How I Will Retire by 35
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- Опубліковано 12 гру 2022
- I will be sharing how I plan to retire by 35. This is based on my own research over the years, reading books on self-development and wealth creation, talking to entrepreneurs who make multiple 6, 7, and 8 figures, as well as some of the things I learned while starting my own businesses this year.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Global 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for specific advice related to your business situation and needs.
Do you agree or disagree to what I've talked about today? Comment below and share your plans to retire 🙃
I too was brought up by immigrant Asian parents. I luckily didn't listen to them. My goal was retire / financial independence by 30. I was one year late. Gabrielle, you're on the right track with a great path. Remember to have fun because the time will fly by both before and after 35.
You’re so smart, how can I not agree! I have essentially retired around 35 years old, so I am experiencing it now, although I have taken a more philosophical approach than a pure financial approach (that’s a whole separate story! Thanks 🙏!
@Jewel N Thanks! Im curious to know how you retired and what passive income you are receiving!
@D. K. Thank you! Curious to know how you managed to retire!
@@GabrielleTalksMoney In a nutshell - by using the very ideas that you shared in the video. Most importantly, it was identifying what's important to me and working lifestyle around the after tax cashflow generated from passive investments. Having a like-minded spouse helps a ton too. It's really hard to pinpoint on any one thing, so let's call it a respectable set of "retire early habits"... and you probably covered 90% of them.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@festusmadidi2634 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@festusmadidi2634 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@festusmadidi2634 I will give this a look, thanks a bunch for sharing.
Go Gabby! :) Good luck on your business venture.
I really like your "Fast Wealth" curve. Thanks 😊
First off love your vids Gabb, as an aspiring CPA, I find them very helpful!
Second, as someone who researches a lot about investing, I will say investing "regularly" is pretty slow- but there are people that find ways (especially with certain stocks and dividend yields, etc) to gain more out of the market a little faster. Or at least that's what I hope to get into.
I Love This Plan. Your spot On..
Retired in mid 40’s. All through conservative stock market investing. I would have retired sooner of if I didn’t buy real estate. That money would have done better in the markets. I had mostly bad luck for the first 10 years of investing. But I stuck with it and eventually the markets took off and my wealth grew to enough for a retirement.
I also just started working in public practice for about a year now. As the whole idea with inflation circles my head, I also find that I'm worried about retiring, which looks to be very far for me as I just started my career. I think it definitely takes a lot of time to figure out how to secure an income stream for your future. Thank you for your insights on the possible income streams to look into!
Thanks 😊 Best of luck to you!
Thank you very much for a very nice video.
Good advice
I have learned a lot from your videos …l like the calculation part
New subcriber here! ❤
All of this sound good on paper, but you did not talk about your own journey or your time horizon and details around that, that would be interesting
great suggestion!
Thanks, what is your business that you talk about?
I would always be cautious about financial advice literature which is a bit old. The book mentioned in the video is a 2011 print.
i believe the fundamentals are still valid. Feel free to share your plan for retirement 😀
If the accounting principles we use today are rooted in ancient sumeria and the British East India Company… I think a lot of financial principles remain the same.
Agree on that. Too late for me to be planning retirement but I was old school ( work until you can't anymore, put aside as much as you can, risk tolerance controlled asset allocation, luck )
Hi! I agree. I’m trying stocks and forex……..
Yes, it is about freedom to earn money as you enjoy. Living in or retirement in a small town is cheap. Most people waste a lot of money.
I am wondering what businesses I can do ...
Great video!
I do want to disagree on one thing. 20% of a $100k salary is not $20k. The $100k gets taxed at around 20%. Your take home is then about $80k. So you'd end up saving about $16k/yr.
hi sis, u are my own Warren Buffet. i am spellbound by your IQ. Korean and Indian parents are essentially the same. Both prefer stable govt jobs.
can you compare ev and gas car?
I tend to disagree with you here Gabby. The ultimate freedom is time freedom, not financial freedom.
I started investing in stocks exactly ten years ago when I was 24 yo. As of today, my net worth is about CAD $2.4~2.6M, with $1.8M in stock and $800k in RE. Along the journey, I met my beautiful wife, started our family, had two beautiful kids, got my CPA, and am working on my CFA right now. Even at a $6% annual return, we can probably live on our capital for the rest of our lives.
The ultimate freedom is to be able to spend time with your family, nothing else!! At our stage, I cannot say we can buy everything we want, but I can confidently say I don't have to suffer for things I don't like. I can walk off my job at any second if I dont think it's worth my time anymore. That is also a freedom.
I think we agree on the same thing - time freedom from financial freedom!
my only question is, how much did you have at 24? That's potentially a crazy amount of annual return.
The ultimate freedom is getting as far away from the U.S empire...and divorcing that rotten U.S citizenship...peace out!
how did you even get to $1.8m in stocks in a matter of 10 years? Day trading?
I wanna work with you !
By the time you diligently saved up $1M, you will need $3M just to retire.
I thought that 30 years ago, $1 million is still enough to retire if you have solar panels and an all electric paid off house and electric car 🎉
Is all a game minimize fixed expenses and spend less make more save more invest more invest in education 😜 nothing is impossible hard part is acting
Thank you
👍👍👍
why not live off the capital itself (not the passive income), it’s not like we can carry that capital to the next life.
The next life...or wife...
Because you’re killing the goose that laid the gold egg that way.
The object of life isn't to get rich and then get as close to zero dollars by the time you die.
Your wrong, the object of life is to die with zero assets and as much debt as possible@@StanceNeal
Save 10% inflation 30%, lol
So the only way to get ahead and not work your entire life is to take advantage of others and make them work for you for their entire life. Or pay you rent. That’s just depressing.
Exactly. Personally I couldn't lay in a hammock on some beach somewhere knowing this. My wife would also never tolerate taking advantage of people this way, regardless of how many do it.
Someone finally saw through that...she is not going to contribute to society in any way
I am not sure how sitting at the beach doing nothing is meaningful. Wouldn't that get old pretty fast? I saved my first 1MM in about 13 years and have saved many more since. Working at a job I enjoy for 35 years now. May retire some day!
I want my time back, I won’t sit on the beach as you suggest
You are pretty girl
Never enough to retire look at those retiring now-think that a million is enough and their asset dropped 30% in buying power!
Disagree here. Gabby has a good point. If you invest $1M by 35, inflation will never beat you!
fair point @jlndb and thanks @M J for the reply 😄
@@MJ-cg8vp Hope so like she said if you are moving in linear you are sucking air, lol. Need to keep on investing and have to have good return preferable with exponential growth. Just house in Vancouver is a mil plus your car let say 60k and plus your investment. Remember this if you retired 35 compare to 65 that means you need additional of 30 more year for cash burn rate.
60k car
Double income, no kids! Best way to retire early! Partner and I have been childfree since we met at 24 , 15 years ago.
I agree!!
Starting business is bankruptcy most businesses fail