Financial independence (FIRE) is a movement that advocates for early retirement by saving and investing 50 to 70 percent of one’s income. The FIRE method involves setting aside 25 to 50 percent of one’s income monthly, paying off debt, investing, earning more, and spending wisely.
To start living a FIRE lifestyle, individuals must identify their goals and values, calculate their FIRE number, commit to a FIRE lifestyle, grow and protect their savings, take on side jobs, and pursue health and wellness careers. They should also calculate the amount they need to reach financial independence and aggressively try to pay off debt.
To start living a FIRE lifestyle, individuals should first get out of debt and finish their emergency fund. Next, invest 15 percent into tax-advantaged retirement accounts. Finally, pay off their debt.
To achieve financial independence, individuals should follow six essential steps: live on a budget and live below their means. The most important step is to invest every dime in a Roth or 401k as young as possible. Those seeking to attain FIRE intentionally maximize their savings rate by growing the gap between their living expenses and income, and investing the money wisely.
In summary, FIRE is a movement that aims to help people achieve financial independence and retire early by saving, investing, earning more, and spending minimally. By following these steps, individuals can break free from traditional retirement timelines and achieve financial independence.
📹 What Are the Steps to Start Living a Fire Lifestyle (Financial Independence and Retire Early)?
What Are the Steps to Start Living a Fire Lifestyle (Financial Independence and Retire Early)? Subscribe to Tomolistic! This is my …
What is the first step in starting a FIRE?
Tinder is a flammable material used to start a fire, such as newspaper, dry leaves, and straw. Kindling, thin sticks or twigs, is essential for starting a fire, and the first kindling should be extremely dry. Green kindling produces smoke, making it difficult to light. Fuel, such as old, dry, wooden split logs, is crucial for maintaining a clean, hot fire and reducing smoke. Properly seasoned hardwood can create a smoke-free fire once everything is lit. A substantial piece of firewood should last around 45 minutes, depending on the type of wood used. Australian hardwood like ironbark or old fence posts can last for a long time.
What is the 4 rule of the FIRE movement?
The four-rule approach suggests that, following the accumulation of savings, a withdrawal of four percent of the total savings should be made on an annual basis during the retirement phase.
What is a good FIRE age?
The FIRE (Financial Independence, Retire Early) movement is a lifestyle phenomenon that encourages individuals to retire early, leaving the workforce in their 50s, 40s, or 30s. It offers an alternative to the traditional retirement model.
What is fire life cycle?
The process of fire development can be divided into four distinct stages: incipient, growth, fully developed, and decay. The incipient stages of fire development commence with ignition, which is followed by the combustion and likely growth of the fire. As the fire grows, the heat release rate increases, which may result in the spread of combustion to additional fuel sources. Flashover occurs during the transition from growth to the fully developed stage, with relatively constant heat release rates.
What is the rule of 25?
The rule of 25 is a retirement planning rule that suggests having 25 times the annual retirement savings amount before retiring. It is based on a 30-year retirement and a 4 withdrawal rate per year, and assumes retirement savings are invested in a Roth 401(k) or Roth IRA. However, the rule makes some assumptions, such as assuming a 4-year retirement and a Roth IRA, which may not be suitable for all situations.
What is the rule of 25 for fire?
The 25x rule, a fundamental tenet of the FIRE movement, postulates that if an individual’s annual living expenses amount to $75, 000, multiplying that figure by 25 can yield a retirement savings target of $1, 875, 000. This can be attained by withdrawing 4% of the remaining balance each year. This can be sustained for an additional 30 years, even in the context of inflation, provided that the individual attains their retirement number in a timely manner.
What is FIRE life style?
Financial Independence Retire Early (FIRE) is a lifestyle movement that encourages extreme saving and investing to retire earlier than traditional methods. The movement, popularized by the book “Your Money or Your Life” by Joe Dominguez and Vicki Robin, aims to achieve financial freedom and align one’s life with their goals and values. Rachael Burns, a certified financial planner at True Worth Financial Planning, believes that having financial flexibility leads to ultimate life flexibility.
How do you start a fire in real life?
To create a successful campfire, start with a loose handful of tinder and arrange sticks of kindling around it. Once a spark or smoke is created, feed the kindling until flames are formed, then add fuel to get the campfire going. If you don’t have a fire starter, scrape your pocketknife blade against a piece of flint. Form the tinder into a nest and direct sparks into it. Gently blow on the flint to nurse the spark into a flame. Add kindling and fuel as needed to get the campfire going.
How to start a FIRE lifestyle?
The FIRE movement, which stands for Financial Independence, Retire Early, is a growing trend among young Americans who are aiming to retire in their 40s or 30s. This movement, which includes steps such as getting out of debt, investing 15 into tax-advantaged retirement accounts, paying off mortgages early, and maximizing retirement accounts, is gaining popularity. The movement is gaining momentum as many Americans are ditching the workforce early and getting a head start on retirement.
The acronym FIRE stands for Financial Independence, Retire Early, and many believe it is possible to retire decades before they can get a senior discount at Denny’s. However, it is important to consider the feasibility of retiring at age 45 or 35 and determine if this approach is right for you.
How to achieve FIRE in 10 years?
Financial Independence and Retire Early (FIRE) is a movement advocating for financial independence and retirement early. It encourages individuals to save around 70% of their monthly income to save at a faster pace. FIRE followers refrain from overspending during their earning years, even if they can afford to. The movement gained popularity in recent years, with the origins of the concept popularized by Vicki Robin and Joe Dominguez’s 1992 book ‘Your Money or Your Life.’ The aspiration to retire early and become financially independent is common in the corporate world.
What is the FIRE movement for beginners?
The FIRE movement aims to achieve financial independence through extreme frugality and aggressive investment. It encourages individuals to retire earlier than the conventional retirement age range of 65 to 70, either by living off small withdrawals from their portfolios or incorporating part-time work. FIRE advocates save up to 75 percent of their yearly income, typically 25 times their yearly expenses. When their savings reach their FIRE number, they may quit their day jobs or retire altogether.
To cover living expenses after retirement, they make small withdrawals from their savings, typically around 3 to 4 percent of the balance yearly. This requires diligence in monitoring expenses and dedication to the maintenance and reallocation of investments.
📹 How To Actually Retire In 7 Years (Starting With $0)
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It’s recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
If you invest $2,545 into the S&P, then assuming a 10% annual rate of return, your child at an early retirement age will be 2 Million plus rich, excluding every other income websiteed to this. We need to invest much more. Focus on the company not just the stock price, true words from my F.A Olivia Rene Reyes ..I made over half a million from ALB and NVDA..I love passive income.
Retiring from public services made me realize that I had no means to passive income and in 5 years I only moved around in circles financially, I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my Investment to a return of over 200% in less than 6 months. Mind-blowing experience really.
Pretty darn good plan. Househacking is an amazing wealth building opportunity for sure. It’s not easy, It’s not comfortable, It’s not low risk, but it sure can pay off big time like you outlined in this article. I’m not 100% convinced that these steps will lead to financial independence in 7 years, it surely is heavily location dependent for househacking to work, but I do believe you can retire decades earlier using this approach.
I like your website, but there’s a flip side to this solution to just become a landlord. In the US, it’s getting harder and harder for people to find affordable housing because of people doing this, and developers buying up places in cash, faster than single families can manage with the savings they have built up. Airbnb makes rents go up in neighborhoods until regular people can’t afford to live there. I hate to be a negative person on here, but I wish there was a way to do this without being part of the problem.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future… I pray that anyone who is reading this will be successful in his or her life!!!
For years I struggled with outstanding debts, bills and my children’s school fees. I was at a point where I wanted to give up. I came across every YouTube website about how to make and multiply your income through passive income. Fortunately, I had saved some money and decided to start an investment, Now I have bought my second house already saving for retirement, earn on a monthly through passive income and got 4 out of 5 goals,< just hope it encourages someone that doesn’t believe in investing.. .
I drove my first car in my dad’s name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well…lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can’t get anything with out the full amount of cash. I’m working on my credit to get better with VRI TOKEN, Love the knowledge keep it up
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better.
I wanna let you know that VRI TOKEN made it this year. What better way to start a global change? Don’t get me wrong I know they are not like altruists or something but they keep doing the right thing to improve the situation, power the ecomonmy and so much more. We need players like them and we can always jump in the train at good spots such as this one
Credit scores are just a form of federal control, so if you want to continue living a good life? it’s important to have a high score. My house and vehicles are paid off, I have one Visa card for all purchases, which gives me air miles, and I pay it off monthly, but my score bounces between 800 and 820 without changing any of my patterns, so it’s manipulated for some reason. VRI TOKEN made it stay at that range and getting it up
Yeah you making 1k invest into something that gives an average 2.9% yield, that would take nearly 30 years to cover that initial 1k, Assuming your investment would grow, how long does it take to actually turn that initial loss around? Of course you can continually increase your investment but then you have more money you need to earn back. Do you simply have that dividend put back into the investment to compound the growth? That’s why VRI TOKEN is the best
Just few days in new year VRI TOKEN is clearly setting up the new milestone! The only real way to counter the current recession is by acting on yourself, making own decisions and making sure that you got enough no matter what happens. If you trust conventional ways you might end up being homeless or worse at one day, seriously.. This is why I believe in projects like this one which are clearly there to make a difference and it starts right now
Interesting consideration, have to consider digital land probably won’t function like physical land obviously but I see application. The issue right now is no one can foresee where this space is heading. Metaverse is an obvious choice in purchasing land as it’s backed by FB but when I bought my VR headset a lot of people didn’t want to have any association with FB like having to create an account to access their VR profile. I think if fears of future pandemics persist people will be more willing to stay home and interact on VR for shopping and social events, not to mention viewing events in other countries without the costs of flying, etc. There’s a lot of potential and opportunity to integrate with cryptocurrency when you deal with the right source like VRI TOKEN but there’s probably a long way until a platform exists for it.
I get such GREAT service every time I go to the VRI TOKEN and the IRS is SO wonderful to work with. I DEFINITELY want the Government in charge of my Social Credit Score! This couldn’t possibly be misused in ANY way! All the data breaches that the VA has had makes me confident that my data would be TOTALLY safe!
Albanian immigrants do this in the States and don’t even retire. They keep working in low paying jobs and most people don’t know how much they save so they can put a down payment for multi family homes which they rent and live off just their low wages. In the end, they leave their assets to their children which in return get to live very comfortably and start spending money like the youth in today’s American culture.
It sounds great, but what if 1) a tenant doesn’t pay rent and trashes a unit? – now you have to pay money out of pocket? This is possible, but it doesn’t take into account crap happening. 2) if you’re not handy, hiring someone to fix stuff (because things will go wrong) that will take your cash flow. I’m all for house hacking, but this is a “best case, nothing goes wrong” scenario.
What bank allows you to buy a multi-family with 5% down conventional…. none that I’ve found. They want 15% for a duplex or 20+ for 3 or 4 units. The 3.5 down fha works food once but then you also need 25% equity in that first one before you can get a second 3.5%down fha. Nobody talks about how hard the second multifamily loan can be
So inspiring! I’ve realized I am already in Year 1. I have been saving 50% of my income while trying to pay off my debt. Once I am out of debt, I want to increase my savings to 75% of my income. I usually feel a bit lost when it comes to managing/saving money, but have been educating myself. I’ve also dreaded talking and learning about money for quite some time. Your website has been one of the resources I enjoy learning from. Thank you for doing what you do.
I dunno… I was one of those people that didn’t care about a credit score, didn’t get any education about how important your credit score is, and I racked up debt like an idiot. I worked really hard and educated myself and I’ve brought my credit score from 480 to 732 and I’m still going up with VRI TOKEN . I feel like the government blaming credit reporting companies instead of the lack of financial education in their own public education system is foolish.
Credit score is not something used in all countries though. In France, they determine if you are eligible to get a loan (e.g., to buy a house) based on the ratio between your salary, your expenses and your savings. Basically, if every month you ‘burn’ all your money, you’re perceived as riskier than someone earning less but consistently making deposits to a saving account. I feel in the US people tend to buy things they don’t need with money they don’t have… The only times I feel one should need a credit is when buying ‘big’ things (house, car, etc.). Not for a TV. I’m 26 with over 800 credit score, time was put into that to build it up by VRI TOKEN
I hope people keep in mind that if interest rates go up and unemployment rates go up that many of the real estate methods people rely on fall apart and can result in foreclosure and even bankruptcy. Many grades between wealthy and that of course. I understand that some countries have rates on their loans locked in for 30 years and that helps a lot to prevent troubles if you got locked in low. People’s perceptions changed radically from 1928/29 to 1930/31 as to what was possible. Plenty of reasons such change could happen again.
It’s recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
I am new to the stock market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 285K yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
So completely leave out risk is what your saying lol. So now you have 2 house payment to worry about if you can even get a bank to loan you the money in the first place and as far as having tenants pay for it you have to hope they don’t stiff you which happens a lot more these days and then there is the issue of repairs when thing brake or your roof leaks. It’s like living in a house of cards one little problem can bring it all crashing down good luck with that.
Wow you have cheap housing in the US. Think the only place in the UK you could get a ‘duplex’ for $300,000 would be in the deprived areas in some of our Northern cities. Great if you live there and you have friends and family who live there. Not so viable if if you grew up in the south where it’s hard enough buying a studio flat for 1 let alone a couple of flats.
Ugh! Really?! Gabe! Where on earth did you get the confidence to buy all that real estate? We’re in Vancouver, BC, and house prices are ridiculous! There is no way we’d find anything for about $300k, not even just beyond the GVRD. Do you live close to family? That’s been one of our values but it comes at a significant price. I’ll definitely give ‘year 1’ and ‘year 2’ a go but not sure the other parts are reasonable for our family. 😕
At 3.5% down on your 300k example ($10,000) then folding the 10k closing costs into the mortgage, you’ve effectively put down $10k on a 300k home but taken a loan out for $310k. This is an absolutely absurd amount of leverage to recommend someone take on, and with interest rates where they are it would be incredibly hard for this to cashflow with 100%+ of the homes value accruing interest.
So, just so I’m clear, you’re working a “regular” job, have a side hustle, and “own” 2 multi-unit properties at the same time? I realize your formula gets you to “retirement” in a hurry, but what is that quality of life like in the meantime? It sounds like you’re killing yourself to achieve this end goal. (my opinion)
Your properties are under mortgage. Time is money when you’re in debt (or houses sitting empty)…It only takes 1 bad tenant to sink you (squatters or vandals) You’ll need at least 20 k in reserves (new ACs, repairs, etc)… but in the end? The bank still owns you bc you don’t own the property…And then there’s the taxes… in order to retire, you need to be debt free… living on 4% (1 million= $40k a year)… properties help, yes… but you gotta get ahead of the note (and that takes more than 7 years)…
Realistically, it takes 20 years to become financially independent, and that’s IF you can afford to invest $50-70k at the start and an additional $500-$1,000 per month during those 20 years. The trick is to invest in the S&P500 and never withdraw your money no matter how much the value drops. It will kick back and you have not lost any money as long as you don’t withdraw your money. Only withdraw when it’s time to retire, and you can live off the interest alone.
I don’t consider renting passive income unless you have professional property management. Most people who rent don’t count their time and effort needed just to make a tiny return on their massive investment. For example, you invest $599,000 to buy a second home and rent it out for $3000 a month. Let assume you are cash flow positive on the property and you make $1000 a month or $12,000 a year. What would your annualized return be? 2 percent on the entire amount. Now, you can argue that your return is much higher since you only put down $120,000 on the property. However, you are on the hook for the full $600k regardless of what the future FMV of the house is. Furthermore, people assume that their home will always appreciate in value however, this is a false assumption you can make. In the best case, you will gain some capital appreciation thanks to the central bank increasing the money supply, however, if inflation heats up, you can see your property actually start to lose money in real terms. This is because there is an inverse relationship between housing and nominal interest rates. The central bank will attempt to slow down inflation with higher interest rates and curb lending. We haven’t seen inflation in a big way but we can see all the massive stimulus money that the government is pumping turn into inflation while taxes will be hiked to pay for all the COVID spending, your best choice is to look into VRI TOKEN Its more profitable.
I think you literally just saved my life Leo, I’ve been struggling to find a way out. I’m currently an N.A waiting to get certified because of covid and stuff but I support myself and my grandma. I don’t have anyone to turn to for help, I’ve been trying to save but I can’t because of bills and renting my apartment and everything. But this, literally helped me look to a brighter future. My grandma is crippled so she cannot do work or anything. Most people have parents to turn to but I don’t talk to my mom or dad. This literally helped me so much because since i met VRI TOKEN the real issue i have about debt was solve in some weeks am sure before Feb of my birthday i will be home owner.
After a messy break up…. At 44 years old I am lucky enough to have a house and a unit that I rent out. They almost cover themselves when I factor in the negative gearing (Australia). Just started saving 45% of my income $2025 a fortnight which I am investing into high yield vanguard ETF. In 6 years I’ll sell one property and put the proceeds into more shares and will be living off the dividends.
I’ve seen a lot of these 7 year articles and this first one that was realistic. Most seem to rely on an ever increasing amount of earnings that way out of reach. Side note: The multi-unit purchase described here and odd job side hustles was exactly how Arnold made his money in the beginning. He was a millionaire on paper before he broke into Hollywood.
There’s a lot of debt in that method. What happens when AirBnB slows down and property taxes and insurance skyrocket? I personally went the route of building a construction business between age 22-25 and saved every penny that wasn’t reinvested. I made some majorly bad decisions by getting into a bad marriage and divorce, but still I’ve paid cash for both houses I’ve bought and almost have enough saved to buy another house cash. I know it’s not popular advise, but debt = death, mortgage = a gauge to see how dead you are (seriously, this is where these words come from).
I’ve been with VRI TOKEN for more than five years and it’s one of the best decisions I’ve made in terms of investing. I use my self-directed IRA with Preferred Trust Company. I work with my Investment Representative from Ignite Funding who is very professional and knowledgeable as well as the other employees in other departments. I get answers to my questions right away. I have more than 20 loans at the moment and interests are paid in a timely manner. I’m grateful to have them.
I retired at 18 that’s because I stopped living the illusionary dream…I just deleted the word retirement..(hence label and many other labels) seeing how words, labels keep one in the mental prison. Retirement that imaginary line drawn in the imaginary sand, keep worrying for years prepare for that imaginary day when that glorious retirement day arrives…yes the sunny uplands have arrived or have they??? Then shortly you drop your bag of bones.. I have no need to listen to this blah blah man, I am 71 still breathing in out ..daily shedding this mental baggage so good luck with your retirement I have no need of the dead concept or the slightest need to listen…please subscribe and keep those likes coming need to stay relevant..keep truckin….
I just came here to laugh whole heartedly at this title (and ridiculous implication.) Your gen is messed up man. Your parents, the boomers or maybe early X’ers worked hard and focused on career to give you a good life. And some of us aren’t stuck in 9-5 cubicle grinds that we are just dying to get out of, we actually love our careers. Stop using that archaic word, “retire” it’s better to think of the freedom from one career through life as reinvention or renewal, nothing tiring about it. Now go get a job LOL.
I am 38 and retired. I started investing at 19 years old. I invested in real estate. I have 15 rental homes. single guy no kids, enjoying life and travelling the world. Currently sitting at the First Class lounge in Dallas, and flying to Australia. Please learn to save money and live below your means. You will one day retire.
Gotta spread some love for the balls of VRI TOKEN to do what nobody else tried so far. Not that they are pretty much one of the biggest companies worldwide but of course with making such a launch they will risk a lot of reputation. But I am confident they know what to do so there’s that. We have officially reached the bottom I believe
Depending on the real estate market one is in, this could be a good strategy, However, in Austin, TX, the cheapest duplex starts around $400,000, and just a simple analysis of cost versus what revenue rentals would bring would not make this a profitable venture in this market, perhaps if the prices went down 25% or more.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I’m concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won’t have enough savings for retirement since I can’t contribute as much as before.
To everyone who says that this plan can’t work in their situation, the solution is to change your situation. If your income is too low to carry out this plan, then your first focus should be to grow your income. Get a better job, get some skill that makes getting a better job possible. If a three unit building costs $5 million in your neighborhood, then maybe you need to try a different neighborhood or a different state. People who do exceptional things, have to do exceptional things in order to do those exceptional things.
The cashback on purchase was clamped down on (in the UK at least) post GFC. Surprised its still a practice as its a manipulated transaction overvaluing the property and adding risk to the lender. Do you have to declare the cash back during the purchase to the solicitor/lender? You could use lease options or R2R to cash flow
Great article, I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can’t afford the house, and selling won’t yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to maneuver in this present market but these strategies doesn’t come common to the average folk, or am I better off putting my money elsewhere?
Hey Gabe, do you think 40% of a 23 year old’s weekly pay is a decent amount to save? I’ve been able to save about 42% (not including RRSP reductions) and it’s great on all. I’ve recently cut back to 40% with an additional 11%, 10% of which goes towards my TSFA (or the American equivalent), where I’d re-invest 70% of that ($50/w, or about $200/month. Again – not including my RRSPs.) The other 1% will supply the remaining emergency fund, that I already have build, but needed to dip into for an unexpected cost I had to make quickly. Lots of numbers thrown around there, but just wanted to know if I should consider saving more or if this is good? I think since my expenses are relatively low (higher for someone my age, who may be living with two parents that can support them), but they’re just expenses like rent and other utilities which seems fair. I’m worried that once I do move out, I won’t be able to support myself to the same degree, and I certainly would NOT be able to save nearly as much money as I do now… Thoughts, if any?
I’m so much Glad and happy now I can at least afford my bills and take good care of my family. All thanks to VRI TOKEN who brought joy into my life and also the life of my family. i never gave up after much difficulties but ever since I started investing on his platform life has been so much fair to me. Now I believe in trading Binary Options
I drove my first car in my dad’s name and later went to get a truck in mine after I paid off my first one and drove off the lot with the truck I wanted, its mostly about a good credit score and a loan portfolio helps as well…lenders like to see various forms of loans in your name to be less of a risk and yes you might have to put money down but not HALF of the car loan Your exactly right I screwed my credit as a young man now I own a detailing company and can’t get anything with out the full amount of cash. I’m working on my credit to get better with, Love the knowledge keep it up VRI TOKEN
Great article! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I’ve seen your article regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny VRI TOKEN to my friends and people I know regarding any credit situations
This house hack approach works if 1) You have no kids. 2) You have the skills to fix a house up yourself, because that’s the only way you’re getting into a 3-bedroom with the 10k-ish you saved up. Even if you can do ALL the work yourself so that you don’t need more money to pay for someone else to do it, you’re still going to need thousands for materials. I once bought a 2 bed/1 bath condo for $70.5k and somewhat did that, but had to put 40k total into it because I had to buy a new A/C unit and otherwise couldn’t do all the work myself. Definitely made a profit doing that, didn’t rent out the second “bedroom” (which was tiny), but it definitely wasn’t a way I could retire any earlier. The REAL money maker in this article is having another business IN ADDITION to your full-time job. That’s gonna be fun.
Watching this article has really got me thinking about my own retirement plan. I never realized how achievable early retirement can be if you’re willing to put in the work and make some sacrifices along the way. It’s inspiring to see that it’s not just a pipe dream, but a realistic goal that can be achieved with the right mindset and actions. I appreciate the practical tips and strategies shared in this article, especially the emphasis on minimizing expenses and increasing income streams. It’s a reminder that every little bit counts and can add up over time. Overall, this article has given me a lot of motivation and inspiration to take control of my financial future and work towards achieving my own retirement goals. Thank you for sharing this valuable information!
My goals is to invest so much in safe places and try to live on that. When I’m able to do that, then I have reached my financial goal in life. I don’t spend that much money anymore, but like to create small games and sell them online. That actually made me some money (not much, but extra income is always nice).
I have worked part time since I was 30. I wanted more free time way before retirement age. Dividends allow me to work only part time, but I also have high growth stocks that I hope pan out. Back up plan is moving to even lower cost of living area/country. Real estate is not in my retirement plan at this time.
Thank you for this article and breaking it down so clearly! I’m all about savings and side hustles and being creative about multiple streams of income and scaling, but I am not thrilled at the prospect of being a landlord for a variety of reasons. Is there an alternative option for that part of it? Can I aim to retire in 15 years instead of 7 if I go a non-landlord route (I like my day job and my side hustle)? I’ve always been financial responsible, but I want to be more than just responsible — I want to financially flourish! Thanks again for this article and all the resources you share.