Retire Early With 3 Easy Steps
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- Опубліковано 1 жов 2024
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2) The first question to ask any financial adviser is, "Are you a fiduciary to me 100% of the time". Get the answer in writing
3) Please note that some people call themselves "fee-based". This is NOT the same as fee-only. Fee-only advisers have committed to being fiduciary to you 100% of the time.
4) Personally, I would only hire an adviser who is a fiduciary to me 100% of the time. This is not a suggestion on what you should do. Just sharing my personal preference.
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Be careful of scammers. In the comments section, I will NEVER ask you to contact me, offer any investment products, recommend a stock broker, or anything similar. Some scam bot commenters 'ask' for investment help, and later, other comment bots reply with "how great X idea/investment/person is" in the replies. These are scam threads. Do not fall for them.
🚨 Azul's VIDEOS ARE NOT FINANCIAL ADVICE (Disclaimer) 🚨
This information is only provided as an informational resource and should not be viewed as investment advice or recommendations. To get professional financial advice from a fee-only financial advisor near you, please visit www.napfa.org.
The decisions on how to invest, when to retire, and other financial planning topics are some of the most important financial decisions you will make in your life. I urge you to seek professional financial advice as you make this decision. Ideally, from a financial adviser, AND a CPA AND an attorney. Having the perspective of all three professions will help you make the right decision for you and your family.
This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and may NOT be suitable for all investors.
This information is NOT intended to, and should NOT, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, and/or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
Spoiler Alert: There are no "get rich" programs. Rather, just basic blocking & tackling and putting in time and care. Do your homework, choose wisely and (IMHO) work with experienced professionals who are fiduciary to you 100% of the time.
118(A){Done}[NE] How To Retire in Your 50s. 3 Crucial Steps
1. know the 72T, the Rule of 55, your expenses, and your tax brackets
2. know your ACA subsidy levels
3. have a plan, be realistic, work with a fee-only fiduciary advisor
4. be flexible with your plan and willing to adjust
5. (my personal rule, not Azul's) pay off your mortgage and any other debts 😊
#5 is a must. As far as I’m concerned …but I’m Canadian, we don’t get a 30yr interest rate on a mortgage. So I guess I can see why some Americans run their mortgage for decades. I guess 🤔
80% suites me just fine, I’d rather spend a bit less and have the opportunity to enjoy the rest of my life on my terms, while I can.
Regarding Rule of 55, also check with your employer HR department since companies ARE NOT REQUIRED to offer it and many do not, in order to prevent a brain-drain. But if they do, it is much more advantageous than the 72T rules, since that IRS deal is only meant to be used on an emergency basis, and therefore is much more restrictive on how you withdraw your money. It also locks-up your capital used as 72T for 5 years I think.
Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in July 2024…
I would really love to know how much work you did put in to get to this stage
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Jihan Wu you're such a life saver
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jihan Wu is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Jihan Wu has been an amazing experience.
I'm favoured, $30K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to this same Jihan Wu.
Retirement funds Depends on where you’re living and what your living conditions are and so they change from person to person. However I can roughly say for North America 100k at 30, 250k at 40, 500k at 50, and 1M at 60. This is a rough estimate for a middle class person to just get by and nothing more including already owning your house and car.
When I said I was preparing for retirement from an early age, what I really should say is that I have always practiced sound money accumulation strategies, read books, watched how I spent and saved, adjusted, learned new strategies and sought out knowledge anywhere I could.
It depends on your lifestyle and how long you expect to live in retirement. a single family can have a comfortable life with $60K-$90K annual pre-tax income depending on the area. About 30-40% of that goes to housing 20-30% to other important stuff
4. Give up your vices.
My personal vices are wife and kids.
Done!
@@NewGuy2024 For me is cocaine. That's too hard to give up. Cocaine is a hella drug.
All of 'em? Come on, now!
Hahaha! Then why continue to live?
Would be interesting for someone to actually compare post ACA & pre ACA healthcare costs. There's the 1 goog hit saying the ACA didn't do anything. With interest headed to 0 & lions manely in cash, they will not earn enough to qualify for the ACA.
Luckily my hobbies and lifestyle are low. I could easily live happily with 40k a year.
Not to mention boring.
@@miketheyunggod2534 "Boring" is self defined. I find joy, happiness and fulfillment in Hiking Trails and Bike Packing.
Azul. Many people will pay off mortgage in retirement, so how are they to practice living on a certain amount while paying mortgage now
You forgot step 1: Invent a time machine!
We learned that optimizing your taxes for ACA is complicated if your income isn't very predictable: self-employment income, rental income, capital gains, Roth conversions, etc.
Azul, why do you come out with so many videos?
Why, when in this video you (and Fidelity) share average health care costs, but when it comes to income and wealth, you use a median, saying this is a more fair number, yet isn’t it the few people paying a lot for health care expenses skew the health care cost averages as well? Feels like a double standard. What is the median health care cost for a retiree?
Ran the numbers on my portfolio earlier today. If i parked a good portion in cash, the interesr alone would be sufficient to pay my bills plus a decent cushion. Essentially i am free and can retire. I am hesitant however as it would reduce the growth portion of my portfolio. The offset is that the risk is also reduced. Trying to determine the optimum balance and get comfortable with the idea.
There are no taxes on Roth accounts but you still pay income tax right ?
You pay zero taxes including income tax for all ROTH accounts.
That’s because you paid taxes on it earlier. Nothing is tax free buddy.
@@miketheyunggod2534 well, I'm smart enough to make an income and avoid taxes. You should learn how to skip handing money out to Uncle Sam.
Want to retire in your 50s? One way to do it is military and/or public service. You’ll never get rich but between pensions, SS and TSP/401k style accounts…you can easily accrue enough to retire early’ish. Of course you have to deal with bureaucracy and the occasional fool whining about public employees (all while taking full advantage of the services those public employees offer) but that’s a conversation for a different time. 😂
There is only one step needed to retire at 55. FIRE YOUR FINANCIAL ADVISOR!!!!!!!! They are all crooks. They steal your money. I retired six years ago at 55. I know. GET RID IF HIM!!!!!!
This dude is a liberal.
!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated
As a beginner investor, it’s essential for you to have a mentor to keep you accountable.
Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
I don't really blame people who panic. Lack of
information can be a big hurdle. I've been
making more than $100k passively by just
investing through an advisor, and I don't have
to do much work. Inflation or no inflation, my
finances remain secure. So I really don't blame
people who panic.
nice! once you hit a big milestone, the next comes easier. How can i reach her if you don't mind me asking?
look up her name on the web for her website.
I've just looked up her full name on my browser and found her webpage without sweat, very much appreciate this.