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- เผยแพร่เมื่อ 26 ก.ย. 2024
- A new way to "retire early." In this video, I debunk the myth that you need to save a million dollars to start living the life you want.
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👨 Who am I?
I am Jereme - my wife and I paid off 50k in debt, quit our 9-5 jobs, sold most of our stuff, drove across country from Oregon to Michigan, and bought a small A-Frame Cabin in cash to live simply.
This decision gave us more control over our time to actually focus on the things that matter to us - serving Christ, each other, and our community better.
I created this channel to empower you to become more intentional with your time, talent, and money in order to live the life that you want to, not what society expects of you.
📩 Contact Me
See the "About" section on my youtube channel for my emails.
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What do you think about this “new way” to retire early? Buy a home you can afford and then do what you want. Is this idea really that crazy?
It’s a phenomenal idea!👍🏻
This is called Freedom. Priceless!!!
Not crazy at all...logical! I wish I had thought of it at your age. I just paid off my 30 year mortgage (1 year early) after following DR and being introduced to tiny living by my dad's desire to van life. We've been intentional this past year in getting ourselves in position to make this change in our lives! Thanks for the good info!
@@Stephanie-C.S Happy for you!
@@gojereme Most people have more house than they need, but the property isn't designed for renting with privacy. Most homeowners don't want to permit strangers into their security zone - a primary reason that we buy houses in the first place. This house is two stories with two driveways - even if the 2nd driveway is currently best used with a Jeep. I can build a set of exterior stairs so the renter has their own private access. They can park where they want. If it works, then great, if not, its an okay improvement to the house that won't hurt. Currently there aren't a lot of jobs in the area where I live - that's the downside. That will change over time as this city is rapidly growing.
It boggles my mind when I see my friends buy McMansions. 30-40 years ago, families were bigger, yet we all grew up in smaller houses. Now most married couples have 2 kids and yet they live in a bigger house than they did as a kid? My house and truck are paid off but I live in NJ, so my property taxes are ridiculous. I’m actively planning to move in the next 5-7 years to a lower tax/lower cost of living state when I retire. Stay out of NJ, it is the highest taxed state in the country!
NJ is the highest property taxed state in the country. California is the highest overall (property, gas, state income tax, vehicle registration, etc., etc., etc.).
You are better than other financial counselors because i can see the spiritual sides of you. While other counselors put stress on us about working harder, saving more, running with time, you teach us to know what our heart desires and be content, happy following our heart even if we have to live in tiny house, having only one car...
The point is to be grateful, content with what God gives to us and do what we love. When we have less stress and more love, things will fall in place. Besides. GOD will always be with us to bless us if we follow his will: to let our heart sing the song that He put in our heart.
My husband and I leave in the South. We bought our home for $150,000 (1600 sq.ft.). We have no other payment other than our mortgage and it’s only $600. The largest expense is our children’s daycare at $1200. But once they are out of daycare, we will be doing great!
@@dsom6221 but they “leave” in the south 😉
Me hate auto complete 🤪
I’m saving a million because assisted living is horrendously expensive. Having a paid off home is great, but even with lots of equity, it won’t cover more than a few years of assisted living. It’s the unforeseen expenses when you can’t work you need to save for.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family....
@rachealhubert74 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. Alice Marie Coraggio, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@rachealhubert74 Alice Marie Coraggio
@rachealhubert74 Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy...
lol lol, does anyone fall for these scams?
It's powerful.. We did it .. it snowballs quickly and then you leverage savings turning them into investments and it compounds. You have to make some sacrifices and not buy into all the marketing out there.. Other seemingly small choices and habits can snowball too.. like running used cars into the ground, shopping in bulk, cooking at home, exercising as a hobby/entertainment, relaxing closer to home like beach and park instead of fancy remote/resort vacations, not smoking, not drinking, day trading as a hobby/entertainment, zillow as a hobby/entertainment, DIY projects as a hobby/entertainment... If you can put your head down and distract yourself while saving and building skills & knowledge you will win BIG.
🗣💯💯💯💯💯💯
This is a dope perspective Jereme, and you're right nobody really talks about this. It makes perfect sense to me though. I think most still battle with keeping up with Jones's and or don't realize it's possible to live intentionally. I've been debt free for a year now and I saved/invested my first 50k. Currently working on new ways to cover my expenses with passive income.
@Q Makes It Happen: Congratulations on saving 50K! That was the cost of my house 11 years ago. There are always good deals to be had; don’t let defeatists tell you otherwise. As I wrote above, my 50K house has a rental apartment to provide passive income. What I DIDN’T write is that it took a lot of work and creativity to bring this ramshackle old house (with good bones, in a safe neighborhood) up to the point where I am now. It has taken years, and humility. But I’m free, and I have passive income. Freedom from debt makes it all worth it.
Keep pressing in, my friend! You’ll make it.
Lowering living expenses can be doubly powerful: It leaves me more money to invest, and also helps me learn to need less to live happily.
This is one of the key points in Jim Collins's excellent book, The Simple Path to Wealth.
love that book!
I make huge profits on my investment since I started trading with Victoria Olga, her trading strategies are top notch coupled with the little commission she charges on her trade
Wow, amazing to see others who trade with Miss Victoria Olga. I'm currently on my 5th trade with her and my portfolio has grown tremendously
This is not the first time I am hearing of Mrs Victoria and her amazing trading skills but I have no idea how to get hold of her..
With the consistent weekly profits I'm getting investing with Mrs Victoria Olga there's no doubt, she is the most reliable in the market. Such a genius..
I invest with Mrs Victoria too, she charges 10% commission on profit made after every trading session and that is fair compared to the effort she puts in to make huge profit.
Amazing I also just started trading with Mrs Victoria Olga , she is the best at what he does with an initial investment of $1600 I made up to $5230 in just a week of trading with her, her strategies are mind blowing!..
I agree with you man. I live in a suburb of Minneapolis and i'm about to pay off my duplex. I'm 30 yrs old. I have a similar mind set as you. I just want my time back and literally to do something larger than myself that I actually care about. Now that I have a paid off duplex I don't have to work at all, but I can now contribute to society in a meaningful way. Thanks for your video.
Dom - you said it! Now act on it my man. Work to make impact now.
When did you buy the duplex?
Praise the LORD 🙏🏾🙌🏾.
I never married and I only have one daughter. I have one brother. For me to move far away would be a lonely 😞 experience. I’m a grandmother now and spending time with grandchildren is precious.
This is so simple. Low-cost housing does indeed seem to be a key ingredient in the recipe for financial independence. You have to be willing to move away from high cost areas and sacrifice some aspects of your lifestyle, and I think that may be part of why this is not talked about that often. Thank you for bringing it up.
I'm planning to convert a couple rooms of my house to rent, which will pay property taxes and maintenance costs, which will get me a net zero cost of living in my home. I wish I had done this 20 years ago.
House Hacking. Love it!
...and that's a business expense too so.
Be careful. People are crazy.
Not the best option if your married or have kids. This sounds good if your single
We completely agree on getting out of debt. It is liberating. We worked in jobs we enjoyed until age 55, but now we have sufficient funds to travel the world the next 10 years. Just make sure you have enough saved so you can lead the life you want and truly be financially free. Overall great video and new sub. John and Bev
Thats awesome! Enjoy! Definitely planning for the future too :) thanks for watching, John and Bev!
Bravo! We are putting our son (only child) through college right now. He is our priority right now. He is starting his senior year. After he graduates, we will be freed up to the same. This time next year will be a whole different story for us.
Appreciate your new approach. The greatest concept you mentioned that stuck out was the concept of realizing you have enough, which I think helps reduce the cycle of needing more money. 👏
It’s a hard concept to digest and learn because we live in a world where that concept is not really prevalent.
I realized this last year. I looked around and realized there is nothing, no item, I actually need. So I made a plan to have a year of no spending. Basically I'd only buy it if it was NEEDED. so no new clothes, or electronics, sporting stuff, books, knick knacks, home stuff, nothing, unless it was needed. So if an item broke that I use regularly it would get replaced or fixed. Example phone, cars, clothes. I've been really good all year. I bought underware and shirts and shirts (mine had all just gone bad), and one day I was super down because I've been sick for 4 months and bored, and stressed and I bought myself some Lego because building it calms me. But other than that since January nothing. I'm saving money at a good rate, I still have Netflix and will be doing my annual camping trip. So I'm not deprived I'm just not buying all the stuff I don't need. I'd recommend trying it even for a mo th or two and see how it goes.
I don't know how I missed this video, but this is exactly what I am trying to do. From the beginning I said I want to pay my house cash, or have another income paying for it. I have not been crystal clear and keep letting life get in the way of my happiness. Thank you for sharing this message.
At 57, I have a 3/2/3 paid house with under $200 a month taxes.
I also have 28 paid rental units making six figures.
We also have $960k in the stock market after making over 28% this year.
We also have $190k in wages working remotely.
I have bought several homes under $20k and several under $10k. I bought a triplex for $12k and 6-plex for $26k.
People can by cheap homes and rehab. I just takes some hustle. They are not that tough to find.
What would be a good place to start to find such deals? I use Craigslist, Facebook, realtors and live in the Midwest. Currently have a duplex but struggling to find the next one.
Where can you buy property for that cheap??
@@GDX2470 these two properties are in Paris Texas and Clarksville Texas.
They are NOT easy to find, but if you look every day you occasionally can find one.
I have bought several places under $15k.
@@GDX2470 I have a house in need of a heavy rehab in Paris Texas I would sell for $18k.
@@mecheckraise honestly I still can’t even believe it. That’s damn near free lol.
Most people just drift along with vague dreams of how their future will be so much better. When you actually have a SOLID PLAN with a definite end point, it's amazing what you can achieve financially. You find out how much money you've been wasting, basically.
Exactly
I'll take a different aspect to the whole retire early dream. Here was my take and I tried it a few times as I posted to my own subscribers. I was a physical therapy contractor and at times still am. But three times I went overseas to exit out of the workforce. Each time was four months. The first few weeks were great. Then I started sleeping later and later. Finally it got to the point where I was going to bed at 3:00 am and getting up at noon. You can only train in the gym so long and see the castles and temples so many times. Even living in Gdansk, Poland on the Baltic beach----you take that walk down the beach---again. And I had no purpose. Even though I was in the beginnings of making my own videos and setting up the channel I still had 7-8 hours of down time a day. And I don't go to clubs and bars so that left a whole lot of idleness. End point--a human feels the best when there is a purpose. I used to work with the elderly and can tell you that they have a lot of depression once their role in life is gone besides that fishing trip---again. I think I'll also have a part time gig whether it is becoming the almighty influencer or being a part time physical therapist. My mental soundness is far better with a role to play than when I was on permanent vacation. Hope that helps someone out there--Charles
I agree, I think a life with purpose is really the key to however one defines retirement. Nice post!
@@aviewer9516 Thanks--keep being great---Charles
@@charleshurstreinvention3959 Hi Charles, I didn't realize you had your own channel. I took a look at some of your video titles and will check them out! I'm going to subscribe as well :)
@@aviewer9516 Hope you like it, thanks---Charles
So after you have no debt, and have a car, house, all needs taken care of, how do you go about paying:
Property tax
Utility bills
Phone
Car repair/maintenance
Food
Health Ins.
... etc
check out my budget video.
But you have not had a disaster hit that house yet. Insurance will NOT pay it all (they'll depreciate your house), and the money they will pay may not be enough to get you into a new house in the newer, much higher housing market. That happened to my parents, who had paid off their $15K house in 1971 for years. Then it was flattened by a tornado. But they had that house 30 years. The newer similar homes were MUCH more extreme prices, $200-300k+.
Contentment ... That's definitely the key, knowing your enough. I'm currently reading "The Legacy Journey" by Dave Ramsey and love how he emphasizes the power of being content.
Retired early and have investment income plus occupational pensions after careers that we enjoyed….downsized and reduced outgoings. We travel 2-3 mths and have lots of hobbies like playing Saxophone.
The best advice comes from people already retired because we ‘know’ 👍
Praise the LORD 🙏🏾🙌🏾. This is confirmation of what the Holy Spirit has been telling me to do...this just came up on my feed.
Whahahahaha ok then Praise the Lawd 🙌🏼😝…. Or perhaps it’s just the TH-cam algorithm?! 🤦🏻♂️ Nah I’m sure an imaginary sky creature is more plausible to your simple little brain…🧜🏻♂️
@@jamesbyrom9346 Just be happy for them. Don't feel the need to attack a person's personal beliefs. Chill.
I agree: people sacrifice their youth. No one can turn back the time.
I’m so glad: I enjoyed my 20s and 30s. OMG.
Fantastic content! Being debt free and the house payed off, is great! If not for our high property taxes, we'd be living free. For the first time in my life, we are saving money while living well. Nothing beats financial peace.
The most valuable thing is time because once you spend it, you can never get it back!
How do you address Healthcare? I’ve had medical issues most of my life and the thought of not having employer healthcare has always held me back from my entrepreneurial efforts and/or retiring early.
That's one of the things ppl that retire early don't talk about...healthcare, kid schooling (although a lot of them home school), vacations...extra spending money and just in general, inflation. Medicare too when you get older, since you'll be fined if you don't have it...that takes a few hundred a month.
But there are govermant programs for people who make under a certain amount a year. Not so much for older and retired individuals.
General rule for retiring early is, 5mil to retire early (inflation accounted for). That is to live comfortably and retire at 50....
I don't see a reply from Jereme....
@@midnull6009 $5M at 4% would provide $200,000 in cash year, that is way way more money than the average American takes home. No one needs that to get buy as they did. You can spend more than the 4% in one year, just as long as it is offset by other years. Or you only setup your plan to only spend 3.5%. $1.5M @ 4% = $60,000, $2M @ 6% = $80,000 and this will be at worst long term capital gains, which mean 15% tax. You may have tax advantaged account which could equal 0% in tax if you have it setup right.
Might be sol ..if you have medical problems just the cards you got in life..
@@fgonzalez78959 agreed. However, everyone needs medical insurance .
I mean I’m cool with you wanting more time with your family I think that’s great and totally a goal God supports. But as far as security finances, savings, providing for your children, future expenses etc. I feel like moving from 40/hr week to 4 hr week would really take away from ambition and need to work. It’s just enough to get by ? Thoughts? Videos on this ? Just found you. Thanks!
We live a debt free life but are focused on fatFIRE... though sometimes it's really tempting to do lean fire and just get that part time low stress job! What do you use for health insurance?
@Stefanie Legacy Lots of FIRE folks lower the amount they withdraw from their brokerage accounts each year to qualify for ACA subsidies. Looks like that's not what he is doing though. If you are in the US I recommend Sidecar Health for freelancers, entrepreneurs and folks that work jobs without benefits. It's affordable and easy to use.
What about your life insurance for family? Health insurance? How are you planning to pay for your childs future needs??
Right!! I’ve never heard him talk about health insurance & these other important things in ANY of his videos😐
You have the right attitude. I semi retired at 38 and been loving it. I own two properties outright from working 13 years in Hong Kong because the tax was 15% and the money great. Now I won't ever work more than 12 hrs a week since I'm still a director of the business I founded but someone else runs it. Life or specifically youth is short. Most people seem to forget that they will get old and money is less fun at that point
Great advice. It’s exactly what we were able to accomplish. But we learned it the hard way after loosing everything in 2008. We realized there is nothing more important to us than having a home that is paid off.
Reducing your expenses opens up a world of opportunity. Good perspective here
I turned 60 this year. Our home is paid off and it has brought more financial freedom then imagined. No debt at all! Our son is 21. We are able to pay for his college so he can be debt free and start his life the right way. We will help and guild him as the opportunity comes (real estate) We do have investments because that is what we did back then. We do not have to tap into any of it right now because we still work for a cash flow. Bravo to you and your wife for listening to The Wisdom of The Holy Spirit in your life. The truth does set you free. PS. Our son has got his "emergency fund" saved up that he can call his own. He thanked us and know that his peers are $100,000 in debt at the beginning of their life. He knows the hole that they are in.
Your son is so lucky to have parents like you. I only wish I had parents that cared that much.
Finally a balanced voice
Avoiding marriage and kids also a great choice to obtain freedom.
People interested in FIRE need to watch this. Buy a home as early as possible, pay it off as quickly as possible, your life will change dramatically. No mortgage = happy life with low income, low taxes, almost free healthcare. You can do whatever you want in life once rent or mortgage is forever behind you.
Absolutely, If you can go further and cut out a vehicle or go to no vehicle (location dependent) you will be in such a great spot with hardly any expenses.
Have two paid off houses at 32, one in florida and one in Ohio. I also have rentals with mortgages but they cash flow. I technically don't have to work again if I don't want to, but it also doesn't hurt that I naturally don't spend much.
I'm not naturally a big spender either - It's probably because I'm was always working/saving towards something. I wonder if that will change as my income grows, where I can spend on things I want to without thinking about the bill. Just thinking out loud now. lol
I’m approaching the end of my career and I wish I had no mortgage. I hate my job of 35 years but still have a mortgage anchor around my neck. I’m sharing this with my kids hoping they will consider this advice as wise
Sell your house problem solved.
So buy a house in cash in a Western country.
We still need living expenses and how long does it take to buy a house in cash?
dude I'm getting the chills, this video is SO good, word for word this is my plan and was before I saw this video, you're awesome dude, I share your faith and God will bless you for your wisdom!!
Hey man! Thanks so much. Totally should do it - it’s a good a life without stress! God Bless!
I'm so grateful I stumbled upon your channel!
What do you do about health insurance? This is the only kink in my plan. I'm also from Portland OR, it's so expensive here!
You can check out the plans on the ACA exchange
@@lgee9027 thats a joke right?
@@spsamp no 🤣🤣🤣 I honestly had a plan, it was years ago and was confusing as hell to pick a plan. I literally spent 3-4 hours going through the plans but I did get health ins. My son is laid off now and his cobra is 580.00 per month 🤷🏽♀️
It gets worse when Medicare age hits lol. You get fined if you dont have it.
I really want to retire early so I'm starting early
I'm still too young at the moment but I'm starting as soon as possible
We renovated a house we bought for 10k. My husband does construction and we did the remodeled it ourself. We have had no mortgage or rent for the last 6 years. This is in Florida just 8 miles outside of Gainesville. I do travel nursing 6 months out of the year. I am getting to travel and enjoy seeing National Parks. I am 56 yrs old and want to try small vacation cabins to rent out on Airbnb. I want to stop working as a nurse. I work on my mental issues that has held me back. Keeping things simple is important.
I agree with all this and think the same things I actually worked at Dave Ramsey for four years as well, and for a lot of people there's never enough and there's no contentment,
Financial Independence Retire Early is a big trend right know. Thanks for sharing your knowledge through the video! Lets become F.I.R.E. as soon as possible! :)
I am part of the "FIRE movement", my goal is to have $1.5 million in investments by the time I turn 40. I still have fun off my 50%, I just don't have super fancy stuff. Getting a cheap house to pay off in cash is great. I agree that most people under value flexibility. There are cheap homes out there, in the mid-west as you say, or near the Mexican border. When you change your approach it forces you to get creative as you say. This is key, otherwise I wouldn't have done many of the things i have done (mega-back door Roth IRA, VRBOing my house when I am way on vacation, reducing my credit cards down to 4 and only having one card that I pay a fee on (Capital One Venture card,) booking flights early to be as cheap as possible, looking at alternative hotels or getting rooms together with buddies when going to weddings, keeping my 5 year old car that is paid off instead of buying a new Porsche, etc...)
We are very similar - age, faith, I live near PDX....
Kids was a game changer for me. I have a paid off house and more than $1 mil invested but don't feel like I'm that close to be able to leave a job behind. I feel like no debt plus $3 mil feels like the bare minimum to retire at such a young age with a family of 4. I guess I need to get more creative on the spending side.
I still work FT and get my full retirement pay. No mortgage, no bills. I pay cell, lites, car insur, umprella $1million liability policy, etc once a year. But I will never stop working I like engaging with others on an everyday basis. All of my coworkers who retired and stopped working died within 2 years.
I got the same curse at my mill, ppl die within the first two years of retirement. Real weird if you think about it.
This makes perfect sense! You get your freedom today rather than delay it once you FIRE.
Exactly!
People who own still have to pay rent - it's called property taxes. Also home maintenance - most people probably spend more on their living expenses when they own than a renter would spend.
I don't think you truly understand FIRE based on your criticism about it.
Agreed. He’s literally FIRE just in his own way which is the whole point of the movement
No house payment and cash = freedom
This video gave me so much hope! I loved the approach. Had to subscribe.
I was planning to do vlog about me being semi-retired and was searching for the same topic here and stumbled upon this channel. This makes sense, and funny enough, I don't have millions to pursue my semi-retired life :)
my Mtg is less than 750. no debt. I finally get it... after 57 years.
Right on Ann :)
Yes! I'm building my own not so "tiny" house so I can sit down and think about anything else in my own secured space!
Your not retired dude. You're just less dependent on money. By the way, you can still move in your 50's, it's not a death sentence.
You're missing the point. I'm challenging the idea of traditional retirement. Most people think they have to save a "million" to start living the life they want. It's just not true.
The time that I have now by paying off a small home has allowed me to design a life I don't want to retire from by pursing different passions/opportunities that I wouldn't have had the time for if I was working a regular 9-5.
Most people that want to "retire early" are just looking for alternative lifestyle do to do more of what they want. Most that actually retire early (meaning they don't have to work ever) end up semi-retired because "sitting on a beach all day" not working is also not fulfilling.
So why not just aim to be semi-retired from get go?
Now I get to wake up and live life the way I want to everyday - I'm happy. Most don't think that is possible or don't think they can be happy if they don't have tons of money in the bank.
But's that's not true.
You ever hear the quote, "do what you love and you will never work a day in your life"?
I found it to be true.
@@gojereme I know I know, I heard you repeat yourself many times in the video. I didn't miss any points.
You may not need a million dollars but did I miss out on the section where you discussed where you derive the income to pay water, gas, food and insurance? Even a minimalist will need some sort of income to stay breathing. If you don't have stocks that pay dividend or collect rent, I'm assuming you're not actually retired but still work, but maybe on your own terms or more flexible hours.
I mention how I make money now in this video th-cam.com/video/ekD5AZorIaw/w-d-xo.html and my budget break down is in this video th-cam.com/video/yPjE8Rywxsw/w-d-xo.html
THIS IS THE BEST RETIREMENT VIDEO IVE SEEN! Thanks Jereme!
Glad you enjoyed it!
Hi, an alternative solution I can suggest that I did is I got a small home that I can pay in full for a year with only just very less interest but after I paid it in a year I will have more free time and no more rent to pay. The interest in a yr that I will pay is just the rent im paying with my apartment for a yr but this is better since I have no more land lords and its my own property
In other countries a live in nurse is not going to cost you 10k a month
One can own dividend producing stocks and rental properties
Minimalism is essential
Go where you are treated best
You’re the man Jereme! You and your wife are role models for FIRE community. Please make more videos like these.
Thanks Snowball 🙌🏽 more to come!
I am being forced to save a million. At the age of 47, I was suddenly permanently disabled and bedridden. With a pre-existing condition, I cannot get long-term care insurance. I have to save for the possible cost of assisted living all by myself.
Im sorry to hear that, hope you save and invest some.
I wish you could have gave more detail. How much are your expenses on average every month. Even if you pay off your mortgage, you still have taxes and insurance on the house
Check out my budget video. I talk about my expenses there.
I’m curious … what do you do about health insurance and things like that?
I'm turning 42 this year. I was able to pay cash for a smaller home recently. I guess there is never a better time to do it. I prayed so much about it and God provided me away.
Monday morning and all I care about is the next check coming so I can put away to pay off a house. Eliminating/reducing the major overhead expenses are absolutely vital. A garden would be interesting as well to reduce food cost over time
I've been binge watching. There are moving away goals and moving toward goals. Moving away goals are such as 'take this job and s.....it." Moving toward goals are the life of your dreams. This is a distinction. I come from the Ramsey/FIRE camp, to profess my bias. Ramsey's 6th step which I am on presently is clear, clean out the last debt, mortgage. But, am I delaying my life to complete step 6? This is a moving away goal. I like my place, and my mortgage is half of your apartment in Portland. I like your approach, bec you can postpone your life to the day of death and never really lived one day. A lot to consider here, thank you.
this is called "house hacking" and there have been videos on it for years now. I don't consider being landlord passive income, though. You have to deal with tenants, background checks, evictions, raising rent, etc.
Totally agree not enough people talking about this path
You miss what FIRE means. It’s means freedom.
Sure the basic approach is to save a lot and never work again.
You’re basically Barista FI. Independent enough to only need some small side income.
Exactly Nathan. We talk about Barista FIRE in the FIRE community too. Some dont want to retire. Working on your own sidehustle/business is one way, or simply having a sidehustle/part time job with flexitime/your own Schedule control. Its not new or not talked about. Owning your own home is cool and all. But with interests this low, its stupid to pay it down, investing is way better. There are tons of investment vehicles tho. Crypto, business, REITs, stocks, indexfunds, TIPS, P2P lending, NFTs, and millions of sub categories.
I had 23 years on my mortgage to pay so in 2017 at age 65, I did a reverse mortgage because I had enough equity in my home so I no longer pay a mortgage. I just have to pay property tax, insurance, HOA just like anybody else whose home is paid off. Now I am sitting back , saving, keeping my good credit and having little debt waiting for the housing market to crash so I can pick up an investment property. I used the system Not to have a mortgage payment.
Don't you still owe a mortgage? Reverse mortgage is still mortgage isn't it?
@@catmouse2882 Traditional mortgages you pay monthly. With a reverse mortgage You pay when you leave the house either if you decide to move or death. You still own the home so you or you family can sell it, pay off the mortgage and keep all monies above the loan amount. If let's say their is no equity than the bank takes it to pay off the mortgage and neither you or your beneficiaries owe anything. What's good about it, you can pay the mortgage every month to pay it down but you do not have to. You MUST however ALWAYS pay your yearly property taxes, home owners policy and HOA, if any. I love it. Haven't paid a mortgage since 2017. And doing a Refy now which will allow me to pull money out... I will pay off my car and another bill this month and be debt free WOOT! WOOT! If you live in a state with HIGH property taxes like California, NY would not advise it. I live in AZ and my property tax and is only $1217/year.
@@jeaninebrown3889 I can see how that maybe beneficial. My only concern would be if I pass away (God forbid) I can't give or will the house to my kids or surviving spouse.
Or maybe you can ? I gotta look more into.
But it sounds like a decent deal.
@@catmouse2882 You cannot will your house to anybody unless you own it outright. If you still have a mortgage the bank is the first lien holder and that means if a family member wants the house they have to buy it from the bank and qualify for the mortgage.
OMG 65 and still paying a car payment. I’m not even 30 yet & I don’t have a car payment. I OWN my BMW outright!! Most people think I have a car payment bc I drive an “expensive” car. How do you have a car payment at 65???? even if you will be making the last payment, STILL RIDICULOUS!!!
You obviously don't live in Australia. Homes in Sydney priced at a median > $1M.
It is easy in the USA , in Europe it’s not that easy as the government controls your income, so if you don’t have a loan the government will tax you even more on what you don’t have a loan
You contrast your approach with FIRE, but I'd say it's just a different flavor of it. Establish financial independence, or some portion of it, and then spend your time how you want. Definitely a more sustainable approach than the most extreme flavors of FIRE.
109 thumbs down.. people who are probably mad at the world and have no hope.
Glad I’m not the only one who sees it this simply! Subscribed! 😄🙌🏻
Awesome man! thanks!
Looks like I found my next subscription with this high quality content 😎. Fr though, I've been on this journey for about a year now and have $100,000 invested and am hoping I can “retire” or at least quit my current high paying job in the next 5-7 years at 25-27 years old.
Not doable for me as I have 2 kids and childcare costs. Even one school age there’s still before/after care, summer camp etc
You’re very calm, relatable and understanding.
I currently work on running a business which gives me flexibility with my time but loads of hours worth of things that need to get done.
My fear is leaving money on the table and having business opportunities start to dwindle, so I feel the need to get it all while this whole online social media thing is still hot.
It's a fabulous idea! Great job! Proud of you!
Totally. Thanks, Kristi :)
My husband and I have a similar plan except we want to house hack, we plan to buy a 2 flat building duplex the first floor to the basement for our family of 5 and rent out the second floor. That way it can always be residual income/ or living for super cheap or free which would allow us to focus more on the businesses that we want to create. It’s taking us a while to get there because of past mishandling of money and lack of knowledge but God is really working for us behind the scenes and I can not wait for the testimony!
Our goal is more to build wealth not necessarily to be millionaires but to make sure our children can be set in a right direction in the future.
Awesome Kendra! That’s a great idea!
Thank you! Sir for sharing very informative !
Buy a 2 family. Most of the time, your housing expense less the rent received is much less than rent you would be paying. And, the only part of that equation that goes up is the rent which lessens your housing payment. Use the difference and apply it to your mortgage to pay the house off. Now, not only do you have the kind of scenario Jereme is talking about, you also have the added flexibility of living somewhere else. You would just rent out the apartment you were living in and have even more cash flow to apply to wherever you want to live without the hassle of having to sell your current house. Start in your 20s and do it over and over and over.
Love this! And hate paying high rent, lol. I think many people can profit from remote work since it allows them to move to a cheaper place and still be able to earn their usual income 🙌
For sure, I think many people have moved this past year! I don’t hate paying rent, sometimes I actually miss it. Just depends on one’s goals.
How much does your health insurance cost per month?
He's right about homes in the Midwest
Finally a YT reccomend that I can relate to, thank you so much for your channel, my wife and i are debt free and we've been saving but haven't found the first right step yet, but thanks to your channel I think I have a pretty good idea of where to go from here.
Who wants to be a real estate Mongol?
What you are describing is also part of living within, and probably below, your means for the period it takes to payoff the house. Delayed gratification is the way.
The mother in laws tongue plant you have growing upstairs over your left shoulder is getting big, you need to move it a little bit further back from the wall. Having a paid off home is nice too.
What about if nothing saved
You have amazing values!! Thank’s for sharing✈️☀️
Thanks for watching, Herman!
So glad to hear you talk about this. This is exactly what my hubby and I are working on now. Planning to have our home paid off in six months. We can rent it out if we want. Being satisfied is so peaceful!
6 months will be here soon enough. Happy for you :) it’s truly best feeling, especially as I become a father.
Even if you don't have a mortgage, you still have to pay taxes on the house and that never goes down...and...unless you want to roll the dice, you will need homeowners insurance. What I'm saying is that you will never own your home. Also, there's always maintenance. AC, roof, pool, plumbing, lawn care.....You get it? It never goes away...
Great video Jereme! I love this idea! Subbed!
Thanks matt 🙏🏽