 yo. I had to let the policy go. I will be looking into SSA coverage next. Youth and health are an advantage. The other option is to be dirt poor (on paper) and go for public assistance.
What about inflation? Putting aside your youtube activity (which would probably grow well I hope), will your purchasing power from dividends dwindle over time? In my country (BE) dividends of actions are barely equal to inflation right now.
Right now I'm investing very aggressively in stocks. About 80 percent of my income goes to growth stocks. So far I have invested 13000 and gone up 1000 in the last 5 months. My goal is to have 100000 in 3 years so I can start working part time and find side incomes that I'm passionate about. Like drawing and blogging my travel adventures.
Depends. If you only have money and no income, you're just burning through your savings. With income that is equal to more than your burn rate, you can feel much safer. Unless you have millions, then you can burn your savings slowly and still be fine your whole life.
Hi, I'm also an engineer and thinking for early retirement like you, unfortunately things are a lot harder for me because I have wife and 2 kids. I wonder what is your future plan after getting married and having children, go back to work?
The safest way to loose your job is to tell your boss to fk off... oh wait it's to safely quit. But yeah you definitively need something on the side to be secured.
Living in the Bay Area sounds like a great place to burn through your assets. And with the rising cost of living and tax structure, it doesn't sound sustainable. Also, if everyone was this risk-adverse, most would never quit their jobs or try to start a business. Sometimes you just have to take the plunge.
A popular mantra in the early retirement community is this:
Don't retire *from* something, retire *to* something.
I believe you exemplify this concept well.
The intrensic value of this channel is higher then what it is selling for, *badum tss*
Thanks! It takes practice to know what you want when you have more free time. Better practice while still working.
I so much agree with you about the landlord biz. I have never been tempted in any fashion to ever want to become one. It is a nastier business than people realize. Leave it to the big corporations.
From personal experience, if you have six months safety net and your new business is making enough to live on, it's fine to quit the main business. Happiness is much more important
The Monk Way - Stock Market Videos ahhh monk aha, i see you everywhere
Safety net is one thing but making enough to support yourself is a whole different story.
6 months? Wow...thats not a very long time.
I would recommend a years worth to fall back on. I know it goes against conventional thinking, but you must always be prepared.
Cut your expenses is key! 🔑 Lower that activation energy. I'm cutting so low right now I'm living in a van working a temp contract saving bankkkk 💪
I think that this is a great channel for people who are thinking about their future
I guess there are a lot of people not thinking about their future, ha ha.
@@BeatTheBush hahahahaha, nice one
I was very lucky. I had a trade I loved for 41years and enjoyed going to work. Retired now living the dream!
baby boomer, of course.
Without the trap of materialism, life opens up!
So much.... so much.
I rarely quit my jobs. I get fired instead .
That's really bad,
Did you do it safely?
Hahaha. Been there, Bruh.
that suck lol...
Huh... I see.
Finally back to the good stuff
I agree that you have to be smart about your transition from either job to job or job to no job, however I disagree that you need the amount of money you discuss. For you personally, I understand you came from a six figure income and a career. Most people survive going from a job or gig to another, without saving much. You were able to save a substantial amount as a result of being employed at a well paying career job which you did for what I am assuming is several consecutive years. That is very admirable. Most of the country cannot say the same. I'm in my 40's and have changed career paths and took a huge pay cut and moved from my comfort zone but am happy I leaped! My only advice to those who want out and start again is WATCH YOUR DEBT RATIO and keep monthly expenses to minimum. Thanks for all your wisdom, for the most part I agree with your finance talk, just think your numbers should be relative to each person's life.
Most intelligent talk I've ever heard and it's surprisingly aligned with my life style..!!
Thank you for this video. I've really wanted to change jobs for a while now. Just want to secure another job first before I quit.
One guy I know accumulated one year time off so he took it. Someone in (government) management questioned how someone could take a year off and not be needed. When he came back they eliminated his position and laid him off.
hahahaha this made my day
I agree with everything you've said here, and I want to add that it's important to leave your job on a good note - i.e. leave when people think you're great, and keep contact with your industry after you quit - so that, if things go south in your venture into infinite vacation, you can always get another job again. That way, each side can be a safety net for the other and then you're really free to do whatever you please. Good work reputation + good financial planning = choices = complete freedom.
"Failing to plan is planning to fail." Something that came to mind. Congrats again on your freedom.
I commend you for realizing at a young age that you were trapped in a rat race. I leave the Silicon Valley on Monday mornings and drive 65mph counter commute and see the solid lines of cars almost at a stand still going the other way.. Solution? Get up 2 hours earlier? NO! Your observation that an 8 hour a day job is actually much longer was on spot! Best wishes to you as you chase your dreams. At 60 years of age you will look back and wonder where it all went. Fill those years with accomplishments.
I like your answer better vs “quit your job and the money will follow” response in other channels
Ah safety factors, margin of safety, planning before committing. You truly are an engineer.
Much better than relying on hope. I want to see some proven profits.
This is my plan. Quitting soon ---F-I-R-E---but if I don't make it happen this year, it might be just F-I-R, no E. And the stock market is making me a little crazy. I know I know, hold long term and it shouldn't matter! Totally agree on avoiding commute times. I go to work at 6:20 AM to avoid a headache and thus leave at 3PM to avoid another one (and it's only 5 miles). Thanks for the vid.
=D Wow.. .you're a trooper for going in so early. People might not like it when you leave early though no? Just like when people don't like it when you arrive late.
At my workplace, flexible hours are allowed so there's not too much "side eye" when people come and go. They know I'm getting the work done. There are a few of us doing early days. Others however, fight traffic and drama to get there at 8:30 or later and are at work well after I have gone. And I love that.
The bottom line of successful personal finance is exactly what you said. Increase income, decrease outgo.
=D
Sounds easy. Just like burn more calories than intake calories.
This is exactly my plan i am working on every day 😎
Don't let anyone know your plans. Do it in secret and surprise people less haters will try to stop you.
BeatTheBush i know... but it is reeeeally hard to live a double life 😐
For a moment, I thought this video is about how to quit your job with burning bridges.
Safely, esp. for you? If you have already save x amount, you can retire. You can always go back to find part-time job.
Very interesting. Very helpful. Lots of good sound advice here.
=D
Thanks for bringing back the focus on the basics
=D
Thank you. It is really helpful. What a great video and ideas.
Love listening to you talk!
I think that’s really the only way to do it responsibly. It’s still a while away for me, but I can’t wait do it myself :)
This is the life I'm working towards but my husband isn't so interested. I hope he'll come around someday, but even if he never does I'm still looking forward to it.
Awesome information! Thanks!
Hey, you don’t have an idea 💡 how much I need this video, I am looking forward to being transfer to a different department. (After 7 years )because I love the company that I work for, however if I am not able to have that transfer completed I will be looking for other options, thank you for this video, you are a source of inspiration to me and always remember ( just don’t let your ego being larger than yourself)
Glad you liked it! =D
9:41 I feel the same way. I had been thinking of producing content for almost 3 years. Nothing specific, but kind of around the arena of lifestyle and tech. Recent years I’ve been hosting Chinese exchange students in addition to working as a salesman. I’m at a point now where hosting students is more fulfilling and bringing in more money so I’m on the brink (3 months give or take) of putting in my resignation. I mean there’s other PERSONAL reasons, but since reducing myself to a very minimal capacity I’ve been able to really get started on what I want and I noticed I’m MUCH more happier with myself and my life. I mean I still work... but moreso on my own terms... which is kinda nice! :)
Hosting as in foreign exchange student stay while they study?
BeatTheBush that is correct BTB
Great video, this came at just the right time for me. Love this channel! What up with plush dolls? They're very cute 😂
Mascots of the show. The couch community.
There are instances for people who's early life has been hard where it's actually possibly more important to take that leap of faith without much backing. The younger, the better. If you find your job or life choices to have led you to a place that is unsatisfying and your income doesn't allow for a smooth transition, it just might be fine to quit your job, take loans to try to build a business, buy an education. There are risks worth taking... That being said, this comes from me, and my "job" is such that I have to be willing to take risks. I do believe however that if you're an engineer or you have some sort of trade that allows you to get a good wage, you can actually afford to ensure a smooth transition.
Risks worth taking. It's worth it if you make it. Really depends on how your risk appetite.
It's very risky quitting your job without having anything to fall back upon. However this can sometimes motivate people into the right mindset to succeed.
Me personally I'm more risk averse and prefer to build up a back up plan whilst I still have a job.
I totally agree about the landlord thing! It’s a quality of life issue for me - I would hate it.
the new tech lead
Thanks so much for this information!
What do you do for health insurance? That can be a big expense.
I quit several jobs to move into a new job. I think i like working for social reasons. I will probably have at least a part time job more for the friends i make at work than money.
Nice! You're in a great position!
planning such a thing buddy, bought land in the philippines and in my other country (aside from the u.s) dominican republic. paying off my student loans and off i go :) vacation for months at a time especially winter.
everything i own fits in a large suitcase, but still working on financial stability. Gotta work harder then most I've spent at least 3 years in the hospital total so gonna get my GED first, i hope i can one day do TH-cam to.
Wow, sounds rough.
I think I'm going to start including a Snorlax in my videos. Also, solid vid too lol - I think an important emphasis would be to make sure you are aware of the worst-case scenario and additionally strategizing how to re-establish oneself in a stable economic position. This way, you can build yourself back up and quit your job again as soon as possible
I like how your stuffed animals have multiplied but you were talking about downsizing your stuff. 😀 The snorlax is my favorite Pokémon. I’d keep him too.
Things not seen on camera are certainly reduced but it's a slow process. It's a new outflow at least.
Sometimes conditions are so horrific on the job, that they have no choice but to Quit Especially if their is abuse involved.
Yes... sometimes you have other worries far greater than if you can do it safely or not.
Yes! My back is killing me and I need to save before calling it quits as it is a very physical job.
ive always wanted to do this type of work. seems legit. thanks for sharing :)
Awe! The whole plushie group is together! 🙌🏻
Quitting a 9 to 5 mentality could really improve your life but you do however need to be careful when doing that and not just go 'F**CK THIS JOB, I am off to flipping yeezys on instagram"..
Flipping yeezys... lol!
Well I mean...yeah haha..
Landlord/rentals..Have you looked into seeing what a management company would charge? .. so you can be completely hands off. Mine were bought owner carry.. but they were distressed properties bought over 35 years ago. I lived in them and slowly fixed them up. It was small town property. Most work done w no permits (enforcement very lax) and I did it all myself. Property probably not bank financeable but I can sell owner carry if need be.
hahhahahahahahaha I'm so glad I've found this channel while I'm still at college. Your tips, my friend, will save me lots of headaches.
I think the people who quit their jobs without planning like that are out of their minds.
That said, I think the reason why they do it is because jobs seem to require more than they used to. While some may feel good that the chaos is a job creator, there is often an awfully mismanaged chaos that also chews through employees to the point where they just want to run. To management, it’s normal or even wonderful. To those below them, it’s Hell and no one is interested in being in Hell.
Although I’m getting older and will not likely be able to stop working before I retire (even if I’m lucky enough to retire), I am lucky enough to be able to save a good portion of my income to save and invest so that, at the very least, if I lose my job, I’m not in a desperate sweat to get back into another realm of Hell.
I'm planning to move onto a narrowboat once I finish my current contract and aim to live for a year with a max budget of our annual tax-free income limit, which is just over £8,000. That would hardly require any work in a year.
Christie Nel sounds great. I've heard good things about living on a boat.
I'm a bit nervous, but I've been itching for this for a decade. I feel that one has to do something radical every once in a while to spice up your life and get different perspectives.
I wish you all the best
You will gain so much knowledge about this and about yourself. I am so excited for you! =D
Thanks, BTB. I'll have WiFi, so maybe I'll send you updates. :)
Damn where was this video last week
-_-
=D
Would only quit on atleast 6 months e savings that cover expenses
That's just savings. Sounds too risky as you can burn through that ... well, in 6 months if you side income remains at zero or negative.
I have no debts and have a year worth of income saved. I don't have a big side income setup yet (just some crypto nodes), but I felt that I had to quit for other reasons. I have good job offers but I'd prefer no to go back :(
I have a validated product idea though, any advice?
Sound similar. I know someone with an engineer bachelor degree but end up doing business.
=D
Can you do a video on how to purchase index funds (ones you recommend) from Vanguard or whatever company you recommend? Step by step with screenshots? I know I should do it, but get lost every time.
What about when you meet Mrs. BeatTheBush and want to start a family?
Make sure you make enough to cover the costs. Otherwise, it could push you into going back to work at a traditional job.
@@BeatTheBush i think, even if you have wife and kids, you just have to ramp up your side income to support your family.
When my savings builds up past 6 months worth of bills and I start getting the urge to buy something I start researching stocks and blow it all on that. I just recently blew a load of cash on Altria while it's cheap.
Stock picking then? Do you have a track history of making consistent gains on them or still trying to see if you can get the hang of it?
I'm fairly new to it but I have a background in financial services and accounting so I can do basic financial analysis. I've been beating the market the last couple years and my two biggest trades this year had an annualized return of 43% and 38% so this year has been really good for me.
When you smile slightly, you resemble your newest pack member. Awwdorable. 😘
Lolcat?
Can you make a video on how to move a really heavy Box (treadmill) by yourself? I need to drag one about 8 feet and up two steps. IT WILL NOT BUDGE lol
Look up furniture sliders. Uhhh... I've moved a 150lb water heater by myself up 18" but it's a bit hard to explain.
If I don't get it done between 9:30am- 2:13pm it's not going to get done ...
Lol! Next day? =D
To be honest i never really wanted a job, just passive income so i don't have to work. I like being free
Don'e we all?
on that note will u make a video on how to make a brand on amazon ?
my mother rents out her house so she doesn't have to pay bills
i did not say that's what i wanted to do just stating that what my mother does
He talked about the Benefits of not having a job. He didn’t talk about how to quit one’s job safely as the title leads us to believe.
My problem is I can't even get a full time job, but I've always been good with my finances. Now that I have the capital I don't know what to invest in :(
Good stuff!
=D
What if your health is suffering? How can I continue in job where it’s hard for me to perform and I suffer health wise? I feel it’s best to quit but o guess fear holds me back
Great vid!!👍🌟
=D
Hey BeatTheBush, you said real estate is not your thing because you don't want to worry about tenants, but US real estate youtube channels keep talking about property management firms, why don't you use one of those? Unfortunately I can't find one in my country, but this country is less developed.
Yes I have property management firms in mind while needing to pay them a fee to do the honors.
Yeah, but those channels I mentioned eralier say that you can get 12%-20% on real estate in the US, that leaves enough margin to pay them. Anyway, I'm not trying to convince you, I'm just saying that I would do it if I lived in the US. And that some people in your position wouldn't mind the occasional phone call and maybe some repairs if they didn't want to hire a property manager.
7:40 it's so nice when going out at that time. But what do you do about medical insurance?
I did a video on that while ago. 'self employment health care'
What do you do about health insurance? Might be a good subject for a future program.
I covered it here. You just buy it. th-cam.com/video/zztaG_VP5no/w-d-xo.html
Hey btb, you may notice I watch all your videos. Do you write a script or just make keypoints and ramble and fix in the edit? I would love to know and would help me to know
I cant think when the camera is pointed at me so I make an outline before I record.
Yeah Im trying to pull off something similair, im MUCH younger then you though. And I know what you're thinking, and no, it IS a competition.
Great! Yeah... it's not. If you make it that way then you will forever be unhappy.
Ive really been thinking about what you just said, but I can't quite figure it out, how so? Do you believe that it makes for inpatience which creates unhappiness?
Because I am having trouble with the time aspect of it most of all things really.
They offer great vacation benefits to attract the talent/skill, but don't expect you to take advantage of it. BS.
Most companies will not want you to use all of it.
How do you manage healthcare? How much do people spend on buying private insurance?
I am in good health and only need a high deductible catastrophic policy. They are very expensive.
I had Blue Shield coverage and went into emergency for 3 hours. My share was $3800 on a policy that was costing me $1200/month. The San Mateo (area) hospital told me there was a forgiveness program for "low income" people (< $65k per year!). I only paid $250. I am 62 yo. I had to let the policy go. I will be looking into SSA coverage next. Youth and health are an advantage. The other option is to be dirt poor (on paper) and go for public assistance.
Robert kiyosaki calls it the Fast Track when your passive income can cover your expenses
Would you consider short term contract work as an electrical engineer?
Why would I work on someone else project when I can work on my own?
BeatTheBush maybe you really like engineering lol, or maybe you want to work on a big project? I’m an engineering student btw..
Haha haha omg so cute who's the pink friend 😁😂💗
I introduced the new friend a while back. I call her Lolcat
Do you plan to go back to your former field at some point? If so, are you worried about the gap from not doing engineering work?
So what do you pay per month for health insurance?
Very perfect I agree with u.
"you just keep working and you never get anywhere" me as a 6th year phd student
What about inflation? Putting aside your youtube activity (which would probably grow well I hope), will your purchasing power from dividends dwindle over time? In my country (BE) dividends of actions are barely equal to inflation right now.
Right now I'm investing very aggressively in stocks. About 80 percent of my income goes to growth stocks. So far I have invested 13000 and gone up 1000 in the last 5 months. My goal is to have 100000 in 3 years so I can start working part time and find side incomes that I'm passionate about. Like drawing and blogging my travel adventures.
what happens when you get married and have kids? How are you still going to support your family?
As he said, plan your exit by saving enough to cover your house expenses. I'm married and with two kids. I'm about to leave my job next month.
When you do these things, you have to make sure you bring in enough to support your family.
Kids are flexible. Instead of expensive toys, just give them an empty cardboard and tell them to use their imagination!
Are you heavily invested in dividend paying stocks?
What if TH-cam or other side jobs slow down ?
BeatTheBush? More like BeatTheMeat! kill me
At what age were you able to retire?
Hi - now that you're not working, how are you getting health insurance?
Buying it at full price.
Reminds me of when I quit my job making egg rolls- on SANTANA ROW.
You've got to have a plan when you have that many stuffies to feed. 😋😉😆😂
Why do you still live in the bay area? Since you don't need to be there for your job, wouldnt it be better move somewhere else way cheaper?
Friends and family.
Oh ok
How much money does one need in the bank after paying off all debt to quit a job safely?
Depends. If you only have money and no income, you're just burning through your savings. With income that is equal to more than your burn rate, you can feel much safer. Unless you have millions, then you can burn your savings slowly and still be fine your whole life.
No intro for your new cast member?
I like your cute plushies on the coach :D lol!
They have names. T-rex, IceBat, Peas, Lolcat, Snorlax, Steak.
Great video and explanation! ^.=.^ 😘👍💗
Thanks!
Hi, I'm also an engineer and thinking for early retirement like you, unfortunately things are a lot harder for me because I have wife and 2 kids. I wonder what is your future plan after getting married and having children, go back to work?
I'll take it one step at a time.
Do you have plans to start a family? Do yo think you will be able to sustain kids/wife with only side income?
Planning a family really means nothing, you still need a partner. Side income can be increased to support more people.
How old were you when you quit your engineering job?
The safest way to loose your job is to tell your boss to fk off... oh wait it's to safely quit. But yeah you definitively need something on the side to be secured.
It would be nice to get laid off and get unemployment for a while.
What about health care? That is what I worry about most.
Living in the Bay Area sounds like a great place to burn through your assets. And with the rising cost of living and tax structure, it doesn't sound sustainable.
Also, if everyone was this risk-adverse, most would never quit their jobs or try to start a business. Sometimes you just have to take the plunge.
For someone risk adverse, you can still quit or start a business in solid footing. Depends how you do it.