Is Retiring Early Really Worth It?
Вставка
- Опубліковано 21 жов 2024
- Is Retiring Early Really Worth It?
Jump start your journey with our FREE financial resources: moneyguy.com/r...
Reach your goals faster with our products: learn.moneyguy...
Subscribe on UA-cam for early access and go beyond the podcast: www.youtube.co...
Connect with us on social media for more content: moneyguy.com/l...
Take the relationship to the next level and become a client: moneyguy.com/w...
Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.
This show blew my mind. I can't believe Brian's actual name is John.
450k in savings, mortgage paid off in next 3months. yes, retiring early is worth. Its all about planning, saving and investing.
Just wanna say Im glad that I found this channel and show and wished Id found you sooner. All thanks to my financial advisor and channel, Im about to pay off my mortgage in full in 2 months and love how you all compliment each other and seem to have such a strong close knit community in the family and beyond.
How can one find a verifiable financial Planner, I buy the idea of employing the services of a Advisr?
I only work with
Becky
Lou
Gordon, with whom I have a long history of collaboration. She's well-known, so finding her page should be simple.
Thank you so much! Found her webpage and left a message. Hopefully, she responds.
Greetings from Thailand. I'm about a quarter way through Millionaire Mission right now and I must say the content is relatable even for those who are not from Western countries. Congrats on making the NY Times best sellers' list!
Fellow “character builder” middle name kid here - I agree with John Brian’s assessment.
My wife purchased the book for me and I can’t wait to read it on the beach in August. Thanks for all your help financially and personally. You guys are amazing.
Huge congratulations, I know first hand how stressful the book release process is. Well deserved and hugely impactful, you're changing lives! I wish you'd come out to the west coast...
Congratulations Brian! I just got the book on audible. Can’t wait to hear you say “boiling point”.
Congrats on the book success! It is a direct correlation to the free help you have given out on this channel that has changed so many peoples lives.
I was in attendance on Sat 06.08 for the DC Live Show! A wonderful presentation and Q&A session. I was so glad to see all of you person!
Congratulations on the Success and thank you for what you do.
Thanks for doing the book tour. It was a pleasure getting to meet everyone and talk to other financial mutants.
The majority of people go to a job they hate everyday. So yes it is definitely worth it
That’s because the majority of people are either miserable to begin with or didn’t put effort in when they were younger and through their teenage years to open them up to the opportunity to do something they enjoy and get paid for it. Not everyone deserves a job they enjoy, if that were the case, then why try in school at all?
@@AstroPopper that doesn’t matter at all in this situation. I’m still correct
Google “pew research job satisfaction”. A majority of people are satisfied with their jobs. And that satisfaction increases with age and income.
So most people don’t hate their jobs, and the people with the means to retire are the least likely to hate their jobs.
Freedom of choice is so important, mentally. I love my job but I hate that I have to do it just to pay bills. If I didn't need the pay cheque I'd probably still go part time for fun. I also want that safety net that if I went blind and couldn't do my job anymore I wouldn't be destitute. I've worked with many people who have worked past retirement age but changed fields because they enjoy the social benefits of working but don't need the money from a high paying high stress job anymore. Some retrained to do the jobs they always wanted to do but it wouldn't have paid enough to have supported a family when they were young.
@@AstroPopper 100% People are as happy as they choose to be. Regarding career/skill development early in life: 'you either feel the pain of discipline or the pain of regret'.
I retired at 43 and into it for a year now. Loved every minute of it! I’m more busier than when I was working, but really enjoy the ultimate flexibility and tons of time with my 2 young kids.
Do it as early as you can, typical 65 years old is too late. You may get 10 lucky healthy years out of it before you get sick or die.
Looking into it myself. With young kids what are you doing for health insurance and kid's future college education?
If you hate your job and you can afford it, yes, its always worth it.
The vesting conversation hits me right in the feels. In my 20’s I spent 9.5 years working for a city, contributing 7% to the mandatory pension, which was generous at 3% per year of service. The City pension vested at 10 years. I left at 9.5 years for Big 4 (Big 5 at the time before the PwC merger), for $10K/yr more, which was pretty compelling at the time. Because I hadn’t vested, it was required for me to take my Pension contributions. Didn’t think much of it at the time. 6 months later, I was laid off from that “dream job”and on the bench during a recession for 9 months, until I started working for another municipality. I spent 3.5 years there, (5 year vesting period) and left for THE SAME BIG 4 company. Lunacy.
At 52 I look back and kick myself for those decisions. I’m doing ok now, but would absolutely love to have that third leg in the retirement stool right now.
If you’re in a “leave before vesting” situation, listen to the advice here. Think hard before you leave that on the table, especially if you only have a year or two before vesting.
Brayn is my favorite host on this channel
Congratulations on the achievement! It's well earned, and I hope the book teaches many people how to reach financial independence.
Great advice on Tim's question. It is very hard to flick that switch to retire early. My advice to Tim is - he sounds like he has a great reason to quit (the kids), so JUST DO IT. The guys were worried that you needed something else to fill your time with besides your kids (as they will most likely be at school most of your day anyway). But, speaking as someone who did retire early (at 51), I can tell you that my days are not boring. Anyone who tells you that you will be bored is someone with a lack of imagination. There is so much to do and pursue when you are not dedicated to a job that you should have no fear of being bored, as long as you have the actual desire to fill your days with something productive or fun or is your passion. But there is no need to figure that all out before you retire. As long as your stress test was rigorous enough and you have no fear of ever running out of money, then you will have a lot of time to try different things out to fill your day until you finally hit on the right thing that is YOUR thing. The bottom line is "claim your time for yourself and your familiy." Go for it and enjoy life!
Can’t wait to see that decumulation episode. This is something I’ve been pondering on how to do this to maximize tax savings.
Brain, congrats on The NY Times best seller!
Congrats for all the success of your book! Half way through it and love what I've read so far!
😊😊😊😊 I am SO excited 😊
I retired at 52 about two years ago. Before I left I had no idea what I’d do. I ended up spending the first year doing absolutely nothing. I read a lot of books and spent a lot of time with my kids. It was great. One of the happiest years I’ve spent. This year, I started a company to do things with my kids. This looks to be working out. I think instead of playing video games all summer, they will be doing productive / creative things to make products. Will we make money? Seems unlikely, but we will learn a lot doing it! Prepare for $40k/yr health insurance bills. Between that and earthquake, home and two cars with teen drivers, I think we are spending $60k / year on just insurance. Life is apparently super risky!
Wow, that is very costly. Great idea to teach your kids in real action, they are lucky to have you as Dad. Good luck & enjoy the journey.
Great show. Thank you.
Am looking to retire from needing a job early. Nothing like that "i don't need this paycheck to survive" swagger to gjve you a bounce in your feet.
Brian, tax now or tax later doesn’t matter if the tax rates are the same. Time is not a factor for tax rates.
Respectfully, yes, we can hear the cans open, as well as Bo's sniffles 😅
1:07:42
Looks like Ribi is sitting on a bed with the pillow and chair back looks like a headboard:)
For the people who have retired early:
How do you keep busy? Everyone else is working and half the time i want to go out and do stuff others cant so i have to go alone or pay for others.
I end up at home most days. Gym and hobbies only take up so much time.
25:56 love the 8 mile drop lol
Yes.
24:31 Bo with the world’s loudest can open
Nice Johnny Cash reference in there.
I have to know if y’all met Bizarro Brian on the book tour.
John is so funny 😆
Brian is a John! 🤯 No wonder he’s so cool
But they probably misspell Bryan as Brian all the time.
If Bo and Brian are peanut butter and jelly. Rebie must be the bread that keeps the on task.
Yes
Check out: Two Sides of FI
Two guys discuss pre and post FI. Specifically, check out the episode with Dr Jordan Grumet.
In my opinion, If you want to maximize your lifetime earnings and savings, no, retiring early will never be worth it financially.
If you want to maximize the (short) amount of time on this earth you have with the people you love, yes, retiring early is definitely worth it if you have the financial means to do so.
It's about priorities. Also, "retiring early" almost never means "ceasing all work" forever. It means no longer showing up to a 9-5 Monday-Friday to do work that probably isn't that meaningful to you because the bills need paid.
I will retire early and am ahead of schedule finacially speaking to do so by my target age. The idea I'll never work on anything again at that point is absurd, though. I'll just never work for anyone else again, and I'll never work on anything that isn't personally meaningful to me and/or my family. I'll never work a schedule I don't decide myself. That's the purpose of early retirement.
I also already know I won't be bored. I took a 6 month sabbatical earlier on in my career and to this day it was one of the best times of my life. If you can't think of anything better to do five days a week than slave away for a corporation, then I'm sorry, but you're just a boring person and need to discover who you are and find some hobbies and interests, in my opinion.
I think work is great in a way and it's what keeps society going, but once you've built up enough wealth to comfortably never work again, you've definitely "paid your dues" to society so to speak. When that day comes for me I'll never look back once.
My son will blow it, they can get it when we pass and they are older
With a name Bryan you then have the potential to be misspelled as Byran
As someone who has been retired for a bit now I can safely say it's really worth it. The financial part of it though is probably the easiest part of being able to say yay or nay. It's the "where are you going from here" part that you need to hash out.
Hard to transition to spender? That’s wild
Is there anything this guy isn’t excited about?
He will excitedly to tell you how he is excited to tell he is always excited to tell you things.
Starts 0:50
If you can't trust your child to be able to handle a 4 or 5 figure account when they become an adult you did a really shit job raising and teaching them... I'd get if it was 7+ figures, but getting access to like $50k when they turn 18 will either be a huge boon or a learning opportunity for them, and shows you who you're dealing with.
Brain is just Brian infused with ai :)
Should we be concerned about what our reckless government is doing? Will that affect retirement?
The wife and I will be done at 59.5 and 55......financial independence by moving out of the country where our retirement money goes a long way and we don't have to work til we're 70+
We're are you moving to?
@justintx75 my wife is Filipino and will be 59 1/2 in 2 yrs 🙏 ✈️ 🇨🇿
Some third world dump by any chance?
There is always a reason the money goes farther somewhere else. 😅
@LawrenceTimme Every major US suburban city is a dump. Homeless, drugs and crime along with a dose of homicide every single day. You're living in a third world but paying a premium for it.
I think the guys definitely have some “American Christianism” views on work, like it being moral to labor. Someone could have infinite money and I feel like they’d still go “but are you really a whole, good person if you stop contributing to the workforce?”
The mentality probably comes from seeing so many people "retire" early only to decide that they feel like they need a job to have meaning in their life and end up going back to work. It's way more common than you would expect, but as someone who is planning to retire early, I see your point. Retiring early is more about the freedom to choose what you spend your time doing than it is to just not work and lay around all day.
You made an hour long video to say the word “yes” ?
That takes skill
That’s correct.😂