*"Our passion is gonna evolve."* I never expected this to be the case, I've always been very passionate about what I'm into, but now that I look back, it's so true. I've moved into an industry I would've never guessed I could be in!
There are two primary behaviors that are necessary to "escape the rat race". #1 - you can't have car payments. Cars will keep you broke for life if you do the typical finance for 4 to 7 years, rinse and repeat over and over again. This behavior can literally cost you a couple of million dollars over a lifetime (in opportunity cost). #2 - you must live on a lot less than you earn. At a minimum, you should save half of what you make each year. Basically, live like a broke college student. It's quite doable to retire early if you can live on $25,000 or $35,000 per year and almost impossible to retire if you need $100,000 per year.
I'm ok with a car payment if it's affordable and you pay it off and hold the car for at least 8-10 years..the problem is people buy stuff they can't afford.
This is kind of misleading. He had was earning $85,000 most of his career (that's excluding his girlfriends salary). He was earning the higher end of a 5 figure salary PLUS he never had to commute. Along with the benefit of free time, it's very to retire early if they are both on generous salaries, save to invest and lower all their costs.
I don't think they are trying to mislead you, he just happened to have a pretty good salary. 85k used to look like a lot of money for my wife and I when we started out, we now make much more. Don't let someone else's higher salary dissuade you from doing your best with what you make. If you have a lower income, there are always ways to save money, buy less stuff, and invest more, plus you have the added advantage of already limiting your spending from necessity. I find it helpful to make comparisons only to yourself and stay empowered about what you can do to make your life better.
22:42 "Okay so when we think of the word 'windfall', we most frequently think about these kind of external circumstances: somebody passes away and suddenly you come into all this money. But I think there're ways you can actively practice the windfall strategy" I know this isn't what you *meant*, but this *sounds* like you propose killing somebody who has you in their will.
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This channel is outstanding. I’m genuinely surprised that it doesn’t have more followers and people listening.
*"Our passion is gonna evolve."*
I never expected this to be the case, I've always been very passionate about what I'm into, but now that I look back, it's so true. I've moved into an industry I would've never guessed I could be in!
THIS CHANNEL IS SOOOO UNDERRATED!!!!!!!!
There are two primary behaviors that are necessary to "escape the rat race". #1 - you can't have car payments. Cars will keep you broke for life if you do the typical finance for 4 to 7 years, rinse and repeat over and over again. This behavior can literally cost you a couple of million dollars over a lifetime (in opportunity cost). #2 - you must live on a lot less than you earn. At a minimum, you should save half of what you make each year. Basically, live like a broke college student. It's quite doable to retire early if you can live on $25,000 or $35,000 per year and almost impossible to retire if you need $100,000 per year.
I'm ok with a car payment if it's affordable and you pay it off and hold the car for at least 8-10 years..the problem is people buy stuff they can't afford.
@@MrMuis06 - I hear you. For me, I just don't want a car payment hanging over my head should I lose my job.
This is kind of misleading. He had was earning $85,000 most of his career (that's excluding his girlfriends salary). He was earning the higher end of a 5 figure salary PLUS he never had to commute. Along with the benefit of free time, it's very to retire early if they are both on generous salaries, save to invest and lower all their costs.
That's the key. Find a way to buy a small place and stay out of debt!
I don't think they are trying to mislead you, he just happened to have a pretty good salary. 85k used to look like a lot of money for my wife and I when we started out, we now make much more. Don't let someone else's higher salary dissuade you from doing your best with what you make. If you have a lower income, there are always ways to save money, buy less stuff, and invest more, plus you have the added advantage of already limiting your spending from necessity. I find it helpful to make comparisons only to yourself and stay empowered about what you can do to make your life better.
@@Meishach2112 ........ Well said; everybody's FI journey is sooo different.
Yep.
So informative… this is real
22:42 "Okay so when we think of the word 'windfall', we most frequently think about these kind of external circumstances: somebody passes away and suddenly you come into all this money. But I think there're ways you can actively practice the windfall strategy"
I know this isn't what you *meant*, but this *sounds* like you propose killing somebody who has you in their will.
Noice. Thanks.