I also had the same thoughts that fire looks like a fantasy for me. A lot of people doing fire are on TWO VERY HIGH income and I’m a 38 yr old single mom on one income so it’s gonna take me forever to get there. I still want to invest as much as I can but realistically I’m probably on the traditional retirement track of 65 years old.
Yes, I would be lying if I said I wasn’t discouraged by my timeline on my current salary. BUT! What’s awesome is that the advantages of FIRE start happening way before you hit that final goal. The more we save and work towards it, the less we need it, in a way. For me, FI is about peace of mind, and the more I save and invest, the less I worry about money. I can’t imagine what it’s like to have a child to raise on a single income, but I bet that each little milestone you hit makes you feel a bit more safe and free. Whether you hit FI at 65 or 45, I have a feeling your life is going to get better with each inch forward. Thanks for the comment, and looking forward to see you keep growing
Look at saving money from income and doing side hustles to create deposits for real estate. If you put down a 25% deposit and buy houses that need improving and then improve them and then rent them out, you could achieve FIRE much quicker. With house prices compounding at 5% and e.g. $40,000 deposits and $160,000 mortgages compounding at 5%, then your $40,000 is actually compounding at 20% in the first year,but reducing by a bit in every subsequent year... So after 10 years your equity is $255,000 and after 15 years your equity is $165,000. My best guess is that you could achieve FIRE in 15 years with about 8 houses or in 10 years with about 12 to 14 houses - but you wouldn't be debt free.
Yes! Have heard of this strategy and I definitely want to look into buy and holds in the future. Ive been listening to bigger pockets for a while and am learning about real estate. Just need some time to build my first deposit and actually learn about renovations. I’m not very handy and idk anyone personally that has their hands in real estate, so it’s a bit daunting to think about sometimes
@@byenineto5226 The secret with real estate is to pay professionals to do the renovations. I typically spend about 25% to 30% of the rent on repairs and maintenance. I also use a professional to find tenants in the UK we call them letting agents. I think in the US you may call them property management agents. A good agent would be happy to help you plan what to do and how to take the first steps. I recommend taking time to pick an area where you can buy houses with high yields and then buying houses in the same area.
Time takes forever, and it seems like only the big money will be financially independent, at least in the states. Not to mentioned why it set up that way.
10:22 I’m gay myself and never really got the fashion thing down. I mainly stick to average simple average clothes, and my expenses aren’t really big unless I really like those close but once only spent $150 at most for clothes in general. 😅
Your such amazing Person you will achieve the goal 😊!
I also had the same thoughts that fire looks like a fantasy for me. A lot of people doing fire are on TWO VERY HIGH income and I’m a 38 yr old single mom on one income so it’s gonna take me forever to get there. I still want to invest as much as I can but realistically I’m probably on the traditional retirement track of 65 years old.
Yes, I would be lying if I said I wasn’t discouraged by my timeline on my current salary. BUT! What’s awesome is that the advantages of FIRE start happening way before you hit that final goal. The more we save and work towards it, the less we need it, in a way. For me, FI is about peace of mind, and the more I save and invest, the less I worry about money. I can’t imagine what it’s like to have a child to raise on a single income, but I bet that each little milestone you hit makes you feel a bit more safe and free. Whether you hit FI at 65 or 45, I have a feeling your life is going to get better with each inch forward. Thanks for the comment, and looking forward to see you keep growing
Look at saving money from income and doing side hustles to create deposits for real estate.
If you put down a 25% deposit and buy houses that need improving and then improve them and then rent them out, you could achieve FIRE much quicker. With house prices compounding at 5% and e.g. $40,000 deposits and $160,000 mortgages compounding at 5%, then your $40,000 is actually compounding at 20% in the first year,but reducing by a bit in every subsequent year...
So after 10 years your equity is $255,000 and after 15 years your equity is $165,000. My best guess is that you could achieve FIRE in 15 years with about 8 houses or in 10 years with about 12 to 14 houses - but you wouldn't be debt free.
Yes! Have heard of this strategy and I definitely want to look into buy and holds in the future. Ive been listening to bigger pockets for a while and am learning about real estate. Just need some time to build my first deposit and actually learn about renovations. I’m not very handy and idk anyone personally that has their hands in real estate, so it’s a bit daunting to think about sometimes
@@byenineto5226 The secret with real estate is to pay professionals to do the renovations. I typically spend about 25% to 30% of the rent on repairs and maintenance.
I also use a professional to find tenants in the UK we call them letting agents. I think in the US you may call them property management agents. A good agent would be happy to help you plan what to do and how to take the first steps.
I recommend taking time to pick an area where you can buy houses with high yields and then buying houses in the same area.
Time takes forever, and it seems like only the big money will be financially independent, at least in the states. Not to mentioned why it set up that way.
10:22 I’m gay myself and never really got the fashion thing down. I mainly stick to average simple average clothes, and my expenses aren’t really big unless I really like those close but once only spent $150 at most for clothes in general. 😅
Haha glad I’m not alone and it’s totally valid not to get into it! So much diversity within the gay community itself 🌈
@@byenineto5226 agreed