This is the story most people should have. I find it odd how everyone seemingly reaches FI only to decide they want to be a billionaire and continues working. Nice to see someone who reached their goal and had it be enough for them.
I think people should really be ok revealing their actual numbers when they come on a show like this. It was so difficult for her to say what her passive income was when she left her job. She still didn’t reveal how much cash she had, just said it was in the 6 figures. It really helps the listener to know the actual numbers.
I think the focus should be away from exact numbers and more about how it relates to personal goals (i.e. passive income to cover monthly expenses and/or match salary from a W-2 job). Knowing a specific individual's actual numbers isn't going to help someone else's financial planning since it is likely to vary person to person.
@@andreawisner7358 it’s her past situation, I don’t see why it’s bad. I don’t even see why the present situation would be bad. Do you know why it’s in the culture to not reveal salaries? Because the corporate America was biased towards women in giving them much lower pay and in order to keep that secret, they created a culture of not revealing the salaries and now it has extended to financial position. Thankfully in FIRE people have now started talking about it. If you’re coming on a show like this, reveal your numbers.
@@andreawisner7358 it’s her past situation, I don’t see why it’s bad. I don’t even see why the present situation would be bad. Do you know why it’s in the culture to not reveal salaries? Because the corporate America was biased towards women in giving them much lower pay and in order to keep that secret, they created a culture of not revealing the salaries and now it has extended to financial position. Thankfully in FIRE people have now started talking about it. If you’re coming on a show like this, reveal your numbers.
@@mykeg5027 it definitely helps. I make a good 6 figure income, a lot of people retire with less than that, but I can’t because I want to have a certain lifestyle. So I prefer to know the numbers and how long it takes to get there.
Thank you for sharing your story! Great tips at the end as well! Tracking expenses indeed is soooo important! And spending where it matters to you and cutting everything that does not add to your life. Enjoy the fruits of your hard labour!
Yeah, now they have moved the "seasoning" period to 12 months! So, not as nice to utilize lines of credit and you absolutely need to run the numbers so you're covered!
I can see being in a good position financially when you have two good incomes and you are disciplined. I’m pretty disciplined, but it’s only me and I’m still not in that comfortable income level that will allow me to feel comfortable if I were to stop working.
It seems like everyone who reaches financial independence at an early age has a six figure salary and is also married. Maybe there is a video in here somewhere, but I want to hear a story of someone who lost everything at 50, only makes $50K a year and has to start over by themselves. I went through a divorce in 19 and lost everything. I'm starting over from zero. I don't have a 401K. I don't own a home. I'm trying to buy one but the market is so insane. And I don't know that I have the energy to manage properties by myself. How does a single person, who is older, build wealth by themselves?
@@AmandaGatesHome Investing in broad market index funds and bonds is sufficient for building wealth. The speed of wealth building would simply depend on the level of income minus expenses sent to investments. Investing in any asset and compound interest in general requires the resource of time however, which not everyone has decades of. If I was older, I would focus on paying down a primary residence and being debt free and looking for supplementary income sources. Unfortunately, no one is going to build substantial wealth without a huge income or decades of compound interest which most of the personal finance crap seems to forget to mention.
@@Cwilly13ify I have about twenty solid years. I'll be 47 this fall and I've only just begun. And I do not own a home, so I'm trying to find something affordable and right now that doesn't exist. But what I can do for now is lower expenses. I'm moving out of my apartment, selling most of my stuff and moving in with a friends mom so I can actually save some money. Which has been nearly impossible to do with all this inflation. I have zero debt so sounds like I just need to invest, invest, invest!
@@AmandaGatesHome It's basically the only option outside of real estate. You can always buy property down the road when your investment portfolio gets large enough.
I know this is a little off topic from the real estate theme that permeates most of these videos, but how does one get good, affordable health insurance when you retire early and don't have a traditional job that offers it? thanks.
It really depends on where you want to live and how much you want to spend on it. What I plan on doing in a few years is living outside the US for 6months and 1 day a year so I can qualify for the international healthcare plans which are about 10% the price of any decent healthcare in the US.
This doesn't really seem like retirement to me. Is this not more a case of someone shifting career to be a property manager? I wonder how passive running 18 rental units can be.
Anxiety is directly proportional to the number/size of mortgages and emergency account. I’ve played real estate for nearly twenty years and expect that most folks like this will get reality checked hard once three roof repairs and a wave of vacancies hit the same winter.
Why is it that people always assume that people k is the acronym. What is a BUR? I looked it up. The acronym stands for Buy, Rehab, Rent, Refinance, Repeat. Similar to house-flipping, this investment strategy focuses on purchasing properties that are not in good shape and fixing them up.Feb 23, 2024
1. Have rich parents 2. Get disability somehow 3. Have one of these 1/1000.000 jobs that pay you a million in a decade 4. Be incredibly successful very early (Hollywood child actor, social media prodigy, one hit wonder...) Or just do it the normal way and retire in later decades
Not sure what podcast you listened to, but it didn't seem like he did anything other than sit on the sideline and approve of her plans. I took away that she's the one now earning six figures passive income and only working 10-20 hours a week. I'd love to have that dig!
This is the story most people should have. I find it odd how everyone seemingly reaches FI only to decide they want to be a billionaire and continues working. Nice to see someone who reached their goal and had it be enough for them.
I think people should really be ok revealing their actual numbers when they come on a show like this. It was so difficult for her to say what her passive income was when she left her job. She still didn’t reveal how much cash she had, just said it was in the 6 figures. It really helps the listener to know the actual numbers.
I think it's a bad idea for people to publicly reveal their entire financial situation.
I think the focus should be away from exact numbers and more about how it relates to personal goals (i.e. passive income to cover monthly expenses and/or match salary from a W-2 job). Knowing a specific individual's actual numbers isn't going to help someone else's financial planning since it is likely to vary person to person.
@@andreawisner7358 it’s her past situation, I don’t see why it’s bad. I don’t even see why the present situation would be bad. Do you know why it’s in the culture to not reveal salaries? Because the corporate America was biased towards women in giving them much lower pay and in order to keep that secret, they created a culture of not revealing the salaries and now it has extended to financial position. Thankfully in FIRE people have now started talking about it. If you’re coming on a show like this, reveal your numbers.
@@andreawisner7358 it’s her past situation, I don’t see why it’s bad. I don’t even see why the present situation would be bad. Do you know why it’s in the culture to not reveal salaries? Because the corporate America was biased towards women in giving them much lower pay and in order to keep that secret, they created a culture of not revealing the salaries and now it has extended to financial position. Thankfully in FIRE people have now started talking about it. If you’re coming on a show like this, reveal your numbers.
@@mykeg5027 it definitely helps. I make a good 6 figure income, a lot of people retire with less than that, but I can’t because I want to have a certain lifestyle. So I prefer to know the numbers and how long it takes to get there.
Thank you for sharing your story! Great tips at the end as well! Tracking expenses indeed is soooo important! And spending where it matters to you and cutting everything that does not add to your life. Enjoy the fruits of your hard labour!
Yeah, now they have moved the "seasoning" period to 12 months! So, not as nice to utilize lines of credit and you absolutely need to run the numbers so you're covered!
I can see being in a good position financially when you have two good incomes and you are disciplined. I’m pretty disciplined, but it’s only me and I’m still not in that comfortable income level that will allow me to feel comfortable if I were to stop working.
It seems like everyone who reaches financial independence at an early age has a six figure salary and is also married. Maybe there is a video in here somewhere, but I want to hear a story of someone who lost everything at 50, only makes $50K a year and has to start over by themselves. I went through a divorce in 19 and lost everything. I'm starting over from zero. I don't have a 401K. I don't own a home. I'm trying to buy one but the market is so insane. And I don't know that I have the energy to manage properties by myself. How does a single person, who is older, build wealth by themselves?
The same way anyone builds wealth. You earn as much income as possible, spend as little as possible, and invest the difference.
@@Cwilly13ify Curious, do you think investing is enough? I really have no desire to purchase, renovate and flip or rent houses.
@@AmandaGatesHome Investing in broad market index funds and bonds is sufficient for building wealth.
The speed of wealth building would simply depend on the level of income minus expenses sent to investments.
Investing in any asset and compound interest in general requires the resource of time however, which not everyone has decades of.
If I was older, I would focus on paying down a primary residence and being debt free and looking for supplementary income sources.
Unfortunately, no one is going to build substantial wealth without a huge income or decades of compound interest which most of the personal finance crap seems to forget to mention.
@@Cwilly13ify I have about twenty solid years. I'll be 47 this fall and I've only just begun. And I do not own a home, so I'm trying to find something affordable and right now that doesn't exist. But what I can do for now is lower expenses. I'm moving out of my apartment, selling most of my stuff and moving in with a friends mom so I can actually save some money. Which has been nearly impossible to do with all this inflation. I have zero debt so sounds like I just need to invest, invest, invest!
@@AmandaGatesHome It's basically the only option outside of real estate. You can always buy property down the road when your investment portfolio gets large enough.
Am from Tanzania East Africa, and i really love bigger pockets
Hey , I just put my resignation to semiretirement and I do worried too
@@คนเมืองสอนหุ้น how to submit a retire package?
Keep in mind that some listeners are very new to your show and the FI lingo. What is Brrrrr?
Buy, Renovate, Rent, Refinance, Repeat
I know this is a little off topic from the real estate theme that permeates most of these videos, but how does one get good, affordable health insurance when you retire early and don't have a traditional job that offers it? thanks.
It really depends on where you want to live and how much you want to spend on it. What I plan on doing in a few years is living outside the US for 6months and 1 day a year so I can qualify for the international healthcare plans which are about 10% the price of any decent healthcare in the US.
Obamacare bronze HDHP. easy
This doesn't really seem like retirement to me. Is this not more a case of someone shifting career to be a property manager? I wonder how passive running 18 rental units can be.
Not passive at all! Not to mention the anxiety of maintaining all these properties etc.
Anxiety is directly proportional to the number/size of mortgages and emergency account.
I’ve played real estate for nearly twenty years and expect that most folks like this will get reality checked hard once three roof repairs and a wave of vacancies hit the same winter.
Where is Mindy?
Why is it that people always assume that people k is the acronym. What is a BUR? I looked it up.
The acronym stands for Buy, Rehab, Rent, Refinance, Repeat. Similar to house-flipping, this investment strategy focuses on purchasing properties that are not in good shape and fixing them up.Feb 23, 2024
How do I retire in my 20s?
1. Have rich parents
2. Get disability somehow
3. Have one of these 1/1000.000 jobs that pay you a million in a decade
4. Be incredibly successful very early (Hollywood child actor, social media prodigy, one hit wonder...)
Or just do it the normal way and retire in later decades
Where’s Mindy?
Mindy sucks. Glad she's absent
Is that heather brooke?
Summary, make sure you are married to Jenny's husband. He sure did come in handy for......everything.
Not sure what podcast you listened to, but it didn't seem like he did anything other than sit on the sideline and approve of her plans. I took away that she's the one now earning six figures passive income and only working 10-20 hours a week. I'd love to have that dig!
So true