I Got lost from the Thinkpad laptop upgrades and stumbled onto this treasury of a channel. We are about the same age, but I'm the corporate slave who makes good money but is never able to be happy about my financial situation. Kudos to you two for being FIRE; I really overlooked how "how much you need" is the denominator and left it unchecked from my earlier life. Come to NZ for travel. If you get the chance, I'm sure will like the scenery and vibe.
This was a really cool comment to read. Whenever we publish silly random videos about electronics, travel, vanlife, etc., our goal is that they'll find an audience who's not really on the FIRE path and help bring them into the fold. Sounds like maybe it's working! Thanks for the kind words, and we do hope to make it to New Zealand someday. Here's some content from our 3-month trip to Australia if you're curious: www.tripofalifestyle.com/gear-and-tips/we-got-26k-richer-on-vacation/ www.tripofalifestyle.com/destinations/australia-road-trip/
I wish I had a partner who shared the same ideals but all she ever wants to do is spend spend spend, and consume consume consume. I really want to end things with her and find someone that wants to work hard and save early on instead of constantly wanting short term gratification.
It would be interesting if you could do a video about your current expense and net worth so we could understand how much it takes to sustain a travel lifestyle that you are living now.
You can find a lot of that stuff on our blog (which has way more content than our UA-cam channel, tbh). Here's an example of our household expenses in one year of early retirement: www.tripofalifestyle.com/money/our-spending-revealed/ And here's an example of the cost of a typical trip of ours: www.tripofalifestyle.com/gear-and-tips/cheap-travel/ You can use these as rough starting points to think about what you might want your own lifestyle to look like, and come up with your own target numbers, which might be different from ours. 🙂
Well, if my salary was 70k or 90k a year, I would be able to retire at 30 too. Unfortunately here in Italy the average salary is €1000 or €1200, so doing some sums, saving 80%, in 10 years I would only have 120k instead of your 800k x2
Thanks for your comment! Here are some things to consider... 1) The beauty of financial independence is that only the savings rate (percentage) matters for determining time to retirement - not the absolute amount of money. If you save 80% of a lower salary, then you must also be living on the remaining 20% of that lower salary, meaning your expenses are much lower, and thus, you need proportionally less to retire. Only the percentage matters. 2) Your math doesn't seem to add up. It's possible you are neglecting income taxes, investment growth, or making some sort of arithmetic error. You can see a chart of our actual net worth over 10+ years here though if you like: www.tripofalifestyle.com/money/how-to-save-a-million-dollars/ 3) According to Statista, the average wage in Italy in 2024 is about €31.5k/yr ($34.5k USD), or €2.6k/mo, not €1k - €1.2k. It looks like there may be some significant room for growth in your income, which is a good thing: www.statista.com/topics/7167/earnings-and-wages-in-italy/#topicOverview 4) We didn't make $70k - $90k/yr for our entire careers. Here's an example of the progress we were able to make earlier in our journey (with all the math included): www.tripofalifestyle.com/money/we-saved-100k-in-2-years-on-teacher-salaries/
That is so cool! What grade? And where did you hear about us originally, just out of curiosity? Thanks for sharing our stuff with students; that's exactly who we'd most like to reach.
I have been following you both for a good amount of time and you guys as well as Dave Ramsey inspired my wife and I to change our lifestyles. I truly am hoping to clear all of our debt within the next year and join the FIRE movement sooner rather than later
I think we all need to crash the consumer economy and save money. Then invest that money so inflation doesn't destroy it. A good partner is a must. They need to do a dating or mate selection video.
I love how she thinks we will be SO SHOCKED that ppl CAN live under $24,000 a year LMAO! girl that's like 75% of Americans live under!!! We only make maybe 30,000 a year TOTAL! that's doing a normal everyday job. Maybe if SCHOOLS would teach kids about saving and investing itd help Most ppl don't even know what the credit score IS at graduation! If it's shocking to you then congratulations you were in the lucky % to get that education early.
The median household income in the US was $80k in 2023, which means that half of American households made more than $80k/yr (source: www2.census.gov/library/publications/2024/demo/p60-282.pdf). Regardless, you bring up a great point: Most Americans are so lucky and so rich that they don't realize how easy it is to live a happy, fulfilled life on a smaller budget (like $24k/yr for a household). For people who make more, choosing this lifestyle can result in a very early retirement without much effort at all.
If you'd like to check out a couple real-life examples of people who have done this with kids, try: - Modern FImily: modernfimily.com/ - Mr. Money Mustache: www.mrmoneymustache.com We're personally more aimed at people following a path similar to ours (starting toward financial independence right out of college or high school).
That's one option we could choose! Fortunately, having kids with lots of savings and passive income is much easier than having kids without it. 😉 Also, just like almost everything else in life, raising kids doesn't have to cost nearly as much as the average American spends.
@TripOfALifestyle With a supporting partner everything is possible! But one day kids will plan expensive higher studies and thats when your finances can go wrong!!
@@christopherpetrov2355 If you're already millionaires before your kids are even conceived, the expense of college becomes negligible by the time they're college-aged and your portfolio compounds even further. We highly recommend building a financial foundation first, then having kids afterward, if desired.
I Got lost from the Thinkpad laptop upgrades and stumbled onto this treasury of a channel. We are about the same age, but I'm the corporate slave who makes good money but is never able to be happy about my financial situation. Kudos to you two for being FIRE; I really overlooked how "how much you need" is the denominator and left it unchecked from my earlier life. Come to NZ for travel. If you get the chance, I'm sure will like the scenery and vibe.
This was a really cool comment to read. Whenever we publish silly random videos about electronics, travel, vanlife, etc., our goal is that they'll find an audience who's not really on the FIRE path and help bring them into the fold. Sounds like maybe it's working!
Thanks for the kind words, and we do hope to make it to New Zealand someday. Here's some content from our 3-month trip to Australia if you're curious:
www.tripofalifestyle.com/gear-and-tips/we-got-26k-richer-on-vacation/
www.tripofalifestyle.com/destinations/australia-road-trip/
Haha. Same here.
I wish I had a partner who shared the same ideals but all she ever wants to do is spend spend spend, and consume consume consume. I really want to end things with her and find someone that wants to work hard and save early on instead of constantly wanting short term gratification.
It would be interesting if you could do a video about your current expense and net worth so we could understand how much it takes to sustain a travel lifestyle that you are living now.
You can find a lot of that stuff on our blog (which has way more content than our UA-cam channel, tbh).
Here's an example of our household expenses in one year of early retirement: www.tripofalifestyle.com/money/our-spending-revealed/
And here's an example of the cost of a typical trip of ours: www.tripofalifestyle.com/gear-and-tips/cheap-travel/
You can use these as rough starting points to think about what you might want your own lifestyle to look like, and come up with your own target numbers, which might be different from ours. 🙂
Hey new subscribers here. Great video. We are shifting our lifestyles to be able to travel full time too. Great to see others are doing it too!
Welcome to the club! 🙂
Well, if my salary was 70k or 90k a year, I would be able to retire at 30 too.
Unfortunately here in Italy the average salary is €1000 or €1200, so doing some sums, saving 80%, in 10 years I would only have 120k instead of your 800k x2
Thanks for your comment! Here are some things to consider...
1) The beauty of financial independence is that only the savings rate (percentage) matters for determining time to retirement - not the absolute amount of money. If you save 80% of a lower salary, then you must also be living on the remaining 20% of that lower salary, meaning your expenses are much lower, and thus, you need proportionally less to retire. Only the percentage matters.
2) Your math doesn't seem to add up. It's possible you are neglecting income taxes, investment growth, or making some sort of arithmetic error. You can see a chart of our actual net worth over 10+ years here though if you like: www.tripofalifestyle.com/money/how-to-save-a-million-dollars/
3) According to Statista, the average wage in Italy in 2024 is about €31.5k/yr ($34.5k USD), or €2.6k/mo, not €1k - €1.2k. It looks like there may be some significant room for growth in your income, which is a good thing: www.statista.com/topics/7167/earnings-and-wages-in-italy/#topicOverview
4) We didn't make $70k - $90k/yr for our entire careers. Here's an example of the progress we were able to make earlier in our journey (with all the math included): www.tripofalifestyle.com/money/we-saved-100k-in-2-years-on-teacher-salaries/
You guys are amazing! Love ur shorts and use them to help teach a finance class! 😍😍👏👏🎉🎉
That is so cool! What grade? And where did you hear about us originally, just out of curiosity? Thanks for sharing our stuff with students; that's exactly who we'd most like to reach.
I have been following you both for a good amount of time and you guys as well as Dave Ramsey inspired my wife and I to change our lifestyles. I truly am hoping to clear all of our debt within the next year and join the FIRE movement sooner rather than later
That's great to hear! Thanks for following along 😊
Following up to see how things are going?
I think we all need to crash the consumer economy and save money. Then invest that money so inflation doesn't destroy it. A good partner is a must. They need to do a dating or mate selection video.
You might find this blog post interesting: www.tripofalifestyle.com/perspective/frugality-is-actually-attractive/
I love how she thinks we will be SO SHOCKED that ppl CAN live under $24,000 a year LMAO! girl that's like 75% of Americans live under!!! We only make maybe 30,000 a year TOTAL! that's doing a normal everyday job. Maybe if SCHOOLS would teach kids about saving and investing itd help Most ppl don't even know what the credit score IS at graduation! If it's shocking to you then congratulations you were in the lucky % to get that education early.
The median household income in the US was $80k in 2023, which means that half of American households made more than $80k/yr (source: www2.census.gov/library/publications/2024/demo/p60-282.pdf).
Regardless, you bring up a great point: Most Americans are so lucky and so rich that they don't realize how easy it is to live a happy, fulfilled life on a smaller budget (like $24k/yr for a household).
For people who make more, choosing this lifestyle can result in a very early retirement without much effort at all.
Pretty tough to do when you have kids
If you'd like to check out a couple real-life examples of people who have done this with kids, try:
- Modern FImily: modernfimily.com/
- Mr. Money Mustache: www.mrmoneymustache.com
We're personally more aimed at people following a path similar to ours (starting toward financial independence right out of college or high school).
But one day you will have kids, thn it will cost you a lot 😅
That's one option we could choose! Fortunately, having kids with lots of savings and passive income is much easier than having kids without it. 😉
Also, just like almost everything else in life, raising kids doesn't have to cost nearly as much as the average American spends.
@TripOfALifestyle With a supporting partner everything is possible! But one day kids will plan expensive higher studies and thats when your finances can go wrong!!
@@christopherpetrov2355 If you're already millionaires before your kids are even conceived, the expense of college becomes negligible by the time they're college-aged and your portfolio compounds even further. We highly recommend building a financial foundation first, then having kids afterward, if desired.
How do you keep a sizzling hot gf like that without splashin the cash