Frugal Living To Retire Early : It’s Simple But Works
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- Опубліковано 15 лют 2019
- What does it take to retire early? Frugal living is the simplest path to retire early. Frugality will ensure you can retire early - it's simple but works. It's a lot simpler than you think and in this video I outline exactly what it takes to do it. Frugal living or cutting your expenses is the best way to start on the path to early retirement and it's so easy to do once you know how.
Early retirement is a lifestyle choice. Frugality is a lifestyle worth living. It's the secret to retire early.
#retireearly #secretisfire #personalfinance
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Mike has a true rags to riches success story that proves anyone can do what they set their minds to. He grew up in poverty bouncing from home to home and realized at age 17, when he moved away for college, that there was this early retirement movement - nicknamed the "FIRE Movement." It was there, in his college dorm-room that he set out to be the youngest retiree, and retire in only 7 short years (17 to 24 years of age). He achieved the goal of becoming a self-made millionaire, with a young family, at the age of 24 through hard work, extreme frugality, and astute Real-estate investing.
Today, Mike (26) works hard to share what worked for him, what didn’t, and to help educate others on all things Real-Estate and personal finance. He is now on a mission to help educate & assist others on all things Real Estate as they unlock financial independence for themselves! He recently co-founded a full service real estate investment management firm (RightWay Management Inc.) in London, Ontario that specializes in helping investors unlock much higher than normal market returns so that they can unlock early retirement through rental income cash-flow (averaging $1000+/month per property he partners with investors on). He is currently scaling up very quickly, acquiring over one property per week in London with investor partners. Mike has been involved in purchasing 50+ deals with investors & friends in the last 2 years. Subscribe to follow Mike on his journey to help others unlock financial independence!
Disclaimer: I make no representation or guarantee to any of the information or advice in this video. These are just my thoughts & opinions and should not be relied upon as legal or professional advice.
I retired about a year ago at age 57 from my factory job that I hated. I was so frugal I lived like I was on a camping trip at my house. My coworkers made fun of me ,laughed at me and called me a greedy miser . Now I laugh at them because they have to work and I don't.
Gental- Man delayed gratification!! Now you are the one who is laughing & enjoying your early retirement.
Gental- Man thanks for sharing, inspiring others that they can do it too.
What did you invest in
@@951ruben Stick with three basic needs in life ,food clothing and shelter. I started saving when I was 24 and saved about 70% of my pay. I built my own house at age 28 and paid cash for all of the building materials. Most of my savings was in fixed-income IRA ,401k plan , bank cd's and no fee multi-year fixed annuities . It really wasn't all about what I invested in. It was really about the way I live which few people are willing do. I literally live almost like I'm on a camping trip. I have no TV , a countertop mini fridge, sometimes keep my food in picnic coolers on the back porch during the winter. No hot water heater in my house.I have a solar hot water heater that I built that I use from May until October. heat water up on the kitchen stove or the wood burner during the winter months to bathe with and wash dishes. All my laundry is hung out to dry on the line outside or over the wood burner in the winter. All of my meals are prepared at my house and I never eat out. If you're thinking about getting married you better find an Amish girl .Take the time to watch the youtube video," 40 Years a Nomad."
RUBEN M public equities & real estate.
The more frugal you are, the less money you need. The less money you need, then the earlier you can reach financial freedom. It’s really that simple. Frugality may not be sexy, but it’s effective. 👏🏻
Simple but effective.
Here’s the math behind a couple working at mcdonalds full time reaching financial independence & retiring early in their 20s or 30s:
ua-cam.com/video/Ab-9TgQarCE/v-deo.html
You got it right. I did it and I'm nothing special , just about everyone can do this. You just have to keep telling yourself food, clothing and shelter are your three basic needs and forget about everything else. One of the biggest obstacles that you have to overcome when you do this is the fear of what everyone else is thinking and saying about you.
Living on $25K a year is not my idea of "freedom." I'd rather work, thanks.
Gental- Man great point.
Im targeting to retire at 45, im 37 now, wish me luck!
Conrad Genio good luck!!
You will make it! Jiayou 😀
Sieo Yong hey Thanks for the kind words!
Most Americans suck at living frugally. Half of spending go to housing and vehicles. Riding a bicycle is good if you can safely do it. We never had cable tv. Both our vehicles are paid off. Debt free except our mortgage. 😔
I am 23 and my mortgage is $2400 a month. I rent out 4 rooms for $3300 and live in the basement. I purchased the property with 3% down using a conventional mortgage. I get paid $800-900 per month to live here. He's right. It's 100% doable.
Id love to know more about this. In my area I dont see multi family homes for less than 250k. That seems like alot of debt. Is it stressful dealing with 4 families who need you to fix repairs in their house? I am interested but dont think i know enough to pull it off.
Great idea.
@@josereyes1148 Don't be afraid to learn as you go. You might have to fix a few things at first but after the first month or so the house should be in good condition after all the fixes Therefore, they won't disturb you that often. Finally, don't tell them you're the owner. Just act like a manager. Once they know you are the owner they will complain more often.
Did it. Retired at 48.
Congrats!! That’s amazing
Congratulations! What are you doing with all that free time?
@@Juan_Hernandez_Jr. I retired from my office employment, however I am a foster parent and I've been doing it for 9 yrs. I luv it.
@@itzaviruet173 Good for you. I'm counting the days until retirement. It really is a "grind" 😭😭😭
What do you do about insurance?
When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it...
You are right, so many people make this
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FINALLY a financial person that emphasizes that you have to MAKE $2 to replace the dollar you blew on the expensive treat you thought you had to have! You also finally made the point you don't need to make hundreds of thousands of dollars to save for retirement! New subscriber!
❤️🤗
Angie Frahm me to great points I just stumbled across this Chanel and I’m hooked ✅
F F ❤️ 🤗
A dollar saved is a new habit earned.
Good financial habits can build crazy momentum 😎🏆
A dollar saved is two dollars earned. That's so true. I emphasize on "Spend Less" on your three principles of Earn More, Spend Less and Maximize Your Returns. I have never felt better. Frugality is an awesome lifestyle.
100% - woohoo! Spend less!!!
I have a system where each shopping transaction causes 50 cents to go into savings/investments. Automatically. It has really helped to save money.
I retired early at 54....and i am married and raised two college kids...I saved 30 to 35% of my salary after age 40. For me, being able to fix things...was the biggest value asset (more than just saving 30% of income).....i could work on my own house and cars, change my own tires balance them and do wheel alignments....work and fix my own HVAC system.
Accuracy Marked I love that DIY mentality :)
Thanks for this. I'm 40 with a 3 yr old and I've been panicking re retirement. After 2 more years of daycare I can live off 50% of my salary. You give me hope with saving after 40 as I have no retirement funds at moment.
You can do it!!!
This has worked well for me, too.
Hi. Any advice for a 39 year old with a 3 years old daughter and wife at home living in the UK at the moment and about to qualify as a nurse? I fix my own things too, late Dad taught me stuff and I picked up a lot myself especially when it comes to cars. I suck at the electrical part of a DIY job though. I have debts that might take me at least 2 years to clear. We stick to main things like food and bills and we have a plant based diet and hardly can save anything or reduce that cost. And wife and daughter wont eat rice and beans like me many days. What advice can you give, please? Thanks.
This is all true and great. The only downside of this is that frugality is usually a huge turnoff for women which might create problems in your personal life 😅
It's the biggest redflag. Forget about having offsprings.
Will chasing women help you financially?
Need to find a woman who is frugal, not high maintenance & has same mind set....just an idea
I'm a woman and frugal . My husband was not initially on-board but now he loves the extra freedom it gives us .
You just have to find as woman who is willing to live frugally.... they exist believe me! i found one xD
Starting next year I’ll be able to save 75% of my income. I’m on track to retire if I wish in 10 years. I’m so excited for this. I’ve created my own American Dream. Having more options in life is more valuable to me than buying stuff.
Amazing!! Congrats!!
Some people say that early retirees are lazy. I say they are smart people who decided to go for financial freedom. Who wants to be forced to work 9 to 5 until they drop dead? Isn't better to enjoy the fruits of your labour when you are 50 and travel the world? It'll free up time for you to whatever you wished you had time for when you were working. This way of thinking is smart.
:) thanks
Dude, this is exactly what my parents taught me my whole life but throughout life we get stereotyped as cheap, being indian and all. One thing I would like to mention that spending on experiences is a bit different as compared to spending on things. Thanks for sharing, it made me feel that the way I live my life is ok. lol I totally resonated with this video. Thank you again!
Love it! Dropping gems in this video. Loving the frugal lifestyle so far
Thanks Austin Y :)
I worked in this video - better one in a while.
Great video Mike! I like the experimental camera angles too.
Thanks Rob :)
I love being frugal. I am not as frugal as some, but I am frugal enough to still live comfortably for myself. My husband and I have no children, low student loan debt and paid as we went. Our fun is streaming a movie every now and again, hiking, picnicking and going to our nearby beach. We do go on a vacation every other year as we love to travel. On vacations we hike and go to state parks because my husband loves photography. Our goal is not to retire early, but possibly my husband working part-time or taking a teaching position for older kids in a good district so he and I could live and travel. I love my job and already work part-time. We both sleep easy at night. Rarely eating out, hang dry my clothes, home cook and really not many convenience foods, low car note and only one, low rent in the country, one credit card each with no more than $1,000 limit on it. I try to keep a low grocery bill and healthy food is the cheapest (oatmeal, beans, rice, peanut butter, whole wheat cereal, tuna--i could go on), but my husband loves meat and steaks, so I have to have that as a staple. A person has to pick and choose what is important to them.
Amazing!
I like my flip phone) I have been using it since 2012 and fully happy with it! Interesting video. Thanks.
Haha, I can’t live without my smartphone after making the conversion.
This was great, thanks for the tips and reminders.
Happy to share. Thanks for watching & commenting.
Great vid, Mike. You've become my favorite watch on UA-cam. I'm in my early 60s and retired due to disability. I didn't know how to save a dollar to save my life up until 3 or 4 years ago. I now own my home free and clear after digging myself out from under a 25K property tax deferral from some years ago (long story). Biggest bills I have nowadays are property taxes and insurance. I'm currently saving $2,000 a month for myself, thanks to budgeting. I can hone costs down even more now that I'm past the "I've gotta have that" mindset. My next step is talking to a financial advisor to find out what route I can safety peruse at my age. If only I'd listened to sound, proven advice from a well off real estate uncle 40 years ago, but such is life. Better late than never as they say.
Thunderball1957 this is amazing!!!!
@@MikeRosehart thanks! 👍 It's incredible how much budgeting and living below one's means can save, and fast. Actually seems as if I've received a big increase in my pension and SS, and I don't feel like I'm depriving myself at all.
Great video, thanks for sharing so much information!
not sure about the united state but here in south korea, if you are not married, it's easy to save 85% a month.
I've retired at 49 with zero debt. A home on 32 acres, 2 autos, a motorcycle, boat, fully stocked workshop and all the toys I can ever play with. I never felt like I was being frugal, I just wasn't wasteful.
I have just begun my frugal journey - Great video.
Thx for the video man, really impressive and inspiring!
Thankyou for your suggestion I will consider how I might earn money or find employment guided by the things I enjoy.
Mike....you've converted me. I appreciate the videos, your message. Currently binge watching you. And working on changing my ways!
Amazing! :)
A topic that's so not my style, really enjoyed it - great video.
Jacob Perez :D ♥️
All great advice 😉😎
Great tips Mike. You just earned a sub!
Danny Luu awesome! Thanks Danny. Welcome!!
Love everything u say! Because its so true! Unfortunately most ppl dont get it and stay broke all their life!
Ur so young yet so wise, even many older ppl need to learn from u!
Hi Mike - Thank you so much for all the videos you've posted over these past years. You seriously have no idea how great your impact is. You've helped me a lot and I really appreciate you and your kind heart. Like most viewers I'm highly skeptical of UA-cam content, but in watching you for nearly a year now, I'm confident that you are sincere and your advice is spot on. I'm 62 years old and my FIRE is Financially Independent Retire Eventually. One tip for you: please remember a solid percent of your audience is older folks who are led to your videos by the word 'retire.' You are very gifted in communicating your enthusiasm and wisdom, and you are helping us old folks as much as that slightly demented younger crowd....
I’m a real person positively affected by these videos and my comments were honest, sincere, and unpaid. Please check your facts before you judge. Thanks
Thanks for watching.Send a direct message for guidance.
Wow. That dollar saved/ dollar earned reframing is powerful! Thank you!
Great video!!! Excellent tips!
Thanks :)
Thanks for keeping me motivated! I am a new subscriber to your channel. I was saving 72% of my normal income. 28% went towards taxes, Social Security, and insurances. The only way I would get a check is if I work overtime. I gave my daughter a five year college education, four vehicles, 10 pieces of property, a completely furnished house, a huge shed that could be converted into a house. I am retired. I live a very frugal life. Once in a while I need inspiration.
I just received a coupon for smoothies. There was two free smoothies, two coupons for buy one get one free, and two coupons for two dollars off. I cut out the coupons for the free smoothies and I threw the rest away. I assume I will have to pay for the tax. LOL
Anchor Baby that’s amazing!! I talk post taxes typically.
Your daughter must be very thankful!
Anchor Baby lol, probably true.
Mike Rosehart
She says I’m her best friend. She also refers to me as white Jesus. I am a woman. I usually go in and make everything better. I told my economics teacher many years ago that I was going to grow up and become a professional bum. I told her I was just going to buy and sell stocks. She told me that I would have to get a job to have money to invest. I was 15 years old when she told me this. I had seven jobs at the age of 14. I did not get fired from any job. I worked all seven. At 14 years old I had invested $1850 in a new insurance company and the stocks went up 1300% in six months. I owned my first house at 15 years old. Second house by 18 years old. I absolutely love walking in to a financial advisors office and tell them to do what I say and when I say! you are nothing more than my secretary and if you do this we will both benefit. Imagine a woman looking like a Barbie doll and kind of ditzy looking walking in with a plain white T-shirt, old faded blue jeans and athletic shoes that I had just cut grass with it. The financial advisor told me that throughout the United States the company he works with for the first quarter my account had the best percentage return on my investment. The second quarter I was in second place but still did fabulous. I pulled my money out of that financial advisors office. And started investing on my own again. I heard he is in jail for sticking his hands in the cookie jar. But he did not manage to get any of my money. I became a coupon expert at around 17 years old. Both my parents were disabled. The company my father worked for was trying to starve us. With all the coupons and rebates I did, we had well over five times the amount of food and supplies in the house then we ever had before. This was in the early 1980s. Every week I would buy in between $325-$350 of food, cleaning supplies, soaps, toothpaste, shampoo, etc. and I would pay in between $24 to $27. I would only actually pay the tax. My expertise is to find a coupon that is larger than the price of the item. Then I tried to get every single coupon that was ever printed. The store has to pay me the difference up the price of the item. One year I collected close to $40,000 off of coupons That the price exceeded the cost of the item. It’s a dumb blonde thing! I did not even need these products. LOL
Get high paying job, live at home, don't have kids, don't get divorced, drive old used cars. Retiring early is pretty easy, but that is a boring life, no kids, no fun spending. which is why i use a financial advisør who handles. my investment portfolio. That’s definitely the only other realistic way to retire early. Goodluck!
impressive. I myself am pretty much focused on building my dividend portfolio
hi i'm new to this please any advice for a retiree who would like to make huge ROI from an investment ?
@@walter.dlawson2580 As an active investor and considering the fact that beginners are prune to mistakes I reached out to a consultant for help, as far as my journey goes, investing is much easier when you have proper guidance..
I’ve got 3 kids...
My life has been anything but boring.
Thanks helping us.
x_270 rr_S happy to help! Thanks for watching. I’ve got lots of free help on the live streams every Wednesday @ 7pm est
All the way from London UK Just found your channel from seeing you on Graham Stephen.. Feeling inspired by your philosophy.
Anthony Dear ❤️
Great idea. Thank you 😁!
John Tiedemann np! Any other videos you’d like to see?
Been really commited to paying off all my debt since early last year. with practice Im down to living off just 50% of my wages. Funny thing is I dont miss anything! I really dont understand how i was over spending for so long
Right on. Definitely true, you don’t even miss it.
I can relate.
Tell me about your frugal hacks & tips. Let’s support each other - it’s more psychological than anything else. It’s the reason I’ve help found groups like London on FIRE & FIRED up Finance$ on Facebook.
Let me see you in the comments!!
I like to focus on big ticket items, house hacking and drive a cheaper used car
Jake VB housing, transportation, food, variable spending. Crush the big 4 & your set!
@@MikeRosehart especially when your're young! I'm still able to live like a college student and I know the money I invest now will compound more than any time I invest in the future
Jake VB 💯 right. Time is the ally.
I reuse condoms and not my own! Others I find in alleyways!
If you enjoyed this video, my ask is that you share it in at least one place. Bonus points if you share it 3 places :) I do not sell any courses, or coach, or anything - I do it all for FREE. I’m losing money after UA-cam equipment investments but thankfully I am FI & money isnt why I started this channel. My only currency is in subscriber loyalty & getting the FIRE Movement message out there! I want to help change your lives so suggest videos & topics you’d like to hear about that will help you improve your personal finances!
You are awesome and inspirational! Thank you!
Michael Lambert thanks 🙏
You are so smart and practical for someone who looks so young. I wonder who your parents are. Haha! Thank you for this generosity and God bless.
Just average people. They separated when I was young.
My background being so rough growing up poor is probably the reason I am the way that I am.
Great message
hmm well interesting topic all about retirement mike bro i like your postings and video clips a lot your a rockstar keep up the good work take care have yourself a very nice day your fraz bro.
Thanks for your continued support.
@@MikeRosehart no problem mike bro your always most very welcome at anytime buddy i am not going to give up on you i'll make sure that whenever you post up a video clip on youtube or fb i'll write a comment watch the video clip i like youtube i watch different things on it to.
Great video.
Your really cute and smart. Good video. Im always looking at ways to save more money and live cheaply but well. One thing that saves me alot is cooking and baking homemade foods. And also having small car tht doesnt use mch petrol and being careful on how much i drive and i also budget my expenses. And pay myself (my savings) first. Ive been reading many financial books lately and happy i came across your channel
Thanks, I appreciate that. That’s awesome rebecca c!
Pay yourself first :)
I’ll do more videos on frugal tips for you :)
can you marry me
sten260 haha, already taken. #sisterwives - just kidding 🤣
I appreciate my hot chocolate in a nice tea shop once a month way more than when I had it twice a day ;)
Great video! New follower/subscriber! Omg, you are a dead ringer for my nephew! And he wound up on Wall Street... Keep these up please? I’m 57 and want to retire at 65!! You’re amazing !!
Will do!!
Thank you 🙏
I enjoyed watching your video!
This is great. Love.
Thanks :)
Thanks for watching. Send a direct message for guidance.
I’m working on it now. Just paid my mortgage off at age 34 now paying down some debt. Hoping to do this in my 40s but will give myself a fallback option of retiring early at 57 as the latest age to get this done
Great video. Subscribed.
Aaron thanks! Welcome!
Earned my sub and respect G. Will live frugal. My mom always used to say, be ambitious, but I see living frugal as being ambitious, rich people are the stingiest people, and that's good. Always be stingy. Poor people don't know how to spend their money. The beauty of America is that you can really do anything. It's capitalism baby. Living poor will help your future. Don't see that as unambitious. It's delayed gratification. Live poor now, and live rich and lavish later on. This man is a legend. Keep it up dawg.
I totally agree with you.You're an eye opener.I haven't saved that much but I want to take control of my life and my finances.I'm 39 now and I'm going to retire at the of 45.I'm starting to live frugally.Now, I appreciate less is more.Thank you and God bless.
Thanks for watching. Send a direct message for guidance.
Great content
While I am blessed to enjoy what I currently do. It can always change, and having the freedom to choose your desired life is the key.
76% of North Americans hate their job (where they have to spend half their lives), to them, it’s probably easier to just embrace frugality than live an empty consumption lifestyle. Early Retirement through frugality is just one path. It’s simple, and it works with the highest rate of success.
@J G Frugality -> Real estate investment -> Owning multiple rental properties. He shared his full story with Graham Stephan in another video. Might wanna check that out.
Another rich person thats "blessed". Fuck you...
@@buyerofsorts I am not rich monetarily, but I am extremely blessed.
@@donnaleeclubb119 So what's your point?
@@buyerofsorts My point is EVERYONE is blessed in some way, even you. Now, you may not be a believer, I don't know (not a judgement one way or another), but blessings abound for everyone. So, another rich person talks about being blessed. Good for them. They are blessed. But I promise you, they are not happier and more fulfilled than I am no matter how much money they have. That was my point. Society puts too much emphasis on happiness and money. One does not equal the other at all.
Really enjoyed this video and learnt a lot and love how you teach and explain everything. Save more Earn more and Maximize returns 👍.
Gemfeng you got it!
Spend less, earn more, Maximize the difference returns.
Manage your money the same way a corporation manage their finances. Assets - Liabilities = cashflow/profit.
If you can't decrease your liabilities, then increase your income.
ℛɛᴛʀᴏ ℛɛᴅ Run Your personal finances like a business - 💯
I live in a tent behind my work and shower at the gym. One of my patients that frequently complained about their medical bills saw me crawling out of the woods one morning and walked back there after their visit and saw my humble abode. They paid their balance in full and started referring people to me. Lol! #frugalityfringebenefits, #5yeardoctor40yearretiree
Lmao.
JD can you share your story ? how hard is it to live like that ? amazing ! Huge inspiration.
J D if he is serious I need to hear more about this story too.
@@MikeRosehart hope he answers haha
Clearly doesn't live in Canada.
Great video man! I currently live on like $1800 - $1900 per month and that includes $300 /month for non-essential purchases (Eating out, hobbies, etc.) $50,000 per year in retirement sounds great!
Icallthisliving go lean so you can be Lux FIRE in retirement ;)
I like the where dis the money go image. great resource. Also- ask for a reduction of fees
Mike love your content. New subscriber here 👍
Another awesome video. I will implement the process. I wish this video was created in 2012.
In 2012 I was just putting these principles into practice to prove they worked :D
Yeah, live like a rat for the next decade and see if your a millionaire or can retire. Not happening friend.
buyerofsorts I live in a 9 bed 5 bath balling house in a great area. I rent out the lower basement apartment I created and my entire mortgage, property taxes, and utilities are paid for by the tenant. It’s fantastic. It’s called house hacking. Live in luxury for free.
Why not figure out how you can have that dream house instead of just saying you can’t?
You’re wasting a lot of time on my comment threads. Comment #20??
I appreciate you helping boost the video - any activity is good activity.
Spend less, earn more & Maximize Returns. I believe you can be 1% better than you were before.
Great video. I’ve had a lot of set backs in life and was dead broke with let’s just say people I’d rather not be around(not drugs,just their mentality and such).
My checks were taken by my sons dad to pay for bills because he didn’t want to work-note: these were his bills,he let mine go into collections and it wasn’t his parents who used $2,000 on my credit card,& he spent $1,000 for a new computer on a credit card he opened in my name without me knowing.
I was a reckless spender at points because of my depresssion of being left out of all financial knowledge (like I couldn’t see the bills or pay the bills,I wasn’t allowed to know anything & I even if I spent $30/week on groceries for me & my son I was told I was living too luxuriously.) I had the opportunity to get state help but my sons dad sabotaged it on purpose so that I’d be basically hostage(we live in the middle of nowhere with no sidewalks,busses or cabs).
I’ve had some help financially-due to unfortunate circumstances of losing a family member. I’m finally getting help with learning to drive and purchasing a vehicle
& getting a license all hopefully in the next month from my sons dads cousin & her husband. I have family offer to let us(me my son and our dog) move in & pay rent until I find a place to live,& get comfortable with driving more-I have high anxiety and am really short & get distracted easily so it’s going to be a major challenge,as well as taking some 5 week college training classes to get s decent job. My sister is helping me invest in stocks and all that. It’s a challenge but I’ve seen on Pinterest and UA-cam about making(from cheap notebooks that go 10-25(/ at school time) spending journals and seeing what I have in the bank,what additional income I’m making and where it’s going as well as noting what I spend each month on food/insurances/extras/bills,etc. and making a plan on how to lower (again mostly informed by Pinterest and UA-cam) bills. I also use websites and apps and do extras for additional cash/paypal/gift cards. I don’t really buy clothes and when I do they’re usually on clearance or secondhand unless I got a really good deal on them or need them,but I try to keep it to what we’ll use and not overdo it.
Moments formoms wow! 😲
That’s an amazing story. Great come back!
I'll watch the rest of this video out of curiosity, but working all year for a 10-20% raise? Please! I've never worked in a job that gave more than a 3.2% raise. In fact, last year, I was given a 3% raise, and that was after a review where I was rated as "far exceeding" the expectations. This year, I was rated as "exceeding the expectations," but I truly don't expect more than a 3% raise. That's life in the real world, and I work in a professional environment. This is not an entry level position.
Jennifer Riggs you’ve got a good point. I was assuming more of an entry level position where raises are typically closer to 10%, eventually it stabilizes. The point is even better with 3% raises. Early Retirement is more attractive :)
When i worked at KPMG in corporate accounting the exceeds performers got 10-15% raises, but average was 3-5%. Very true point. I was trying to speak to the folks that “love their jobs” ...it’s always great until it isn’t. That’s why have that FU money is so important.
@J G Fucking aye. Another person that somehow made it big at a young age and now thinks he holds the formula to everyone's success and becoming Bill Gates rich by the time your 12 years old. lol.
Move companies.
@@cocodakilla I understand that's one way to make more money because of negotiating, but the company I work for has a lot of pluses, more so than negatives for sure. My point still stands, though - outside of changing companies, I don't know of too many people who get raises of 10-20% each year.
Househacking makes a HUGE difference. We only spend about $300/mth between the two of us for housing - just paying the utilities. About 3% of our income. Cars aren't our strength, with two reasonably new cars (2012 & 2014), but we'll be down to just one car payment soon! We weren't as financially savvy when we purchased those, and lived with our parents back then ;P
Dominique Chenard 💯
House hacking or rent hacking is key!!
I want to do this when I purchase my first home. The intriguing thing is that I've had quite a few people in the FIRE community tell me not to do it (because of the pain of living close to tenants) but I don't plan on renting rooms; I was thinking a duplex or in law suite in the basement. Most FIRE people tell me to just get a realllly cheap single family and pay it off quickly.
can i ask how you house hacked and where? Living on the west coast, multi-family properties are typically very scarce and in bad areas since there's no need for people to live so close to each other when there are single family homes in abundance. I'm open to moving to the east coast but it seems like all the affordable multi-family places are in dodgy areas. would love to know where you found your spot!
Being frugal helps but you still need to make a reasonable income where you can stash 75%. Congratulations kid.
A. Citizen ::: This comment is platinum! If one is only making minimum wage, it’s extremely difficult!
Awesome, i love your videos. I am 29 and an Indian. I have a goal to become Financially independent at 42. Taking your guidance as my motivational pill...Cheers
Gaurav Sharma thanks!
Cool perspective at 5:30 on a dollar saved. I see firsthand how much families spend on "misc" things, and it can be really crazy. Once the stress about the next paycheque is gone, you can really, truly enjoy your life, and reflect on other jobs/business opportunities. I don't believe everybody should embrace frugality, but MOST people should really cut out the excessive spending so they can reduce financial stress, and if not retire early, at least retire one day.
Dominique Chenard embracing some frugality can have drastic changes. Even cutting $100 off the monthly budget reduces the amount you need in retirement by about $30,000. $1000/month shaved off the spending budget = $300,000 less needed in your retirement portfolio. Not only do you save faster but you also need a lot less! It’s a double win. Reduces time needed to retirement by A LOT.
Dominique Chenard it’s not for everyone, but it’s the sure path.
@@MikeRosehart yes! I also believe in spending my $$ locally - spending (or sharing wealth, depending how you look at it) with local artisans, farmers, and trying new cuisine. I wouldn't give that up to save an extra $1-2k per year. But, I do make sure I've "paid myself first" before spending in those areas - and I'd say 98% of folks don't have that basic practice in place.
Dominique Chenard true! Pay yourself first.
Community events page of local newspaper usually has free things included, especially if its a group of friends/relatives. Bring a picnic lunch or tailgate potluck.
You are brilliant.
🙏
Enjoy your show.
I want to become wealthy. I'm working on my passive income sources and I just started my channel on personal finance!!
Awesome!! I’ll check it out.
@@MikeRosehart Thank you!
Subbed. Expenses down, income up. 30% focus on expenses down, 70% focus goes toward income up.
Zachary woohoo! Welcome. Love it!
We need a video on cost effective things you can enjoy. Or ways to find freebies. :-1
I’m 15 and I’m currently paying about $305 on a monthly car payment (in my mother’s name) I took on the loan because I work ferociously and need a vehicle and so my mother could get a new car. It is $4700 away from being paid off. I have paid $1227 on it since February 22. I also have a monthly payment of $47.99 for my cats vet bill that is almost up. I am very bad at saving and need some help with that and not spending too much on food. I want to soon take over my insurance, phone bill, and all household needs because my mom is very in debt.
jessi w wow! You must be the most responsible, hard-working 15 yr old! It’s hard when parents haven’t been very smart with money, but learn from their mistakes. Try to conquer the car loan and avoid financing anything else (making monthly payments on something). Avoid credit cards of you can! There are lots of good videos on UA-cam on frugal living and becoming debt-free (maybe you’re mom could watch too). It’s good to have money saved for a rainy day or an unexpected emergency, like a trip to the vet or a car problem. Best wishes! Watching videos like this are a great start on your journey to financial freedom
Could you do a video on life, sickness and accident insurance. I know that term life insurance is often spoken of as a way to save while insuring that your spouse and kids will be taken care of in the event of an early leave of absence. What are ways to save on other forms of insurance?
Great video, just subscribed! Maybe we can collaborate sometime down the road. Keep up the good work!😃🙌🏻
Thanks, awesome! Yeah I’d be open to that. What’s your story & background?
I make a very healthy income and I'm at the core of my highest earning years. However, I know eventually my job will become automated. I need to save more, earn more, and plan to either be out of my industry in 10-15 years or have prepped for a completely new job that will likely pay me less but may have more job security.
chevyjazz pack that money away now while you can!
what do you do for a living?
@@MikeRosehart I work in the tech sector so there is no shortage of work right now. But I know my industry is constantly innovating but we're going to innovate ourselves out of a job eventually.
chevyjazz that’s awesome! Prepare for the worst, hope for the best!
1...ONE medical crisis and all you saved is out.
Very nice video
Brayden Cordrey thanks! :)
Mike Rosehart I'm an currently putting everything extra on my mortgage then going to start building up some wealth
6:39 My family is a self-made millionaire and we don't waste our time, money, and health in drinking coffee.
Great advice, Mike!!
😂. Drink it if you need it. I personally don’t.
Music to my ears
Thanks for watching. Send a direct message for guidance.
I still live at home, but when I move out I will house hack.
I use all my technology until it's so beaten it's nearly unusable. My phone will have glass cutting me when I trade it in.
I ride an electric motorcycle that I also use for work, so it makes me money. Also, I pay just $60 in electricity to go 20,000 miles, and it will essentially last forever. I don't think I'll ever be able to "run it into the ground". Insurance is 3x cheaper than my old 2005 toyota, which is 3x more boring than the motorcycle.
I make all my food, and rarely buy prepared food. I eat a lot of ham sandwiches. They are damn good.
Being frugal is fun.
Austin A I applaud you - stay frugal my friend! Stay frugal and continue to earn more, spend less and then maximized the returns on the difference.
You are doing it right. MANY women are frugal. Prepare to have children. DO NOT LET IT BE A SURPRISE. PLAN for them.
Donnalee Clubb 💯 those that fail to plan, plan to fail. Plan for the unexpected, so when it comes you’ve already prepared for it.
Austin A Any details on the Electric Motorcycle?
@Mike Rosehart - can you make a video on how a non-US citizen (e.g. UK) could buy and manage property in the US? The UK no longer has great prospects for rental yields.
I’m sure there are areas to arbitrage, you can buy internationally but it’s tricky for financing & taxes.
@@MikeRosehart - www.thisismoney.co.uk/money/mortgageshome/article-1596759/Ten-tips-buy-let.html
Good video, just letting you know the camera swap and panning was pretty distracting to me and probably some other people
Bianca H thanks for the tips 👌
Theres a lot of people wanting to see the math behind how anyone can retire in 5-10 years. Here’s the math behind a couple working at mcdonalds full time reaching financial independence & retiring early in their 20s or 30s:
ua-cam.com/video/Ab-9TgQarCE/v-deo.html
I’ve got lots more videos walking through the math.
Find a company that has a great 401k matching program if you live in the USA. Max it out unless you want to have cash flow before 65
That’s one way. The slower path, but it certainly works too. Until a recession.
Proectiong yourself against ageism what type of job do you recommend? Real estate?
So I bought place in windsor got 2 rooms rent out and pays bank payment. Have another side which is 900 sq ft which is new build. Its room that needs complete apartment build would you contract it out or do reno your self over 7 months. If I do it my self its way cheaper. I Al's have house doing reno on too. I can rent basement out and upstairs. Rental property is that the way to retire . I'm 60 now with 6 year old . Good health yet
Another of my secrets was the ability to acquire cheap debt to buy good cashflowing real estate. Link to the video:
ua-cam.com/video/GOjqqXHrw6c/v-deo.html
I'm going frugal.
So nice to hear a likely-minded individual :)
Thanks for watching. Send a direct message for guidance.
Do you put any money in your Roth IRA or do you simply put everything in a brokerage account?
Definitely prioritize the tax advantage accounts - max them out first. Open brokerage account as the last bucket.
In Canada I max RRSP & TFSA, then Real Estate, then open margin.
I retired at 26 years old. Early retirement is stupid. Better to focus on improving the value you give to others. Learn new skills, make more $, be frugal but there is no need to save 90% of your income. If you save 30-40 and keep increasing your income you can build wealth and start increase your spending based on passive income your assets generate.
One last important point, the kid in this video will go most likely go bankrupt. He is buying properties like crazy, I've never seen someone like that become filthy rich. I did see them all go bankrupt though. It's surprising to me that on one hand he saves for freedom and at the other takes on debt which destroys freedom.
I would like to find videos on retiring on just ONE job, no multiple houses to rent out, no money from side hustles... What most people are doing is retiring from ONE job and retiring not continuing to work on other jobs.. Does anyone have suggestions for other videos to watch? This is great but not everyone wants to own homes to rent out, or be on YT for extra money.
Loyda Coulombe definitely! My original retirement plan was to retire at 29 without any real estate.
Extremely frugality, leveraging the 4% Safe withdraw rate (video on that recommended at the end), investing in an ETF (exchange traded funds) stock portfolio. It takes a couple extra years, but you can still retire in 5 years with strategies like that. Jacob Lund Fisker author of Early Retirement Extreme talks about it in his book, I interviewed him on my channel.
I'm 28. My goal is to buy a house in cash in 2 years and work until 40 or less then retire
Out of debt. Not a spender. Need a solid financial plan. My mom died at 102 and she was healthy and strong and was active and drove and worked up until she was a 100 years old. She was an artist. Unfortunatly I didn't inherent her talent. I believe i have about 20 healthy years to get myself out if this situation but I need to find a job where I could work on my own or where my age won't be a major factor in my financial success.
Susana Stevens do what you enjoy - what are your passions? Is there something you’re good at you can side hustle?
That’s amazing re 102!
In 99 I got a MA in School Psychology
After the divorce I studied and acquired a license as a professional counselor but 5 years later I let it go: bu now because of changes in policy I'd have to acquire another MA. So first I have to prepare for the GRE.
I just thought rather than going back to school I thought pursuing a different license would be more cost effective but first I wanted to check to see what l could do without 3 more years of school. So what is the best ways to increase the money I can earn within an allotted time period. And I wanted to find out the best way to gain financial security based on income from a job that wouldn't require further trainiing. Perhaps I should reword my question. Limited to money from a minimum paying job but having a 20 year period before drawing on it; what is the best method of increasing your investment?
Question for you...how on earth can you invest in 9 properties? Do you need to borrow from banks? What's your secret?
Btw great video it is about living frugal and being disciplined
Scott Canada partnering with investors and yes, 80% loan to value from the bank/lender :)
Scott Canada totally true, thanks 🙏