▸▸▸SPECIAL ANNOUNCEMENT: Enrollment for our 365 Days to FIRE Program is now open for the class of 2025! Enroll now and get 50% off the full price. Spaces are limited! Learn more at: www.365daystofire.com/
my 22 year old with adhd is now door-dashing as a side hustle. i have that money 50% invested into a TDF fund and i got all kind of "negativity". ive seen the stats for those diagnosed with adhd and how much $ they lack for their future selves. im setting it up right.
Thank you for the ongoing motivation! It’s definitely a journey but exciting when you have milestones along the way and plans for when you achieve F.I.R.E.
I love the concept of this video....very nice Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
You have inspired our family so much in your journey! We tuned our plan further after taking your FIRE Master Class. I was able to build a plan, automate our finances and grow our family's wealth. My wife and I look forward to a meet up with all others in this movement. I started and did well up to a certain point, but the class fine tuned my direction. I agree that surrounding ourselves with others in the same situation helps in keeping the motivation going. Thank you for all you do!
The key is expenses. Low expenses, low amount needed for retirement. I have only averaged $100,000 a year over the last three years. Home paid off and no debts.This is less than 1% of my portfolio. Did all major work to my home back in 2020, new roof, siding, paint, along with renovating the bathrooms. Can get a fully subsidized ACA plan, keep my AGI in the 12% bracket and still live the life I currently do as a successful business owner. Just gotta keep that "Just one more year" voice out of my head. Retirement date, April 30th 2024.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
Great video! Unfortunately, We've experienced a very different experience in regard to Tip #3. While we absolutely fit the mold for F.I.R.E., we've found that the community forums were mostly unwelcoming. It's too bad, because what inspired us to save more led us to great people like you - but we would never use the word "FIRE" when discussing our plan for retirement to anyone who asked.
@@OurRichJourney Also I am on this path since few years now ... the i can slowly see the power of compounding as I invest ... Sometimes I feel restless to have it quick, i know i have to be patience and slow and motivated
Great advice for those who are going with the FIRE journey. But I'm just wondering how SS fits in to the plan, bc your SS benefits are calculated using your highest paid 35 years of SS contributions. Doesn't having only ten years of contributions and twenty five years of zero contributions destroy your SS annuity? I understand that FIRE's goal is to get rich early and not to be dependent on SS, but wouldn't you feel better knowing that you're eligible for the extra security that the government Social Security annuity offers you in your senior years?
Well, first off I'd say most people retiring around 40 will have about 20 years of work history, not 10. The SS website has a calculator you can play around with and calculate what your actual benefit will be (based on how SS is calculated now, anyways) with a hypothetical earned wage and years of employment. I figured my benefit would be almost nothing planning to retire in my mid 40's, but was pretty surprised at the actual calculation I got. I have never relied on or factored in SS to my retirement at all, but I'm likely to get more of it once I reach my 60's than I thought. Basically, if you make pretty good money most of your 15-20 working years, having 15 or so calculated at $0 earned wages hurts your future benefit much less than you'd probably expect. I recommend checking out the calculator on the website. To answer your question on a philosophical level, no, I don't plan to work as much as two decades longer than I financially need to in order to maximize my social security benefit. For one, that's decades away and those benefits could be reduced at any time between now and then, and secondly, I only get one life. My fear of losing two more decades to work than I need to is far greater than my fear of a smaller social security check.
How much did moving to Portugal help on the journey/budget? I have zero desire to live internationally and need to figure a budget for the US. Budget difference Midwest USA vs Portugal?
Strictly speaking, zero. Not joking either. Bonds are the classic method of stabalising risk in a portfolio by removing some volatility. Their returns are poor and so when you are in the growth phase of your life they are more of a handicap than a help.
📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire 🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: www.ourrichjourney.com/firemasterclass
▸▸▸SPECIAL ANNOUNCEMENT: Enrollment for our 365 Days to FIRE Program is now open for the class of 2025! Enroll now and get 50% off the full price. Spaces are limited! Learn more at: www.365daystofire.com/
I have been watching your videos since 2020. I was able to retire at 39 thanks to your advice!
Where in the u.s did you retire?
Nice! Congratulations!!
my 22 year old with adhd is now door-dashing as a side hustle. i have that money 50% invested into a TDF fund and i got all kind of "negativity". ive seen the stats for those diagnosed with adhd and how much $ they lack for their future selves. im setting it up right.
LaShawn from the DMV🇺🇸 checking in while in Costa Rica 🇨🇷 my 25.5 yr old is relocating here for a few months and is considering residency.
Thank you for the ongoing motivation! It’s definitely a journey but exciting when you have milestones along the way and plans for when you achieve F.I.R.E.
I love the concept of this video....very nice
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
You have inspired our family so much in your journey! We tuned our plan further after taking your FIRE Master Class. I was able to build a plan, automate our finances and grow our family's wealth. My wife and I look forward to a meet up with all others in this movement. I started and did well up to a certain point, but the class fine tuned my direction. I agree that surrounding ourselves with others in the same situation helps in keeping the motivation going. Thank you for all you do!
Wow Pedro! Thank you so much! That is so nice of you to say!!! Surround yourself with positive people! It makes all the difference! 😀
@@OurRichJourney Love the channel and insightful information. Thanks. Quick question, do you all invest in precious metals (i.e., silver and gold)?
Thank you for the great content. Keep up the great work!
The key is expenses. Low expenses, low amount needed for retirement. I have only averaged $100,000 a year over the last three years. Home paid off and no debts.This is less than 1% of my portfolio. Did all major work to my home back in 2020, new roof, siding, paint, along with renovating the bathrooms. Can get a fully subsidized ACA plan, keep my AGI in the 12% bracket and still live the life I currently do as a successful business owner. Just gotta keep that "Just one more year" voice out of my head. Retirement date, April 30th 2024.
I started my SS at 62 1/2, my wife who is 20 months younger than me started at 62. With my pension for working 25+ years we’re doing just fine.That was over 3 years ago & we never looked back. Haven't touched our investments other than to travel. I had two brothers die of cancer 3 years apart. One died at 62 & never drew a dime of his SS. The other died at at 65 & drew 10 months. Let's be honest here, the reason the Government is offering you a bigger payday at 70 is because they're banking on you not making it!
Great tips 🙏
Once again another great video!
Love this!!! ❤❤❤
Thank you so much 🙏🏽
Another excellent video team. 😊
As always, you both deliver another great video. 😊
2ND WATCH. Always dropping Platinum nuggets. Thanks guys 💝💖💖💝
Thanks for this video ✨
I'm so focused on early retirement. I have to do this
I totally love ❤️ this idea!!!😍😅
Sending your video to our kids!
That’s fantastic!!! Thank you!!!
I was looking for the link about how you celebrated each milestone of your FIRE journey. Which video is it?
Great video! Unfortunately, We've experienced a very different experience in regard to Tip #3. While we absolutely fit the mold for F.I.R.E., we've found that the community forums were mostly unwelcoming. It's too bad, because what inspired us to save more led us to great people like you - but we would never use the word "FIRE" when discussing our plan for retirement to anyone who asked.
Motivation!!!
😘
wow loved everything you guys said ... good information
Thank you so much!!!
@@OurRichJourney Also I am on this path since few years now ... the i can slowly see the power of compounding as I invest ... Sometimes I feel restless to have it quick, i know i have to be patience and slow and motivated
Where is the link for your FB group? Please.
Great advice for those who are going with the FIRE journey. But I'm just wondering how SS fits in to the plan, bc your SS benefits are calculated using your highest paid 35 years of SS contributions. Doesn't having only ten years of contributions and twenty five years of zero contributions destroy your SS annuity?
I understand that FIRE's goal is to get rich early and not to be dependent on SS, but wouldn't you feel better knowing that you're eligible for the extra security that the government Social Security annuity offers you in your senior years?
Well, first off I'd say most people retiring around 40 will have about 20 years of work history, not 10. The SS website has a calculator you can play around with and calculate what your actual benefit will be (based on how SS is calculated now, anyways) with a hypothetical earned wage and years of employment.
I figured my benefit would be almost nothing planning to retire in my mid 40's, but was pretty surprised at the actual calculation I got. I have never relied on or factored in SS to my retirement at all, but I'm likely to get more of it once I reach my 60's than I thought.
Basically, if you make pretty good money most of your 15-20 working years, having 15 or so calculated at $0 earned wages hurts your future benefit much less than you'd probably expect. I recommend checking out the calculator on the website.
To answer your question on a philosophical level, no, I don't plan to work as much as two decades longer than I financially need to in order to maximize my social security benefit.
For one, that's decades away and those benefits could be reduced at any time between now and then, and secondly, I only get one life. My fear of losing two more decades to work than I need to is far greater than my fear of a smaller social security check.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
🙏
How much did moving to Portugal help on the journey/budget? I have zero desire to live internationally and need to figure a budget for the US. Budget difference Midwest USA vs Portugal?
Yes a big difference
👏👏👏
My State government is considering a flat tax and I believe it's a good idea because the old tax code is garbage.
Hi There
Hi Danelle! Hope you’re having a great weekend!!!❤️
What % of bonds is ideal for a 32 year old?
There no set rule. It really depends on your personal risk tolerance.
Strictly speaking, zero. Not joking either. Bonds are the classic method of stabalising risk in a portfolio by removing some volatility. Their returns are poor and so when you are in the growth phase of your life they are more of a handicap than a help.
📈Looking to learn how to invest? Enroll in our Stock Market Investing Course: www.ourrichjourney.com/investingforfire
🔥Learn more about financial independence and retiring early: Enroll in our F.I.R.E. Master Class: www.ourrichjourney.com/firemasterclass
I ain’t trying to be funny but shouldn’t your motto be earn(1)save(2)invest(3). Not save and earn and invest?
2:10 Dear Future Self,
I hope you appreciate me selling all crypto after the halving event. Stay consistent with the Roth IRA. 😊$$$
I will retire early
Yes you will Dionne!💕
Can you help me too ❤
I hope so! Check out our other videos!