Strategy for Financial Independence Retire Early | Part 1 Achieving F.I.R.E.
Вставка
- Опубліковано 7 чер 2024
- How did we go about achieving F.I.R.E in our 40's? We have been asked many times and in this video we share our strategy & journey to reach financial independence and retire early. We also explain why we decided to pull the plug and move outside the USA.
This is Part 1 of a 2 Part video series where we cover how the idea of early retirement came about back in 2017, the preparation to reach financial independence, our retirement plan and the tools and strategies that helped us get here.
In the 2nd video, we will discuss living abroad, our monthly expenses in Mexico and Portugal compared to the United States, dreaded tax considerations, our biggest regrets and much more. We’ll see how our finances looked the past 5 years, flying high during a bull market, riding low in a bear market and what the future holds for the 4 of us.
Let us know any questions you have and if there is anything else you would like us to include in Part 2.
Follow us at:
Instagram: / seekingparadisebugs
Facebook: / seekingparadisebugs
For Collaborations please send an email to seekingparadisebugs@gmail.com
CHAPTERS:
00:00 Introduction
01:47 The Beginning
04:40 Why Retire Early?
06:01 Our Finances Before Retiring
07:11 The 25x Rule
08:05 Our Retirement Withdrawal Accounts
09:00 Will Our Money Last? The 4% Rule
10:52 Our Retirement Budget and Travel Hacks
12:16 Diversitfication
13:36 Failover Plan
14:29 Research and Preparation
16:31 Where to Begin Our Retirement
18:05 Geoarbitrage - Mexico
19:51 Getting Rid of Our Stuff
21:04 First Homebase
22:53 Guillermo Quits his Job
👇RETIREMENT & FINANCIAL PLANNING TOOLS WE USE-
► EMPOWER (formerly Personal Capital) - Money manager, networth calculator & retirement planner: fxo.co/1353861/SeekingParadis...
► NEW RETIREMENT - It is like an advisor at your fingertips…run any what-if scenario:
bit.ly/3Rta8Tq
👇RESOURCES WE USE TRAVELING & LIVING ABROAD -
► EXPRESSVPN - Virtual Private Network (3 extra months free with 12-month plan with our affiliate link):
go.expressvpn.com/c/4257233/1...
► WISE - Easy and cheap International money transfers:
wise.prf.hn/l/NJPoJ9N
► TRAVELING MAILBOX - View your postal mail online anywhere: travelingmailbox.com/?ref=1426
► HOME EXCHANGE - The#1 home exchange community in the world (Travel for less): www.homeexchange.com/?ae=633
► DISCOVERCARS - (Support us by using our affiliate link): www.discovercars.com/?a_aid=s...
► BORDR - Easiest way to get your Portuguese NIF and/or Bank Account (Get $10 off for each with our affiliate link):
www.bordr.com/?via=seekingpar...
👇MILEAGE REWARD TRAVEL ESSENTIALS WE USE-
► CHASE SAPPHIRE PREFERRED - Our favorite rewards credit card: www.referyourchasecard.com/19...
► TRAVELFREELY - Free app to manage travel reward credit cards (Learn how travel for free): bit.ly/3Z2OvdV
👇 OUR VIDEO PRODUCTION TOOLS -
► EPIDEMICSOUND - Copyright Free Music: www.epidemicsound.com/referra...
👇ALL OUR AFFILIATES AND FAVORITES IN ONE PLACE -
tr.ee/H7bGeQ99gA
*DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe.
*Also, sometimes we discuss financial topics. We are not financial professionals, please consult a licensed advisor for financial advice.
What a great journey! Anxious to see part 2. Your video is so well put and organized. Love you guys. Subscribed.
Thanks so much and welcome to our channel! 😍 We're so glad you found us.
Great job, you guys. This FIRE stuff really is attainable for a lot of people, but folks oftentimes don't consider it as a possibility for themselves until it's too late. Oftentimes it takes these life changing events to make people realize how short life can be, and how irrelevant most things we typically worry about are. At the end of the day, you can always make more money, but you can't make more time. I truly hope people see this video and see the possibilities that exist for themselves.
Thanks and we 100% agree! It is the reason why we share our story and hope it inspires others and sheds a little light on one way to do it. There are many resources out there now for people that want to accomplish FIRE and the many ways to do so.
I really appreciate how your videos are professionally produced, yet so personal. Thank you for sharing so many details of your story. You mentioned a couple of tools that I am not aware of, and will be checking them out. Thanks again for sharing. I am looking forward to heading into living abroad, probably Mexico, next year, with lots of opportunities to travel around the world.🎉
thank you so much! it's so kind of you 😊 we enjoy making these videos and especially when it helps people. Best of luck next year, what part of Mexico are you thinking of retiring to?
The perspective shared in this video was extremely valuable and appreciated. I also very much enjoyed the bits of humor interspersed throughout the video. Can't wait for Part 2!
Thanks so much! It can be a dry topic so we really tried to keep it entertaining and as simple as we could with all the info.
Clear explanations for difficult topics. Nice job!
Thanks so much!
This was a great video, encapsulating useful snippets from many of your other videos.
Great video. Much appreciate all the definitions, details and insight. Super helpful.
Thank you very much! So glad you find it helpful. We were worried it might be too much and tried to make it as entertaining as possible.
@@SeekingParadiseBugs Content was spot-on. I'm watching it for a second time now. :) Thanks again!
Wow! What amazing information packed video. I am going to rewatch this multiple times and take note of the resources. Your presentation and editing skills are amazing! Are you doing video work as a side hustle?
Thanks so much! 🤩 Guillermo is self taught and learns more and more while having a great time making the videos. We don't have a side hustle except for UA-cam.
Wow guys you're so professional with great video productions. Awesome work.
Thank you so much! We are improving with every video.
I just got back from a 3 month trip all over Thailand. I met youtube and facebook groups of retirees from the Western countries. They live like royalty for $2500-$3000 monthly
We can't wait for our first trip to Asia next year. What area(s) did you like best in Thailand?
Quality of editing is another level. Fun VDO to watch. Added pop-up & caption are funny and helpful.
thanks so much 🙏🏽
This is very inspirational. It's wonderful to see how you managed to prepare yourselves for taking that plunge into the unknown, and I'm amazed & thrilled at how much practical advice you fit into 24mins! Thanks very much for producing your content.
Thanks so much! It's great to hear our content is useful and motivating for people pursuing the same dream!!
Exceptional! Congrats to you both and a huge thank you for laying out your journey. The information you shared is helping me tweak my own journey. Really appreciate you and your content. Great stuff every time.
That's awesome! Thank you!!
Thanks, gracias e obrigado 🙂! The video was very informative, inspiring and really well done. I really need to borrow that spreadsheet to convince my wife. Seriously though,, I also struggle with the idea of retiring earlier than "normal". I really enjoy watching your videos and this one is right at the top. I will try to get her to watch as well. Thanks again and can't wait for part 2. Grande abraço!
Thank you for watching and we hope you can convince your wife! We've never been happier and we've never looked back!!
Thanks!
thank you so much Mark! 🙏
Really enjoy your videos so much and and very thankful you are sharing your story, my wife and I are going to be retiring soon and will be applying for our D7 visa very soon. We just received our NIF so we are on our way. Shooting for April 2024 to retire. Look forward to meeting you both in Portugal
thank you Mark! we are looking forward to meet you here in Portugal. Did you end up going to Madeira? let us know where you decide to live in Portugal, we look forward to meeting you. 😊🇵🇹
We were going to Madeira but we decided that being on the continent made more sense to us. We do not want a car and on the island a car would be a must. We are looking hard at Braga, Porto and the Silver Coast in that order. Really looking forward to your follow up video.
@@SeekingParadiseBugs
We're heading to Braga next week but it will be a few months before the video comes out. Let us know if there's anything in particular you would like to know or see!
@@SeekingParadiseBugs looking forward to seeing your video! Will it be the same format as most of your others, if so I know you will cover what we are interested in. Would love to know about public transportation
yes! we will be going over our requirement checklist in Braga and for sure we will cover public transport. It is important to us also since we don't own or want a car
So much great information! Love the empower recommendation among all the others for travel. Do you use a budget app? I have one but tired of the fees! Thank you both. So cool to see you living your dream!
Thanks so much!! We don't actually use a budget app. We track our transactions in Empower and use a spreadsheet to track our budget by pulling info from the budgeting section of Empower. We review it weekly so it makes it easy for us to keep on track. Let us know what you decide to use. ☺️
@SeekingParadiseBugs I've been using YNAB but it's pricey. And in keeping with your money saving theme would like an alternative. Will check out empower. I use Fidelity planners now for retirement.
I saw your CNBC video. Very interesting. Do you know if health insurance is available to expats over 65 in Portugal or Spain.? I seem to remember that it was severely restricted to over 65s in Mexico? (Might have the age threshold wrong)
Private health insurance is more difficult to obtain over 65. I believe MGEN does not have age restrictions. Oddly enough, many people get private health insurance through their bank at a discount in Portugal. We opted into a plan in Portugal with Allianz through Medal Insurance via the AFPOP group (Assoc for Foreign Residents and Visitors to Portugal) for better coverage. As a resident you can access the public healthcare system but there are usually long waiting times to see doctors and obtain referrals to specialists. Hope that helps!
Excellent video, all of the insights are really appreciated. When can we expect part 2?
Thanks! Planning to have Part 2 out the first week of November.
@@SeekingParadiseBugs Question for you... When you decide on your forever location and purchase a home, will you buy with cash or finance? Cheers!
Good question! It really depends on the price of the house and type of financing available. We may sell one or more of our rental properties in the USA or we may finance if rates are low and there is no pre-payment penalty.
@@SeekingParadiseBugs Makes sense, I was curious since we are in a similar situation. We have a couple rentals in California and are considering moving to Puebla MX and buying a home. We'll more than likely sell a rental to finance the home purchase since Mexico mortgages are very difficult. Have you investigated mortgage rates on Portugal and Spain? Seems like you guys are leaning in that direction. We LOVE both btw... Malaga and Lisbon are 2 of our favorites. Cheers!
@@pmax4182000 you are correct that mortgages are difficult in Mexico. We have researched mortgages in Portugal and Spain and would have to put down about 30% and the rates are 3-4% right now. Also, they have an age cap for mortgages. Typically your mortgage term is only through the age of 65-75 depending on the lender so the older you are the shorter loan term you would be approved for.
Superb story and video. 👏👏👏 I watched all your videos and love your story. For sure, you spend an amazing time producing your video. Nicely done.
We are coming to Lisbon later this year and would love to have a cup of coffee or lunch with you. Let me know if you are open to it and I can send you a private email to your youtube channel contact info. Thank you. 😀🥂
Thank you so much that really means a lot to us! Comments like this keep us motivated to continue creating videos. 🥰Send us an email, we'd be happy to meet up if we're in town.
@@SeekingParadiseBugs Excellent, very happy about that. We will send you an email. Special greetings and wishes to you from Southern California. 🙏👏❤️