Strategy for Financial Independence Retire Early | Achieving F.I.R.E. Part 2
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- Опубліковано 7 чер 2024
- What was our strategy to reach Financial Independence and Retire Early (F.I.R.E) in our 40's? We have been asked this question many times and in Part 1 we shared how the idea of early retirement came about, the preparation to reach financial independence, our retirement plan and the tools and strategies that helped us get here. We also explain why we decided to pull the plug and move outside the USA.
In Part 2 we're discussing our countdown to F.I.R.E., moving and living abroad, our monthly expenses in Mexico and Portugal compared to the USA, dreaded tax considerations, our regrets since retiring 5 years ago and much more! We also discuss our withdrawal plan considering a bull market and bear market and what the future holds for the 4 of us.
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CHAPTER LIST
00:00 Intro
00:10 Part 1 Recap
01:51 Our Timeline to F.I.R.E.
04:19 Mindset towards F.I.R.E.
05:27 F.I.R.E. Day
05:51 Income Streams
06:53 Rental Property Management
07:53 U.S. and Foreign Taxes
10:38 Living Abroad - Guadalajara, Mexico
11:35 Our Mexico Monthly Expenses
13:16 Withdrawal Strategy During a Bull Market
14:31 Go-go Years, Slow-Go Years, No-Go Years
15:09 New Retirement Retirement Tool
15:23 Projected Life Expectancy Age
15:44 Retirement During a Pandemic
17:49 Living Abroad - Lisbon Portugal
18:56 Our Portugal Monthly Expenses
19:50 Exchange Rates
20:56 Surviving a Bear Market
21:31 F.I.R.E. Mindset After 5 Years
23:12 Our Finances After 5 Years
23:51 Our Regrets
24:50 Our Future and F.I.R.E. Tips
👇RESOURCES WE USE TRAVELING & LIVING ABROAD - 🌍
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👇MILEAGE REWARD TRAVEL ESSENTIALS WE USE - ✈️
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► TRAVELFREELY - Free app to manage travel reward credit cards (Learn how travel for free):
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👇RETIREMENT & FINANCIAL PLANNING TOOLS WE USE - 📊
► EMPOWER (formerly Personal Capital) - Money manager, networth calculator & retirement planner:
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► NEW RETIREMENT - It is like an advisor at your fingertips…run any what-if scenario:
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👇 OUR VIDEO PRODUCTION TOOLS - 📽️
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*DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. Thanks for supporting us! 🤗
*Also, sometimes we discuss financial topics. We are not financial professionals, please consult a licensed advisor for financial advice.
I have been eagerly awaiting this part 2 video. This is perhaps the most helpful video I have ever seen on living abroad and FIRE. Hope to meet you folks someday in Europe! Thank you so much!
Wow! Thank you so much!! Please let us know if you have other questions or concerns. Europe awaits! ☺️
The production quality of your videos is excellent as is the content. I have a home in Mexico and have spent much time there but Spain/Portugal are increasingly coming on my radar thanks to your channel. It's a real pleasure to watch how you two interact in your videos - so well done!
Thank you so much! We loved our time in Mexico and are really enjoying Europe now. What city is your home in Mexico?
Thank you!!!! Have been waiting for this video. Hubby and I have been reading on your suggested books, and I will add this one to the list. I have to watch the video again and take notes. FIRE 2027!!!!!!!!
thank you! We are happy to help and cheers to your FIRE 2027! 🥂
Do you have a list of suggested books handy? I'd love to start digging into them!
JL Collins', "Simple Path to Wealth" is a great one to start with! We have blogs, podcasts, UA-cam channels and other books we recommend in our FIRE Part 1 video.
Very informative. Great VDO.
Great video. Thanks so much for the inspiration and information!
Thanks for watching! 🤩
You guys are awesome!
thank you! 😊❤️
Excellent, love your videos
thank you! 😊
Very informative ! While doing our research to move to Malaga last year, I found your video and was very helpful. We are originally from Bolivia and have lived in the US for almost 30 years. We are in Malaga now and loving it! the tax implications are definitely top of mind - we weren't tax residents in 2023 but will be in 2024. Regards!
whoa! that's so cool! I grew up in La Paz (Guillermo) my Mom is Bolivian. So glad to be able to help, where abouts in the U.S. did you live? Glad to be of help, let us know how it goes filing taxes in Spain, we are seeing a tax advisor soon to get a better idea. Too bad there aren't Bolivian restaurants in Malaga. But there are plenty in Valencia. Saludos!
@@SeekingParadiseBugs small world! I was born and raised in La Paz :) we lived in MD, but also spent some time in PA. We found one bolivian restaurant in Malaga (might be the only one) and was good - "Rincon del Valle". We haven't ventured to Valencia yet but will probably do this year and will make sure to check the bolivian spots. We have started gathering names of "gestores" that can help with taxes ( from other friends we met here in a similar situation than us) so will definitely have some names to share in the coming months, not sure if it is possible to DM through here though. Saludos!
small world for sure, we are from Virginia. We'll have to check Rincon del Valle next time we go and maybe meet you guys. You can DM us thru our Instagram account, same name. We would appreciate some referrals since we are seriously considering Spain as a place to live later on. Valencia has a big Bolivian population, it's no surprise to see "Caporales" practicing in parks among students and the Bolivian community. 🤙🏼 Stay in touch! 🤙🏼
Great video! Thanks for sharing and showing us that it’s possible to do this.
we are happy to inspire and help
Great video! Looking forward to your next video!
thank you Rob! 🙏🏼
lots of useful tips, thank you! :)
Glad it was helpful!
Another great video. Copious notes taken.
Thanks so much! Hope it's helpful!!
I can't express how well done and resourceful your videos are. Thank you. May I ask how you go about creating will, power of attorney and especially medical advocate? Thank you so much.
Thank you so much for the kind words! We actually hired an attorney in the USA to complete them all for us. We like to do many things ourselves but don't want our son to have any issues when it comes to legal documents for us.
Thank you for all of the insightful tips and recommendations, they're all very helpful. I'm curious what your deciding factors were that led to leaving Mexico. Mexico seems to be an idea location to execute a FIRE plan.
Mexico was a great place to start! We are searching for our forever home and are travelling the world to find the best place for us. We created our checklist of 10 requirements and put each city we visit to the test. We love Europe and wanted to experience living here and of course it's easier and less expensive to travel around this side of the world while living here. Our Seeking Paradise videos on our channel share our insights on the cities we're considering. We're loving the Costa del Sol of Spain and have been making videos about the towns we're exploring there recently.
Hello! I just have to reach out and let you know how appreciated your videos are. Your content is incredibly well prepared, detailed and packed with TONS of useful info.
I have a couple of questions. I wonder why you guys chose Portugal over another country like Spain to retire to? Did it offer better options financially?
Although FIRE is probably not in my current plans, retirement in Europe is and I’m looking at Spain or Greece as possible places. What is the first piece of advice you can give someone to start the financial planning process as well as relocation advice?
Please keep your fantastic videos coming and happy holidays!🎉❤
Thank you so much for the kind words! The decision of Portugal as our second home base and not Spain was for a few reasons. The weather and people in Portugal are amazing. Also, Portugal offered reduced taxes under the NHR regime and the path to citizenship is only 5 years. We have a video about choosing our next home base and why we chose Portugal over Lisbon at that time. We absolutely love Spain and especially the Costa del Sol. We have been visiting a lot and creating videos about the different towns in the Costa del Sol. We also have a video about Valencia that may be helpful for you. We are continuing to scout other countries and there are many options out there. We've haven´t heard a lot of talk about Greece and we really don't know much about it but will definitely start some research. 😊
The first advice we would give you for preparing your finances is knowledge. We highly recommend using Empower and/or New Retirement to understand where you currently are and where you need to be to support the lifestyle you choose. We use both and have affiliate links in the description of our videos. We recommend joining expat facebook or reddit groups for the cities you are considering to live in so that you may see the questions, issues and resolutions that other expats have that are relocating and living in those areas. They really help prepare you for all the things you need to consider about your move and the lifestyle you will have.
Thanks again for watching and reaching out! Please let us know when you have other questions and happy holidays to you too!!
So if I understood correctly, you finally decided to settle in Mexico over Malaga/Lisbon? Yeah I sneaked in here from the Malaga vid where I left you a cute comment as well.
Speaking of investing, portfolios of many retirees must have suffered from the fed war on inflation since 2022
We actually lived in Guadalajara, Mexico for 3 years and then moved to Lisbon, Portugal. We've been in Lisbon 2 years now and we are still exploring other countries. We've been researching the Costa del Sol of Spain and will also be looking at Costa Blanca and will definitely create a video on Alicante. ☺️
@@SeekingParadiseBugs Ah, I see , thank you for the clarification, I now understand it was the sequence of video posting that confused me. I, too, was exploring Spain and Portugal. The latter changed their residency qualifications so that one can no longer buy in most known places (eg. Lisbon is out ). My partner is a big city fan + beach bum and I am not so I tried to strike a balance and Alicante while smaller , quite is close to Barca and Madrid (and has lots of beaches). We almost purchased a place early this year. Still, eying it (and Las Palmas as well)
we are too city and beach fans. Maybe we'll run into each other in Spain someday. Good luck with the research! Benalmádena is next in January for us 😊
Sorry about wrecking your entertainment budget. :)
you know we love it 😊
I'm looking forward to retirement in the coming year. Excellent videos (parts 1 and 2). I subscribed and I am happy I found your channel.
Welcome and thank you! We're glad you found our channel too. 😊Congratulations on your upcoming retirement!!