Someone in our family just died at 42. My husband and I are also trying the FIRE movement, but you don’t want to miss living your life either, because you never know how long you have on this earth.
Saving a pile of money is one path. Another path is to save a smaller pile but work on gaining skills that give you enough flexibility to have more control over your life. Skills in earning money. Pouring years into working in an office is a dead end. Once that job is quit you can never go back or earn a little on the side. Computer programming, construction, etc... are skills that you can always earn from. That's a form of security. What is a big pile of money? It's security. It's thinking "I can do this". There is risk there however. It assumes financial systems will stay about the same. Useful skills however are more likely to always be needed. I retired 19 years ago at 45. I had no idea what I was doing. I just didn't go back to working in a cubicle. Part of my "retirement" time was invested in learning and improving skills. It's been a lot of fun.
:chuckles: I'm 58 and left it very late to get involved in this - I was a little foolish and trusted that the State Pension and my private (employer) pension would provide for the post-work years ... and then I recently actually looked at the numbers ... :sharp intake of breath:. I would encourage everyone with an employer pension to really take a look at the figures and see what is actually happening because it is all to likely that the pension company is the one doing well out of your contributions.
Thanks for the video content! Excuse me for chiming in, I am interested in your thoughts. Have you heard about - Renannah Tiyily Release (just google it)? It is an awesome one of a kind product for learning how to get the ultimate millionaire mind minus the normal expense. Ive heard some pretty good things about it and my close friend Aubrey at very last got amazing success with it.
great excerpt from that interview, also as long as you're not looking to borrow money anytime soon which you really probably shouldn't be if you're on the path fi anyways who cares about a credit score
Core Rule #1: Get 35 years of earnings history, then retire if you've followed all the FIRE rules. If you don't have 35 years of earnings history, you get short changed in your Social Security calculation and payout. (big fat zero averaged in for every year you retire before hitting 35 years). Its get worse.... You SSA benefit pays your Medicare supplement... Shortchange you SSA and you screw yourself in Medicare... Just get the 35 and follow FIRE guidelines and you can retire in your early 50's....No short cuts in life folks. But you can be smart and live a better lifestyle.
LMAO. This is a poor man's mindset. Your problem is that you rely too much on SS which should be your last option. If you start saving and investing early on, you don't need to worry about short-changing yourself and you can value your time, instead of stressing over missing out on xyz amount because you made the right moves in your younger years. That's the whole point of investing wisely and not blowing it. Working all those extra years to hit the magic #35 just so you can get a full SS payment is idiotic and counterintuitive. You can still get yourself medical insurance by paying for it monthly, the same way a self-employed person does. Just work it out into the yearly budget you plan to live on. I pay around 3k/year and have a better plan than I did with my job. The only people who need to rely on SS are those who work paycheck to paycheck all their life, are disabled, lived beyond their means, and didn't manage their money correctly. Who cares if you only receive for 20-25 years worth. If I've amassed more than enough money through investments, by the time I decide to retire, why the hell would I continue grinding it out for more SS when I can afford everything I need for the rest of my days without it🤣
I've been living below my means for years at age 46 however in a heavily taxed state Im spending alot compared to other low taxed states. So it cancels itself out. But chipping away as they say.
Living in California with the highest income tax, local, sales tax Etc and high rental proxies even in areas like Fremont ca which is like 3-4K a month make it impossible.
@@rae6372 I use mostly all the Chase cards including the Sapphire which reimburses up to $300 in travel expenses. Depending on what flights are available I may use BofA’s Alaska Air card which has a free companion ticket and use points to upgrade to first class.
@@BukkaLevy you make purchases with your credit card while abroad? I’m afraid of any huge fees! I have chase unlimited but I’m shopping around for a better card and I do travel abroad often
I see a lot of misconceptions about the FIRE movement emerging these days. For example, I hear commentators imply that the 4% rule is endorsed by the majority of the FIRE community. Yet none of my favorite bloggers or vloggers are withdrawing 4% from their portfolios.
Not sure exactly what he meant, but here's something to consider: "Raising your income is considerably less effective than lowering your spending rate. The reason for this is that any long-term cut in your spending has two consequences: It increases the amount of money you have available to save each month while lowering the amount you'll require each month for the rest of your life." --Jim Collins
Bichr Salhi you are missing the point. You use the credit card to pay for what you would pay for anyway. Like food and utilities, and you reap the cash back or points. But you HAVE to pay it in FULL each month. Do this over and over again. This year I made over $700 in cash back. No debt. Btw: $700 may not be millions...but think about what you could do with that money.
bighand69 you DO need a credit card for good CASH BACK deals. If a person knows they will not be able to make the credit card payment, then a credit card is not a good idea for them. But if you pay on time anyway and you don’t use a credit card, then you are leaving money on the table
@@bsca1956 credit cards are essential today unless you can pay for everything in cash, it’s not practical for the average joe. You can have credit cards and increase your credit score without being in debt. You need good credit to make those big lifetime purchase like a car or a house,,,,,
Someone in our family just died at 42. My husband and I are also trying the FIRE movement, but you don’t want to miss living your life either, because you never know how long you have on this earth.
This is so true. My dad had a massive stroke at 44 and that was it. You never know.
Im looking to retire at 30. Im currently 42, any advice?
Try a Flux Capacitor.
But you will need to save up first
You have missed your chance. 41 in base 16 is 29.
So close, so far.
That is too funny.
@@time4advancement244 😆 brilliant
😂😂😂😂😂😂😂
Saving a pile of money is one path. Another path is to save a smaller pile but work on gaining skills that give you enough flexibility to have more control over your life. Skills in earning money. Pouring years into working in an office is a dead end. Once that job is quit you can never go back or earn a little on the side. Computer programming, construction, etc... are skills that you can always earn from. That's a form of security. What is a big pile of money? It's security. It's thinking "I can do this". There is risk there however. It assumes financial systems will stay about the same. Useful skills however are more likely to always be needed.
I retired 19 years ago at 45. I had no idea what I was doing. I just didn't go back to working in a cubicle. Part of my "retirement" time was invested in learning and improving skills. It's been a lot of fun.
great points
:chuckles: I'm 58 and left it very late to get involved in this - I was a little foolish and trusted that the State Pension and my private (employer) pension would provide for the post-work years ... and then I recently actually looked at the numbers ... :sharp intake of breath:.
I would encourage everyone with an employer pension to really take a look at the figures and see what is actually happening because it is all to likely that the pension company is the one doing well out of your contributions.
Earn, save, invest, retire after 10 years of work
Not possible on an average salary in 10 years. On an average salary it would be 20 to 25 years.
bighand69 totally possible. You’re not considering salary vs expenses. If the ratio is right you win.
Yes if you're on a 6 figure plus salary. Absolutely no chance for the average Joe's!! NO CHANCE!
Thanks for the video content! Excuse me for chiming in, I am interested in your thoughts. Have you heard about - Renannah Tiyily Release (just google it)? It is an awesome one of a kind product for learning how to get the ultimate millionaire mind minus the normal expense. Ive heard some pretty good things about it and my close friend Aubrey at very last got amazing success with it.
Ty Spiller plenty of average joes have already done this.
great excerpt from that interview, also as long as you're not looking to borrow money anytime soon which you really probably shouldn't be if you're on the path fi anyways who cares about a credit score
A home?
"I think earning more is great". Wow. Thanks for the words of wisdom....
CRAIG MAC , admit it. That never crossed your mind...😄
I don't know how he managed to put this together.
Look at the bigger picture of the advice he’s giving. Dork
Core Rule #1: Get 35 years of earnings history, then retire if you've followed all the FIRE rules.
If you don't have 35 years of earnings history, you get short changed in your Social Security calculation and payout. (big fat zero averaged in for every year you retire before hitting 35 years). Its get worse.... You SSA benefit pays your Medicare supplement... Shortchange you SSA and you screw yourself in Medicare...
Just get the 35 and follow FIRE guidelines and you can retire in your early 50's....No short cuts in life folks. But you can be smart and live a better lifestyle.
LMAO. This is a poor man's mindset. Your problem is that you rely too much on SS which should be your last option. If you start saving and investing early on, you don't need to worry about short-changing yourself and you can value your time, instead of stressing over missing out on xyz amount because you made the right moves in your younger years.
That's the whole point of investing wisely and not blowing it. Working all those extra years to hit the magic #35 just so you can get a full SS payment is idiotic and counterintuitive.
You can still get yourself medical insurance by paying for it monthly, the same way a self-employed person does. Just work it out into the yearly budget you plan to live on. I pay around 3k/year and have a better plan than I did with my job. The only people who need to rely on SS are those who work paycheck to paycheck all their life, are disabled, lived beyond their means, and didn't manage their money correctly.
Who cares if you only receive for 20-25 years worth.
If I've amassed more than enough money through investments, by the time I decide to retire, why the hell would I continue grinding it out for more SS when I can afford everything I need for the rest of my days without it🤣
The downside to using credit cards is the research shows you will spend more money using a credit card than cash.
I've been living below my means for years at age 46 however in a heavily taxed state Im spending alot compared to other low taxed states. So it cancels itself out. But chipping away as they say.
I find it funny how a second job has been renamed side hustle
Living in California with the highest income tax, local, sales tax Etc and high rental proxies even in areas like Fremont ca which is like 3-4K a month make it impossible.
Geoarbitrage is a very powerful way to lower expenses and build wealth. There are quite a few videos about geographic arbitrage.
Move.
"Neither a borrower nor lender be". Live below your means. Keep It Simple Stupid - KISS.
все правильно говоришь)
He didn't answer her question. Their talk about rewards points sounded like they open and close cards frequently.
You can earn miles to fly for free, but what about hotel, food and transportation while on vacation? You should definitely consider these expenses.
I take my kids to Hawaii every year. Points pay for our flight, hotel, and transportation.’ Food is the same as it would be at home.
@@BukkaLevy which credit card are you using?
@@rae6372 I use mostly all the Chase cards including the Sapphire which reimburses up to $300 in travel expenses. Depending on what flights are available I may use BofA’s Alaska Air card which has a free companion ticket and use points to upgrade to first class.
@@BukkaLevy you make purchases with your credit card while abroad? I’m afraid of any huge fees! I have chase unlimited but I’m shopping around for a better card and I do travel abroad often
@@rae6372 none of my cards have foreign transaction fees. I didn’t know anybody still did that.
I see a lot of misconceptions about the FIRE movement emerging these days.
For example, I hear commentators imply that the 4% rule is endorsed by the majority of the FIRE community. Yet none of my favorite bloggers or vloggers are withdrawing 4% from their portfolios.
Because they’re making a ton of money on their blogs and vlogs….
1:08 “Let’s focus on earning more, but let’s just set that to the side….” What?
Not sure exactly what he meant, but here's something to consider:
"Raising your income is considerably less effective than lowering your spending rate. The reason for this is that any long-term cut in your spending has two consequences:
It increases the amount of money you have available to save each month while lowering the amount you'll require each month for the rest of your life."
--Jim Collins
What cards are you using to be intentional with your travel awards?
Nevermind. I found your podcast!
Sounds more like a credit card commercial
Bichr Salhi you are missing the point. You use the credit card to pay for what you would pay for anyway. Like food and utilities, and you reap the cash back or points. But you HAVE to pay it in FULL each month. Do this over and over again. This year I made over $700 in cash back. No debt.
Btw: $700 may not be millions...but think about what you could do with that money.
@@jes4tube
But you do not need credit cards to do that.
bighand69 you DO need a credit card for good CASH BACK deals.
If a person knows they will not be able to make the credit card payment, then a credit card is not a good idea for them. But if you pay on time anyway and you don’t use a credit card, then you are leaving money on the table
@@bsca1956 credit cards are essential today unless you can pay for everything in cash, it’s not practical for the average joe. You can have credit cards and increase your credit score without being in debt. You need good credit to make those big lifetime purchase like a car or a house,,,,,
My credit card did not get cut up but put in the bank box. Needed credit card to rent a car.....
6:14 - 6:21 someone send this to Dave Ramsey
Do not do that😂
How can a unemployed person be financially independent? If you got no job?
Because they're retired and have enough money to live on. Are you really this stupid?
Keep hearing Bill Clinton in the background.
You talk too fast.
TIUlove ha. I was thinking this should be a 30 min video but....nan he talked fast to make it 15
Put vídeo speed at 0.5 🤦🏻♂️
Movie turned out to be a dud at the theaters. These guys wants to live a low class like they are on welfare. Not the sharpest knives in the drawer.
My credit card did not get cut up but put in the bank box. Needed credit card to rent a car.....