A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I've come across a lot of recommendations but this one stands out. Her resume is pretty sophisticated, and shows she was active during the last bear market, I also emailed her. Thanks for the info!
"If you can live on 10,000 dollars a year, you'll need 250,000 dollars in investment" I think this video should have a HUGE warning/label saying: "If you're from the third world, please don't watch this video. It will make you feel miserable." I earn 7,200 a year (600 USD before tax) and by watching this video I feel angry of the place I was born in, the money I earn, and makes me sad that if I don't get the F out of here I will live a miserable life until I die.. Oh the perks of being born and raised in a poor country.
its about living expenses,not earnings per year.But yes,I can feel your pain.It sucks when 2 architect tell you their salary was not enough still.How in the world.....even when earning well,better than average still leaaves you with living by paying all bills and food and rent and thats it.Adding healthy food and there the savings go.
This video doesn't represent reality. Those "retired" people make tons of money with their blogs/instagram/TH-cam accounts. There is definitively no way you can live with 10,000$ a year in a developped country, unless someone very rich paid your house for you
@@PG-3462 yes,it doesnt,and making"tons of money" with a youtube account isnt reality either.You have to work more than fulltime every day(8+h) to get to a a few hundred thousand subs etc.
Yeah the majority of the people in these FIRE videos make like 80k or more a year at their jobs as well. They're rarely your average person. Kudos to them for making it happen though.
@@tomlevitt4133 Those kind of people verily have children. For what i saw they either have 1 or none, lol. Those job are the type that requires a lot of focus & study.
Sometimes I really get tired when people from developed countries talk about living in the developing country is soooo cheap. I know they work really hard but somehow it make me sad.
I don't know who said that it is cheap, cause it's not. The average person lives from bill to bill. Our salaries are higher but the cost of living is higher as well. for most people 40/50% of their income is going to rent.
here's another perspective i can offer, most people in the 1st world feel trap when they stay, if they decide to stay taxes are really high and it takes much longer for them to build the life that they want, moving out of the country takes the pressure out of that :) if its for their wellbeing then that is a good thing
I believe investors should focus on under-the-radar stocks, especially given the present rollercoaster nature of the stock market. 35% of my $270,000 portfolio consists of collapsing stocks that were previously respected, and I don't know where to go from here.
Explore the option of engaging financial advisors, estate planners, or tax experts. Their specialized expertise can assist you in navigating intricate financial decisions.
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfOlio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay finan-cially secure for over five years, yielding nearly $1 million in returns on invest-ments.
She goes by ‘Melissa Jean Talingdan’.’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Yeah, typically FIRE profiles seem to be engineers who can make 6 figures out of school easily. Also seems they don't have school loans or other debt. Most also -- as others have mentioned -- seem to have social media accounts with 1000s of followers where they push the FIRE lifestyle, so it's a bit disingenuous. I think pursuing FIRE is great, the focus on time and quality of life over material wealth, but it's simply not feasible for most people. My wife and I have lived fairly frugally, saving more and more as we've been promoted rather than "upgrading" our material lives, but we're still looking at maybe 62 for retirement. *shrug*
@@BlondeQtie That would be €700/month assuming you do NOTHING that costs extra in any kind of way. That's €8400/year. To reach that 250.000$ they were mentioning, you'd still need to work about 25 years. By that time your initial money will be worth less (especially with the current inflation hikes) but let's keep the 25 for now. Suppose you start at the age of 21 years old with this, you could retire at the age of 46, with no house and no kids and never having done any kind of vacation or wedding or anything cause that costs money....
@@Galloh i do vacations, i was one month in mexico in april. it costed me 400€ compared to staying at home during that time. i had a wedding, i made more money from the gifts than i spent. idk. i don't want to never work, i just want to be comfortable and not FORCED to work when i am sick. btw, that is min wage job. i can have jobs with 3000-4000€ after taxes.
Most of these FIRE "retirees" make more money than ever before from their blogs, Instagram, and TH-cam ventures convincing others that "FIRE" can work. For the people who came later and unable to support themselves selling this snake oil on social media, few are able to actually retire early. I'd like to see some "FIRE" retirees who don't make a penny from selling FIRE and are actually retired living well off their savings and investments. I've never seen one profiled.
Well they have the time and we're able to add another source of revenue.. there are plenty of ppl that you don't hear about, well because they aren't comfortable putting it out there
I RE-ed only by spending less than I earned and investing the difference in index funds. I now live off my investments and they continue to grow as I have a ridiculously low withdrawal rate. So yes, it can be done with the big caveat that you need a decent income during your accumulation years while still enjoying those years as well.
How exactly would you "see" them if they don't have a blog or something? Plenty of people do and have done this quietly, long before even Your Money or Your Life came out in 1992. Then even if they "retire," what happens if they do a tiny amount of work or consulting on the side, or slow travel in cheap countries? You can add so many qualifiers to say that X form of FIRE doesn't "count." And how long do they have to be retired before you "count" it - 5 years? 15 years? Do they need to hit "normal" retirement age or even die before you count their FIRE plans as "successful?" I'm pretty highly paid, in tech, but in the Midwest (Chicago). I'm in my late 20s, have a NW of just over 750k, and my annual expenses are ~30-35k a year even including e.g. international vacations, with no spouse or kids. I have peers that earn more money than me. And my path has been almost purely through index funds/ETFs - I know people who went the real estate or company route, and while some have crashed and burned, some have built a ton of wealth. But until I pull the plug on work, I'm not RE, and I don't dislike work so much that I'm ready for that yet. And I want to buffer in more space to increase my spending.
After divorce I was creamed in The Crash of 2008. Lost my career, my health insurance, and almost all of my retirement investments at the age of 61. Since then I have learned to live on much less than my poverty-level Social Security income, and I stash leftover money every month. Mortgage is almost paid off, and I take one high-end vacation each year. My forced-retirement life is actually far better than when I was working and making a decent living. Three rules -- homemade and DIY are always less expensive, even designer clothes are a steal at thrift stores, and never buy single-use, disposable products. Wishing in old age that I'd had the foresight to be a FIRE.
By this definition of retirement every other freelancer is a retired person from the beginning 🙄
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Yeah, but who apart from engineers who work in tech can do this? Other professions don’t really allow you to save a lot of money quickly. So this isn’t about millennials, this is about a bunch of young people in tech who have realized that they can use their insanely high salaries to just stop working after a while.
Plus, it'll always have to be a mass of people not allowed to get to this jobless Heaven. People working at supermarkets, hospitals, cleaners, farmers, drivers... People supporting all the main needs of the society while this bunch of rich pick up the phone to complain because their delivery arrived a bit late
Maybe Mahatma Gandhi was brutally honest here, but he used to call this kind of wealth, theft. Wealth without hard work or with less hard work is basically theft and is manyatimes generated at the cost of some people going poor. Retirement is perfectly fine if one is dedicating it in some way to bringing smiles on the faces of the underprivileged in some way.
Partially agree. It's not all about how much you save, but also how much you spend. Lines between needs/wants gets blurred when you compare yourself to others.
I do think having kids is not really part of this movement, especially if you care about their primary and secondary education, not just tertiary, though I guess you can homeschool if you're smart. But there's some young woman who runs a channel called The Upgrade and she talks about retiring at 30 on like almost minimum wage. She really saves and lives very frugally. Might be worth checking out. And I wish people wouldn't always feel so antagonistic and entitled against the wealthy. Life isn't fair. Some of us are born beautiful. Some of us charming. And others smart. And, of course, some none of the above, which again is life. Everyone works hard for his money. No one is entitled to his largesse (not even through the government) simply because he has more.
@@ampa4989 I've been a dishwasher, making less than $5/hr, and a software engineer making over $200k/yr. I worked way harder as a dishwasher and made far less money. Not everyone works hard for their money, and most people work extremely hard for very little. Fsck the rich. But more importantly, fsck the system that allows a few to hoard wealth created by the many due to accidents of birth.
Bought a house in crap condition in a great place, slaved on the restoration for ten years, bought a cheap farm in another state, moved there at 39 and rented the first house and retired on the rent. Now 65, been retired 26 years and still two years away from "Retirement Age".
The reality is this doesn't apply to everyone. It's applicable to individuals with a high income, living in high income countries (that is the US and certain parts of Europe).
It should be just as possible in developing countries with stable coin. Or you could invest in dollars to evade home inflation. Also remote jobs are faciliting high income in low income countries.
It is possible for everyone who can learn to live or survive greatly below their means. Meaning just learn to survive while spending greatly below your income, even if it means living in your parents or friends house/bedroom/basement/garage/storage room, your car, on the streets or in the wild, preferably temporary of course until enough money is saved for investment with sufficient passive income required for retirement.
Super simple. Don't have kids and you'll save a bundle of money! We raised 3 sons while I served in the military and we were extremely frugal, and my wife worked to make ends meet. We saved what we could, invested and paid ourselves first, but it wasn't until I turned 59 with all 3 of my sons securely on their own that I finally felt we could even think about retirement. I applaud this approach in terms of cutting back on excessive consumerism, but ultimately it only appears to work with a pair of working adults who choose to focus on themselves. I have to admit it's one way to cut back on population growth, but eventually you spend all that money and contribute to pollution and carbonization of the planet.
@@Simon-dm8zv exactly my reply. The pollution created by the kids is exponential. They not only pollute using your money in early days but the kids have their 80yrs too and they might also reproduce. So Yes, one person who over pollute is better than one who polluted less but gets kids... Otherwise I love everything the comment says on his story and advice on money... Thanks you two💪💪🙏🙏
Dude , not having kids ain't a small thing,parenthood is a big and foundational relationship...rationally, You can't really treat it as something trivial or with levity.
@@haritikanand8502 not everybody wants to have children. There are also those who would like to have children, but can't. There are those who have children but then can't look after them. There are those who have children and abuse them. There are many kinds of "family/parenthood" scenarios - so the pros and cons of each are also varied. However, population growth on a planet of limited and continually over-expoloited resources will need a combination of approaches to offset, let alone prevent, impending social and environmental collapse. Reducing childbirth rates is part of the solution, logically at least. That doesn't necessarily mean not having children, but it may mean waiting longer before you have them and then having less than perhaps your parents or grandparents were accustomed to.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $120k in a savings account that i want to invest in a non-retirement account. Where would you invest this as of now?
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle in the stock market made it possible for us this early even till now we earn weekly. Thanks to FIRE movement.
FIRE means Financial Independence Retire Early . It’s been a movement teaching people financial independent and how to retire debt free through solid investment and frugal lifestyle by *TERESA JENSEN WHITE*
Well, I can share some that helped me. 1: Plan with a Financial Advisor . 2: Be frugal and minimal on spending (don’t buy what you don’t need). 3: Save and invest money towards retirement (Roth IRA/401k) 4: Save to(Invest) it’s proven way to get richer very important to financial success.
Okay, no problem with that. I recommend the services of TERESA JENSEN WHITE, a US based financial consultant and analyst. She has been very good to my financial journey.
I watch several TH-cam videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
I honestly think I'd not know what to do with myself if I retired early, not sure I'd have the drive to consistently do things. I like my job working in a hospital, it gives me purpose and knowing I'm helping others somehow makes me closer to the community. Don't get me wrong retirement would be awesome but I think I have the energy still to want to contribute to society a bit more longer.
That’s the thing tho, these people aren’t just giving up on life at the age of 30, they are just financially independent at a young age. You can still work in hospital for your community, but you now have the added benefit of working solely because you want to, rather than for monetary need (and all the stress that comes with that)!
Yeah I guess having kids is also a choice people decide on and agree to the financial burden of as well. Also some people just simply cant have kids and therefore automatically live that style of life.
Early retirement is base on how is your life style too. Some people can live with 200$ a month , but some others dont. Im 33 and been doin retirement for 2 years now, and after 2-3 years early retirement you get bored with life already. Now i realise Life is not that simple, people get bored easily. Thats why people keep working till old days, because we can never got enough and satisfy for too long .
@@brianholloway6205 "A" hobby? That's not plural. So you're saying one hobby (or 5 hobbies for that matter) is going to keep a person busy every day for the next 3-6 decades (depending on when they retire using the FIRE plan). And to then expand that to a large scale (10's of millions of people) and assume most of these people are going to be able to live solely on hobbies is ridiculous
Yes,and probably live like a zombie for a decade.Healthy food is expensive,otherwise you get old sick also,not fun.You can buy bitcoin below the 50k mark and hope it will go up,and then be fast enough to "catch the high".But to live from investments is a whole different story.Like the old "american dream" about a house and a car.Having your own house saves you rent,but you need to maintain it also .
Beautiful journey, one that folks really need to watch. I’m 50, retired a while at 45. I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accounts, in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly.
You seem to be doing a bit good for yourself. Do you achieve this via a consultant? because I need a scheme to generate a high yield percentage ROI for me and advise on what that would be. In essence, good investments that'll help me achieve FIRE.
@@donaldlocher2537 Oh yes I definitely use a licensed consultant. He places a sizable portion of my capital in fixed securities that generate high in-come for me quarterly like treasury bills, corporate bonds, government securities, and debentures & REITs.
Just discovered your channel, case studies are extremely useful and I'd like to see more in the future! With this video, I was able to think about my situation with my $300k portfolio as you were describing the case study and it gave me confidence that I'm on the right track.
@@hullbruce It's gotten especially difficult since the pandemic, hence why I decided to use the expertise of an advisor, my spouse kicked against the idea initially, but oh well guess who's best buddies with our advisor now
@@hullbruce Sounds interesting! Mind sharing details of your advisor please? I'm looking at putting money into stocks and assets. I'm old enough to know that someone with experience would be very helpful.
@@Higuannn The decision on when to pick an Adviser is a very personal one. I take guidance from the popular Alicia Estela Cabouli to meet my goals and avoid mistakes, she's well-qualified and her web page can be easily found on the net.
The decision on when to pick an Adviser is a very personal one. I take guidance from the popular Alicia Estela Cabouli to meet my goals and avoid mistakes, she's well-qualified and her web page can be easily found on the net.
Reading the comments to this reel was more enlightening, informative and realistic than the mostly childless couples taking money to lower income countries to live cheaply but capitalising on the work of others still working at home. They used the community to become educated to earn the money but don’t seem interested in contributing to that same community.....
Yes I thought the same, besides, I went on holiday for 6 months once travelled, was great but after those months I felt strongly I need to return to (real) life. If FIRE people succeed what have they achived and when they get old what do they do? Healthcare may be sub-par.
The stock market is kind of bullshit on its own. People that day trade are considered business owners, but they aren't producing anything. They literally just steal money from less informed people and consider that GDP. No sense bitching about the system though, everyone knows it's broken. Only way to get ahead in this society is to know how to exploit people better than the people that are exploiting you. It's cutthroat, but that's what you need to do to have a sense of freedom. Step on the heads of others. Someone has to suffer for your gain.
If you have a large income or large double incomes, and you save as much as you can, live cheaply and invest, you can retire early? Who knew? And make sure you have no global financial crises during that time. No divorces. No kids, No homes. No vacations. Perfect health. No vehicles. A good start. Generational wealth. And no capitol losses. Easy pezzy.
It worries me that no comments are made in these discussions regarding the impact these early retirements have on the individuals (in the US) Social Security Retirement Benefit. The calculation that determines the amount of that monthly benefit is based on your 35 highest years earned income, your wages, or net income from self-employment. You don’t want any of those 35 years being assigned $0 when this formula is computed.
Exactly! My brother passed away at 61 yrs & 2 months. It breaks my heart that he never got to enjoy a single day of retirement. I am DEFINITELY taking early retirement next year at 62!!
People who are on the FIRE plan don't count on Social Security for their retirement. It'll be nice if/when they get Social Security but that money is more like icing on the cake. They rely primarily on their investment accounts which have been growing for years.
Two of us worked for 15 years constantly, saving every penny, have two kids, homeschooling, no car, managed to buy two small properties, the rent we're finally getting is 40,000 pkr ($210), our expenses 10k pkr ($520), still living frugally, both of us working, unsure of our future. Yes, this is for first world country, high paying software jobs, probably no kids strategy. We have to work till our last breath to live a sensible life. Or even if we retire we can't pursue our dreams coz even a 10 days vacation would cost us a year worth of our savings 🙉🤦♀️
Another lifestyle video promoting financial security for a small number of privileged, hard-working and well-educated people who live in relatively stable economies and societies. Of course, they made some smart choices and some of them might not have had such an easy path to get where they are now, but they still remain an extremely small minority who get to make this dream work. That's not to say there are no benefits from this approach, there are some good points made about the fragility of relying on more conventional approaches. However, it is still essentially promoting the idea of "get your slice of the cake earlier" and not be too worried about those outside of your own family structure that don't have the same opportunities. The so-called secure investment models they are using may at some point be subject to failure too. Of course, they think it's been reliable so far, but that is because they have been able to cover daily expenses through good incomes combined with tight control of spending. Any move away from materialistic lifestyles is going to be a decision based on comfort and convenience to some extent, which may or may not be a realistic alternative if you are already saddled with large debt or you are struggling to get by on a low income with a precarious employment situation.
I happily financially support my dad every month. He left his entire family behind to move us to the US so that my brother and I could have a better future. I kept that in mind my entire life and now the only thing he has to worry about is his golf schedule. My hubby and i have 3 kids and we decided when we married 22 yrs ago to be able to live off one of our incomes and save invest the rest. That was before the term FIRE was created but it worked.
This video is interesting… because I have $250,000 & live fairly frugally and I definitely cannot retire (& I don’t live in the americas). So I’d love to know what income and expenses these guys REALLY have.
Imagine a society where everyone decided to retire in their 30s. Good luck finding doctors, teachers, engineers, policemen, dentists, architects, nurses...Fortunately, many of us take some satisfaction from work and don’t retire soon after graduating. Having said that, I wouldn’t mind working a little less...
It’s not about not working. It’s about having the freedom to work a little less whenever you want to. Having full control of what you do with your time instead of being forced to work to survive.
Imagine a society where employers had to provide workplaces people wanted to show up to rather than just dangling a pay check in front of their workers and using that as an excuse to treat them however they like. Most people who retire early will still work in some capacity if they want to, the challenge is for employers to get them to want to when money isn't their primary motivation for showing up.
In my teens my thought was that if on my deathbed l was given the choice of more money or more life - l'd choose more life. Also, if l was fortunate to have employment in something l enjoyed / passion for - then payment was not an issue. However, if l worked in a job that l got little from then it would predominantly be for monetary gain and no more than a year. I'd describe myself as a Jack of all trades and a master of none....so l had a combination of both the above and managed to retire in my late 20's but I occasionally worked thereafter - whenever it was pleasing or useful for my future to do so. Oh, it did help that l never wanted children so l only had to concentrate on my own life requirements and desires and by extencion those of parents, partners and friends.
MORE LIFE. I knew 😢 a friend/coworker who had passed that saved $1.5 million dollars. He was in his mid 60s. Could retire and enjoyed his life but preferred to still work. Unfortunately, never enjoyed his money because he got sick and died. His very distant niece and brother are thanking everyday for the million dollars.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can take advantage of compound interest and potentially grow your retirement savings overtime?
That is exactly the reason I stopped trusting the financial advice of TH-camrs; in the long run, I only end up with a jumbled collection of stocks and bonds. Whereas all I needed to earn over $350k in less than two years was guidance from a true market expert.
I started with a financial advisor by the name “Melissa Jean Taligdan’’ She is quite popular in the US and occasionally appears on CNBC. She also has a web page you can reach her on. Thank me later
"Melissa Jean Taligdan" was the financial advisor I initially worked with. She periodically appears on CNBC and is quite well-liked in the US. You can also get in touch with her via her website. Later, please accept my gratitude.
It's not just in the US where people have this "all life is about work" mentality. When my father was in palliative care and had days to live, my manager asked our Deputy Director-General (I worked for a state government agency in Australia) if I could take the rest of the week (three days) off to be with him before he passed away. The DDG couldn't understand why I would "waste" that time to be with him, when I'd also need "at least a day off" after he died to attend to his funeral, etc. It was take the time off before or after - not both. What a lovely woman :/ It was then I knew that was no longer the place for me.
it's like its giving too much toxicity to the way we view work or work is eating too much of one's personal time. one can have balance even he has job/profession/investment/earning hobby, etc. Goal is NOT to "Retire at an early age", goal is to have "Balance" of all facets of life irregardless of age
@TechPriest_Exodus Not at all. Are you telling me that you can't think of any other alternative to a life as an employee than to earn above-average (and thus possibly unjustified) wages and become a Privatier as early as possible? After that, you earn your living exclusively with the work that others do for you. After your logic one would have become with it from the slave to the slave owner. And that is what I find self-righteous. That would only be different if this option could be equally available to all people. My generation seems to think that would be exactly the case. And again, that is cruel naiveté.
There are a lot of people in the comments saying "this is not realistic", I think it is but has to be tweaked. Retiring in one's 30s I think is quite rare and is possibly an option for those with really high-paying jobs. Yet equally unattractive is working like a slave until one is in their 60s and 70s, which is what most modern Western countries want for their citizens. Living to just work until your too old to make the most of your life is miserable, uninspiring, a waste and quite sad. So there does have to be a balance. I think that all should be able to plan to retire in their early 40s at least, and late 50s at most.
What happens when everybody decides to retire early by investing and nobody is there to work on factories and offices to make that investment grow XD ROFL I'd like to see that coming.
It would never come to that. If people really stopped working (because they've all got huge investments) their investments would fall through, so in order to prevent that they would go back to work. Remember, you can only invest on something if there's people working on it. However, people would likely only go back to work on things they think brings meaning to their life, and their investment would adapt to that.
This methodology relies on investments, i.e. making money from nothing. The increase in fictitious capital is a massive problem that the world needs to overcome if we're ever going to solve the problems of poverty and of increasing income inequality. Investment bubbles are the ultimate cause behind every crisis in capitalist societies, which ruin the lives of millions of people every time they happen. For millennials, who were screwed over by the 2008 crisis, to then go ahead and add into the system which fucked them over, is insane. They're just laying the groundwork for the misery of future generations. This is just not sustainable.
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 $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family...
@rachealhubert74 Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. Alice Marie Coraggio , a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
Mahatma Gandhi would have been brutally honest and called this THEFT. Such lifestyles are unsustainable except for the privileged. The privileged should rather retire and do social work. This kind of lazy, unproductive life is utterly MEANINGLESS. I am saying this because I am LIVING such a life currently! I do nothing and the pay comes automatically. Gandhiji was right! To hell with this kind of life. I am beginning the process to enter social work till I die. Either that or I am gonna accept I am a ruthless selfish person and keep working in corporates till I die. Work is not for money, it is for something that you believe in as a crucial part of your meaning of being alive. Distaste for work is distaste for being alive.
This idea really excites me. Even retiring at 40 or starting to work only part time would be nice versus working full time into my sixties. I guess a lot of it depends on how much someone likes their job too.
this sure does not work for people from the poor country. you can easily boast that you can travel to third world country and spend pocket change to live there for entire year. but for those who earn merely 0.99$ a day, going and living at your country like you said? impossible. just be grateful with privilege that you have. you got a lot of extra that you don't even know how to finish them. some people don't even get enough to make ends meet, to feed their own mouth, let alone their family, and never come across their mind to not eat and keep the money.
The amount of bullcrap these people and forums spew is infuriating. "100K is just scraping by" "You need at least 250K a year to live decently" - SHUT UP! So far removed from reality, it's sickening.
To all the people who are more negative than positive...I can understand where you are coming from but your logic is off. Yes high paying people can retire SUPER early. But even retiring at 55 years old or even 60 is 'technically' early retirement. I am not in tech and plan on retiring within 14.5 years. What REALLY matters is how someone can improve the situation they were dealt. I am not saying it will be easy. I am not saying that sacrifices will not be made, but try to find a way. A path to freedom. A path to 'YES'. Not 'I can't afford this', but 'HOW can I afford this'. It may take 5 years or 35 years. And yes, a million dollars will be worth less in the future, but I would rather have $1 million than rely on the government to support me. I won't be eating cat food because I cannot afford food. But to each his/her own.
Dangerous to extract lessons from strategies that relied on cheap money from the Fed inflating portfolios! This will all reverse...it is actually reversing as we speak
I'm 37 this year, and i can retire now with my assets thanks to the knowledge I have learned through my career in the financial industry. But I am more a believer about work-life balance. I love what i do and can continue to enjoy that for the rest of my life, while at the same time, I have the peace of mind that i don't need to rely on the earned income and still keep my lifestyle.
Honestly This makes me feel bad because I think I don’t have the potential to become a software engineer or any kind of engineer for that matter. Also, while they are right to invest, what you get out of investing depends largely on how much you put in originally (ie, the more money put into the market the higher dividends you will make) so of course getting any kind of “big money” from the stock market is relegated to higher-earners
@@tedt5588 you have a very good point. I’m interested in health sciences and research, and the NIH (gov organization) seems really interesting to me. Thanks for your comment, means a lot to me!
Meanwhile I just graduated with a computational physics degree a year ago having lost every social and career opportunity college could have provided bc things went remote and now still can't get a relevant job.
yeah, and you probably have to have a career or education, experience, and networks to fall back on if you ever need to make money again. Regular people cannot do this and it is an insult to suggest otherwise. Wages aren't keeping up with inflation despite many companies making record profits.
We are on a tiny & amazingly beautiful planet as visitors. The duration of our visit is time bound; we live, struggle, learn, rejoice and make way for the next generation. To be here is a celebration. In the vast chasm of the universe we are yet to officially hear about any neighbours. No one to compete with, no wars to fight except with ourselves. I believe humanity has achieved enough to be able to provide basic minimum (housing, health, education, food) to everyone. If retirement means freedom to explore & live up to your potential it should begin at 18 with universal basic income.
Living frugally I can see, reducing dept ok, but not all investing pans out. But sure if you get lucky with it... Cause luck is involved otherwise we'd all be doing it.
If you are an Indian, forget about this. This won't work for us as the salary they are getting is 12 times more than we are getting. We also need to take care of the family and relatives. Guys forget about it.
I am 55 years old with passive income and very little savings set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.
@@johnwilson4283 Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I'm buying again.
It would be nice to be able to indulge yourself in UTOPIA (AKA F.I.R.E.) but if everyone did that then who would work in industries that are essential to helping us live life - farmers who produce our food; people working in produce distribution centres; people who manufacture clothing, hospital equipment, etc,; workers in the transport industry; those who protect us - police and the military; those who build the homes we live in; those who work hard to gain important qualifications - teachers; doctors, etc etc etc. The list goes on and on. F.I.R.E. Is such a self centred approach to life. There is a reason why most people are lucky enough to retire in their 60s or even later - they have contributed and have invested their time and efforts to help support their families/communities/countries for years and deserve to sit back and smell the flowers. I am so glad my son does not have the F.I.R.E. view of life.
@@trildi Some people enjoy working, though I'm not one of them. And I do think this plan isn't very compatible with rearing children, which many people want.
People would work with a purpose, rather than for a pay check, this is why you have people who work in industries they hate or don’t care about, this can be really dangerous especially in the medical, social care or education fields
if most people really stopped working altogether, all investments and government would crash. And people wouldn't let their investments go to waste, so they would start working again to prevent that. But they probably would work on things that add some meaning to their life...
The theme in this video is very clear. Retire much earlier than it's supposed to. The answer to this, not quite, though! This video does not explain or present a few solutions to retire at the age of 35 years old, for example. It only shows people who did it, supposedly. I really would like to know how are all these people living, 35 years from now. If they retired now, where does the money comes from? If they don't work and if they don't invest what they earned while they were working they can't retire just yet. That couple of engineers, who said two salaries weren't enough when they were working, how can now that they are retired be enough? How or from where comes the income to live, because everything you need to live or to survive, has a cost. You need money to at least buy food and to go to the doctor when needed. And also, you need a place to sleep every night. What I think this is, is just bullshit!
its easier for Rich countries like US , Canada whose passports are also stronger. but for people living in developing countries its difficult. as they dont earn in Dollars.
Don't worry, 70 year old workers on minimum wage will have the great privilege of sweeping up the garbage these 30 year old retirees leave behind after their beach parties.
It's Different from Individual to Individual even from the Same Family! Choose Wisely on Life Choices! And control our Greed >>> The Source of Most of our Miseries , Pains & Sufferings! Get Balanced! 🕯🌍
If I was single, yes I’ve probably be close to a millionaire. Getting married I had to get a house, car for the wife, and the kid who is pretty spoiled. You have to live the life you were given.
Heh! They say live off your investments, but then immediately talk about reducing their environmental footprint. If everyone did that, their investments would tank. Not only that, but their investments have a huge footprint. Want out of the cage? Read Ishmael by Daniel Quinn. It's much better than this video.
"Recent studies suggest that over half of millennials do not see themselves as 'emotionally and behaviourally' connected to their job and company." Because they're done with being abused.
I noticed that these people have jobs like engineering and high paying salary jobs which is a lot easier to retire early when you're getting paid as much as they did.
I'm fine with the saving money part, I'm already very frugal, it's more the investment part I'm struggling with. How do I know what are good investments? How can I be sure not to lose all my money with bad investments? Plus, as some people already mentioned, you must make a certain amount of money to begin with...
So what and who do you invest in when everybody wants to do this? It's great you can retire early but on who's back do you do that? Some people have to work for others do be able to do this.
This whole video follows the structure of a pyramid scheme ad. Lots of promises of wealth, and anecdotes from happy people, very few hard facts or actual information.
I don't think this formula of having 25 times of your annual expense money one can retire. Let me site an example. I'm from India so will talk in INR. I have my monthly expenses 15000 per month 15000*12 = 180,000 INR. 25times of 180,000 would be = 4,500,000 INR. If this much amount in investment would really make me reach FIRE then that means I have already achieved it in fact more than that. But on practical terms I don't think this is enough for the rest of the life.
To start fire you need to save 50% or more of your income to begin with which is pretty much not doable for a lot of ppl. You need 2 high income couples and share the cost between 2
high paying job or even decent job in first world, can live and retire like kings in 3rd world, It would be harder (7+ years on average ) for someone from 3rd world country with 3rd world salary and education. I am self taught and have long journey ahead to land a high income job
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $3M over time?
Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.
I stopped listening and taking financial advise from these TH-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Google SHARON LEE PEOPLES and do your own research. She has portfolio management down to a science
I've come across a lot of recommendations but this one stands out. Her resume is pretty sophisticated, and shows she was active during the last bear market, I also emailed her. Thanks for the info!
"If you can live on 10,000 dollars a year, you'll need 250,000 dollars in investment"
I think this video should have a HUGE warning/label saying: "If you're from the third world, please don't watch this video. It will make you feel miserable."
I earn 7,200 a year (600 USD before tax) and by watching this video I feel angry of the place I was born in, the money I earn, and makes me sad that if I don't get the F out of here I will live a miserable life until I die.. Oh the perks of being born and raised in a poor country.
its about living expenses,not earnings per year.But yes,I can feel your pain.It sucks when 2 architect tell you their salary was not enough still.How in the world.....even when earning well,better than average still leaaves you with living by paying all bills and food and rent and thats it.Adding healthy food and there the savings go.
This video doesn't represent reality. Those "retired" people make tons of money with their blogs/instagram/TH-cam accounts. There is definitively no way you can live with 10,000$ a year in a developped country, unless someone very rich paid your house for you
@@PG-3462 yes,it doesnt,and making"tons of money" with a youtube account isnt reality either.You have to work more than fulltime every day(8+h) to get to a a few hundred thousand subs etc.
Developed countries pay more but the cost of living is HUGE.. much more than you can imagine.
Yes, this video is not for those people in third world countries where an entire family of 6 people have to live with 200 dollars a month.
Two things to note here: 1. Become a software engineer to get very high salary.
2. Don’t have kids.
Now you can start watching the video.
One of the couples has a child but ok
Yeah the majority of the people in these FIRE videos make like 80k or more a year at their jobs as well. They're rarely your average person. Kudos to them for making it happen though.
@@tomlevitt4133
Those kind of people verily have children. For what i saw they either have 1 or none, lol. Those job are the type that requires a lot of focus & study.
😂😂😂😂👌👌
😂
Sometimes I really get tired when people from developed countries talk about living in the developing country is soooo cheap. I know they work really hard but somehow it make me sad.
I don't know who said that it is cheap, cause it's not. The average person lives from bill to bill.
Our salaries are higher but the cost of living is higher as well. for most people 40/50% of their income is going to rent.
oh and yes there's and wealthy 10% of the population, They own a lot of real estate or have high income jobs.
here's another perspective i can offer, most people in the 1st world feel trap when they stay, if they decide to stay taxes are really high and it takes much longer for them to build the life that they want, moving out of the country takes the pressure out of that :) if its for their wellbeing then that is a good thing
@@redwhite_040 you misread the parent comment. Living in the DEVELOPING countries is cheap.
2 out of the 3 countries they mentioned are in the EU LOL
I believe investors should focus on under-the-radar stocks, especially given the present rollercoaster nature of the stock market. 35% of my $270,000 portfolio consists of collapsing stocks that were previously respected, and I don't know where to go from here.
Explore the option of engaging financial advisors, estate planners, or tax experts. Their specialized expertise can assist you in navigating intricate financial decisions.
Accurate asset allocation is crucial, and some individuals use hedging strategies or allocate part of their portfOlio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay finan-cially secure for over five years, yielding nearly $1 million in returns on invest-ments.
Pls can you leave the info of your Financial advisor here, I am really in need of one.
She goes by ‘Melissa Jean Talingdan’.’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
The premise of this whole thing is you have to have a high paying job at first. How else do you expect from someone with minimum wage to retire early?
Yeah, typically FIRE profiles seem to be engineers who can make 6 figures out of school easily. Also seems they don't have school loans or other debt. Most also -- as others have mentioned -- seem to have social media accounts with 1000s of followers where they push the FIRE lifestyle, so it's a bit disingenuous. I think pursuing FIRE is great, the focus on time and quality of life over material wealth, but it's simply not feasible for most people. My wife and I have lived fairly frugally, saving more and more as we've been promoted rather than "upgrading" our material lives, but we're still looking at maybe 62 for retirement. *shrug*
thank you
depends. i live in germany and my fixed costs are 800-1100€/month. minimum wage for a fulltime job is 1800€ here.
@@BlondeQtie That would be €700/month assuming you do NOTHING that costs extra in any kind of way. That's €8400/year. To reach that 250.000$ they were mentioning, you'd still need to work about 25 years. By that time your initial money will be worth less (especially with the current inflation hikes) but let's keep the 25 for now. Suppose you start at the age of 21 years old with this, you could retire at the age of 46, with no house and no kids and never having done any kind of vacation or wedding or anything cause that costs money....
@@Galloh i do vacations, i was one month in mexico in april. it costed me 400€ compared to staying at home during that time. i had a wedding, i made more money from the gifts than i spent. idk. i don't want to never work, i just want to be comfortable and not FORCED to work when i am sick. btw, that is min wage job. i can have jobs with 3000-4000€ after taxes.
Most of these FIRE "retirees" make more money than ever before from their blogs, Instagram, and TH-cam ventures convincing others that "FIRE" can work. For the people who came later and unable to support themselves selling this snake oil on social media, few are able to actually retire early. I'd like to see some "FIRE" retirees who don't make a penny from selling FIRE and are actually retired living well off their savings and investments. I've never seen one profiled.
r/leanfire r/fatfire r/povertyfire
some frugalists list every penny in their monthly budget, so you can see how much they earn from which source and what they spend.
Well they have the time and we're able to add another source of revenue.. there are plenty of ppl that you don't hear about, well because they aren't comfortable putting it out there
I RE-ed only by spending less than I earned and investing the difference in index funds. I now live off my investments and they continue to grow as I have a ridiculously low withdrawal rate. So yes, it can be done with the big caveat that you need a decent income during your accumulation years while still enjoying those years as well.
How exactly would you "see" them if they don't have a blog or something? Plenty of people do and have done this quietly, long before even Your Money or Your Life came out in 1992.
Then even if they "retire," what happens if they do a tiny amount of work or consulting on the side, or slow travel in cheap countries? You can add so many qualifiers to say that X form of FIRE doesn't "count." And how long do they have to be retired before you "count" it - 5 years? 15 years? Do they need to hit "normal" retirement age or even die before you count their FIRE plans as "successful?"
I'm pretty highly paid, in tech, but in the Midwest (Chicago). I'm in my late 20s, have a NW of just over 750k, and my annual expenses are ~30-35k a year even including e.g. international vacations, with no spouse or kids. I have peers that earn more money than me. And my path has been almost purely through index funds/ETFs - I know people who went the real estate or company route, and while some have crashed and burned, some have built a ton of wealth. But until I pull the plug on work, I'm not RE, and I don't dislike work so much that I'm ready for that yet. And I want to buffer in more space to increase my spending.
After divorce I was creamed in The Crash of 2008. Lost my career, my health insurance, and almost all of my retirement investments at the age of 61. Since then I have learned to live on much less than my poverty-level Social Security income, and I stash leftover money every month. Mortgage is almost paid off, and I take one high-end vacation each year. My forced-retirement life is actually far better than when I was working and making a decent living. Three rules -- homemade and DIY are always less expensive, even designer clothes are a steal at thrift stores, and never buy single-use, disposable products. Wishing in old age that I'd had the foresight to be a FIRE.
By this definition of retirement every other freelancer is a retired person from the beginning 🙄
Yeah, but who apart from engineers who work in tech can do this? Other professions don’t really allow you to save a lot of money quickly. So this isn’t about millennials, this is about a bunch of young people in tech who have realized that they can use their insanely high salaries to just stop working after a while.
Plus, it'll always have to be a mass of people not allowed to get to this jobless Heaven. People working at supermarkets, hospitals, cleaners, farmers, drivers... People supporting all the main needs of the society while this bunch of rich pick up the phone to complain because their delivery arrived a bit late
Maybe Mahatma Gandhi was brutally honest here, but he used to call this kind of wealth, theft. Wealth without hard work or with less hard work is basically theft and is manyatimes generated at the cost of some people going poor. Retirement is perfectly fine if one is dedicating it in some way to bringing smiles on the faces of the underprivileged in some way.
Partially agree. It's not all about how much you save, but also how much you spend. Lines between needs/wants gets blurred when you compare yourself to others.
I do think having kids is not really part of this movement, especially if you care about their primary and secondary education, not just tertiary, though I guess you can homeschool if you're smart. But there's some young woman who runs a channel called The Upgrade and she talks about retiring at 30 on like almost minimum wage. She really saves and lives very frugally. Might be worth checking out.
And I wish people wouldn't always feel so antagonistic and entitled against the wealthy. Life isn't fair. Some of us are born beautiful. Some of us charming. And others smart. And, of course, some none of the above, which again is life. Everyone works hard for his money. No one is entitled to his largesse (not even through the government) simply because he has more.
@@ampa4989 I've been a dishwasher, making less than $5/hr, and a software engineer making over $200k/yr. I worked way harder as a dishwasher and made far less money. Not everyone works hard for their money, and most people work extremely hard for very little.
Fsck the rich. But more importantly, fsck the system that allows a few to hoard wealth created by the many due to accidents of birth.
Bought a house in crap condition in a great place, slaved on the restoration for ten years, bought a cheap farm in another state, moved there at 39 and rented the first house and retired on the rent. Now 65, been retired 26 years and still two years away from "Retirement Age".
The reality is this doesn't apply to everyone. It's applicable to individuals with a high income, living in high income countries (that is the US and certain parts of Europe).
Noup. But, yeah its not for anyone.
It should be just as possible in developing countries with stable coin. Or you could invest in dollars to evade home inflation. Also remote jobs are faciliting high income in low income countries.
It is possible for everyone who can learn to live or survive greatly below their means. Meaning just learn to survive while spending greatly below your income, even if it means living in your parents or friends house/bedroom/basement/garage/storage room, your car, on the streets or in the wild, preferably temporary of course until enough money is saved for investment with sufficient passive income required for retirement.
Super simple. Don't have kids and you'll save a bundle of money! We raised 3 sons while I served in the military and we were extremely frugal, and my wife worked to make ends meet. We saved what we could, invested and paid ourselves first, but it wasn't until I turned 59 with all 3 of my sons securely on their own that I finally felt we could even think about retirement. I applaud this approach in terms of cutting back on excessive consumerism, but ultimately it only appears to work with a pair of working adults who choose to focus on themselves. I have to admit it's one way to cut back on population growth, but eventually you spend all that money and contribute to pollution and carbonization of the planet.
True, but on the other hand you do not reproduce humans that will also spend money on pollution and carbon emissions.
@@Simon-dm8zv exactly my reply. The pollution created by the kids is exponential. They not only pollute using your money in early days but the kids have their 80yrs too and they might also reproduce. So Yes, one person who over pollute is better than one who polluted less but gets kids...
Otherwise I love everything the comment says on his story and advice on money... Thanks you two💪💪🙏🙏
@@mugumyapaultheafricannomad9488 Agreed!
Dude , not having kids ain't a small thing,parenthood is a big and foundational relationship...rationally,
You can't really treat it as something trivial or with levity.
@@haritikanand8502 not everybody wants to have children. There are also those who would like to have children, but can't. There are those who have children but then can't look after them. There are those who have children and abuse them. There are many kinds of "family/parenthood" scenarios - so the pros and cons of each are also varied. However, population growth on a planet of limited and continually over-expoloited resources will need a combination of approaches to offset, let alone prevent, impending social and environmental collapse. Reducing childbirth rates is part of the solution, logically at least. That doesn't necessarily mean not having children, but it may mean waiting longer before you have them and then having less than perhaps your parents or grandparents were accustomed to.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $120k in a savings account that i want to invest in a non-retirement account. Where would you invest this as of now?
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Sp500 low index fund by Vanguard ticker VOO. This is where Mr. Money Mustache and everyone you saw in the video put their own money.
I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle in the stock market made it possible for us this early even till now we earn weekly. Thanks to FIRE movement.
Great job with your husband! I bet you’re living your best life right now.
FIRE means Financial Independence Retire Early . It’s been a movement teaching people financial independent and how to retire debt free through solid investment and frugal lifestyle by *TERESA JENSEN WHITE*
Your story is inspiring. I’m 38 trying to achieve this goal you achieved. Share some tips please so others can actually learn.
Well, I can share some that helped me.
1: Plan with a Financial Advisor .
2: Be frugal and minimal on spending (don’t buy what you don’t need).
3: Save and invest money towards retirement (Roth IRA/401k)
4: Save to(Invest) it’s proven way to get richer very important to financial success.
Okay, no problem with that. I recommend the services of TERESA JENSEN WHITE, a US based financial consultant and analyst. She has been very good to my financial journey.
The answer is always 'become a landlord'.
own other people - yup!
Most of them earn money from promoting Fire, their websites etc..
True but need to really work very hard to own properties before quitting and retiring..
Not necessarily; simple index fund investing is equally effective (and way more hands-off).
No its not! The barrier to entry is income or credit and so on. The barrier to entry in the stock market is $1 dollar
I watch several TH-cam videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
i'll advised to trade with the signal of an expert.
@@Elliot-Ivan I want to go into stock but i need a certified/registered professional who will guide and handle my account;;
@@EthanMason23 What is the name of your broker and how do i connect with him or her ?
@@Oliver-Lucas Alice Marie Coraggio , lookup with her name online.
@@Elliot-Ivan Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.
I honestly think I'd not know what to do with myself if I retired early, not sure I'd have the drive to consistently do things. I like my job working in a hospital, it gives me purpose and knowing I'm helping others somehow makes me closer to the community. Don't get me wrong retirement would be awesome but I think I have the energy still to want to contribute to society a bit more longer.
People who work in tech tend to work contracts for small periods of time. You can also work Prn or part time jobs from time to time
This is actually a really good insight. Thank you for sharing.
I agree, I'd definitely have to keep a job but it would be nice to have the balance of not worrying how much I'm paid for the job I enjoy
That’s the thing tho, these people aren’t just giving up on life at the age of 30, they are just financially independent at a young age. You can still work in hospital for your community, but you now have the added benefit of working solely because you want to, rather than for monetary need (and all the stress that comes with that)!
@@softballfj what??? Prn companies barely pay anything even if you're hot and perform well
FIRE is a luxury for those with high incomes, usually childless couples with high dual incomes. emphasis on the childless part!
Yeah I guess having kids is also a choice people decide on and agree to the financial burden of as well. Also some people just simply cant have kids and therefore automatically live that style of life.
Hugh incomes yes … childless , not so much , just depends on the childhood you desire your child to have
Early retirement is base on how is your life style too. Some people can live with 200$ a month , but some others dont.
Im 33 and been doin retirement for 2 years now,
and after 2-3 years early retirement you get bored with life already.
Now i realise Life is not that simple, people get bored easily. Thats why people keep working till old days, because we can never got enough and satisfy for too long .
Wow. Get a hobby. Seriousky
@@brianholloway6205 "A" hobby? That's not plural. So you're saying one hobby (or 5 hobbies for that matter) is going to keep a person busy every day for the next 3-6 decades (depending on when they retire using the FIRE plan). And to then expand that to a large scale (10's of millions of people) and assume most of these people are going to be able to live solely on hobbies is ridiculous
@@DragonCaptain astrophysics sounds solid
@@DragonCaptain figure out warp drive. Discover the fifth dimension, solve climate crises, aerofertilization, get, a. Hobby
Yes,and probably live like a zombie for a decade.Healthy food is expensive,otherwise you get old sick also,not fun.You can buy bitcoin below the 50k mark and hope it will go up,and then be fast enough to "catch the high".But to live from investments is a whole different story.Like the old "american dream" about a house and a car.Having your own house saves you rent,but you need to maintain it also .
Beautiful journey, one that folks really need to watch. I’m 50, retired a while at 45. I have 35% of my capital investments in an IRA, 25% in index funds, and the balance spread across other investment accounts, in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly.
You seem to be doing a bit good for yourself. Do you achieve this via a consultant? because I need a scheme to generate a high yield percentage ROI for me and advise on what that would be. In essence, good investments that'll help me achieve FIRE.
@@donaldlocher2537 Oh yes I definitely use a licensed consultant. He places a sizable portion of my capital in fixed securities that generate high in-come for me quarterly like treasury bills, corporate bonds, government securities, and debentures & REITs.
@@robertthurmond8161 Okay please is there a way I could reach out to this consultant? There's certain goals I have for myself before clocking 40.
You’re really killing the FIRE game. I wish to have this someday
His name is James Fletcher Brennan,you can look him up if you want to reach him
Just discovered your channel, case studies are extremely useful and I'd like to see more in the future! With this video, I was able to think about my situation with my $300k portfolio as you were describing the case study and it gave me confidence that I'm on the right track.
Yes, do more of what you do and perhaps seeking help from financial experts would be very helpful.
@@hullbruce It's gotten especially difficult since the pandemic, hence why I decided to use the expertise of an advisor, my spouse kicked against the idea initially, but oh well guess who's best buddies with our advisor now
@@hullbruce Sounds interesting! Mind sharing details of your advisor please? I'm looking at putting money into stocks and assets. I'm old enough to know that someone with experience would be very helpful.
@@Higuannn The decision on when to pick an Adviser is a very personal one. I take guidance from the popular Alicia Estela Cabouli to meet my goals and avoid mistakes, she's well-qualified and her web page can be easily found on the net.
The decision on when to pick an Adviser is a very personal one. I take guidance from the popular Alicia Estela Cabouli to meet my goals and avoid mistakes, she's well-qualified and her web page can be easily found on the net.
Reading the comments to this reel was more enlightening, informative and realistic than the mostly childless couples taking money to lower income countries to live cheaply but capitalising on the work of others still working at home. They used the community to become educated to earn the money but don’t seem interested in contributing to that same community.....
Yes I thought the same, besides, I went on holiday for 6 months once travelled, was great but after those months I felt strongly I need to return to (real) life. If FIRE people succeed what have they achived and when they get old what do they do? Healthcare may be sub-par.
The stock market is kind of bullshit on its own. People that day trade are considered business owners, but they aren't producing anything. They literally just steal money from less informed people and consider that GDP. No sense bitching about the system though, everyone knows it's broken. Only way to get ahead in this society is to know how to exploit people better than the people that are exploiting you. It's cutthroat, but that's what you need to do to have a sense of freedom. Step on the heads of others. Someone has to suffer for your gain.
investing is contributing back to society. Likely way more than someone who just pays taxes.
Retired or not retired as long as you are happy with what you do and contribute to positive things for humanity you're all set
If you have a large income or large double incomes, and you save as much as you can, live cheaply and invest, you can retire early? Who knew? And make sure you have no global financial crises during that time. No divorces. No kids, No homes. No vacations. Perfect health. No vehicles. A good start. Generational wealth. And no capitol losses. Easy pezzy.
I retired at age 42 love retirement
It worries me that no comments are made in these discussions regarding the impact these early retirements have on the individuals (in the US) Social Security Retirement Benefit. The calculation that determines the amount of that monthly benefit is based on your 35 highest years earned income, your wages, or net income from self-employment. You don’t want any of those 35 years being assigned $0 when this formula is computed.
Took mine at 62 and worked part time. Definitely glad I didn't wait because no one knows what's around the corner.
Exactly! My brother passed away at 61 yrs & 2 months. It breaks my heart that he never got to enjoy a single day of retirement. I am DEFINITELY taking early retirement next year at 62!!
People who are on the FIRE plan don't count on Social Security for their retirement. It'll be nice if/when they get Social Security but that money is more like icing on the cake. They rely primarily on their investment accounts which have been growing for years.
Two of us worked for 15 years constantly, saving every penny, have two kids, homeschooling, no car, managed to buy two small properties, the rent we're finally getting is 40,000 pkr ($210), our expenses 10k pkr ($520), still living frugally, both of us working, unsure of our future.
Yes, this is for first world country, high paying software jobs, probably no kids strategy.
We have to work till our last breath to live a sensible life. Or even if we retire we can't pursue our dreams coz even a 10 days vacation would cost us a year worth of our savings 🙉🤦♀️
To all the people saying this isn't realistic, this probably wasnt made for you.
Another lifestyle video promoting financial security for a small number of privileged, hard-working and well-educated people who live in relatively stable economies and societies.
Of course, they made some smart choices and some of them might not have had such an easy path to get where they are now, but they still remain an extremely small minority who get to make this dream work. That's not to say there are no benefits from this approach, there are some good points made about the fragility of relying on more conventional approaches.
However, it is still essentially promoting the idea of "get your slice of the cake earlier" and not be too worried about those outside of your own family structure that don't have the same opportunities.
The so-called secure investment models they are using may at some point be subject to failure too. Of course, they think it's been reliable so far, but that is because they have been able to cover daily expenses through good incomes combined with tight control of spending.
Any move away from materialistic lifestyles is going to be a decision based on comfort and convenience to some extent, which may or may not be a realistic alternative if you are already saddled with large debt or you are struggling to get by on a low income with a precarious employment situation.
And what happens if no one works anymore?
Everyone will start hunting for food
I happily financially support my dad every month. He left his entire family behind to move us to the US so that my brother and I could have a better future. I kept that in mind my entire life and now the only thing he has to worry about is his golf schedule. My hubby and i have 3 kids and we decided when we married 22 yrs ago to be able to live off one of our incomes and save invest the rest. That was before the term FIRE was created but it worked.
Is BBC doing infomercials for get rich schemes now? This felt oddly sureal.
This video is interesting… because I have $250,000 & live fairly frugally and I definitely cannot retire (& I don’t live in the americas).
So I’d love to know what income and expenses these guys REALLY have.
They have passive incomes, a mix of investments, dividends, bonds, businesses, property etc so they have continued money coming in
@@unaa9380 nope, they have online "FIRE" courses that they sell on social media tbh
TH-cam channels/insta accounts that bring them income everyday promoting "fire"
The general thought behind fire is absolutely sound, except for the 4% (25x) idea. More realistic is 3% (33x) for longer retirement periods.
be young and make a lot of money, save it, don't have a lot of dependents, and don't have any major healthcare issues.
This philosophy is self defeating. If enough people did it then it would cease to be possible
How so?
Exactly
So technology and productivity never improve?
How to retire early:
- Have a partner
- Don't have kids
- Have a high paying job
👍
Forgot to add living with parents or in laws for free or next to nothing 😅
At least two of the people in the video have a child. All three of those points help, but none are mandatory to retire early.
Great video, I just found out about FIRE roughly 2 years ago and it has definitely become a goal of mine
Imagine a society where everyone decided to retire in their 30s. Good luck finding doctors, teachers, engineers, policemen, dentists, architects, nurses...Fortunately, many of us take some satisfaction from work and don’t retire soon after graduating. Having said that, I wouldn’t mind working a little less...
It’s not about not working. It’s about having the freedom to work a little less whenever you want to. Having full control of what you do with your time instead of being forced to work to survive.
You are right ....
Imagine a society where employers had to provide workplaces people wanted to show up to rather than just dangling a pay check in front of their workers and using that as an excuse to treat them however they like. Most people who retire early will still work in some capacity if they want to, the challenge is for employers to get them to want to when money isn't their primary motivation for showing up.
In my teens my thought was that if on my deathbed l was given the choice of more money or more life - l'd choose more life.
Also, if l was fortunate to have employment in something l enjoyed / passion for - then payment was not an issue.
However, if l worked in a job that l got little from then it would predominantly be for monetary gain and no more than a year.
I'd describe myself as a Jack of all trades and a master of none....so l had a combination of both the above and managed to retire in my late 20's but I occasionally worked thereafter - whenever it was pleasing or useful for my future to do so.
Oh, it did help that l never wanted children so l only had to concentrate on my own life requirements and desires and by extencion those of parents, partners and friends.
MORE LIFE. I knew 😢 a friend/coworker who had passed that saved $1.5 million dollars. He was in his mid 60s. Could retire and enjoyed his life but preferred to still work. Unfortunately, never enjoyed his money because he got sick and died. His very distant niece and brother are thanking everyday for the million dollars.
I call huge BS on all of this. Make it sound so simple and easy and in the real world this is just not possible unless you earn a huge income.
Buy Growth stocks and dont lose money
@@momofighter3211 yes Tony it's that simple
You indeed do need a decent income, but please note that while the way ti FIRE is simple, it is not easy.
A Financial Planner told me Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. How can take advantage of compound interest and potentially grow your retirement savings overtime?
In times like this it is better to seek help from a professional as such key decisions are better guided by experts with market experience.
That is exactly the reason I stopped trusting the financial advice of TH-camrs; in the long run, I only end up with a jumbled collection of stocks and bonds. Whereas all I needed to earn over $350k in less than two years was guidance from a true market expert.
Thanks for replying, That's a very impressive return, You must have a good idea of stocks. How did you go about it?
I started with a financial advisor by the name “Melissa Jean Taligdan’’ She is quite popular in the US and occasionally appears on CNBC. She also has a web page you can reach her on. Thank me later
"Melissa Jean Taligdan" was the financial advisor I initially worked with. She periodically appears on CNBC and is quite well-liked in the US. You can also get in touch with her via her website. Later, please accept my gratitude.
It's not just in the US where people have this "all life is about work" mentality. When my father was in palliative care and had days to live, my manager asked our Deputy Director-General (I worked for a state government agency in Australia) if I could take the rest of the week (three days) off to be with him before he passed away. The DDG couldn't understand why I would "waste" that time to be with him, when I'd also need "at least a day off" after he died to attend to his funeral, etc. It was take the time off before or after - not both. What a lovely woman :/ It was then I knew that was no longer the place for me.
it's like its giving too much toxicity to the way we view work or work is eating too much of one's personal time. one can have balance even he has job/profession/investment/earning hobby, etc. Goal is NOT to "Retire at an early age", goal is to have "Balance" of all facets of life irregardless of age
What a cynical view of things. Sometimes I can't stand my own generation for so much self-righteousness.
@TechPriest_Exodus Not at all. Are you telling me that you can't think of any other alternative to a life as an employee than to earn above-average (and thus possibly unjustified) wages and become a Privatier as early as possible? After that, you earn your living exclusively with the work that others do for you. After your logic one would have become with it from the slave to the slave owner. And that is what I find self-righteous. That would only be different if this option could be equally available to all people. My generation seems to think that would be exactly the case. And again, that is cruel naiveté.
These people are retiring at an age when I'm just starting work, damn
“We also have to support Julien’s mom.” She doesn’t want to support Julien’s mom 😂
There are a lot of people in the comments saying "this is not realistic", I think it is but has to be tweaked. Retiring in one's 30s I think is quite rare and is possibly an option for those with really high-paying jobs. Yet equally unattractive is working like a slave until one is in their 60s and 70s, which is what most modern Western countries want for their citizens. Living to just work until your too old to make the most of your life is miserable, uninspiring, a waste and quite sad. So there does have to be a balance. I think that all should be able to plan to retire in their early 40s at least, and late 50s at most.
Invest in some companies share and retire ,,, what if everyone does that? Then where do your invested companies go...
What happens when everybody decides to retire early by investing and nobody is there to work on factories and offices to make that investment grow XD ROFL I'd like to see that coming.
It would never come to that. If people really stopped working (because they've all got huge investments) their investments would fall through, so in order to prevent that they would go back to work. Remember, you can only invest on something if there's people working on it. However, people would likely only go back to work on things they think brings meaning to their life, and their investment would adapt to that.
Work dignifies a person and strengthens character
Yeah but what industries are you supporting with those investments??
This methodology relies on investments, i.e. making money from nothing. The increase in fictitious capital is a massive problem that the world needs to overcome if we're ever going to solve the problems of poverty and of increasing income inequality. Investment bubbles are the ultimate cause behind every crisis in capitalist societies, which ruin the lives of millions of people every time they happen. For millennials, who were screwed over by the 2008 crisis, to then go ahead and add into the system which fucked them over, is insane. They're just laying the groundwork for the misery of future generations. This is just not sustainable.
May I suggest reading (a) "The Millionaire Next Door" and (b) "Your Money or Your Life" as inspirations for more effective and satisfying living.
I would truly like to know how many people did this without having money from their parents or inheritance
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
Lookup with her name on the webpage
Bots bots bots
Mahatma Gandhi would have been brutally honest and called this THEFT. Such lifestyles are unsustainable except for the privileged. The privileged should rather retire and do social work. This kind of lazy, unproductive life is utterly MEANINGLESS. I am saying this because I am LIVING such a life currently! I do nothing and the pay comes automatically. Gandhiji was right! To hell with this kind of life. I am beginning the process to enter social work till I die. Either that or I am gonna accept I am a ruthless selfish person and keep working in corporates till I die. Work is not for money, it is for something that you believe in as a crucial part of your meaning of being alive. Distaste for work is distaste for being alive.
This idea really excites me. Even retiring at 40 or starting to work only part time would be nice versus working full time into my sixties. I guess a lot of it depends on how much someone likes their job too.
“I know what it’s like to struggle” I bet she was like 3 years old.
I know right. If they could afford to move, they were wealthy
All the stock clips just make this feel cheap and insipid.
From 2009 to 2022 this was true. Not anymore regarding investing! Just watch!
Let's see in 20 years how many people do really succeed with this FIRE approach.. I bet only 1% will be happy with that at the end
this sure does not work for people from the poor country. you can easily boast that you can travel to third world country and spend pocket change to live there for entire year. but for those who earn merely 0.99$ a day, going and living at your country like you said? impossible. just be grateful with privilege that you have. you got a lot of extra that you don't even know how to finish them. some people don't even get enough to make ends meet, to feed their own mouth, let alone their family, and never come across their mind to not eat and keep the money.
The amount of bullcrap these people and forums spew is infuriating. "100K is just scraping by" "You need at least 250K a year to live decently" - SHUT UP!
So far removed from reality, it's sickening.
To all the people who are more negative than positive...I can understand where you are coming from but your logic is off.
Yes high paying people can retire SUPER early. But even retiring at 55 years old or even 60 is 'technically' early retirement. I am not in tech and plan on retiring within 14.5 years. What REALLY matters is how someone can improve the situation they were dealt. I am not saying it will be easy.
I am not saying that sacrifices will not be made, but try to find a way. A path to freedom. A path to 'YES'. Not 'I can't afford this', but 'HOW can I afford this'. It may take 5 years or 35 years.
And yes, a million dollars will be worth less in the future, but I would rather have $1 million than rely on the government to support me. I won't be eating cat food because I cannot afford food.
But to each his/her own.
Dangerous to extract lessons from strategies that relied on cheap money from the Fed inflating portfolios!
This will all reverse...it is actually reversing as we speak
I'm 37 this year, and i can retire now with my assets thanks to the knowledge I have learned through my career in the financial industry. But I am more a believer about work-life balance. I love what i do and can continue to enjoy that for the rest of my life, while at the same time, I have the peace of mind that i don't need to rely on the earned income and still keep my lifestyle.
Honestly This makes me feel bad because I think I don’t have the potential to become a software engineer or any kind of engineer for that matter. Also, while they are right to invest, what you get out of investing depends largely on how much you put in originally (ie, the more money put into the market the higher dividends you will make) so of course getting any kind of “big money” from the stock market is relegated to higher-earners
@@tedt5588 you have a very good point. I’m interested in health sciences and research, and the NIH (gov organization) seems really interesting to me. Thanks for your comment, means a lot to me!
@@tedt5588 yet another good point. Thanks man!
Meanwhile I just graduated with a computational physics degree a year ago having lost every social and career opportunity college could have provided bc things went remote and now still can't get a relevant job.
yeah, and you probably have to have a career or education, experience, and networks to fall back on if you ever need to make money again.
Regular people cannot do this and it is an insult to suggest otherwise. Wages aren't keeping up with inflation despite many companies making record profits.
We are on a tiny & amazingly beautiful planet as visitors. The duration of our visit is time bound; we live, struggle, learn, rejoice and make way for the next generation. To be here is a celebration. In the vast chasm of the universe we are yet to officially hear about any neighbours. No one to compete with, no wars to fight except with ourselves. I believe humanity has achieved enough to be able to provide basic minimum (housing, health, education, food) to everyone. If retirement means freedom to explore & live up to your potential it should begin at 18 with universal basic income.
Living frugally I can see, reducing dept ok, but not all investing pans out. But sure if you get lucky with it... Cause luck is involved otherwise we'd all be doing it.
If you are an Indian, forget about this.
This won't work for us as the salary they are getting is 12 times more than we are getting.
We also need to take care of the family and relatives.
Guys forget about it.
I am 55 years old with passive income and very little savings set aside for retirement at this point. I have always been curious about the stock market and have witnessed some people who played the game right and retired early because they used the stock market. When I ask them, most said that they invested very little to start with, but their portfolio grew. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns.
Buy index funds if you wanna be safe, though you’d probably be better off just going to Vanguard or something like that.
@@johnwilson4283 Even with the right technique and assets some investors would still make more than others, as an investor, you should've known that by now, nothing beats experience and that's final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I'm buying again.
@@jaluriaja6294 who is your financial coach, do you mind hooking me up?
@@saanvi848
@@jaluriaja6294 thanks for sharing this insight man, I looked her up and was able to mail her❤💯
I’m 43 with a net worth of around £4.2 million. I invest in property and index funds. I’m still working because I’m worried I’ll get bored.
what do you work and when did you start investing?
@@ivannaparedes1981I run a print company. If I didn’t work I don’t know what I would do
It would be nice to be able to indulge yourself in UTOPIA (AKA F.I.R.E.) but if everyone did that then who would work in industries that are essential to helping us live life - farmers who produce our food; people working in produce distribution centres; people who manufacture clothing, hospital equipment, etc,; workers in the transport industry; those who protect us - police and the military; those who build the homes we live in; those who work hard to gain important qualifications - teachers; doctors, etc etc etc. The list goes on and on. F.I.R.E. Is such a self centred approach to life. There is a reason why most people are lucky enough to retire in their 60s or even later - they have contributed and have invested their time and efforts to help support their families/communities/countries for years and deserve to sit back and smell the flowers. I am so glad my son does not have the F.I.R.E. view of life.
Do you really think that working for 50-60 years of our life is healthy, fair or actually allows any ''living''?
@@trildi
Some people enjoy working, though I'm not one of them. And I do think this plan isn't very compatible with rearing children, which many people want.
People would work with a purpose, rather than for a pay check, this is why you have people who work in industries they hate or don’t care about, this can be really dangerous especially in the medical, social care or education fields
if most people really stopped working altogether, all investments and government would crash. And people wouldn't let their investments go to waste, so they would start working again to prevent that. But they probably would work on things that add some meaning to their life...
The theme in this video is very clear. Retire much earlier than it's supposed to. The answer to this, not quite, though! This video does not explain or present a few solutions to retire at the age of 35 years old, for example. It only shows people who did it, supposedly. I really would like to know how are all these people living, 35 years from now. If they retired now, where does the money comes from? If they don't work and if they don't invest what they earned while they were working they can't retire just yet. That couple of engineers, who said two salaries weren't enough when they were working, how can now that they are retired be enough? How or from where comes the income to live, because everything you need to live or to survive, has a cost. You need money to at least buy food and to go to the doctor when needed. And also, you need a place to sleep every night. What I think this is, is just bullshit!
How to Retire Early... 1.) Do NOT have children. 2.) Do NOT get married. 3.) Enjoy life!
What if I want to have children?
its easier for Rich countries like US , Canada whose passports are also stronger. but for people living in developing countries its difficult. as they dont earn in Dollars.
Interesting to see what happens to the FIRE movement next time there is a 2008 and the economy takes 10 years to recover.
I find this video quite offensive to the working class
Don't worry, 70 year old workers on minimum wage will have the great privilege of sweeping up the garbage these 30 year old retirees leave behind after their beach parties.
It's Different from Individual to Individual even from the Same Family! Choose Wisely on Life Choices! And control our Greed >>> The Source of Most of our Miseries , Pains & Sufferings! Get Balanced! 🕯🌍
If I was single, yes I’ve probably be close to a millionaire. Getting married I had to get a house, car for the wife, and the kid who is pretty spoiled. You have to live the life you were given.
Heh! They say live off your investments, but then immediately talk about reducing their environmental footprint. If everyone did that, their investments would tank. Not only that, but their investments have a huge footprint.
Want out of the cage? Read Ishmael by Daniel Quinn. It's much better than this video.
"Recent studies suggest that over half of millennials do not see themselves as 'emotionally and behaviourally' connected to their job and company."
Because they're done with being abused.
Those darn bosses expecting us to do our jobs....
I noticed that these people have jobs like engineering and high paying salary jobs which is a lot easier to retire early when you're getting paid as much as they did.
"Investment" to me is like gambling. The value of your shares may well go up or down. Most likely down.
Me: I retired at age 10
Mom: Move your lazy backside.
But it seems that they don’t have kids. Kids are lovely but there are not for free
What about Janitors and people with poverty level incomes?
I'm fine with the saving money part, I'm already very frugal, it's more the investment part I'm struggling with. How do I know what are good investments? How can I be sure not to lose all my money with bad investments? Plus, as some people already mentioned, you must make a certain amount of money to begin with...
Research, Reading books about investing. Or Just Invest into the top 10 cryptos Cant Go wrong with that
Bro you literally have Google
you can type those questions on google and find an abundance of information/resources
@@janshans653 lol no, dont do the last part.
@@janshans653 Cryptos?
More realistic should be age 45.
People forgotten Children
So what and who do you invest in when everybody wants to do this? It's great you can retire early but on who's back do you do that? Some people have to work for others do be able to do this.
This whole video follows the structure of a pyramid scheme ad. Lots of promises of wealth, and anecdotes from happy people, very few hard facts or actual information.
I don't think this formula of having 25 times of your annual expense money one can retire. Let me site an example. I'm from India so will talk in INR.
I have my monthly expenses 15000 per month 15000*12 = 180,000 INR.
25times of 180,000 would be = 4,500,000 INR. If this much amount in investment would really make me reach FIRE then that means I have already achieved it in fact more than that. But on practical terms I don't think this is enough for the rest of the life.
Easy for some, I guess.... unlike us normal plebs 🙄
To start fire you need to save 50% or more of your income to begin with which is pretty much not doable for a lot of ppl. You need 2 high income couples and share the cost between 2
If you need health insurance living in the US is gonna be tough on 20K/year
I am waiting for the bear market. I hope to see such videos during that time.
Save your money stay out of debt with anything and invest and make your cost of living as cheap as possible
high paying job or even decent job in first world, can live and retire like kings in 3rd world,
It would be harder (7+ years on average ) for someone from 3rd world country with 3rd world salary and education. I am self taught and have long journey ahead to land a high income job