Luck and "right place right time" is always a factor. Lots of people who are also talented, entertaining and make good decisions still don't make it. That's where luck picks up the slack. Andrei's dice analogy is very apt.
Today’s my 30th birthday. I probably be around $300k net worth by end of this year. I hope to be a millionaire by 35 or atleast try to get as close as possible.
I'm hoping to be where you are when I'm 30. I'm 27 and guesstimate that I have about 150k net worth! Regardless of whether i get there or not, I think I've given myself a good base for my age.
You know, I really appreciate how much you replied to all the people in the comments. I’ve been on a lot of channels and no one does it quite as much as you. You’re awesome dude.
Hey Andrei. I have recently started listening to the book The Millionaire Fastlane, and he brings up a controversial approach with respect to getting wealthy. I got hooked to it, because it makes so much sense. My motivation went so high that I quit my job, and I am now working full time on my own business idea. Yes, don't worry, I have an emergency fund of a full year. :) Would you be able to have a look at the concepts of this book and bring it up in your channel? Thanks!
Thank you Andrei! Love your videos so much. Where I get stuck in this process is understanding that I am in my 20s, investing/saving 35% of my 70K income for retirement…but how do I truly know it will be enough to FIRE? For example, How can project the annual salary I need to live a certain lifestyle in 20-25 years considering inflation, the unknown cost of living, and how my lifestyle and expenses could change like let’s say if I bought a house? I am so ‘young’ and renting right now with no children, etc.. do you know if this rule of thumb accounts for inflation?
If you plan on retiring early..from age 20-25 try to get 40k in your 401k so it can compound till your 60..then lower your contributions.. open a brokerage account so you can access that money at 45 or 50 years old..that will allow you to live on the money from brokerage account until you are 60
The rule of 25x, is great reference thanks. But I wonder if the inflation is being taking in consideration there. If not, there is other simple way to add that variation to the formula. Great videos. Hi from Costa Rica 🇨🇷
It wasn't just luck, Andrei. Your success is the result of your exceptional talent, captivating content, and a series of smart, well-thought-out decisions. You've worked hard and made the right moves to get where you are today. Congratulations on your well-deserved success!
I appreciate that! That means a lot. I do acknowledge the outcome is lucky, but the hard work is kind of like rolling the dice, the harder you work - the more you roll!
It’s using after-tax income. That’s why it’s scaleable to any income level. So you’re closer than you think! Also you could double check by just running the math. The original charts and a sample spreadsheet are available from a Mr Money Mustache article in 2012 “The Shockingly Simple Math Behind Early Retirement.” That’s where Andrei’s chart is from. It’s good to create your own spreadsheet, too, so you can adjust the numbers!
MOST PPL ARE not ready to retire with what they are doing... so they should watch this video and realize they can't do what the average person does for savings
One of your best videos. Can you do a video explaining why this will still work despite inflation or how to account for it? $40k is not much for a family. Won’t be enough for a family in the future
Man, i just found your channel and i love your advice. But i will say, as a non-gamer i got rather confused when you were explaining the savings rate 😂 I'm rewinding back cos i have no idea what blood stuff you were talking about 😂 but love your content man! Thank you for sharing these financial tips. I've fallen very behind for my age, and I'm trying to regain the losses i've come to. But your emphasis on "net worth is not self worth" is awesome. It is vital for younger folks to understand this. Thanks again!
The one thing that you are accounting for is inflation. accounting for roughly 2-3% inflation yearly and calculating how long your car is calling out to the year, you will reach your fire number.
Yes, the numbers can be quite different when you add inflation into the calculation, especially the younger you are now or the younger you plan to retire. Both of those things can multiply the required net worth for FIRE.
Andrei I’ve been a subscriber for years. I laughed so much at the ffvii references!! (I’m also a huge ffvii fan). Was so happy to see my interests collide! I know it’s extra work, but I would love (probably a separate channel) you talk about your experience and thoughts on games you plan, and fandoms, things yo$ watch, hobbies.
That's awesome! Always cool to see when hobbies collide. I don't know if I'll ever do a separate channel but I'll definitely do more personable videos soon and more "1 take" kind of stuff :) thank you for the kind words!
6:29 The numbers are a bit misleading, especially at the high end of percent of savings because if I do make 40k/year and I do save all of them, that dosn't mean that I can retire instantly. 40k in total savings won't be enough to retire.
28 at the barista/coast fire level. This video actually very encouraging bc I've been conflicted with crossing the 100k mark in net worth. Torn between traveling more and doubling down to a fat fire level
BTC now sits at $71,400 and I’m completely unsure what to do now. I don’t know if I should re enter or wait until the end of the week and seeing what the SEC does.
That calculation of savings rate is difficult and seems like it lets you get away with whatever expenses. Just take percent of net (post tax) income. Doing that I’m saving 43% of my income right now.
It has to be right? I have been wondering that myself, is the percentage based off net or gross income? But you would have to make a lot of money to save 70% of your gross
@@travishafner157 I like to base it off net because taxes are unavoidable, you can’t control it so no point in considering it. That said it doesn’t matter much if you use gross or net, you just have to understand that realistically you will save a lower percent of gross income than net income. Just lower expenses or earn more as much as possible so you can get that % as high as possible. 70% is very difficult.
so your wealth allowed you do do something you are passionate about... Given the background in your videos (which are quite good), I am guessing that it is cultivating plastic plants. You do have a number excellent specimens!
How can I save 15% when my basic living expenses like food/utilities etc is more than I make full time? like right now without my credit card and a prayer I get a raise to climb out of it. I just see a slide down no steps up here ?
I don't really get people that think they will be hireable as sevice employees in retirement. Yeah maybe early 50's but after that the majority of people will struggle. Health issues etc will really slow you down. Unless you want to be one of those employees that are a burden to your colleagues by doing next to nothing.
this is pointless because by the time you save that money for that retirement, The governments will inflate it away and the money you have for retirement may only last a year living frugally at this rate. That’s why I gamble on meme coins: hat stays on.
It wasn't luck Andrei. You became wealthy by being talented, entertaining, and making the right decisions. Congratulations
Thank you I really appreciate it. I like to think the outcome was a roll of the dice, but the hard work was rolling the dice a million times
@@AndreiJikh LOL
Without UA-cam where would you be?
Luck and "right place right time" is always a factor. Lots of people who are also talented, entertaining and make good decisions still don't make it. That's where luck picks up the slack. Andrei's dice analogy is very apt.
@AndreiJikh Hi, please take a look into QDTE weekly paying ETF!
Today’s my 30th birthday. I probably be around $300k net worth by end of this year. I hope to be a millionaire by 35 or atleast try to get as close as possible.
Incredible! Congratulations, that's insane!
The faster they print the faster you will get there😂 Jokes aside, good job brother 💪
I'm hoping to be where you are when I'm 30. I'm 27 and guesstimate that I have about 150k net worth! Regardless of whether i get there or not, I think I've given myself a good base for my age.
How did you manage to accumulate so much? Had a terrible experience and there were ups and downs.
Really love Andrei's sense of humor 😂😂 Great content as always.
Thank you 🙌
You know, I really appreciate how much you replied to all the people in the comments. I’ve been on a lot of channels and no one does it quite as much as you. You’re awesome dude.
thank you, I try to reply to as many as I can, I do get enjoyment out of seeing the comments. Some days more than others haha but overall it's fun
Hey Andrei. I have recently started listening to the book The Millionaire Fastlane, and he brings up a controversial approach with respect to getting wealthy.
I got hooked to it, because it makes so much sense. My motivation went so high that I quit my job, and I am now working full time on my own business idea. Yes, don't worry, I have an emergency fund of a full year. :)
Would you be able to have a look at the concepts of this book and bring it up in your channel? Thanks!
I'll check it out!
Bitcoin for life 💪
Yes 🙌🏽 Bitcoin In My Bag 💰
Broke for life then
100000000000% 👊
@FireMedicGJ last time I checked my bitcoin portfolio is doing double yours lol. Keep hating emt
🤘🏼🤘🏼🤙🏼🤙🏼🤙🏼
I went to EDC last year and bought a house this year💯
"That's right. That's - that's good. That's good. Unless, of course, somebody comes up with 6-Minute Abs."
.... 5 minute abs.....
There's Something About Mary.....
Your a good person mate I appreciate you 🤓
“Luck is when preparation meets opportunity”
absolutely
Thank you Andrei! Love your videos so much. Where I get stuck in this process is understanding that I am in my 20s, investing/saving 35% of my 70K income for retirement…but how do I truly know it will be enough to FIRE? For example, How can project the annual salary I need to live a certain lifestyle in 20-25 years considering inflation, the unknown cost of living, and how my lifestyle and expenses could change like let’s say if I bought a house? I am so ‘young’ and renting right now with no children, etc.. do you know if this rule of thumb accounts for inflation?
Hey brother.
I appreciate all of your videos. Just wanted to know the gadgets you use as far as microphone etc
Luck is only a part of it Andrei - you're the most charismatic person on UA-cam.
So basically if we all put 1k into crypto for this bullrun, we all jump 20y ahead of investing journey. 😂
Crypto? i'm not sure but either way, don't tell that to Dave Ramsey!
😂 exactly
… to where everyone has $0
You're awsome Andri, keep it real
Thank you! Will do!
I want to see you talking to Warren Buffett.
Oh man, me too
Im a millionaire !!! Thank you !!!
Really good info thank you
you're welcome haha
This intro was so fing funny, bro I like you instantly 😂
You can't improve what you don't measure! Great video, Andrei.
Obese-FIRE
With mint gone, do you have any suggestions for a different app to track expenses, income, and net worth all in one place?
Try YNAB (You need a budget). It has great capabilities and I do all the things you mention.
Andrei Jikh, This is perfect! I subscribed right away!
haha thank you!
Very big bugs are happening today!!!
It is exchanging for almost 9x...
I just showed in a viddd
Explain?
I'm forwarding this one to my kids! Thank you for this Andrei!!
If you plan on retiring early..from age 20-25 try to get 40k in your 401k so it can compound till your 60..then lower your contributions.. open a brokerage account so you can access that money at 45 or 50 years old..that will allow you to live on the money from brokerage account until you are 60
Bro this song is lit af
Andrei's is definitely Obese-Fire. And he earned it.. Kudos to you man! Were happy to learn from you and help you grow as well.
haha appreciate it!
The rule of 25x, is great reference thanks. But I wonder if the inflation is being taking in consideration there. If not, there is other simple way to add that variation to the formula. Great videos. Hi from Costa Rica 🇨🇷
we need a video that breaks down your net worth just like old times!
I'd love to share a more detailed view but I feel like the mood of the market isn't there yet. I'm waiting until the happy times - then I'll share it!
I can’t be the only one with “automagically” living rent free in my head because of Andrei, right?
You are Not 😅
Thank you
Love it thanks! My favorite guy 😊
It wasn't just luck, Andrei. Your success is the result of your exceptional talent, captivating content, and a series of smart, well-thought-out decisions. You've worked hard and made the right moves to get where you are today. Congratulations on your well-deserved success!
I appreciate that! That means a lot. I do acknowledge the outcome is lucky, but the hard work is kind of like rolling the dice, the harder you work - the more you roll!
My income varies a lot, but so far this year, my savings rate was 48%
Awesome. Is that with kids or without?
Amazing, congrats!!
I think Andrei is telling us he's been playing FF7 Rebirth haha
hahaha yesssss
@@AndreiJikhLikewise. Currently 175 hours in so far. 2nd playthrough on hard difficulty
Quick question Mr Jikh....Is the saving rate a percentage of the pre tax salary or post tax?
It’s using after-tax income. That’s why it’s scaleable to any income level. So you’re closer than you think!
Also you could double check by just running the math. The original charts and a sample spreadsheet are available from a Mr Money Mustache article in 2012 “The Shockingly Simple Math Behind Early Retirement.” That’s where Andrei’s chart is from.
It’s good to create your own spreadsheet, too, so you can adjust the numbers!
@@j10001 thank you
You forgot PK fire
MOST PPL ARE not ready to retire with what they are doing... so they should watch this video and realize they can't do what the average person does for savings
Inflation destroys every one of these assumptions. It's going to be MUCH higher for several years. The era of low interest rates is over.
😂 7 minutes abb video, " step into my office cuz yer fuckin fired "😂😂
The editing game is on point. Did you hire an editor or do you edit yourself?
Thanks! I edit everything myself, I don't have anyone on my team - so I have no life haha
Andrei we need some hour long videos asap!
You make that FIT21 video yet???
Right now I'm obsessed with the principles of investing for the future, but I wish I'd have started this 10-15 years ago 😥😥
One of your best videos. Can you do a video explaining why this will still work despite inflation or how to account for it? $40k is not much for a family. Won’t be enough for a family in the future
Really enjoying all the Final Fantasy references and anologies. Thanks!
Glad you like them!
Man, i just found your channel and i love your advice. But i will say, as a non-gamer i got rather confused when you were explaining the savings rate 😂 I'm rewinding back cos i have no idea what blood stuff you were talking about 😂 but love your content man! Thank you for sharing these financial tips. I've fallen very behind for my age, and I'm trying to regain the losses i've come to. But your emphasis on "net worth is not self worth" is awesome. It is vital for younger folks to understand this. Thanks again!
Okay, yeah, i know what XP is, but i have no idea what AP is
Thanks for the video
Just an experiment like if you like Bitcoin and you understand the value that it represent against inflation
Andre - he pronounces his name rah-MEETH SAY-tee. You two both have great charisma!
thank you! I feel bad mispronouncing his name, thank you for that!
If you earn 5.000 and don't have a savings rate of 60-70% you are fkn up or living in a big home which is going to be worth a lot for you to retire.
The one thing that you are accounting for is inflation. accounting for roughly 2-3% inflation yearly and calculating how long your car is calling out to the year, you will reach your fire number.
I’m putting it all in bitcoin and XRP
That's all good but what about an inflation?
Yes, the numbers can be quite different when you add inflation into the calculation, especially the younger you are now or the younger you plan to retire. Both of those things can multiply the required net worth for FIRE.
Came for the financials, stayed for the final fantasy.
HEY ANDREI.
Mom, I'm finally the first commenter!
haha hi there, thank you!
😂
Thank you, you are the 🐐
Andre, What do you think about 'slow fi(re)'?
ooooo what's slow fire?
great stuff! only, why don't you pay off your loans? Dave Ramsey would say: write a cheque today!
The ff7 ost throughout the video is just awesome.
Andrei I’ve been a subscriber for years. I laughed so much at the ffvii references!! (I’m also a huge ffvii fan). Was so happy to see my interests collide!
I know it’s extra work, but I would love (probably a separate channel) you talk about your experience and thoughts on games you plan, and fandoms, things yo$ watch, hobbies.
That's awesome! Always cool to see when hobbies collide. I don't know if I'll ever do a separate channel but I'll definitely do more personable videos soon and more "1 take" kind of stuff :) thank you for the kind words!
6:29 The numbers are a bit misleading, especially at the high end of percent of savings because if I do make 40k/year and I do save all of them, that dosn't mean that I can retire instantly. 40k in total savings won't be enough to retire.
Just finished remake, so so good
unbelievably good
Bitcoin In My Bag 💪🏽💯
28 at the barista/coast fire level. This video actually very encouraging bc I've been conflicted with crossing the 100k mark in net worth. Torn between traveling more and doubling down to a fat fire level
Congrats, that's a huge milestone at that age, you've set yourself up for FIRE
Great video. Thank you so much!
You're very welcome!
Please do a review of how your Bitcoin ETFs are doing! Thanks
BTC now sits at $71,400 and I’m completely unsure what to do now. I don’t know if I should re enter or wait until the end of the week and seeing what the SEC does.
Fear of missing out at its finest
It really is the worst
That calculation of savings rate is difficult and seems like it lets you get away with whatever expenses. Just take percent of net (post tax) income. Doing that I’m saving 43% of my income right now.
It has to be right? I have been wondering that myself, is the percentage based off net or gross income? But you would have to make a lot of money to save 70% of your gross
@@travishafner157 I like to base it off net because taxes are unavoidable, you can’t control it so no point in considering it. That said it doesn’t matter much if you use gross or net, you just have to understand that realistically you will save a lower percent of gross income than net income. Just lower expenses or earn more as much as possible so you can get that % as high as possible. 70% is very difficult.
Is there a calculation that incorporates inflation? This is great if there was a world where prices maintained the same
I'm trying to do a Bitcoin-FIRE. So far, the results have been impressive!
PLEASE!! I would like to see and meet Andrei at EDC!!! haha
Someday! A lot of my friends went!
All I know is when my XRP moon, I'll be fleeing the US and never looking back
Where to? That is the question?
No lie women are liability
Ha gotey
Brooo what car did you bought?
so your wealth allowed you do do something you are passionate about... Given the background in your videos (which are quite good), I am guessing that it is cultivating plastic plants. You do have a number excellent specimens!
A Legend struggles to unravel three numbers that unlocks the door to multi-millionership !!
You are amazing! Love your videos,
This man is hilarious 😁👍 fantastic videos, thank you
Glad you enjoyed!
Great video ❤
So much important information.
Glad it was helpful!
Great content ❤
How can I save 15% when my basic living expenses like food/utilities etc is more than I make full time? like right now without my credit card and a prayer I get a raise to climb out of it. I just see a slide down no steps up here ?
This man is my hero🤞
iloveyou bro your content is more knowledge i get. thanks bro
Happy to help
I don't really get people that think they will be hireable as sevice employees in retirement. Yeah maybe early 50's but after that the majority of people will struggle. Health issues etc will really slow you down. Unless you want to be one of those employees that are a burden to your colleagues by doing next to nothing.
We need a full track. 6'5", blue eyes (white dragon)
Just home from work, and new upload waiting...
Welcome back!
@@AndreiJikh thanks
My savings rate is 25%, but I have plans to increase it starting next year
Andrei, are you all in SPY? did you buy leaps? =)
this is pointless because by the time you save that money for that retirement, The governments will inflate it away and the money you have for retirement may only last a year living frugally at this rate. That’s why I gamble on meme coins: hat stays on.
Dang Andrea. You should have checked out EDC. Them type of fest are a life time experience.
Andrei is your favorite song (save that money) by rapper lil dicky ??
Thank you, Andrei - you’re so simpatico! You also give great advice.
I appreciate that!!
$TSLA TO THE MOON !!!
I’m all in in bitcoin baby 🚀. And that was not a joke.
34 years old now, combined networth 770k Eur, slowly getting there
Love the intro
BTC and ETH next video please 🙏
I'm here for the sumoFIRE
Now we're talking
Can we please grab some beers?!