You guys in the UK and the U.S. may get 8-7% interest on your savings. I live in the Netherlands. The bank gives less than 1% on savings, it's something to do with the Common Eurozone policy, they want Europeans to spend instead of saving. As I heard, here maybe through some investment in a index fund, people might earn 4% interest. Were would Hue invest, if he were living in the Netherlands?
@Gabriel Mokumson You could have invested in the S&P500 like alot of people including me that made 2,5k profit over last 2 years. Instead getting lousy 1% that every bank is giving you in The Netherlands
1. Track your expenses 2. Make it a game 3. Go for the effortless wins 4. Multiple annual expenses by 25 5. Moving home 6. Upgrade your transport 7. The biggest payday of your life 8. Master expenses, then make more money 9. Easy employment 10. Sell stuff 11. Rent stuff 12. Coaching or Teaching 13. Flexible Freelancing 14. Digital Products 15. Learn a skill in demand 17. Fall 7, Rise 8 18. Ramp up ROI
This only works if you earn money lol. As a super small business owner the last 3 years is 100% reinvestment. This video is for people with bosses on a salary. Salary people are boring people.
@@LazarkGaming Yep can't make money if renters never pay enough. Also getting customers is likely the most important part yet finding them over and over again is sometimes almost impossible!!!
The problem with this calculation is that it requires you to live frugally forever. So i would call it financially independent, not retirement. Retirement means you never work again. That's no good under this plan unless you want to live on a minimum for the rest of your life. That does not sound like fun. On the other hand being financially independent and using that independence to be able to take more risks as a boost to higher income brackets is smart.
It requires you to live at that level of expenses, it doesn't mean suffering, that's optional. I'd also add, once you optimise your expenses and automate a budget, turn your attention to earning more. You'll get there far faster and you don't need to rely on stocks for income.
Unfortunately life isn't inherently "fun" and it's about to get a lot less "fun" as the world economy systematically implodes over the next decade. The key is not to tie your happiness, state of mind, or sense of accomplishment to material things which are going to become increasingly expensive. If you can do this, you become among the richest people in the world.
@@meerkat1954 No. Just No. And it makes me sad that people like you actually believe that. Let me just venture a wild guess here. From your handle i assume you are in your late 60's. And i bet you let your health go to shit. I bet you can't do 30 pull ups. That is on you, mate. I bet you don't have a couple million bucks in the bank? That's on you, mate. I bet you don't have a 40 year old, hot girlfriend because you are a pessimistic, out of shape brokie. That's on you, mate. Don't blame the world for being lazy.
@@meerkat1954 I hear you. I am an American, but with a twist. I am totally against the Edward Bernays consumerism model of lifestyle. My wife and I "celebrated" our 16-year wedding anniversary this past Friday. We hugged and kissed (PRICELESS!). I have family spread out in the USA. It is Christmas time now. We sent cards to all but no "stuff" was purchased and sent. We instructed family the same. NO MORE SPENDING & CONSUMERISM OF STUFF!" "Oh, you live a joyless life", some may opine. But, in October we prepaid for a European river cruise for summer 2025 (quite the F-ING pricey kind). Since then, our savings and investments growth has us back to the amount we had in October. Sure, we could have said no to this "fun." But we CAN afford it, and it will be such a different experience for us both. If I had never met my wife, I would NEVER have gotten a passport. We spend on experiences and save all the rest. We are on track to be FI sometime in 2027. Cheers M8!
This was always really important for me… there was a time I was living on 900 a month (3 guys in a one bedroom apt, $5 a day on food).. I was making 900 per week so I was saving almost 75% of my income This allowed me invest in RE and start building freedom Let’s build that dream
It's true but it's not the whole story. People who earn more save more. That's the statistics. You can only cut your expenses so far and if you earn more you can save more without it hurting
I was able to switch to remote work, which allowed me to move to the countryside, which helped me to not only save money but also minimise distractions. I also have room for an office and gym and can go hiking on the weekends. I've been working on building a software product for the last 3 years, but now I'm able to focus more time into it. I launched it recently and from next month I'll transition to focusing mostly on marketing it. My plan is to save up about $100,000 and buy a house similar to the one I'm living in now. My goal isn't retirement but the freedom to work for myself doing something that I enjoy and I feel is meaningful. It's difficult though. It feels very solitary. I wish I had friends who were on a similar journey.
Absolutely love it! Congratulations on taking the steps that you have. Wishing you all the best of luck with it! Loneliness is real as an entrepreneur. Fortunately, you can find many places where other entrepreneurs hang out and connect with them. I joined a business mastermind and its packed with people like me.👌
I became a digital nomad and now travel around the cheapest countries possible to save as much as possible. I'm planning to have like 30k next year. I'm just not investing on anything because I don't know how investment works.
Following advice i moved back in with my dad cutting out £700 a month in rent and living closer to work and i got rid of my car and replaced it with a boring diesel but hey 4x the mpg saved me a ton in fuel bills i also opened a small side job so my savings went from £4k a year to £12k a year it definitely made a big difference
100% agree with the advice “don’t be loyal”. I change service providers all time. It’s my hard earned money and I’m not sticking around with a service provider that’s not financially benefiting me.
just begin as soon as you can…using a “pay yourself first” ideology..as in allocating pre-taxed income toward investments, you can do this! As your income increases, invest that amount more. The early retirement thing will be helped by side hustles. Good luck to you!!!
Yess! On my way to this. Super cheeky went to work full time with a client and doubled my income, now using the extra to start investing more and setting up a business. Let's gooooooooo
@@Huwsview Yeah I don't think I have ever heard a finance person say people who like, comment, subscribe and notify are those I don't want on..... WTF you already know he is likely your target demographic.
A really important one that changed my financial situation is learning how tax works and how to be more tax efficient. Its better to save money than give it to HMRC.
Understanding how to optimise Tax is huge for wealth building. When you you start a business they're even more important, but for people starting out, I think they just need to focus on reducing spending, and exploring ways to earn more. Tax is too complex/boring/overwhelming to begin with. Thanks for sharing your views and experience. 🙏
Get it!!! Once you start making progress it becomes addictive- I remember only having 400 and living paycheck to paycheck - once I got serious about money within 2 years I had over 40k saved on low income and was buying my first investment property 🙌🔥 You got this- just set a target and know WHY this must happen
came here through Instagram. From one UA-camr to another, your edits are amazing! You're also great at story telling and getting those b roll shots. I know how much work that is and you're doing an amazing job!
This opened my eyes, I was fine with saving a little, have everything I need and the family is provided. But, I'd have to work until my pension... did a check and only on food ordering I can save 300 bucks in average a month. Not to mention all the streaming services, insurances etc. That's an easy 5k a year at least.
That's awesome Erwin. Most people watch this stuff and move on. You acted on it, so I have no doubt you'll do well for yourself and your family. Reducing expenses isn't sexy, but it has the greatest immediate impact on personal finainces. Once you're content that you have them under control, then you take things onto the next level with increasing income (if you wish). In any case, I'm glad the video helped in some way. That's exactly why I created it. 🙏😊 (PS. Keep me posted!)
I have a delicious Yankee Pot Roast recipe if you're interested. Better than any restaurant food. Casseroles are killer too. Eat all week for 30 to 40 bucks.
One of the best tips in there, if you need more money, ask your boss. As an senior manager I never turned down anyone down for a pay raise, I sometimes sent them away to come back with details on why they deserve it, or what extra responsibilities they would take on, but if people asked they got it. Same as myself, I've never been refused a pay raise, even if in some cases it meant they could increase my wage, but would pay me 20 hours a week overtime that I didn't have to do, I've always got the pay raise. But, the number of times people have left for a new job, and you ask why, and the answer is 'I wanted more money', is amazing. Why didn't you ask for more money? 'Well I just assumed I wouldn't get it', well you assumed wrong.
it is important to start early, put aside as much as you can and get a decent return. The Problem is ,not everybody make the right decisions when it comes to money because of family background, lack of financial education and personal psychology and personal life . you have to take many factors into consideration in the "get rich" equation.
I find that it helps having short term goals you can fight for as for most people it’s hard to do something where the payoff is 30 years down the road- but if you have a 1 year goal that will translate into buying a property or something it can really elevate progress
@@donaldlyons17in this world you have to make your own way and not expect a handout because your "less fortunate" plenty of million , billionaires worked there way up from nothing.
Im 21 just started full time work out of uni 3 weeks ago and stuff like this is exactly what I need. Unfortunately i work and live in a city and housing rates are trash but ill slowly be working to get my expenses down. This stuff is intimidating but I wanna do it so badly to be able to live truly free.
You're WAY ahead of me. I was 10 years older before I went full steam. Be patient, keep working on it and I expect you to be done before 30! You've got this! 😁👍🔥🚀
Put in a few extra years to work on kids/grandkids inheritance, but still hit the exit button at 49. My income is over double my expenses off investments now, it grows like the Blob.
I cant believe you only have around 19K subscribers. Granted, there are more tips (and a lot of them is about experimenting to understand what works), a very pivotal point that people often miss is the ability to out-save your spending. Great job! You've inspired me to track my spending for the last 12 months. thanks!
Thank you so much. I really appreciate that! Going back and tracking my spending really changed everything for me. I hope it serves you with the same value. Keep me posted with how you get on. 😁👍
@@Huwsview Yup. I was just doing this for the month of July. Fixed Expense ~ 26% Luxury & Misc - 12% Loan & Charity - 15% I do invest the rest. But the challenge for August/September is to cut down "Luxury" category under 10%. I include eating out/coffee all under luxury category. Hopefully baby steps towards under 3%. Something I have been wishing for a while.
This video is absolutely brilliant, content is fantastic and the production quality is impeccable! Keep it up, huge UA-cam growth inbound for you dude!
I'm unfortunately living in London and cannot move for personal/family reasons - on 25k gross and I'm saving about 30% each month, I just don't feel like it's possible to save more in London and makes it worse I can't move. I work from home so don't use tube either, but 1700 net a month isn't much when your rent is killing you mostly.
We all have individual circumstances to consider. If you've exhausted all options, take comfort in doing your best. Once you've controlled expenses focus on increasing income.and investing the difference. 👍
Great video with useful, practical tips. To be fair, it was worth giving a like even if simply for the bits at minutes 3:35 & 5:05 - Thanks for the chuckle. 😀
Amazing story! While I dont think I can replicate what you did, currently at 30% savings rate and will try my best to raise that to ~40% ish. Once my daughter graduates college, adios work!
Thank you so much! 1. You absolutely can (if you want to) but you certainly don't need to. 2. 30% is awesome. You're far ahead of the vast majority of people. 3. Try beating yourself, no one else. 40% again is excellent going. 4. I wish you all the very best! Keep me posted! Huw
I, or rather my wife and I, realized about 30 years ago that we pay too much for insurance. We stopped and only continued the most important ones with other providers. At that time there was no internet and everything that goes with it. We used "consumer advice" (in Germany) and that saved us around DM 3,000 a year back then - not to mention how much that would be today. I'm 58 now and I'm starting to cut down on other things as well. Even if you don't think it's possible - you can reduce many expenses and invest the savings in shares and the resulting dividends. It works - I can only advise everyone.
I'm only saving 6% at the moment. My aim to hit double that next year and keep up the course! It's the unexpected expenses that can catch you out. Loved this video, thanks Huw.
Thank you Jen! 🙏Great to hear that you're looking to double your savings rate next year. Ideally, try to plan for unexpected expenses.... stay with me! Emergency fund - save 3-6 months in cash for an emergency fund before investing in stocks or property. When an unexpected bill comes up, you can dip into this money. Just make sure you top it up at your next payday. Wishing you the best of luck! 😄👍
@@Huwsview Dude you mean a backup plan which is a good idea but the very definition of unexpected is something that really can't be planned for in any meaningful way....
Yea those unexpected expenses can definitely kick in.. What helped me was after really getting my mindset into financial defense, was then switching to financial offense to learn how to add 10,20,30K + to my income. Without changing expenses it really helped me save way faster
Great info, entertaining and clear enunciation 👏🏼👏🏼🧡 I finally understood FIRE watching the UA-cam channel Our Rich Journey, but I'm going to check out more of your videos. I tracked my expenses for the first time after watching Our Rich Journey. I'm about 1/3 of the way to my FIRE number. I mostly am relying on index funds such as VTSAX. Thank you for the fun and informative video. Have to figure out how to coach now!!
Very interesting video, never thought of it like that. Reducing expenditure can definitely make you retire a lot earlier! It goes against our nature, we always want more, more and more. Good on you for spreading awareness of this!
I think reducing expenses is definitely great, i find dining out is really not worth the cost these days and saved a lot cutting that out, and then subscribtion services. Having a BBQ with friends at home is a great alternative to dining out
Love it Jordan! Me and Lou go out once or twice a month. It feels more special that way. I agree, having friends over for good food takes some beating! 😄👍
Dude. You're a stud man! I like this video so much. It's informative and relatable. Thank you for putting out this kind of content. We rise by building others up and you definitely do that sir. Thank you!
Thank you for your tips!! We are miles awayfrom F.I.R.E., but my partner is starting to work full-time (so thankful!!), so we are going to start by keeping our expenses the same as now or cut some things as we can, and pay down high-interest debt first. Transport: I want to buy a cheap old electric car (leaf) to save money each month as our old car is almost an antique and not getting cheaper to maintain. If it were safe to bike where we are, I would, but it isn't. Gamify: Then we are going to make it a game to see how fast we can do everything else. Goal to retire: 10-20 years, about 50-60 y.o. Thanks again!
Love this Video. Really high quality content. A Must Watch for anyone interested in Personal Finance 👌🏾👏🏽 lots of really good tips in there. I especially liked Tip 4 The Trinity Rule. Calculating the amount I need to retire based on my monthly/annual expenses.
I’m currently saving and investing 42% but I plan to move into a house vs an apartment and then rent out part of it to cover the mortgage. That would be another 30% savings there. Then I’ll pay of my car early and keep it for as long as I can. Cook more and stop buying consumer products that I really can live without. I think I can reach 75-80% in the next 3 years without the possibility of a raise or my side hustles working out. Thanks for the video!
That's outstanding work Brian. Thank you for sharing your progress and goals. It's important for others to see this stuff is POSSIBLE. Best of luck with your journey my friend! 🙌👏😄👍
Hiya Huw, I watched this a year ago and started following your tips! I'm tracking spending, gamifying it (allowance money for saving below average), applied for dozens of jobs (fall down 7 times, stand up 8!) and I'm steadily working towards the vision/goal of becoming debt free. I haven't made any huge gains, and this year has financially S-U-C-K-E-D - but I recognise that this is a long game.
Outstanding work, well done! 👏🙌😄 This stuff isn't easy, but that's the way to do it. If you haven't signed up to my Newsletter - www.huwsview.com - I recently wrote 2 guides on killing debt. You might find it useful👍 Keep up the great work and please keep me posted! 😄👍
I'm three years into FIRE, and I agree! Living life is just as important as being financially secure & independent, it's been a lifestyle shift. I'm trying to balance it out now
Great tips! I'm currently working part-time doing phone customer service work and also doing some freelance writing. Looking to make the latter my regular source of income eventually but using phone customer service right now because it's a stable source of income.
Love it! I'd encourage you to keep at it. Freelance writing can support a wonderful life if you enjoy it. Best of luck with your progress. Please keep me posted! 😁👍
The other interesting thing that happens is...as you save higher and higher percentages of your take-home pay, you by default learn how to be 'just as happy' with 'less'. Then when you finally DO retire, you have multiples of your previous lifestyle money as your 'salary'.
Thank you so much John! Best c;omment I've read today. 😁🙏
Рік тому+1
I'm glad I clicked on this video. I finally found a financial guru's course worth investing in! Take my $100,000! ;) Seriously though, it's nice to find personal finance channels that talk about the UK rather than the US, as some of the options we have can be very different. Thanks for the great work!
I was doing well financially and I own a rather large house with 4 bedrooms. Never had any kids or a wife so I started renting a room out to my friends Dad. And the overtime at work was also disposable income....... So I put the two together to buy high yielding dividend stocks for my third source of income. I'm a single guy with 3 sources of income now. Life just became easy for me.
I rent out my garage for £80 a month on Stashbee. I never use our garage much someone else needed the space because he was in between moving homes. As Tesco says 'Every little bit helps'. Some people are even renting car parking spaces or garden spaces to use as allotments. Am afraid giving up my car is not an option but i have decided to go electric and get German Xbus van.
Huw Davies I couldn’t believe I just watched this video and discovered your channel TODAY!!!! 10th June 2023! Thank you for your contents, especially this ONE ☝🏼 ☝🏼☝🏼
Love mmm blog, read every post. I started a gardening UA-cam channel, haven't made any money yet but hopefully it will take off. Finally using my degree, lol. But investing every month in index funds is starting to pay off. Still need to get the percentage up but every bit brings me closer to retirement. Great video.
MMM is the man. I owe him a lot! Congratulations on the UA-cam channel. If I can help in any way, please let me know. Reach out to me on Instagram or via my website. That's awesome news on the investing front. 👏 Keep up the good work! 😄👍
Renting stuff is super iffy if you like your stuff. Ive rented out my travel trailer and my vehicle... both got so beat up, it wasnt even worth it. The only way that is worth doing is if you happen to have something you dont care about that doesnt have payments on it.
I'm sorry to hear about that. Thanks for sharing your experience and suggestion. Very frustrating. Did you rent it via a website or directly to a person you knew? Were damage clauses not in place, where they pay for any repairs?
Truly enjoyed the video and the knowledge in this but - I was taking notes and noticed that it was only 17 tips. I was looking like lunatic for the tip I missed. hahahahaha love the video
Thank you Andre! It's on the MMM blog post page. Here's the link to the calculator - networthify.com/calculator/earlyretirement?income=70000&initialBalance=0&expenses=25200&annualPct=5&withdrawalRate=4
The digital product thing isn't true for software, it's not a work once and leave it type of thing as a book is. It must be consistently updated for security, OS updates, and feature additions.
In truth Scott, outside of stocks, I'm yet to experience 100% passive income. My Publishing business is run by two executives, but I still spend around 3-4 hours a week on it. It's "mostly passive".
He Can easily give that little bit of advice in number 8, where you just get a sidekick. Increase your income. That's somewhat naeve. Most people would if they could, I can and I did, but I'm not like everybody else, but most people don't have the time to find a side gig that will pay enough for anything at all.
I didn't say any of this was easy. It's not naive to encourage people to earn more rather than accept what they have. Most people CAN, but don't know how or are unwilling to find out. EVERYONE has the same 24 hours. Most people make excuses. Time is never an excuse for progress. That being said, thank you for the comment and supporting the video. 😄🙏
I'm sorry to hear that. Don't settle. Get busy! It'll take time to see meaningful change but when you start working on your finances, you'll get some fulfilment from the process. You've got this! 👍
@Huw you beast! You really went into creation mode, what an inspiration! I got into FI through that very same article by Mr. MoneyMustache. Next up was the book "your money or your life" - great read. Reading the book: not a challenge at all! Taking the action... Def. more challenging 😆
It was a lot of fun to film but I'm just getting started Veronica! 😄 Awesome!! That post changed my life. 💯 Ideas are a dime a dozen but execution is everything!
making around 84.000€ a year after tax and mandatory insurance. Saving around 70.000€ a year. Also investing it. Unfortunatly the investments don't pay out so far. Did some misstake in the beginning. Now I realized it's the simpelest and safest way to just stick to one of the major indexes and don't further worry about it. I am currently at savings of 300.000 Euro. Based on the calculations you presented, I would be able to retire end of next year. Unfortunatly my expenses will increase a lot. My accommodation is currently paid by my company, because I have a job in which I am traveling none stop. I believe my next step will be to leave the country I life in to a country with lower taxes. Quit my job and become a freelancer in the same job. These two steps would increase my after tax income to 170.000€/year. Working another 6 years under this conditions and I can retire very comfortably in my middle 40th. I could buy a house where ever I wish on this planet and still have a lot left.
Outstanding effort my friend! Well done! 🙌👏🥳 Can you share how you were able to live on so little? Most people struggle to get their head around that. Wishing you the best of luck with taking that next step!
@@Huwsview the main reason which makes this possible is my job. I work as a commissioning engineer for power plants internationally. The projects usually run between 6 month and multiple years. While I am on a project, I life somewhere near by and my employer pays my accommodation and transportation. I don't have down times between projects. As a concequence, I don't have an apartment or a house. I don't pay rent. If I am "home" i crash at the house of my brother for a few days. This is also where letters go. Not paying rent saves a lot of money. My main expense is food. I don't spend 1000€ a month for food but I usually go to travel when I have vacation, so there is where the rest of the money goes. Working in this job, I work usually 6 days a week. There is not much free time to spend money on. This lifestyle allows to save a lot but the drawback is that I am selling my private life for this paycheck. Becoming a freelancer wouldn't change much on my situation but it would increase my income and money is the main reason I am doing this. Once I retire, rent (or the associated costs for a house) will become a cost which I currently don't have. Also health insurance will come on top as additional expense. This will increase my spendings significantly. Therefore I can't assume my current expenses will be my future expenses.
Nursing isn't the industry to enter into if you want financial freedom.... The NHS standardize pay and there's no bonuses etc to work for. I get paid the same as my lazy co workers. Sure I can go and work abroad for a lot more but nursing in the UK will not bring you early retirement opportunities.
My partner was a nurse for many years. I'm so grateful for the service you provide because I couldn't. Not only do I not like hospitals, you're underpaid, underappreciated, overworked, undersupported etc. To Become Financially Free, you can use of one the benefits of Nursing (job security) and reduce your hours to focus on another side hustle/career. Making the transition to another job or starting a side hustle is difficult. Nursing can support that. My partner now runs her own business after dropping down to 3 days a week. I appreciate this isn't easy or financially viable for everyone right away, but it's possible. Wishing you the very best of luck! 😊👍
I'm a nurse with 12 years NHS behind me. Just quit and very happy to be moving on. NHS and nursing will have given you great experience and if your ready to move on, go for it. I'm 37, two kids in nursery. Love your vid and whole FIRE movement. I'm going into parent coaching, ASD and ADHD consultation independently and hoping it will open doors and freedom. Love gamification. Especially interested in your side work of online books. Can you give any more advice on this?
Dear Davies, thank you very much for this very interesting and professional video and congratulations to your financial independence, if I may allow two remarks- multiplying the annual need by 25 is fine but indirectly it needs to be more than the 25 - cause the 4% we will use is the gross amount before taxes - second remark is also the inflation needs to be calculated (but here I guess you solve the problem with the pessimistic return of 4% you announced and in reality it will be arround 6-7p.y.) I like the way you are did this video was great to watch you - thx
Thank you for your kind words and feedback Samy. I really appreciate it! The tax laws are vastly different in the UK, to Europe, to the US, to Asia etc. I decided to make it more generic so it has a broader appeal globally. In the UK, you can utilise tax efficient accounts and negate it altogether, but that's very difficult to do for most people, particularly when you're looking to retire early. The 4% safe withdrawal rate isn't the perfect strategy for everyone. It depends on age of retirement,, life expectancy, other sources of income, risk tolerance etc. But as a general rule of thumb, it serves its purpose. Thanks again for sharing your views and supporting the channel! 😁🙏
No, the first 5 mins suggests it's not what you earn but what you keep that matters. Income accelerates your level of money management. If you're poor at budgeting, earning more won't help. You have a high income and still be ppor.
This video triggered me because I spent £178.52 filling up my V8 petrol range rover a few days ago - then another £75 on my small city car last weekend and i don’t even drive to work, i take the train. This is not to mention my actual fixed costs that you talk about on here; mortgage, food, council tax etc… i want to cry because i don’t do most of these tips. i have a few properties on rent & a sipp but yes i need to pull my fingerS out. Have to say though, i think retirement is overrated? But being financially free is the goal. Hard to do that in London. Thanks for the vid, will be subscribing. Keep them coming & i’ll buy your incoming course 😂
Thank you for your honesty 🙌🙏. It's refreshing. I'm used to hearing ALL the reasons why this isn't possible for them. The reality... it's a choice we all make. Focussing on expenses first is paramount. It's the easiest path to impact FI. Like you, I have ZERO interest in retirement. It's used in the title to grab attention. Freedom was always the goal. Having the CHOICE to work or not is really what everyone should work towards. PLEASE let me know how much you're able to save if you take action. People need to see/hear other people taking action to do it themselves..... rather than listening to a bald ginger beard guy talking about how great it is. All the very best my friend! 💪😄
There are a lot of great things to consider in this video, and at a minimum, it should be an eye opener to those where this knowledge is new. However, don't forget, this guy is an extreme example and don't change your life to the point where you are 'existing' instead of 'living'. If you live like a hermit from 30 to 45 and can retire, then great, but don't waste those decades for the sake of later decades. For 99.9% of people, it's about balance.
Thank you for sharing your feedback. 🙏 You make an important point on balance. I would suggest most people are incapable or unwilling to become a hermit. And most people fear even the smallest sacrifices, so I don't think it's an issue for the majority of people. But I couldn't agree more, that life is precious and we have to enjoy living in the moment. In fact, my argument in this video is that if you try taking on these tips and living more fruglly, you'll likely enjoy it more. This minimalist lifestyle isn't that extreme. It was 'normal' for our parents and probably 'too soft' for our grandparents.
Took me 10 years but i only worked 7. And a lot more years that dont count because i wasnt saving much. 2013 i had a car worth $1000 and some cash to pay rent. 2023 i have 4 units and $2000 cash flow, housing cost is free with 5 year fixed mortgages just locked in. And an emergency fund.
You're not alone don't worry. There are numerous ways to invest. In fact, I'm recording a video tomorrow talking about the main options. Stocks and property are the main two. I've created videos on each one. 👍
I retired in 4 years starting from scratch. Can you hit that LIKE button in 4 seconds.... bet you can't! ⏰
You guys in the UK and the U.S. may get 8-7% interest on your savings. I live in the Netherlands. The bank gives less than 1% on savings, it's something to do with the Common Eurozone policy, they want Europeans to spend instead of saving. As I heard, here maybe through some investment in a index fund, people might earn 4% interest.
Were would Hue invest, if he were living in the Netherlands?
@@GabrielMokumsonyou could at least move your savings to bunq and get 2.01%...
@Gabriel Mokumson You could have invested in the S&P500 like alot of people including me that made 2,5k profit over last 2 years. Instead getting lousy 1% that every bank is giving you in The Netherlands
@@GabrielMokumson in india u can get 10-12% ON investment
It’s about both really
1. Track your expenses
2. Make it a game
3. Go for the effortless wins
4. Multiple annual expenses by 25
5. Moving home
6. Upgrade your transport
7. The biggest payday of your life
8. Master expenses, then make more money
9. Easy employment
10. Sell stuff
11. Rent stuff
12. Coaching or Teaching
13. Flexible Freelancing
14. Digital Products
15. Learn a skill in demand
17. Fall 7, Rise 8
18. Ramp up ROI
Thank you for summarising! 👍
So golden!!! Making it a game is HUGE- helped me get to saving 75% of my income. Let’s build that dream
This only works if you earn money lol. As a super small business owner the last 3 years is 100% reinvestment. This video is for people with bosses on a salary. Salary people are boring people.
Thanks for the excellent video, but what happened to tip No. 16?
@@Huwsview
@@LazarkGaming Yep can't make money if renters never pay enough. Also getting customers is likely the most important part yet finding them over and over again is sometimes almost impossible!!!
The problem with this calculation is that it requires you to live frugally forever. So i would call it financially independent, not retirement. Retirement means you never work again. That's no good under this plan unless you want to live on a minimum for the rest of your life. That does not sound like fun. On the other hand being financially independent and using that independence to be able to take more risks as a boost to higher income brackets is smart.
It requires you to live at that level of expenses, it doesn't mean suffering, that's optional. I'd also add, once you optimise your expenses and automate a budget, turn your attention to earning more. You'll get there far faster and you don't need to rely on stocks for income.
Unfortunately life isn't inherently "fun" and it's about to get a lot less "fun" as the world economy systematically implodes over the next decade. The key is not to tie your happiness, state of mind, or sense of accomplishment to material things which are going to become increasingly expensive. If you can do this, you become among the richest people in the world.
@@meerkat1954 No. Just No. And it makes me sad that people like you actually believe that. Let me just venture a wild guess here. From your handle i assume you are in your late 60's. And i bet you let your health go to shit. I bet you can't do 30 pull ups. That is on you, mate. I bet you don't have a couple million bucks in the bank? That's on you, mate. I bet you don't have a 40 year old, hot girlfriend because you are a pessimistic, out of shape brokie. That's on you, mate. Don't blame the world for being lazy.
@@meerkat1954 I hear you. I am an American, but with a twist. I am totally against the Edward Bernays consumerism model of lifestyle. My wife and I "celebrated" our 16-year wedding anniversary this past Friday. We hugged and kissed (PRICELESS!). I have family spread out in the USA. It is Christmas time now. We sent cards to all but no "stuff" was purchased and sent. We instructed family the same. NO MORE SPENDING & CONSUMERISM OF STUFF!"
"Oh, you live a joyless life", some may opine. But, in October we prepaid for a European river cruise for summer 2025 (quite the F-ING pricey kind). Since then, our savings and investments growth has us back to the amount we had in October. Sure, we could have said no to this "fun." But we CAN afford it, and it will be such a different experience for us both. If I had never met my wife, I would NEVER have gotten a passport. We spend on experiences and save all the rest. We are on track to be FI sometime in 2027. Cheers M8!
"It's not about how much we make, it's about how much WE KEEP!" GOLDDD!!! JACKPOT!! :)
💯👌😄
This was always really important for me… there was a time I was living on 900 a month (3 guys in a one bedroom apt, $5 a day on food).. I was making 900 per week so I was saving almost 75% of my income
This allowed me invest in RE and start building freedom
Let’s build that dream
🙂 nathalie 🥰
but then, three minutes later he says he started a side hustle to double his income 🤦🏼♀️🤦🏼♀️🤦🏼♀️
It's true but it's not the whole story. People who earn more save more. That's the statistics. You can only cut your expenses so far and if you earn more you can save more without it hurting
I was able to switch to remote work, which allowed me to move to the countryside, which helped me to not only save money but also minimise distractions. I also have room for an office and gym and can go hiking on the weekends. I've been working on building a software product for the last 3 years, but now I'm able to focus more time into it. I launched it recently and from next month I'll transition to focusing mostly on marketing it. My plan is to save up about $100,000 and buy a house similar to the one I'm living in now. My goal isn't retirement but the freedom to work for myself doing something that I enjoy and I feel is meaningful. It's difficult though. It feels very solitary. I wish I had friends who were on a similar journey.
Absolutely love it! Congratulations on taking the steps that you have. Wishing you all the best of luck with it!
Loneliness is real as an entrepreneur. Fortunately, you can find many places where other entrepreneurs hang out and connect with them. I joined a business mastermind and its packed with people like me.👌
@@Huwsview Thanks, I appreciate you taking the time to reply. I will look for a business mastermind in my area.
I became a digital nomad and now travel around the cheapest countries possible to save as much as possible. I'm planning to have like 30k next year. I'm just not investing on anything because I don't know how investment works.
Not worth it without family/friends.
I know that message sounded like a bot but it's just a genuine tip ha
Following advice i moved back in with my dad cutting out £700 a month in rent and living closer to work and i got rid of my car and replaced it with a boring diesel but hey 4x the mpg saved me a ton in fuel bills i also opened a small side job so my savings went from £4k a year to £12k a year it definitely made a big difference
That's outstanding work! Well done and congratulations. You're well on your way towards financial freedom! 🙌👏😁👍
100% agree with the advice “don’t be loyal”. I change service providers all time. It’s my hard earned money and I’m not sticking around with a service provider that’s not financially benefiting me.
👌👍
this video is SO GOOD! I would love to retire by the age of 40, but am terrible with numbers, money and math(s). Off to binge watch all your videos!
Thank you so much Stephanie! I really appreciate that! I hope I can change that for you. 😁🙏
just begin as soon as you can…using a “pay yourself first” ideology..as in allocating pre-taxed income toward investments, you can do this! As your income increases, invest that amount more. The early retirement thing will be helped by side hustles. Good luck to you!!!
Yess! On my way to this. Super cheeky went to work full time with a client and doubled my income, now using the extra to start investing more and setting up a business. Let's gooooooooo
YEEEESSSS Steven! That's the spirit. Keep going my man and keep me posted! 🙌💪
@@Huwsview if you're ever in Derby in a couple of months... You'll have to come to the axe throwing range I'm setting up 😂
@@stevetitch I WILL hold you to that!! That sounds axellent.
I never thought a video on finances, frugality and investing could be so fun to watch! Awesome job 🔥🔥🔥. Subscribed and notifications on! 🔔
Thank you so much Ivan! That's EXACTLY what I'm shooting for. Glad it landed. Thank you for your support! 🙌
@@Huwsview Yeah I don't think I have ever heard a finance person say people who like, comment, subscribe and notify are those I don't want on..... WTF you already know he is likely your target demographic.
came over her from TikTok and it did not disappoint great info and awesome editing style cant wait for more
Thank you so much! I really appreciate that! I hope I can continue to entertain you. 😄
A really important one that changed my financial situation is learning how tax works and how to be more tax efficient. Its better to save money than give it to HMRC.
Understanding how to optimise Tax is huge for wealth building. When you you start a business they're even more important, but for people starting out, I think they just need to focus on reducing spending, and exploring ways to earn more. Tax is too complex/boring/overwhelming to begin with. Thanks for sharing your views and experience. 🙏
Stumbled here while searching for financial freedom. And I'm hooked. Starting on my expense tracking this month!
Now that's how you do it! Thanks for the support. Welcome! Let's do this! 😁👍
Get it!!! Once you start making progress it becomes addictive- I remember only having 400 and living paycheck to paycheck - once I got serious about money within 2 years I had over 40k saved on low income and was buying my first investment property 🙌🔥
You got this- just set a target and know WHY this must happen
came here through Instagram. From one UA-camr to another, your edits are amazing! You're also great at story telling and getting those b roll shots.
I know how much work that is and you're doing an amazing job!
Thank you so much Tristan! I really appreciate that! 🙏😊
This opened my eyes, I was fine with saving a little, have everything I need and the family is provided. But, I'd have to work until my pension... did a check and only on food ordering I can save 300 bucks in average a month. Not to mention all the streaming services, insurances etc. That's an easy 5k a year at least.
That's awesome Erwin. Most people watch this stuff and move on. You acted on it, so I have no doubt you'll do well for yourself and your family. Reducing expenses isn't sexy, but it has the greatest immediate impact on personal finainces. Once you're content that you have them under control, then you take things onto the next level with increasing income (if you wish). In any case, I'm glad the video helped in some way. That's exactly why I created it. 🙏😊 (PS. Keep me posted!)
I have a delicious Yankee Pot Roast recipe if you're interested. Better than any restaurant food. Casseroles are killer too. Eat all week for 30 to 40 bucks.
I got a HUGE raise, and am able to save 50% of my income, thanks for this!
You're in small percentage. Outstanding achievement. Well done! Congratulations on the raise too. 🙌👏🥳
Cycling and learning basic car maintenance even as basic as having the right psi in your tyres saves fuel and impact on more expensive components.
Love it! 😁👌
One of the best tips in there, if you need more money, ask your boss.
As an senior manager I never turned down anyone down for a pay raise, I sometimes sent them away to come back with details on why they deserve it, or what extra responsibilities they would take on, but if people asked they got it. Same as myself, I've never been refused a pay raise, even if in some cases it meant they could increase my wage, but would pay me 20 hours a week overtime that I didn't have to do, I've always got the pay raise.
But, the number of times people have left for a new job, and you ask why, and the answer is 'I wanted more money', is amazing. Why didn't you ask for more money? 'Well I just assumed I wouldn't get it', well you assumed wrong.
Thank you for sharing that. It's important to hear the other side! 🙌🙏
Sure way to double your money is to fold it in half and put it back in your pocket
it is important to start early, put aside as much as you can and get a decent return. The Problem is ,not everybody make the right decisions when it comes to money because of family background, lack of financial education and personal psychology and personal life . you have to take many factors into consideration in the "get rich" equation.
Yes, absolutely. This stuff isn't easy but it's possible with the right information and mindset. 👍
@@Huwsview No it is possible with the right conditions. Info and mindset sell info. but conditions make stuff possible.
I find that it helps having short term goals you can fight for as for most people it’s hard to do something where the payoff is 30 years down the road- but if you have a 1 year goal that will translate into buying a property or something it can really elevate progress
@@ShaunSurgener You mean taking advantage of less fortunate people?
@@donaldlyons17in this world you have to make your own way and not expect a handout because your "less fortunate" plenty of million , billionaires worked there way up from nothing.
Im 21 just started full time work out of uni 3 weeks ago and stuff like this is exactly what I need. Unfortunately i work and live in a city and housing rates are trash but ill slowly be working to get my expenses down. This stuff is intimidating but I wanna do it so badly to be able to live truly free.
You're WAY ahead of me. I was 10 years older before I went full steam. Be patient, keep working on it and I expect you to be done before 30! You've got this! 😁👍🔥🚀
@@Huwsview thanks for the advice man. I'll give you an update down the line 🫡
"Build Residual Income! Ask how.
This is really good. Love the humor. Subscribed. Thanks.
Thank you so much! 🙏😁
Put in a few extra years to work on kids/grandkids inheritance, but still hit the exit button at 49. My income is over double my expenses off investments now, it grows like the Blob.
Outstanding effort Sarah. Well done! 🙌👏😁
I cant believe you only have around 19K subscribers. Granted, there are more tips (and a lot of them is about experimenting to understand what works), a very pivotal point that people often miss is the ability to out-save your spending. Great job! You've inspired me to track my spending for the last 12 months. thanks!
Thank you so much. I really appreciate that! Going back and tracking my spending really changed everything for me. I hope it serves you with the same value. Keep me posted with how you get on. 😁👍
@@Huwsview Yup. I was just doing this for the month of July.
Fixed Expense ~ 26%
Luxury & Misc - 12%
Loan & Charity - 15%
I do invest the rest. But the challenge for August/September is to cut down "Luxury" category under 10%. I include eating out/coffee all under luxury category. Hopefully baby steps towards under 3%. Something I have been wishing for a while.
Finally a youtube-channel that i can use.. this is brilliant!❤
Thank you so much Tony! I appreciate the support! 🙏😄
This video is absolutely brilliant, content is fantastic and the production quality is impeccable! Keep it up, huge UA-cam growth inbound for you dude!
I really appreciate that, thank you CakeyC! 🙏😄
Definitely good quality- always great content.. let’s build that dream
Came across your video by accident. Really enjoyed it and has really opened up my eyes to what is possible. Thankyou.
Thank you for sharing that Neil. I made it for people like you who aren't aware of this stuff. 😁👍
I'm unfortunately living in London and cannot move for personal/family reasons - on 25k gross and I'm saving about 30% each month, I just don't feel like it's possible to save more in London and makes it worse I can't move. I work from home so don't use tube either, but 1700 net a month isn't much when your rent is killing you mostly.
We all have individual circumstances to consider. If you've exhausted all options, take comfort in doing your best. Once you've controlled expenses focus on increasing income.and investing the difference. 👍
@@Huwsview Thanks for the tips! Will try my best:)
I was kind of shocked by how much money I could save by fasting.
Food inflation has been high over the last 2 years. I'm not surprised you found savings there. Great for your health too. 👋👌
Great video with useful, practical tips. To be fair, it was worth giving a like even if simply for the bits at minutes 3:35 & 5:05 - Thanks for the chuckle. 😀
Thank you. I really appreciate that! 😁👍
Great video and actually had useful statistics and advice most videos. I watch like this are so vague they don't give you any direction
You're welcome Evan. Thank you for your kind words and support! 🙏😄
Amazing story! While I dont think I can replicate what you did, currently at 30% savings rate and will try my best to raise that to ~40% ish. Once my daughter graduates college, adios work!
Thank you so much!
1. You absolutely can (if you want to) but you certainly don't need to.
2. 30% is awesome. You're far ahead of the vast majority of people.
3. Try beating yourself, no one else. 40% again is excellent going.
4. I wish you all the very best!
Keep me posted!
Huw
In step 4, if you multiply your monthly expense by 300 will get you there in 1 step. 25 x 12 = 300. Thanks for the info, appreciate it.
Great tip. Thank you for sharing Doug! 🙏😁
I, or rather my wife and I, realized about 30 years ago that we pay too much for insurance. We stopped and only continued the most important ones with other providers. At that time there was no internet and everything that goes with it. We used "consumer advice" (in Germany) and that saved us around DM 3,000 a year back then - not to mention how much that would be today. I'm 58 now and I'm starting to cut down on other things as well. Even if you don't think it's possible - you can reduce many expenses and invest the savings in shares and the resulting dividends. It works - I can only advise everyone.
Thanks for sharing your experience. 🙏
I'm only saving 6% at the moment. My aim to hit double that next year and keep up the course! It's the unexpected expenses that can catch you out. Loved this video, thanks Huw.
Thank you Jen! 🙏Great to hear that you're looking to double your savings rate next year.
Ideally, try to plan for unexpected expenses.... stay with me!
Emergency fund - save 3-6 months in cash for an emergency fund before investing in stocks or property. When an unexpected bill comes up, you can dip into this money. Just make sure you top it up at your next payday.
Wishing you the best of luck! 😄👍
@@Huwsview Dude you mean a backup plan which is a good idea but the very definition of unexpected is something that really can't be planned for in any meaningful way....
Yea those unexpected expenses can definitely kick in.. What helped me was after really getting my mindset into financial defense, was then switching to financial offense to learn how to add 10,20,30K + to my income. Without changing expenses it really helped me save way faster
Great info, entertaining and clear enunciation 👏🏼👏🏼🧡 I finally understood FIRE watching the UA-cam channel Our Rich Journey, but I'm going to check out more of your videos. I tracked my expenses for the first time after watching Our Rich Journey. I'm about 1/3 of the way to my FIRE number. I mostly am relying on index funds such as VTSAX. Thank you for the fun and informative video. Have to figure out how to coach now!!
The best video about financial independence I have ever wached! ❤ Thank you!
I'm not sure I deserve such praise, but thank you! 🙏 😊
I’m 46, I’d love to retire early. I subscribed and will dig in your channel.
Thanks for your support. I hope it helps! 😁👍
Can't believe you only have 20k subs, love your content ❤
Thank you so much! 😁👍
Very interesting video, never thought of it like that. Reducing expenditure can definitely make you retire a lot earlier! It goes against our nature, we always want more, more and more. Good on you for spreading awareness of this!
Thank you for your kind words and support! 🙏 😁
I'd love to see your budget. £800 a month? Gas, elec, water, Council tax etc etc
That was when I started back in 2013. I live on £1425 per month (with a mortgage) now.
I think reducing expenses is definitely great, i find dining out is really not worth the cost these days and saved a lot cutting that out, and then subscribtion services. Having a BBQ with friends at home is a great alternative to dining out
Love it Jordan! Me and Lou go out once or twice a month. It feels more special that way. I agree, having friends over for good food takes some beating! 😄👍
The execution of the video is perfect. Well done
Thank you so much! 😊🙏
You didn't retire Huw, you just became independent of a formal job, which is great !
100%! How to become independant of a formal job in 7 years won't get the clicks though. 😄👍
What a great video. Funny and informative
Thank you so much! 🙏😊
I really enjoyed this video. I just subscribed! Thank you for sharing!!!
Thank you for your kind words and support Carmella! I really appreciate that! 😁🙏
Great video man!!!
Thank you so much! 🙏😄
Outstanding as always Huw - Keep dropping those value bombs! 💣💰
Stand back Ed. More incoming...
Dude. You're a stud man! I like this video so much. It's informative and relatable. Thank you for putting out this kind of content. We rise by building others up and you definitely do that sir. Thank you!
I really appreciate your kind words and support Mitchell. Thank you so much! 🙏😊
@@Huwsview you bet brother. Keep it up!
Thank you for your tips!!
We are miles awayfrom F.I.R.E., but my partner is starting to work full-time (so thankful!!), so we are going to start by keeping our expenses the same as now or cut some things as we can, and pay down high-interest debt first.
Transport: I want to buy a cheap old electric car (leaf) to save money each month as our old car is almost an antique and not getting cheaper to maintain. If it were safe to bike where we are, I would, but it isn't.
Gamify: Then we are going to make it a game to see how fast we can do everything else.
Goal to retire: 10-20 years, about 50-60 y.o.
Thanks again!
Love it! Wishing you both all the very best with your journey. Little by little a little becomes a lot. 😁👍
Simple, priceless advice. Thank you 👍🏼
Thank you so much! 🙏😄
@@Huwsview my pleasure!
How does this video not have more views. All excellent advice.
Thank you so much! 😁🙏
Love this Video. Really high quality content. A Must Watch for anyone interested in Personal Finance 👌🏾👏🏽 lots of really good tips in there. I especially liked Tip 4 The Trinity Rule. Calculating the amount I need to retire based on my monthly/annual expenses.
Thank you so much! I really appreciate that! 😁🙏
I’m currently saving and investing 42% but I plan to move into a house vs an apartment and then rent out part of it to cover the mortgage. That would be another 30% savings there. Then I’ll pay of my car early and keep it for as long as I can. Cook more and stop buying consumer products that I really can live without. I think I can reach 75-80% in the next 3 years without the possibility of a raise or my side hustles working out.
Thanks for the video!
That's outstanding work Brian. Thank you for sharing your progress and goals. It's important for others to see this stuff is POSSIBLE. Best of luck with your journey my friend! 🙌👏😄👍
@@Huwsview Thank you for the inspiring content! Cheers!
Hiya Huw,
I watched this a year ago and started following your tips! I'm tracking spending, gamifying it (allowance money for saving below average), applied for dozens of jobs (fall down 7 times, stand up 8!) and I'm steadily working towards the vision/goal of becoming debt free. I haven't made any huge gains, and this year has financially S-U-C-K-E-D - but I recognise that this is a long game.
Outstanding work, well done! 👏🙌😄
This stuff isn't easy, but that's the way to do it. If you haven't signed up to my Newsletter - www.huwsview.com - I recently wrote 2 guides on killing debt. You might find it useful👍
Keep up the great work and please keep me posted! 😄👍
I'm three years into FIRE, and I agree! Living life is just as important as being financially secure & independent, it's been a lifestyle shift. I'm trying to balance it out now
I've watched plenty of videos on the fire movement but this one has still offered some fresh perspective and interesting insight😊
That's exactly what I'm trying to do. Thank you for sharing that. Means a lot! 🙏😄
Great tips! I'm currently working part-time doing phone customer service work and also doing some freelance writing. Looking to make the latter my regular source of income eventually but using phone customer service right now because it's a stable source of income.
Love it! I'd encourage you to keep at it. Freelance writing can support a wonderful life if you enjoy it. Best of luck with your progress. Please keep me posted! 😁👍
I giggled when you said you were old school using excel *stares at pocket cash book* 👀🤣
YESSS! 🙌👏😄
The other interesting thing that happens is...as you save higher and higher percentages of your take-home pay, you by default learn how to be 'just as happy' with 'less'. Then when you finally DO retire, you have multiples of your previous lifestyle money as your 'salary'.
Spot on! 💯😁👌
The best video I watched today. Thanks! ❤
Thank you so much John! Best c;omment I've read today. 😁🙏
I'm glad I clicked on this video. I finally found a financial guru's course worth investing in! Take my $100,000! ;)
Seriously though, it's nice to find personal finance channels that talk about the UK rather than the US, as some of the options we have can be very different. Thanks for the great work!
SHOW ME THE MONEY!! 😄 Thank you for your support. 👍
I was doing well financially and I own a rather large house with 4 bedrooms. Never had any kids or a wife so I started renting a room out to my friends Dad. And the overtime at work was also disposable income....... So I put the two together to buy high yielding dividend stocks for my third source of income. I'm a single guy with 3 sources of income now. Life just became easy for me.
Very well played Sir! Love it! 👏🙌😁
I rent out my garage for £80 a month on Stashbee. I never use our garage much someone else needed the space because he was in between moving homes. As Tesco says 'Every little bit helps'. Some people are even renting car parking spaces or garden spaces to use as allotments. Am afraid giving up my car is not an option but i have decided to go electric and get German Xbus van.
That's awesome! Congrats on making it happen. Thanks for sharing! 🙌🙏👏😄
This is great value, Huw. Subscribed.
Thank you for your kind words and support India, I really appreciate that! 😊🙏
Huw Davies I couldn’t believe I just watched this video and discovered your channel TODAY!!!! 10th June 2023! Thank you for your contents, especially this ONE ☝🏼 ☝🏼☝🏼
Thank you for your kind words, support and enthusiasm. Love it! 🙌🙏😄
Absolutely love your content thank you God Bless from Oz Down Under
Thank you so much! 😁🙏
Nice help I like this ❤😊
Thank you! 😊👍
Love mmm blog, read every post. I started a gardening UA-cam channel, haven't made any money yet but hopefully it will take off. Finally using my degree, lol. But investing every month in index funds is starting to pay off. Still need to get the percentage up but every bit brings me closer to retirement. Great video.
MMM is the man. I owe him a lot! Congratulations on the UA-cam channel. If I can help in any way, please let me know. Reach out to me on Instagram or via my website. That's awesome news on the investing front. 👏
Keep up the good work! 😄👍
Great work Huw and so,e top tips too!
Thank you Andrew, much appreciated! 🙌😁
Renting stuff is super iffy if you like your stuff. Ive rented out my travel trailer and my vehicle... both got so beat up, it wasnt even worth it. The only way that is worth doing is if you happen to have something you dont care about that doesnt have payments on it.
I'm sorry to hear about that. Thanks for sharing your experience and suggestion. Very frustrating. Did you rent it via a website or directly to a person you knew? Were damage clauses not in place, where they pay for any repairs?
Absolute legend!! So much superb content, top work mate
Thank you Tom! I really appreciate that! 😘🙌
Love this Huw! Keep them coming mate!
Oh they're coming Chris! Whether you like it or not! 😁 Thank you mate!
Incredible video dude. Thank you very much!
You're welcome! Thank you for your kind words and support Daniel! 🙏 😊
"notice that I said maths with an 's'. That was for my American friends" Point taken. Thanks for that little jibe! ;)
Awesome content. Thank you!
😆 Thanks for being a good sport... and for your support! 🙏
Great video and tips!
Thank you for sharing.
You're welcome! Thank you for your support! 😁
Truly enjoyed the video and the knowledge in this but - I was taking notes and noticed that it was only 17 tips. I was looking like lunatic for the tip I missed. hahahahaha love the video
Huw made a discount
Great content, Huw! What's the website you used at 15:00 ?
Thank you Andre! It's on the MMM blog post page. Here's the link to the calculator - networthify.com/calculator/earlyretirement?income=70000&initialBalance=0&expenses=25200&annualPct=5&withdrawalRate=4
Great advice and well presented Huw, you have highlighted the fact l need to renegotiate my mortgage and cut unnecessary expenses very clearly!
Great to hear Will. Best ofnluck with reducing your expenses and please let me know ow how you get on. 😄👍
The digital product thing isn't true for software, it's not a work once and leave it type of thing as a book is. It must be consistently updated for security, OS updates, and feature additions.
In truth Scott, outside of stocks, I'm yet to experience 100% passive income. My Publishing business is run by two executives, but I still spend around 3-4 hours a week on it. It's "mostly passive".
10:18 Learn how to do simple repairs like change a tyre
👌😁
Awesome video, really high quality! keep em coming
Thank you so much! I'll keep 'em coming if you keep watching! Deal? 😄👍
Take home = $110,400 USD.
Invest = $86,400 USD.
The formula says 7 years, but I plan on working at least 10.
Outstanding effort, well done! 👏🙌😁
He Can easily give that little bit of advice in number 8, where you just get a sidekick. Increase your income. That's somewhat naeve. Most people would if they could, I can and I did, but I'm not like everybody else, but most people don't have the time to find a side gig that will pay enough for anything at all.
That said I loved the video
I didn't say any of this was easy.
It's not naive to encourage people to earn more rather than accept what they have.
Most people CAN, but don't know how or are unwilling to find out.
EVERYONE has the same 24 hours. Most people make excuses. Time is never an excuse for progress.
That being said, thank you for the comment and supporting the video. 😄🙏
I just turned 2 years old, I can’t believe I’m gonna retire at the age of 9!
👌🤣
Glad to watch a such a valuable video about finances!
Thank you, much appreciated! 😊🙏
Great content and beard, mate.
Thank you! I did both myself! 😄👍
You earned my subscription with this one. Did you self-pub fiction or non-fiction?
I appreciate your support, thank you! 🙏 I've done both. There are pros and cons to each. 👍
amazinggggg content
Thank you! 😁🙏
I don't know if I can limp along for another 7 years. The commute will kill me one way or another.
I'm sorry to hear that. Don't settle. Get busy! It'll take time to see meaningful change but when you start working on your finances, you'll get some fulfilment from the process. You've got this! 👍
@Huw you beast! You really went into creation mode, what an inspiration!
I got into FI through that very same article by Mr. MoneyMustache. Next up was the book "your money or your life" - great read.
Reading the book: not a challenge at all! Taking the action... Def. more challenging 😆
It was a lot of fun to film but I'm just getting started Veronica! 😄 Awesome!! That post changed my life.
💯 Ideas are a dime a dozen but execution is everything!
making around 84.000€ a year after tax and mandatory insurance. Saving around 70.000€ a year. Also investing it. Unfortunatly the investments don't pay out so far. Did some misstake in the beginning. Now I realized it's the simpelest and safest way to just stick to one of the major indexes and don't further worry about it. I am currently at savings of 300.000 Euro.
Based on the calculations you presented, I would be able to retire end of next year. Unfortunatly my expenses will increase a lot. My accommodation is currently paid by my company, because I have a job in which I am traveling none stop.
I believe my next step will be to leave the country I life in to a country with lower taxes. Quit my job and become a freelancer in the same job. These two steps would increase my after tax income to 170.000€/year. Working another 6 years under this conditions and I can retire very comfortably in my middle 40th. I could buy a house where ever I wish on this planet and still have a lot left.
Outstanding effort my friend! Well done! 🙌👏🥳
Can you share how you were able to live on so little? Most people struggle to get their head around that.
Wishing you the best of luck with taking that next step!
@@Huwsview the main reason which makes this possible is my job.
I work as a commissioning engineer for power plants internationally. The projects usually run between 6 month and multiple years. While I am on a project, I life somewhere near by and my employer pays my accommodation and transportation.
I don't have down times between projects. As a concequence, I don't have an apartment or a house. I don't pay rent. If I am "home" i crash at the house of my brother for a few days. This is also where letters go.
Not paying rent saves a lot of money. My main expense is food. I don't spend 1000€ a month for food but I usually go to travel when I have vacation, so there is where the rest of the money goes.
Working in this job, I work usually 6 days a week. There is not much free time to spend money on.
This lifestyle allows to save a lot but the drawback is that I am selling my private life for this paycheck.
Becoming a freelancer wouldn't change much on my situation but it would increase my income and money is the main reason I am doing this.
Once I retire, rent (or the associated costs for a house) will become a cost which I currently don't have. Also health insurance will come on top as additional expense. This will increase my spendings significantly. Therefore I can't assume my current expenses will be my future expenses.
My mad goal is retiring on 10 years, there we go 💥
Boom! Love it! Best of luck. 😄👍
Nursing isn't the industry to enter into if you want financial freedom.... The NHS standardize pay and there's no bonuses etc to work for. I get paid the same as my lazy co workers. Sure I can go and work abroad for a lot more but nursing in the UK will not bring you early retirement opportunities.
My partner was a nurse for many years. I'm so grateful for the service you provide because I couldn't. Not only do I not like hospitals, you're underpaid, underappreciated, overworked, undersupported etc. To Become Financially Free, you can use of one the benefits of Nursing (job security) and reduce your hours to focus on another side hustle/career.
Making the transition to another job or starting a side hustle is difficult. Nursing can support that. My partner now runs her own business after dropping down to 3 days a week. I appreciate this isn't easy or financially viable for everyone right away, but it's possible. Wishing you the very best of luck! 😊👍
I'm a nurse with 12 years NHS behind me. Just quit and very happy to be moving on. NHS and nursing will have given you great experience and if your ready to move on, go for it. I'm 37, two kids in nursery. Love your vid and whole FIRE movement. I'm going into parent coaching, ASD and ADHD consultation independently and hoping it will open doors and freedom. Love gamification. Especially interested in your side work of online books. Can you give any more advice on this?
Dear Davies, thank you very much for this very interesting and professional video and congratulations to your financial independence, if I may allow two remarks- multiplying the annual need by 25 is fine but indirectly it needs to be more than the 25 - cause the 4% we will use is the gross amount before taxes - second remark is also the inflation needs to be calculated (but here I guess you solve the problem with the pessimistic return of 4% you announced and in reality it will be arround 6-7p.y.)
I like the way you are did this video was great to watch you - thx
Thank you for your kind words and feedback Samy. I really appreciate it!
The tax laws are vastly different in the UK, to Europe, to the US, to Asia etc. I decided to make it more generic so it has a broader appeal globally. In the UK, you can utilise tax efficient accounts and negate it altogether, but that's very difficult to do for most people, particularly when you're looking to retire early.
The 4% safe withdrawal rate isn't the perfect strategy for everyone. It depends on age of retirement,, life expectancy, other sources of income, risk tolerance etc. But as a general rule of thumb, it serves its purpose.
Thanks again for sharing your views and supporting the channel! 😁🙏
Thanks brother good explanation
You're welcome! Thank you for your support! 🙏
Ooh I like you, you're funny... I am looking forward to watching more of your videos. Hi from Australia!
Thank you, I appreciate that. Tell my missus! 😁👍
The first 5 minutes was key: you started a side business that earned you more money than your job. Simply put earn more money and save it.
No, the first 5 mins suggests it's not what you earn but what you keep that matters. Income accelerates your level of money management. If you're poor at budgeting, earning more won't help. You have a high income and still be ppor.
This video triggered me because I spent £178.52 filling up my V8 petrol range rover a few days ago - then another £75 on my small city car last weekend and i don’t even drive to work, i take the train. This is not to mention my actual fixed costs that you talk about on here; mortgage, food, council tax etc… i want to cry because i don’t do most of these tips. i have a few properties on rent & a sipp but yes i need to pull my fingerS out.
Have to say though, i think retirement is overrated? But being financially free is the goal. Hard to do that in London. Thanks for the vid, will be subscribing. Keep them coming & i’ll buy your incoming course 😂
Thank you for your honesty 🙌🙏. It's refreshing. I'm used to hearing ALL the reasons why this isn't possible for them. The reality... it's a choice we all make.
Focussing on expenses first is paramount. It's the easiest path to impact FI. Like you, I have ZERO interest in retirement. It's used in the title to grab attention. Freedom was always the goal. Having the CHOICE to work or not is really what everyone should work towards.
PLEASE let me know how much you're able to save if you take action. People need to see/hear other people taking action to do it themselves..... rather than listening to a bald ginger beard guy talking about how great it is. All the very best my friend! 💪😄
There are a lot of great things to consider in this video, and at a minimum, it should be an eye opener to those where this knowledge is new.
However, don't forget, this guy is an extreme example and don't change your life to the point where you are 'existing' instead of 'living'. If you live like a hermit from 30 to 45 and can retire, then great, but don't waste those decades for the sake of later decades.
For 99.9% of people, it's about balance.
Thank you for sharing your feedback. 🙏
You make an important point on balance. I would suggest most people are incapable or unwilling to become a hermit. And most people fear even the smallest sacrifices, so I don't think it's an issue for the majority of people. But I couldn't agree more, that life is precious and we have to enjoy living in the moment. In fact, my argument in this video is that if you try taking on these tips and living more fruglly, you'll likely enjoy it more.
This minimalist lifestyle isn't that extreme. It was 'normal' for our parents and probably 'too soft' for our grandparents.
After selling stuff ND down sizing, where did you allocate your money thanks
I put it into stocks back then bit I would do it differently now. I released a video this week sharing what I would do now. Hope it helps. 😁👍
Took me 10 years but i only worked 7. And a lot more years that dont count because i wasnt saving much. 2013 i had a car worth $1000 and some cash to pay rent. 2023 i have 4 units and $2000 cash flow, housing cost is free with 5 year fixed mortgages just locked in. And an emergency fund.
Outstanding effort my friend. Well done! 🙌👏😁
everyone says "Invest" so often but that word just means Nothing to me. the options are far too many on that I don't know what to do...
You're not alone don't worry. There are numerous ways to invest. In fact, I'm recording a video tomorrow talking about the main options. Stocks and property are the main two. I've created videos on each one. 👍