Tag: early retirement
Why Saving For Retirement Feels Impossible
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Retirement is the final
chapter of the American dream. But the dream of the
golden years is quickly turning into a fairy tale. Retiring in America today is
not easy. It is a very tall mountain
to climb. More than a third of
Americans today feel unprepared or unsure if
they're on track for retirement. And nearly a
third of seniors say they either plan to work through
the age of 70 or never retire in their lives. I'm not want to be rich. I just like to have enough
to where I could be comfortable. The pandemic, a war in
Europe, rate hikes, as well as fears of a recession,
have also led to great turmoil in the market,
wiping out an estimated $3.4 trillion from retirement
accounts during the first half of 2022.
The United States is
definitely facing a retirement crisis. If we don't do anything
about it, years down the line, you're going to wind
up with a lot more seniors in poverty, reliance on
public services. Others say the retirement
crisis in America is a myth. The US retirement system is
stronger than it's ever been. Retirement incomes
have never been higher.
Retirement savings have
never been higher. Participation in retirement
plans has never been higher. All the things we would
like our retirement system to be doing it is doing. So is America facing a
retirement crisis? And if so, can it be
stopped? My name is Juanita Dykes. I live in Rural Retreat,
Virginia. I've been retired for six
years now. I've had a number of jobs. I've worked in factories
all my life. Unfortunately, I didn't
listen to people telling me that I needed to save for
retirement. I thought I would get paid
by the government. You'll have enough to live
on. Wrong, you don't. I get $1,574 from Social
Security. I get $631 from my pension. You pay all your bills, car
payment, all your utilities, all your insurance, all
that together. It just don't add up.
Americans aren't saving
enough for retirement. I don't have no savings. I'm probably in the red at
the bank for you. You write a check and you
don't have nothing to cover it. Then when you get your
next check, all that extra money comes out. The median retirement
account balance for those approaching retirement sat
at $89,716 in 2022. That translates to less
than $500 per month over a 15-year retirement span. Baby boomers, they were well
into their mid-forties before 401(k)s came along
and they had the opportunity to saved When they entered
the workforce, the assumption was social
security and traditional pensions.
Now that they're
reaching retirement, the ground rules have changed
and the expectations are that they would have saved
more along the way. The last place I worked was
just like a factory job. And you got paid, that's
it. No extra nothing or
nothing. We didn't have paid
holidays. You didn't have vacation. You didn't have nothing. You
just worked. The other problem is that
during times of economic crisis, there's a lot of
leakage out of retirement savings plans. Whereas things like pensions
and social security, they are lockbox. You don't
touch that money no matter what. That is there for
your future. IRAs and 401(k)s often tend
to get tapped when people run into unemployment or
health issues, medical expenses. In our own research of
retirees, we see that they're doing pretty well. However, they're not
financially in a position to absorb a major financial
shock.
And a big example of that
is the high cost of long-term care services and
support. If they have some sort of
cataclysmic health crisis or need that long-term care,
they just don't have the financial resources to be
able to afford it. One in five Americans, aged
65 and older, said they spent more than $2,000 out
of pocket on health care. A separate study found that
more than a third of Americans over 65 are
worried they're unable to afford health care services
within the next 12 months.
If you go to a regular
doctor, that's covered. But if you go to a
specialist, that's like $30. I have an appointment this
week with a specialist. I don't have the money to
go, so I'll have to call and cancel that and redo it
some other time. Higher life expectancy also
means that more retirees can outlive their retirement
savings. An analysis by the World
Economic Forum found that men live 8.3 years longer
than their retirement funds can pay for, while women
live 10.9 years longer. Younger generations aren't
faring any better. About 25% of non-retired
adults in America have no retirement savings
whatsoever. A lot of people don't have
access or at least don't have consistent access to
an employer-sponsored retirement plan.
And we know
from the behavioral science research that people don't
walk into a bank and say, I want to open up an IRA. Workers aged 25 to 34 had an
average total saving rate of 10.5%, while workers under
25 had a saving rate of 8%, far from the recommended
total saving rate of 15%. And as we look at the
changing landscape, especially millennials and
Gen Z, they're entering the workforce with student
loans, with a debt that is unprecedented from earlier
generations. Another issue impacting
younger generations is they're going to change
jobs many times over the course of their careers, as
well as spend time in self-employment.
So they're
going to have to take a much more hands-on
do-it-yourself approach in managing their savings and
investments and ensuring that they're saving enough
to last their lifetime when they retire. I have considered going back
to work, but I had a knee replacement two years ago
and the other one's trying to tell me it's about time
for it, so I can't stand very long at a time. I won't say that I won't
have to because I might if they don't get this social
security straightened out where we can have enough to
live on. In 2022, the Social Security
Administration estimated that their reserve will
deplete by 2034 unless Congress intervenes,
putting Social Security benefits under threat. Because of demographic
changes during the 70s and 80s, social security built
up a large surplus and is now in the process of
depleting that surplus. Once depleted, retirees will
only receive 78% of their benefits starting then. It's not obviously the end
of the world, and it doesn't mean social security is
bankrupt at all, but it does mean a meaningful reduction
in benefits that's really going to hurt people,
especially at the bottom and even in the middle.
Inflation has been the most
disruptive force to retirement. A quarter of
Americans are expected to delay their retirement due
to rising consumer costs. The worker is now the one
that bears the longevity risk and the market risk in
retirement. Market downturns are really
the most problematic for people who are about to
retire because that represents a real loss to
them as opposed to something that they can recover from
over time. $1,000,000 in a retirement
account two years ago is worth about $120,000 less
today when adjusted for inflation. If you're retired and on a
fixed income, inflation really, really, really
hurts. And we've come out of decades of historically low
inflation to all of a sudden pretty substantial
inflation, especially in the things that matter to
people, which is food and fuel. I'm like anybody else. I like a good steak every
now and then. Well, that's just plumb out
of the question because you can't afford to buy that. You just have to buy what
you merely have to have and then hope that you have
enough left to pay your bills. Inflation is higher than
we've seen in a long time.
Right now, we don't really
know whether this is we're now in an era of high
inflation or higher inflation or whether it is
a longer tail from the effects of the pandemic. An ongoing retirement crisis
reduces consumption and drains resources which
could be detrimental to the economy as a whole. In terms of people who wind
up falling into economic hardship during
retirement, that is something that a lot of
states have taken very, very seriously, and they're
really concerned about more and more seniors needing
things like food stamps, subsidized housing, which
is already in very low supply, and also Medicaid. A hidden impact that doesn't
get as much discussion is the impact on families. When an aging parent
doesn't have the resources to care for themselves, or
maybe they can't afford long-term care, they turn to
their adult children.
As adult children step in to
support them, this detracts from their own ability to
save for retirement. So this could create a
generational, vicious cycle unless we solve for it. But some argue that the
retirement crisis in America is merely a myth. The US retirement system is
strong. The income of the median
retiree, the typical retiree in the United States is at
record levels. It's never been higher. Poverty and old age has
never been lower. The median US retiree has
the highest disposable income in the world,
according to the OECD, 40% higher than Germany, 50%
higher than the Netherlands. U.S. retirees in surveys
are much more likely than European retirees to say
they can maintain their pre-retirement standard of
living. So all the things we want
people to do are going in the right direction. In 2021, nearly eight in ten
retirees were confident they'll have enough money
to live comfortably throughout retirement,
while over seven in ten workers agreed with the
sentiment.
Nobody really has the
incentive to tell the truth about the successes of the
US retirement system. Four in five retirees also
reported that their overall lifestyle after retirement
was as expected or better. I think everyone agrees
there are certain people who are falling behind in their
retirement savings. That's true today. It was
true in the past. And the question is, what
do we do about it? The danger of claiming we
have a retirement crisis is we throw the baby out with
the bathwater.
We throw out the things
that are working for us and we don't address the
problems that really exist. I think a lot of it is
semantics almost. Most researchers do
understand that there is a substantial portion of the
population that are going to be financially insecure in
retirement. There are some debate about
whether that's, you know, high 30%, 50%, 60%, but
that's not a small portion of the population. Policy will likely play a
pivotal role in improving the state of retirement in
America. Retirement policy is one of
the few things in this country that has a long and
exemplary history of collaboration among both
parties. What we need from a public
policy perspective is a broader collaboration among
industry, among employers,the great minds,
academics, nonprofits and everyday people to step
back and take an even broader look at our
retirement system and address the issues that are
the greatest detractors of retirement security right
now. The Securing a Strong
Retirement Act of 2022 was passed by the House in
response to concerns over retirement security.
The act includes many
benefits that could help more Americans save for
retirement, such as automatically enrolling
employees into a retirement plan unless they elect not
to participate. But issues concerning
coverage still need more attention. Almost half of
the employees in the private sector between the age of
18 and 64 aren't provided with options to save for
retirement, and about 65% of employees in companies with
10 to 24 employees lack retirement plans.
Improving retirement plan
coverage, meaning ensuring that all workers have the
ability to save for retirement in the workplace
is paramount to increasing retirement security in the
U.S. We need to have a
retirement system that is fully inclusive so that
people have the opportunity to save, invest and grow
their savings over their lifetime. Ultimately, retirement
security today rests in the hands of future retirees. Tip number one, avoid
getting overwhelmed. Getting overwhelmed can
lead to procrastination, and it can lead to inaction,
which is counterproductive. Another is create a
retirement strategy. Even have some fun with it. Envision what you would
like your life to be like in the near future, or if
you're younger, far away into the future, and then
put some numbers by it. Start building a plan. Seek help if you need it. There are financial
professionals available to help you with that. You have to engage. You have to learn as much
as possible. So it's up to you to know
enough to ask good questions and make informed
decisions.
It's your retirement. You need to save. I know when you're young,
you think, I don't need to save, I'll do that next
time, we'll do this whenever . Do it now because I'm
telling you, you need to. If you plan on living any
length of time, you need the extra money..
The Truth about our Early Retirement in Bali
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
at one point or another we've all dreamed about
what life could be like if we could spend our time doing whatever we want whenever we want
maybe it's vacationing to all sorts of exotic places maybe it's lying around on the beach
all day reading perhaps we'll finally pick up that hobby we've always admired for many
of us that sort of Freedom happens when we Achieve Financial Independence and retire and
that's exactly what we did I'm Jean that's my husband Vitali we're in our late 30s and in July
2021 we retired to Bali Indonesia we get a lot of people questioning our early retirement with
comments like you're too young to retire isn't it boring but the truth of our lives in Bali
could not be further from what people think our retirement lives alike so today I thought I'll
show you the raw and real deal with us here in Bali by taking you through a typical week in
our lives here I want to give you an honest standing of the alternative lifestyle we've
designed for ourselves at a relatively young age so you can consider how you are designing
and planning your own life your own retirement the options you truly have at your disposal
and what really might be the best fit for you hello most days here in Bali starts slow and
easy we wake up early have morning tea quiet time maybe a little meditation or journaling and
we check the self conditions actually to maximize each day's potential usually the night before
I would have already planned off the to-do list and the structure for today's activities and now
looking at the surf forecast now it's too high for surfing in the morning so that I'll just have
to wait till later today in the meantime this is a great moment to head over to our Pasa
to pick up some fresh supplies so let's go the meat and chicken ladies closed shop by 10 30
am so it's best to hustle over there early [Music] a lot of our freedom retirement life here in Bali
is also eating well and staying healthy and after more than a year of living here we've actually
settled into the pattern of trying to have at least one home-cooked meal a day we absolutely
love eating out and eating local here in Bali especially street food like this what did you
buy I buy Mullen right banana so everything obviously it can also be really calorific
and high cholesterol home cooking gives us the freedom to go more plant-based or
alternatively for Vitali to enjoy creating his barbecue Delights very conflicting I know but
really food is one of the main joys of life no so we've got fruits and vegetables and meat
for us and bones for the doggy so now it's time to go back off home but first we make
another stop [Music] yeah so the pastries here are really really good so we come here quite
often to pick up something quick for breakfast so we don't actually work any kind of salary
employment or do any business here in Bali instead our living costs here are covered by a
modest amount of monthly passive income hence our categorization as technically retired
if you're interested in the financial side of things to our life here we actually made
two videos about it so once about our monthly living costs here and the other one is about
how we actually reached retirement I'll link them down in the description below if you want to
check them out anyway so the beauty of our setup here is that our time is actually free from the
constraints of having to make money for survival and we get to choose what to keep busy with and
it's completely not about lazing around every day doing nothing that gets old really fast it's
an amazing feeling to you know keep busy and be productive every day with stuff that you actually
truly believe in and one of these things for us is the weekly Youtube upload commitment so Vitaly
and I started this channel like over two years ago and for the longest time now it's been
one video every week every Saturday and sometimes it's about what we do here
in Bali like a little live update and sometimes it's about some thoughts
that I'd like to share with you guys we are starting work on a brand new video this
week so right now it's going to be script writing for me for the next two to three hours I usually
work way in advance so I already have my idea all set up I just have to articulate my thoughts
around it and think about how to execute the shoot whilst I'm doing this Vitali is often on his
guitar or busy with his other responsibilities he's often managing our rental properties
and solving small issues that crop out with the tenants here and there remotely from Bali he
also spends a lot of time learning new technical stuff on YouTube and skillshare because that's
his areas of Interest photography videography Etc right now with the tide dropping it's just
about the right time for us to start heading over to the surf so it's time to pick up Bali
is our Dream Paradise particularly post Italy and I both love surfing and it's a luxury to
live in a place with quality ways like Bali has and we try to get as much of it as possible
if not every day then every other day at least okay super nice there are some ways available
we're gonna suit up and head in the thing is kind of our daily sport but it's also
actually something we really love so to us surfing is not just about exercise
it's kind of like an art and both Vitaly and I want to progress in it it does take
up a considerable amount of time though between traveling to the spot checking
for good conditions surfing getting a coconut to rehydrate driving back showering off
that's at least three plus hours of each day foreign [Music] all right now so it's a couple of days later
I've returned a halfway decent script after a few rewrites that I'm actually happy to
go shoot with so today is lights camera and action this usually takes a couple
of hours or so depending on the type of video and I need to look tidy so usually
shoot days are never surf days instead we usually couple it with errands that we have
to run there's always stuff each week that requires us to venture a bit further out of
our quiet Village Life into more civilization right so now we are at the Bali art supply
store it's actually a great little place for arts and crafts Hobbies you know if
you need supplies they have got a lot of things especially for watercolors
acrylics all sorts of painting really we've got a lot of really great stuff here but
they actually also sell this stuff off tokopedia right okay so now we're done here and it's off
to the next stop this is one of bali's home renovation Mega stores our bathroom tiles need
replacing so we checked out some options [Music] on the way home this is one of
our favorite stops for lunch so I'm not having rice today but
this is what I've got another nicely Nasi champor is like the best deal here ever of
living here in Bali or in Indonesia in general I mean it's cheap it's always tasty and you know
you get to choose what you want to have it's like really easy to go vegetarian or like just cut
out the meat and yeah super awesome after if I'm feeling energetic and in the flow I'll set up the
easel and go outing for a little bit good morning so now the shoot's all done and for this next
few days it's just going to be production time editing color grading adding music usually takes about three to four hours
each day until the video is done so we love living close to bali's Nature
it's one of the biggest privileges of being here in Bali so we keep the house as open
as we can most of the time but that also means it gets really really dusty plus
doggy runs in and out as she pleases so we do have to clean every day there's a lot of
upkeep required for the house and the garden so living like this also means we can take
rest whenever we need and usually this is just taking a day out of our normal swing of
things where we can just unplug and stop going Sam Dogan also known as the financial Samurai
turned living like this fake retirement he himself stopped working full time since 2012 but after a
year of the traditional doing nothing retirement he got bored and he went back to keeping busy with
his family his Finance website writing books and managing his Investments including investments
into art through platforms like today's video sponsor Masterworks if you two are retired or
planning for that Investments invariably form part of the picture in the U.S most Americans
now believe they need 1.25 million US dollars to retire comfortably a good 20 up from last year
traditional investing has been far from enough with the stock Bond portfolio that Millions rely
on down 34 this year if you're worried know that historically in times like these professional
investors seek out real assets because they can still deliver gains and help fight inflation not
just oil gold or real estate but also Fine Art while stocks and bonds are going down the average
artwork is selling at auction for 26 more than this time last year outside of 2022 investing
in art has outpaced the S P 500 over the last 26 years by 131 obviously for most of us investing in
art has always been a tad Out Of Reach I certainly can't spend three million dollars on a painting
but luckily there's Masterworks Masterworks allows us to invest in multi-million dollar
artwork high-class paintings from legendary artists like Picasso and Banksy for a fraction of
the cost in 7 out of eight sales Masterworks has delivered over 17 net returns to their investors
over 550 000 people have signed for Masterworks and as the economy tumbles there's a growing
wait list but my subscribers can get Priority Access using the link in the description people
have pushed back saying that living like this isn't truly retired since we're still doing
some sort of work and getting money in return I disagree I think the point of our retirement is
not that we can sit around and do nothing all day long but that we have the freedom to choose
what to visit ourselves with and if some of those Pursuits happen to bring in extra money
it's not a necessity but it is a nice bonus the point of our little body life is we chose an
alternative lifestyle design we chose to content ourselves with a simpler more economical life
here one that may even seem perhaps a little poor or name to some people but it allows us the
freedom to pursue what we believe in to learn new things and to live each day slowly with gratitude
and spend time with the people we love every day because these are the things I won't want
to miss out on or defer to much later in life because having all the free time in the
world will be pointless without all these I've always wondered if the traditional retirement
that Society paddles to us is a bit of a mirage an endless and aimless vacay gets old pretty quickly
for many people and Truth yet that is the very same picture of traditional retirement that's
painted for most of us to hold in our Mind's Eye whilst We Trust through layers of toil and
endure unfulfilling work to reach that Promised Land then sadly the reality of traditional
retirement pans out differently for many people these same people who spend most of their
lives working so beautifully and will have been conditioned to live their life around work as
their dominant priority they never took time off to develop themselves or develop other interests
outside of work work was all they need work had become their identity their purpose in life and
their social network and in retirement these very same people often seem to become lost lonely blue
some even find a way back into a retirement job personally I thought the whole thing looked a
little bit like a sub-optimal trade-off and a lousy lifestyle design after all you can never
get that lost time in your life back can you I'm just so grateful that Italia and I achieved
this together earlier rather than later in our lives and there are fake retirement in Bali
is as productive and meaningful as it is to us I will forever want to be spending our lives
this way this is a life I will never want to retire from in the traditional center of the
world I've learned that it is a misconception to drive towards unlimited Freedom with our time it's
really what we do with our free time that counts if you're still striving out there you may wish
to consider redesigning your own life to optimize it to serve you better in the long run I believe
that by making more conscious choices about how we want to use the time in our life and how we
truly want to live we don't need to wait until retirement to live closer to our true selves
we are all definitely different people with different perspectives and priorities so so I know
my choice may not always be the same as what you will achieve but I'll be very interested to know
what you think of our design for life and your ideal plans for your retirement so let me know
in the comments below I would love to hear it thank you so much for watching today's video
and I guess I will see you next Saturday bye [Music]
6 Retirement Essentials (Most people only prepared 2 or 3)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
I'm planning for retirement most people focus
mostly on marshaling together enough money you know Financial Resources so that they can last
the distance and then maybe at the back of their heads they have some vague plan right perhaps
two or three things to fill the time with a lot of the times this is stuff like travel family
well unfortunately I'm gonna say that's not quite nearly enough for Preparation we ourselves
have been retired for two years and going looking back on the past two years I kind of see like
six essential things that if you prep for it beforehand before your retirement starts I think
this can really make such a positive difference to your retirement so that's what I wanted
to bring up and discuss with you guys today number one first and foremost of course we have
to talk about money most people's concern is the amount of money that they have in retirement
whether it will last them till the end come comfortably and allow them to afford the Hobbies
like travel good food Etc but I actually think after going through the last two years building up
our financial Acumen is just as important if not more so what do I mean by Financial Acumen I mean
stuff like budgeting tracking projecting investing I mean if you think about it the money in your
bank account can always be squandered we all know that story I think more importantly what's
going to make your retirement more fireproof is having an ability to generate more money where
it came from in the first place so the second essential thing that you can prepare for so that
you have a wonderful retirement it's definitely the ability to be self-directing and disciplined
self-direction definitely helps so much with spending your retirement days meaningfully right
after all there are no more like work schedules or like demands from colleagues or bosses to help
shape your days anymore you have to be the person to take charge in retirement there's a study out
there actually that shows that for happily retired folks most of them actually have about 3.6 core
Pursuits that's what they say and the unheably retired folks tend to have less than 3.6 corporate
suits coming in at about 1.9 call Pursuits that's what the study reflected I guess it kind of just
shows in retirement you really need to fill your life to the brim and keep busy with activities
you love and that is a really great formula for happiness and self-direction will help you
to achieve that state as well as discipline because if you think about it like discipline
directly affects the state of your finances right it affects whether you stick with your retirement
planning whether you keep fit and active and you get to maintain your health in retirement even
whilst you're left up to your own devices even to find your cover suits if you don't have any
when you're starting or in your retirement so discipline and self-direction will be like
the building blocks for enjoying your life in retirement the third essential thing you might
want to work on and cultivate or happy retirement is people skills right so studies and research
have reflected very consistently that the main determining factor for happiness and Longevity
for most of us is actually relationships Human Relationships friendships relationship with
your spouse and with your family I guess if you look at most of us you know we all have
a little need of work on some social skills in some aspect I mean some of us are a bit shy
paper hats or graph or maybe socially anxious working on our people skills really will help us
to get along and live happily with our spouse and family members and also importantly to make
new friendships at whatever age we all know that making new friends gets a lot more difficult
as we get older I mean I haven't heard anyone say otherwise for me personally making new friends
as I get older is the biggest challenge there's this huge feeling that nothing can replace
friendships with people who have known you all your life but it is also a challenge as I
have chosen to exercise through Arbitrage in our retirement and we've moved away from home
so those friends aren't with us in our present I find that it takes a lot of intention I have
to consciously push myself to broaden my Social Circles and make the effort to get to know people
on a more intimate basis I am also very happy to be able to say that it has paid off in that for
the last two years in Bali I have actually made two or three new friends that I'm happy to say are
kindred spirits and not just social acquaintances so that's very nice and it's a huge Comfort to our
daily life here in a foreign land away from home now before we move on a big thank you to
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MooMoo ad using my link in the description below now back to the video the fourth essential
thing that you can definitely work on and that will benefit your retirement tremendously it's
actually courage you're definitely gonna need lots of courage in retirement and I guess this isn't
a skill exactly it's kind of more of a quality but in retirement you need a lot of courage
to even plunge into retirement you need the courage to you know take that leap of faith to
stop putting it off due to fear of the unknown feel or financial insecurities so then it's all
about courage at that stage not let fear and insecurity rule your life and your decisions it
is also the courage to recognize that in life at the start at the end in the middle the Domino's
you need are never all nicely lined up you know at some point you just got to jump into it and
then learn to cross the obstacles as they come so for retirement long term I guess the
biggest issue most commonly is always money but my perspective on this is that hey budgets
can always be reduced money can always be earned or recouped or whatever happens so I still
think that you know it is actually beneficial to Advocate an approach whereby you get to
a point where you feel that you have most of your Ducks lined up you've planned well you've
prepped for it grab hold of your courage with both hands and then take the plunge people tend
to think of retirement as the end but it's not it's the start of a new phase where you should be
trying so many new things new Pursuits new ways to live and for each of these new adventures
you're gonna need courage to take action and once you have taken the plunge you'll find the
next fifth thing very very useful and that would be a mentality of resilience especially in early
retirement there are a lot more decades ahead of you you know and therefore a lot more chances that
they things can go wrong whether it be down to bad financial planning or perhaps an unexpected Health
catastrophe or even sometimes natural disasters whatever comes I guess you will always need that
strength of Will and the resilience so that you can roll with the punches and then get back up
you want to know that you have the mental strength that even if things go pear-shaped you won't just
give up and lose hope and certain Corner you've got to Marshall what you've got inside you go out
there find Solutions perhaps if necessary you've got to go back to work but know that later on
you can return to retirement and try again so the sex essential thing that I believe will benefit
everyone in retirement is to cultivate an attitude of gratitude we all know life is a very long
journey hopefully at least and so much of what we Chase using most of our years actually doesn't
really matter in the big picture once you have taken a step back and then at that point is when
you start realizing the earlier you cultivate and attitude of gratitude and that appreciation for
the simple little things that are probably around you everywhere every day the happier you probably
will be and it sounds silly but it's not really automatic I mean we all live and grow up and
work and go to school in a society that kind of innovates us with messages that we need to reach
for more have more ambition gives us you know that High definitions of success in life that we
have to try to jump to reach and nobody sings the Praises of the pleasures of a simple cup of
tea you know the importance of family time with your loved ones or or just the pleasure of being
able to take an evening walk on the beach with your dog so I think that it's very important that
somebody reminds you that you know you can not overload what you already have what you're already
surrounded by growing that muscle of appreciation so that in each and every moment you are present
in your own life you see all the little Joys that you're surrounded with every day and if you
live life like that I think that will help you achieve contentment with just the small stuff
around you and that's what majority of your life in retirement may be about is just a small stuff
every day but in my own retirement here in Bali it is what makes me so grateful and so happy every
day that I am surrounded by my loving husband and very interesting and independent little dog
that's very very cute you know that we have very comfortable a bit simple house we have the ability
to enjoy good food even if it's simple stuff from the war rooms locally we have a garden and
beautiful things are growing around us every day the weather is great you know stuff is good yeah
I think this is one of the most essential simple things that's often overlooked simply because it's
a matter of mentality but I believe this essential quality or characteristic could make all the
difference for you so these are the six essential things that I believe are very very important for
you to cultivate and prepare for in the leader to actually taking the plunge into a return then I
think that if you have these six strong skills and qualities going for you you will be in a position
much more well placed to make the best out of your retirement however long that period may be let me
know what you think of my suggestions whether you agree or if you think they suck let me know why
but in any event I really appreciate you tuning in and sharing my thoughts for this week and
wherever you are in the world I'm wishing you a happy Saturday evening and let's speak again
next week till then you take care and bye for now
Things We Wished We Knew Before Retirement
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
Well it's great to be with you all again it's
another video day for us – It is – So things that we wish we knew before we retired almost
sounds like a country music song there Tina – And I guess you must be feeling lucky
today Norm – Oh yeah got my lucky shirt on so because we're filming been to
Costco – Got the great deals haven't we – We have so one of the things that we wish we knew
before we retired was how free it is how stress free no longer having to get up and go through the
morning ritual of preparing yourself to go to work and being accountable to somebody else all
day long it's wonderful to be accountable to your own self and your partner that's it
you're your own person and it's such a freeing feeling and we saw that with Tina when she gave
up work the amount of stress we hadn't realized until a few years after retirement just how
different she was she'd lost all that stress of meeting quotas and all that good stuff – And I think
I'll just add Norm that when you're actually doing the job you actually don't think it is stressful
you don't think you are under all this stress until you stop it do something else and
you think wow this is a lot better we like this it's great so just being accountable to ourselves
we love it don't we – It is totally life changing – One thing that we do think is very important
before you retire is you do need to have a discussion with your partner as to what it is
that the ideas that you're both thinking you have when you're going to retire you do need to
have some goals about, do you want to travel do you want to garden or do hobbies do you want
to stay home you really do need to have that conversation to make sure you're both on the
same page – I think it is it is important and we hear a lot from some comments especially
married women who are saying that their husband their frightened the husband will get under their feet
because he'll be hanging around all the time in retirement but that really isn't the case – Not
for us is it – We've been secure as a couple for the longest time and retirement hasn't changed
how we feel about each other and about what our expectations of each other is it's not as if
we've all of a sudden being locked up together in retirement (no) so it is important to figure out
what you both want out of retirement and to have that discussion a few years before you actually
do retire (yeah) one thing to bear in mind is the first few years of your retirement you'll
be your most healthy so just use that health and strength that you do have in the early years
to achieve some of the goals that you want – Yeah and if you want to be traveling do it while
you've got that – Don't think about traveling if that's on your list just do it right away – Yeah
absolutely and that's what we've done isn't it when we retired we just traveled everywhere
didn't we it was great – About two years before we retired we had an inspector come to the house
for I don't even remember what it was but it was some form of home inspection that we had to and
so we got chatting with him because he was a few years older than us but not that much and he told
us that he had a house very similar to ours that he had sold and now he was living an apartment
and he went through the whole process of them and how they moved to the apartment and how
it was such an improvement on their life and it was something we'd never ever considered
– This was big news to us wasn't it we never even thought about renting an apartment – We had been
homeowners since we were 19 years old so to rent we had that preconceived idea that it was throwing
money away but the more that we looked into it so after he left the next couple of days we spent
many hours thinking about this we did a budget of how much it cost to keep our mortgage free
home – Yeah crunched all the numbers – And what the rent would be and if we had sold the house and it
made more and more sense to us to sell the house to downsize into an apartment bank the money
from the house live off that as an investment and that's what we did – And that's what we did didn't
we – But had that guy not come to our house we might never have come up with that idea – No because
originally we had thought that we would just buy a smaller house didn't we – That's right yeah
– So part of our decision when we had actually now decided that we were going to rent and we realized
that would take care of we wouldn't have all this maintenance and stuff like that to do we decided
after we started looking at apartments that if we moved to a cheaper area could we benefit by
getting the same as what we wanted in an apartment but would it cost us less money so the more
we looked into it we did have a family member who lived in a cheaper place so we looked
at the equivalent of renting an apartment in this new place and it was so much cheaper
wasn't it Norm – Because we initially thought we would just sell our house and stay in
the same area so we started shopping for apartments to find out how much they cost and the
availability and we were pretty surprised that at the expense of them but we were prepared
to pay that (yeah) and then we came to a what you would call it a small town that's cheaper
(yeah) we came to visit a family member here and so we started looking around at the apartments here
and they were substantially cheaper about $800 a month cheaper than where we were initially going
to – Yeah and not only that Norm there was a lot of extras with it wasn't that we got there was
underground parking and what else a swimming pool – And laundry facilities in the apartment – And that
was one thing the gentleman had told us he didn't have on-suite laundry he had it in a laundry room
so we wanted that – But coming to the cheaper town it wasn't just the rents that were
cheaper everything was cheaper the Tina's hairdresser as we've
said in the past was cheaper it just permeated everything so our budget became
so attainable (yeah) by moving – That gave us a lot more money to be able to travel didn't it because
we thought if we can save money on a daily basis and it worked perfect didn't it – It did it was
great, take a look at that if you do have family that live in an area that might be cheaper or
just consider going not knowing anybody – No it's like a new adventure isn't it a new chapter in
your life because we've made friends here and they don't have any family just here but they've
made it a new place for them haven't they – A lot of people have moved out of the big cities to a
small town because it's it's far more conducive to retirement (yes) and friendlier another
thing that you really need to consider is where your friends are going to come from
in retirement because once you leave work those friendships tend to wither away because
the only common bond you have was your job your workplace so we've never
really had lasting friendships from work colleagues they've always been outside
of there so it's it's critically important to continue looking for friendships in retirement
and being outgoing and prepared to speak to people Tina when we moved to this apartment building
they did have a social room and they did a coffee morning and so she would go down there and we
found out so much information about the town and businesses to use – It was great wasn't it – It was – It
was kind of my mission wasn't it to find out new information and to try and make new friends
which we did and we made some fabulous friendships – Well in particular there was one couple that Tina
made struck up a friendship with and they in turn have introduced us to another couple yeah and then
they in turn have introduced us to another couple so that's how it goes – Yeah so now we've got
a group of really close nice friends that we socialize with don't we – And the thing that we have
in common isn't an employer it's being retired – It is isn't it – It really is so don't be afraid
of striking out to a new city a new town because it's relatively easy to make friendships
– Yeah you just have to push yourself out there a little don't you and be confident to going to
things and it's very exciting isn't it so we hope that everybody is staying safe – And keeping
well – Until the next time bye bye, bye bye
F.I.R.E – 6 Uncomfortable Truths we discovered about Early Retirement & how to mitigate them
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
foreign hey what are the ugly sides to
retiring early um aren't you bored every day just lying around doing nothing don't
you guys worry about running out of money hey guys welcome back to another beautiful
day here in Paradise Bali many of you have been asking me so many questions like the
above so today I'm gonna run through six uncomfortable truths about early retirement
as well as my suggestions for mitigating them based on our own experiences reaching fire and
being retired here in Bali Indonesia for the past two years so uncomfortable truth number
one retirement is a journey not a destination for the record lying around all day doing nothing
in retirement is a myth it's always nice to have a few days of that here and there but in reality
you do that for long stretches of time and you're probably going to be hit very very hard with
feelings of boredom lack of self-worth and you're gonna be missing a sense of fulfillment retirement
isn't a destination like Bali or Boracay it really is the start of a New Journey in your life it's
that stretch of time where you finally do those things you wanted to do but always couldn't
because you were so busy making money to survive it can be anything traveling the world
finally writing that book or studying that say cross stitch side hustle if you never get past the
myth you'll probably end up getting bored and then end up going back to work and missing out on this
Amazing Life Adventure so like every other journey start planning what is this epic adventure you
want to spend your retirement time and money on number two if you got bored during your
retirement stuff maybe you're doing it wrong so for a lot of people their retirement Jam
is about traveling the world right that's a super common one and it's amazing fun you never
feel more alive and it's such a great challenge because actually you need so many different skills
to travel properly right you need Street smarts to navigate the towns and scams and other issues
on the road you need to be able to plan your itinerary book the best travel deals know how
to haggle your prices not to mention stuff like riding a motorbike and scuba diving and at the
start it's always epic it's so incredible but on excitement and sense of achievement starts to
plateau and then you're gonna hit that point of diminishing returns and it wasn't just
in travel either it was also my painting my businesses my surviving The Nomad life thingy I
find that when love to remain largely undirected most Pursuits actually tend to lose their flavor
with time another way of putting this is perhaps you feel yourself falling into stagnation or
mediocrity thing is if you're early retired on your own efforts then you're probably more of
the go-getter and achiever type of person and the aspect of your personality doesn't
change just because you're tired you'll still be looking around and judging if you're
spending your time meaningfully and productively to this fix personally I found two solutions
that worked really well for me one either I start drilling deep down into the details of
what I'm doing or two I make it into a business take my dad baking is his great love in retirement
but he's not just begging anyhow for the fun of it the last few years he's in pursuit of baking
a tastier sourdough bread anyone has ever come across out of 365 days in a year he is probably
baked about I'm guessing maybe 400 sourdough loaves two loaves each bake he tweaks the recipes
the starter the technique the ingredients he does some reverse engineering of sourdough bread that's
commercially sold outside it's been maybe three years and he's still going strong so he set his
own special sourdough bread goal and Target and standards instead of just serving and yogurting
for fun I became qualified instructors in both and eventually started both a yoga business and
a surf school and you know I learned so much more about both in the whole process whatever
Pursuit out there if you start really drilling down there's always more Improvement to be had
more personal growth to pursue please say you love Pottery don't just do it aimlessly to pass time
polish up your skills enter competitions become a professional Potter do commissions as your
retirement side hustle or teach pottery classes when you keep pushing yourself to those higher
standards because you're either really drilling down into the craft of it or you're running it
as an Enterprise you'll find new measures of productivity therein and you will be bored not to
mention if you're actually like us on lean fire whatever site income you generate will help defray
the cost of your interests and hobbies so you don't need to tap on your long-term Investments
isn't that a really good deal so two years ago at the age of 38 I retired with my husband here
in Bali it's pretty early by most standards and it's been a completely amazing journey we've
learned a lot and I hope the insights we are sharing with you guys are useful if you're on
your own fire Journey or already neck deep in retirement smack that like button share with us in
the comments below what your retirement looks like so far how you're keeping busy and whether you
agree or disagree with the points we made here now on to the third uncomfortable truth it's
hard that you must defend your time you probably retired so you can spend your time doing however
you please whenever you please most of us will have spent the vast majority of Our Lives
thus far making a living which means usually someone else is directing your time either your
boss or your clients and we get really used to that so then in retirement self-directing your
time becomes something new and kind of foreign and if you look at retired folks in Singapore
after working jobs that entire lives most of them graduate on in retirement working as free
child care services for their grandchildren if that's their ultimate dream and for some
traditional older folks it definitely is then it's wonderful I'm really happy for them but
for some it may not really be that but they find themselves doing it anyway kind of like by
default because they're just so used to allowing someone else to direct their time for them there's
always going to be people around who will try to take advantage of your free time asking you to
run errands for them perhaps or like for us here in Bali we get so many requests from both people
we know personally and complete strangers of the internet asking us to do stuff like plan their
holidays show them around Bali Etc of course we love hosting close friends and family and we
enjoy helping people generally but sensibly speaking our own private lives would just vanish
if we were to entertain all the requests we get you'll need to learn how to say no to people and
how to strike balance retirement is as much about sharing your time with the people who matter
to you as it is about having time for your own personal growth and development just be aware
uncomfortable truth number four it's probably gonna be just you and your significant other from
now on out so upon retirement your social scene is going to change drastically everyone else is at
work or busy with their own stuff you're either gonna have to learn to enjoy your own company
a lot or if you're lucky enough to have retired with your significant other that's who you'll
probably be spending majority of your retirement with so best learn to get along companionably good
communication is key as it's just generally being a considerate and respectful human being through
the pandemic and on the road this past decade I've seen so many people who seem really surprised
by the person the other half truly is when they start retirement and start traveling together
24 7 a day but building that Comfort to do stuff by yourself and building that wonderful
relationship with your other half can also possibly be the most rewarding part of your
retirement journey and your personal growth before I share with you the fifth uncomfortable
truth just the quick word from our sponsor of today's video MooMoo Singapore the stock
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uncomfortable truth number five your money plans are never as foolproof as you think all retirement
whether it's the regular kind or fire really all boils down to the financial planning behind it
right and the most uncomfortable truth of all may be that your retirement funds are never
as foolproof as you plan for especially if your plans are supposed to spend 30 40 even 50
years in the case of early retirement expert predictions and assumptions go wrong you made a
mistake in your portfolio planning because of all the buyers that we all carry Bear markets happen
blacks on events gray Rhino events so many things no matter the plan no matter how much stress
testing you did before you dove into it the unexpected often happens and the sooner you come
to terms with this uncomfortable truth the sooner you can move on to hatching against the risks
You can predict most retirees they're working their financial planning and less Aid around
the four percent drawdown rule right so the U.S stock market has had a phenomenal Run for the
last 10 12 years or so now of course things are looking a little different for the foreseeable
future so those who have been conservative and who have refrained from tapping their long-term
investments will have more breeding space now to ride out this bear Market however long it may
last friends who have been following our journey for a while now know that a dominant portion of
our retirement here in Bali consists of rental income from a number of real estate Investments
and unfortunately in the last two years since we started retirement Europe is a game at War
soaring Energy prices have driven up the cost of living across the world and everywhere massive
inflation is now a huge issue thankfully we have so far managed to resolve whatever disruptions
we've experienced but basically yet another uncomfortable truth in retirement is that managing
your money to make it last till the end takes up more time than you think don't just go to sleep on
it continually look to diversify the eggs in your basket and be open to adjusting your money plans
like rebalancing your portfolio or changing how you invest your retirement Arsenal as different
opportunities present themselves for time you may not need to work for money any longer but doing
stuff that fuels your personal growth and that generates some extra side income as a bonus is
never a Bad Thing uncomfortable truth number six no point sweating the small stuff y'all know I'm
a big fan of simple frugal living and no pretenses whereas happy dining in a fancy restaurant
as we are eating at the local War rooms here sometimes more happy actually but many of us
can also easily get carried away diving into with the itsy bitsy details of frugal living you
know spending two hours here looking up deals and coupons that end up saving you 10 bucks three
hours there figuring out how to maximize your air miles should you lock in that 3.5 fixed
deposit rate now or wait till next week where maybe it might be 3.7 I mean it can be fun
and then it can also be a lousy use of your time you can do it if you enjoy the challenge
just know that so long as you get the big stuff right your retirement is probably going to work
out just fine so don't sweat the small stuff big things include stuff like keeping on top
of your overall General expenses you know doing your taxes right maintaining a balance then
Diversified portfolio so as long as you keep on top of all of that I think that's about 95 of
the big picture really conversely what I'm also saying is that if you blow up your retirement
finances by for example trying to go big or go home on crypto no amount of coupon cutting is
gonna save you from having to go back to a job so yeah that's my take on not sweating the small
stuff we're all retire at some point of Our Lives whether early or late voluntarily or unwillingly
it all boils down to choice and advanced planning just what I've personally observed is that if
you cut out all the noise and distraction in life what do you think are the real currencies we
truly traded the way I see it is four things it's money time Youth and health just think about it
everything we do throughout our entire lives is really us trading one of these for the other an
early retirement is that one anomaly where you are in a position to spend all four currencies at once
simultaneously and that maximizes your experience of life a really clear illustration of this is
traveling you can travel in your 60s and 70s sure that's what most people will end up doing and it's
great you know you see these folks really enjoying seeing new things being very happy but it's often
in the form of like lots of cruise trips around the world and that's cool too but they'll never
experience what it's like to try learning to surf or sail and getting all salty and burned and
muscle achy but happily exhausted oh they'll never try anything more vigorous and adventurous
like say backpacking your way through Europe you know crushing in new hostels meeting crazy people
from Iceland or wherever and doing silly things together we all have two lives the life that we
currently live and the life we could possibly live so then which life would you choose tell me in
the comments below and don't tell me you wouldn't retire early because you just wouldn't really know
what to do that's just a cop-out answer because yeah well you're too lazy to do the legwork
and try new stuff and understand yourself thanks for watching as always speak
again next Saturday bye foreign
6 Retirement Essentials (Most people only prepared 2 or 3)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
I'm planning for retirement most people focus
mostly on marshaling together enough money you know Financial Resources so that they can last
the distance and then maybe at the back of their heads they have some vague plan right perhaps
two or three things to fill the time with a lot of the times this is stuff like travel family
well unfortunately I'm gonna say that's not quite nearly enough for Preparation we ourselves
have been retired for two years and going looking back on the past two years I kind of see like
six essential things that if you prep for it beforehand before your retirement starts I think
this can really make such a positive difference to your retirement so that's what I wanted
to bring up and discuss with you guys today number one first and foremost of course we have
to talk about money most people's concern is the amount of money that they have in retirement
whether it will last them till the end come comfortably and allow them to afford the Hobbies
like travel good food Etc but I actually think after going through the last two years building up
our financial Acumen is just as important if not more so what do I mean by Financial Acumen I mean
stuff like budgeting tracking projecting investing I mean if you think about it the money in your
bank account can always be squandered we all know that story I think more importantly what's
going to make your retirement more fireproof is having an ability to generate more money where
it came from in the first place so the second essential thing that you can prepare for so that
you have a wonderful retirement it's definitely the ability to be self-directing and disciplined
self-direction definitely helps so much with spending your retirement days meaningfully right
after all there are no more like work schedules or like demands from colleagues or bosses to help
shape your days anymore you have to be the person to take charge in retirement there's a study out
there actually that shows that for happily retired folks most of them actually have about 3.6 core
Pursuits that's what they say and the unheably retired folks tend to have less than 3.6 corporate
suits coming in at about 1.9 call Pursuits that's what the study reflected I guess it kind of just
shows in retirement you really need to fill your life to the brim and keep busy with activities
you love and that is a really great formula for happiness and self-direction will help you
to achieve that state as well as discipline because if you think about it like discipline
directly affects the state of your finances right it affects whether you stick with your retirement
planning whether you keep fit and active and you get to maintain your health in retirement even
whilst you're left up to your own devices even to find your cover suits if you don't have any
when you're starting or in your retirement so discipline and self-direction will be like
the building blocks for enjoying your life in retirement the third essential thing you might
want to work on and cultivate or happy retirement is people skills right so studies and research
have reflected very consistently that the main determining factor for happiness and Longevity
for most of us is actually relationships Human Relationships friendships relationship with
your spouse and with your family I guess if you look at most of us you know we all have
a little need of work on some social skills in some aspect I mean some of us are a bit shy
paper hats or graph or maybe socially anxious working on our people skills really will help us
to get along and live happily with our spouse and family members and also importantly to make
new friendships at whatever age we all know that making new friends gets a lot more difficult
as we get older I mean I haven't heard anyone say otherwise for me personally making new friends
as I get older is the biggest challenge there's this huge feeling that nothing can replace
friendships with people who have known you all your life but it is also a challenge as I
have chosen to exercise through Arbitrage in our retirement and we've moved away from home
so those friends aren't with us in our present I find that it takes a lot of intention I have
to consciously push myself to broaden my Social Circles and make the effort to get to know people
on a more intimate basis I am also very happy to be able to say that it has paid off in that for
the last two years in Bali I have actually made two or three new friends that I'm happy to say are
kindred spirits and not just social acquaintances so that's very nice and it's a huge Comfort to our
daily life here in a foreign land away from home now before we move on a big thank you to
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MooMoo ad using my link in the description below now back to the video the fourth essential
thing that you can definitely work on and that will benefit your retirement tremendously it's
actually courage you're definitely gonna need lots of courage in retirement and I guess this isn't
a skill exactly it's kind of more of a quality but in retirement you need a lot of courage
to even plunge into retirement you need the courage to you know take that leap of faith to
stop putting it off due to fear of the unknown feel or financial insecurities so then it's all
about courage at that stage not let fear and insecurity rule your life and your decisions it
is also the courage to recognize that in life at the start at the end in the middle the Domino's
you need are never all nicely lined up you know at some point you just got to jump into it and
then learn to cross the obstacles as they come so for retirement long term I guess the
biggest issue most commonly is always money but my perspective on this is that hey budgets
can always be reduced money can always be earned or recouped or whatever happens so I still
think that you know it is actually beneficial to Advocate an approach whereby you get to
a point where you feel that you have most of your Ducks lined up you've planned well you've
prepped for it grab hold of your courage with both hands and then take the plunge people tend
to think of retirement as the end but it's not it's the start of a new phase where you should be
trying so many new things new Pursuits new ways to live and for each of these new adventures
you're gonna need courage to take action and once you have taken the plunge you'll find the
next fifth thing very very useful and that would be a mentality of resilience especially in early
retirement there are a lot more decades ahead of you you know and therefore a lot more chances that
they things can go wrong whether it be down to bad financial planning or perhaps an unexpected Health
catastrophe or even sometimes natural disasters whatever comes I guess you will always need that
strength of Will and the resilience so that you can roll with the punches and then get back up
you want to know that you have the mental strength that even if things go pear-shaped you won't just
give up and lose hope and certain Corner you've got to Marshall what you've got inside you go out
there find Solutions perhaps if necessary you've got to go back to work but know that later on
you can return to retirement and try again so the sex essential thing that I believe will benefit
everyone in retirement is to cultivate an attitude of gratitude we all know life is a very long
journey hopefully at least and so much of what we Chase using most of our years actually doesn't
really matter in the big picture once you have taken a step back and then at that point is when
you start realizing the earlier you cultivate and attitude of gratitude and that appreciation for
the simple little things that are probably around you everywhere every day the happier you probably
will be and it sounds silly but it's not really automatic I mean we all live and grow up and
work and go to school in a society that kind of innovates us with messages that we need to reach
for more have more ambition gives us you know that High definitions of success in life that we
have to try to jump to reach and nobody sings the Praises of the pleasures of a simple cup of
tea you know the importance of family time with your loved ones or or just the pleasure of being
able to take an evening walk on the beach with your dog so I think that it's very important that
somebody reminds you that you know you can not overload what you already have what you're already
surrounded by growing that muscle of appreciation so that in each and every moment you are present
in your own life you see all the little Joys that you're surrounded with every day and if you
live life like that I think that will help you achieve contentment with just the small stuff
around you and that's what majority of your life in retirement may be about is just a small stuff
every day but in my own retirement here in Bali it is what makes me so grateful and so happy every
day that I am surrounded by my loving husband and very interesting and independent little dog
that's very very cute you know that we have very comfortable a bit simple house we have the ability
to enjoy good food even if it's simple stuff from the war rooms locally we have a garden and
beautiful things are growing around us every day the weather is great you know stuff is good yeah
I think this is one of the most essential simple things that's often overlooked simply because it's
a matter of mentality but I believe this essential quality or characteristic could make all the
difference for you so these are the six essential things that I believe are very very important for
you to cultivate and prepare for in the leader to actually taking the plunge into a return then I
think that if you have these six strong skills and qualities going for you you will be in a position
much more well placed to make the best out of your retirement however long that period may be let me
know what you think of my suggestions whether you agree or if you think they suck let me know why
but in any event I really appreciate you tuning in and sharing my thoughts for this week and
wherever you are in the world I'm wishing you a happy Saturday evening and let's speak again
next week till then you take care and bye for now
Retired at 38: 5 strong reasons to retire as soon as you can (Retirement Planning)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
so early retirement has actually improved our
health so much that I actually think we'll be avoiding higher health care costs down the line
that may actually lead into our retirement funds and then early retirement has also allowed us
to achieve a state of intuitive living which has been absolutely awesome financially the
conventional wisdom is that early retirement could potentially be disastrous but frankly
I think so far two years into retirement that our early retirement has been great for us
financially these plus two or three more are just some of the very strong reasons why I would
Advocate that anyone considering retirement should do so as early as possible let me explain why
down below hey I'm Jean and for the past two years I've been retired in Bali Indonesia
with my husband today I wanted to discuss about all these reasons why I think retiring
as early as you can is a brilliant idea [Music] so Health basically don't wait till it's too late
I think that when most people think about health and retirement planning they just kind of hope
and assume that they will be in good health when they enter retirement and then that they pray it
remains status quo until the end but I guess most of us pre-retirement might be involved in jobs
that might be high stress with long hours at the desk and then naturally Fitness just isn't
what ideally it should be so all my life I've been struggling with skin rashes and allergies and
these issues tend to pop up every time my immunity gets low because I'm stressed I'm tired I'm taxed
but truly in the two years since we have been retired the manifestation of all these problems
have just gone down so much in retirement mode I'm happily keeping very fit doing all the things
that I know of like surfing walking the dog with the hubby eating better overall probably further
down the line maybe I might be avoiding higher healthcare costs having this health is actually
so much wealth it allows you to live life to the fullest because frankly all the stuff that you
want to do in your enjoyment of Life probably involves a lot of Health you want to travel
you want to scale that mountain at Sunrise to see that incredible view you need your help even
just to enjoy good food if you like us you like to eat you need your health I mean I know so many
people who have dietary restrictions because of high cholesterol or diabetes improving health is
actually one of the biggest and strongest reasons why you should retire early so the second big
reason for wanting to retire ASAP is actually intuitive living basically intuitive living is
really connecting with yourself and listening to your garden stings and your feelings as to stuff
like eating and rest and meditation relationships even your spending habits perhaps I don't know
how it is for you guys but I was generally living my life governed by a lot of shirts right I
mean I should be at the office by 9am so that I won't piss off the bosses I should stay in
the office stay late and postpone my workout postpone dinner so I can meet the deadline set by
my clients I should carry branded Handbags and of course I should be a corporate lawyer I mean why
would I want to be anything else right finally in retirement we are free from the demands of the
pursuit of money to listen to ourselves to truly tune in and understand what is the optimum cause
in life you can chart you really want to wake up every day without an alarm clock naturally because
you've had enough sleep you want to eat only enough and not too much I mean you want to make
better choices food wise intuitive exercise you know you're doing what really only appeals to you
maybe you don't like sweating in the afternoons so then you know get a gym membership or play
indoor record Sports whatever works for you I only wish that more people have the opportunity
to experience living life this way intuitively away from the entanglements and distractions
from regular running the hands the real life the third reason why you might want to retire
as soon as possibly is just that the earlier you retire the more time you gain in life I
mean if you think about it most of us live life as though we are invincible as if life
itself will never run out and therefore we do things like squander our time or sell it away too
cheaply in exchange for material things we each only have so long to live right and the money you
make in your lifetime you can't bring that with you when you go home so well might as well you'll
be the one to spend it when you can right Society feeds us like so many different narratives
about success and what it should look like but actually I think success is really not
about the achievements per se but it's just really a Feeling and I like to think that at
the end of our Lives when we're there in our last dying moments what we'll be thinking
about probably wouldn't be like stuff like oh I closed that three billion dollar deal I
think it would more be along the lines of like I had good friends and I loved my family I had
a good life you know I ate good food I laughed Lots I took care of my kids and my dog stuff like
that so don't squander the time that we each have maybe you have personal goals that you really
want to achieve stuff like learning Spanish or scaling the Great Wall of China or just
watching your kids grow up that's just a million places that are better to spend your
time at then at a job which you don't really particularly care for and which maybe you're just
doing just cause that's what everyone else is before we move on a big thank you to
skillshare for sponsoring this video so skillshare is an online learning community with
thousands of classes for anyone who loves learning if 2023 is the year you promised yourself
you're gonna finally explore new career or side hustle options or work on personal growth
then skillshare is the perfect place to start for me one of the ways we have fun in our
retirement is making YouTube videos when we first started skillshare was instrumental
in teaching us so many of the basics like videography storytelling and more till today
one of the best classes I ever sat through online anywhere is still the class by Sorel Amore
YouTube success build an authentic Channel that's worth the follow so her advice about finding my
Niche valuing authenticity over Beauty creating meaningful messages and providing value to the
audience really changed our perspectives on what we were creating back then for the better of
course we've gone from like 40 Subs to the 143 000 Subs of today and from time to time I still
pull up sorel's worksheet when I'm creating my videos just to check that I'm on track for
making something good for our people our audience it's always super easy to take whatever you learn
on skillshare and apply it directly to your life Pursuits whatever those may be I highly recommend
checking out skillshare and if you want to do that you can use my link in the description below the
first 1000 people will get one month of skillshare absolutely free you can try it out learn something
new move a step closer to your 2023 goals reason number four the earlier you start your retirement
the better you'll get at it with every other change in life we expect that we all need time to
learn how to do it well so things like becoming apparent for the first time even if like us it's
just a fur kid or transitioning from being a student to being a working adult and then there's
the transition from being and actively working adult to retirement mode it seems ridiculous and
silly even at first I mean it's like saying who doesn't know how to spend their free time right
but if you actually truly observe things around you retirement Falls really differently for
different people we all know the people who have retired and in their retirement seem a
little lost lonely left behind and uninspired and then there's the other kind of retired people
right the ones who go like when we're talking that I'm gonna grab Life by the balls and Max things
out a big part of that may actually be the point in life at which you retire whether at that point
where you retire you still have your zest your Zeal your energy your health your Fitness to help
you max out the happiness potential of that free time and freedom in retirement and then there's
the thought that retirement supposed to stretch out for a few good years at least right if not
for a few decades and doing that requires skills you know you need so many different skills to
have a successful retirement I think that's a topic for another day but basically you need time
to learn those skills whether it's Financial money management or social skills you know building
relationships and stuff but basically you need time to get all that down pat in order to have
a successful retirement so then the earlier you retire the better usually you will probably
turn out for you so the last and possibly the most controversial point I think that early
retirement could possibly be great for you financially and this is controversial because it's
directly opposite to what a lot of the experts say right you retire too early there's so much risk
that you miscalculate your finances or that world events take an unexpected turn and then you know
things go belly up and then you're destitute in your last years but I mean underlying all that
seems to be this assumption that in retirement we're all just going to be like one dead lazy log
and I think that these days especially if you're an early retiree that is just so not true maybe
like us with YouTube in our retirement in your own retirement maybe you'll learn new skills pick
up new side hustles and stay busy doing something that you're doing for the love of it for the fun
not for the money but having the money come in as a result of your side hustle is a nice bonus and
you know what it becomes an additional buffer for your later years so retiring early also allows you
to take advantage of things like dual Arbitrage Right Moving overseas to improve your financial
situation and yeah so like us I'm from Singapore but I'm now retired here in Bali Indonesia we're
not just here because life is more affordable but the fact is that our retirement sums in fact our
whole entire retirement is only possible because living here is so much more affordable as compared
to back home you know this wouldn't be possible at all if we retiredly and ended up having health
concerns right mobility issues for example retiring early and then using the time to keep up
with current affairs learning hedging strategies to minimize risk learning how to diversify our
Investment Portfolio I feel that the time in our retirement has been well spent to actually make
us more resilient and the fact that we retired so early also means that if anything goes badly up
time and youth are on our side if our financial planning for retirement had just sucked or you
know things unexpectedly go failure so prepare you know if we have to U-turn and go back to work or
maybe start another business it's not a big deal and then we'll go off Marshall the resources
that we lack and then we'll come back again and second time around third time around will
definitely be better each time at doing this so in terms of confidence and the feeling of
resilience that we will be able to make this last all the way I think that starting
early doing it early diving into it and understanding the parameters the potential
the boundaries of what we face in retirement actually really really helps well guys so
these are the few takeaways from our last two years living in retirement here in Bali and
I mean if you have any thoughts or objections or contributions to the points that I've made in
this video I'll love to hear them let's start a little discussion in the comments below you
guys have a good week ahead wherever you are and let's chat again next Saturday thank you
for watching and bye-bye have a good weekend
How To Retire Before 99% of People (Starting With $0)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
simple if you want to retire before everyone else then you need to follow these three steps firstly calculate the real numbers secondly manage the variables and thirdly execute your plan successfully it's really that straightforward but most people don't even get past step one to be honest thirty percent of people have probably clicked off this video probably because retirement sounds too old school for them however you might not actually want to retire early I'll explain why towards the end well that's for the few of you that make it that far step one calculate the real numbers how much do I need to retire this is one of the most searched questions on the internet and no one seems to be able to give the real answer it's no surprise that lots of people are turning to the internet as the school system has left us in the dark they're only interested in pushing us into the workforce so that Society can exploit us for our time and labor if most people actually knew the answer to how much they need to retire then they'd probably an uproar that's because Millennials and gen z's are reportedly going to have to work longer than any other generation the sad truth is many people are deluded some think they'll enjoy round the world cruises on the back of saving fifty dollars a month others believe they'll need so much money that quitting work is an unrealistic fantasy most people are hurtling towards a harsh reality check without even knowing it it's not their fault as they've been set up to fail retirement was much more achievable in my day however that's why it's so important to calculate the real numbers now so you're at an advantage this is kind of like the first step of any road trip setting the destination on your navigation system without air how are you going to head in the right direction right I'm going to cut through all the confusion online you just need to focus on the role of 300.
This rule is so powerful that it allows you to jump forward in time and calculate how much money future you will need to quit your job and still pay the bills it's simple all you have to do is add up your monthly expenses and multiply them by 300. this means if you currently spend one thousand dollars per month then you'll need three hundred thousand dollars saved if you spend fifteen hundred dollars a month this will mean you need four hundred and fifty thousand dollars in your account if you spend three thousand dollars a month you'll require nine hundred thousand dollars and so on you get the idea now I know what you're thinking how much but let's say you do need nine hundred thousand dollars you don't have to save all of that I'll reveal later how you can use the power of compound interest and only have to save around a hundred and ten thousand the rule of three hundred is based on the ability to safely withdraw four percent per year from your savings the idea is that if you put your money in the correct places then it will grow by more than four percent per year allowing you to take from your pot without it running out it's a bit like Hermione's Magic Bag in Harry Potter I know this sounds great but it's very important this is just a rule of thumb and not scientific law like gravity I mean it's pretty impossible to accurately predict the future because there are so many different factors that we can't take into account if anyone tells you otherwise then they're trying to sell you something so yes stock market conditions and inflation could have an impact on your final Freedom figure however still think it's a good idea to use a ruler 300 as a guide and adapt it as you go now you've figured out your destination you can start increasing your odds and get in there which brings me on to step two manage the variables just as you need to use the steering wheel brakes and accelerator in a car to navigate the roads you need to use these five variables to achieve your retirement goal variable one is of course income I highly suggest that you increase your income as soon as possible this is your accelerator and if you're making more than the average you'll be able to retire before most people in my late teens I had an income problem after leaving school at 16 I just wasn't making enough money to pay my rent and go out with my friends let alone save for retirement so I devised a plan to get a pay rise you see I was working part-time in a radio control model shop earning next to nothing I thought to myself how can I get the owner to pay me more for the same work for the next couple of weeks I work my socks off and I kept track of all the sales I made I remember writing down every detail in a little notepad when I got a chance I sat down and I looked at all my notes and compared them with what the shop had sold in that period one thing became very obvious I was making all the radio controlled helicopter cells because of my expertise in flying them that's when it hit me I was valuable to my boss because without me he couldn't sell any helicopters now I had this information I felt confident I could approach him and ask for a raise I clearly explained my value to the business and asked for the increase in Pay I wanted I remember him staring at me blankly for a couple of seconds I thought I'd offended him until he let out a little Grunt and a nod of his head agreeing to pay me exactly what I'd asked for although this was a long time ago the principle Remains the Same now if you want to increase your income then you need some kind of Leverage to have this you need to become valuable maybe you could learn some high income skills such as sales and marketing or alternatively start some kind of side hustle however it actually doesn't matter how much you earn it's all about how much you save and that brings me on to variable two expenses even if you were accelerating at full speed in a Formula One car if you had a massive parachute attached to your rear wing then you aren't going anywhere fast this is exactly what it's like having a good income with too many expenses look I'm not one of those online people that's going to tell you to stop buying Starbucks and enjoying life I think that's a pretty sad way to live if you like those things this variable is more about cutting out the things you couldn't care less for this is actually the perfect time to come back to the rule of 300.
Let's say you spend fifteen dollars per month on Netflix if we multiply that by 300 you'll see that you actually need four thousand five hundred dollars saved in your retirement pot to keep watching indefinitely well this is assuming the price doesn't go up which it most certainly will most people have little monthly expenses so they don't really care about us they seem so small but if you apply them to the rule of 300 they're no small expenses actually add up very quickly as well as cutting out little expenses I also highly suggest being smart about the larger ones I'm talking about rent mortgages and car payments these are the biggest silent wealth Killers as they're a huge drain on your finances every single month but there are a few ways to get around them the first is known as house hacking this is when you buy a house and rent out part of it to a roommate in order to cover the mortgage in America you can also buy something called a duplex which is two separate living accommodations in one house allowing you to live in one side of the house and rent out the other the next is rent hacking this is simply renting out a house and then subletting individual rooms to different people to cover all of your costs but before you start doing this make sure to clear it with your landlord the third is car hacking this is when you buy a car that has lost most of its value already drive it around for a couple of years then sell it for almost what you paid for it and repeat the process if you successfully managed to drive down your expenses and still live a great life then you can start thinking about variable three debt a lot of people aren't going to like this one but you need to master debt some people are totally against It While others are way too Reckless I've always been somewhere in between the two extremes it's kind of like the fuel in your car it can be very useful but it can also explode if you're not careful managing debt is crucial for a retirement planning because carrying too much bad debt can eat away at your savings make it difficult to achieve your retirement goals on the other hand using good debt strategically can help you build wealth and increase your income which can lead to an earlier retirement it's important to understand the difference between the two and make smart decisions about when and how to use debt put Simply Good debt is when you borrow money to buy things or make more money in the future like buying a house and renting it out bad debt is when you borrow money to buy things you don't make any money on like using a credit card to buy clothes expensive holidays or a car that you don't need but here's the real kicker in order to get good debt you need to have a good credit score and the best way to do this is to actually own a credit card you can put little expenses on it and pay it off in full at the end of each month this will mean you never pay any interest and build a good score for the future but like I said the only reason to have good debt is to buy assets which brings me on to variable 4 investing investing is important for retirement because it can allow your money to grow faster than it would if you simply just saved it it's kind of like the Boost pad you go over when playing Mario Karts with the right Investments your money can grow at more than four percent per year which is the amount you can safely withdraw from your savings if you're using the rule of 300 not a financial advisor however I've always invested consistently into the S P 500 which is an index fund that includes the top publicity traded companies in the USA which is historically averaged a return of eight percent per year I mean if you were to invest 200 per month for 45 years which equates to a hundred and eight thousand dollars an average return of eight percent per year then you would have a total of one million fifty four thousand nine hundred and seven dollars that's the power of compound interest but where can you start investing well it's a lot easier than it was back in my day as you can do it all from your phone there are various different apps I'll leave some of the links down below one of my favorites is light year and they are also kindly sponsoring today's video light year is looking to give every European low cost and convenient access to the world stock markets and they're really great at what they do the app is super user friendly making it perfect for both Advanced and novice investors light year is available on mobile and web platforms allowing for a smooth investment process and research the platform has 3 000 stocks and ETFs from the UK us and across Europe including ones that track the S P 500 which I mentioned earlier and there's more on light year you can also earn interest on your uninvested money in three currencies the euro dollar and pound if you're watching this from the UK the Eurozone or Hungary you can download and start using light year today use my code tillbreed and receive a 10 fractional share after making your first investment but let me remind you investing always carries a risk and the value of any investment can decrease as well as increase variable 5 tax the more money you earn the more money the government will try to take off you this is why you really need to use the tax loopholes to your advantage this is kind of like your fuel tank leaking if you don't plug the holes then you'll have nothing left by using tax advantage accounts such as Roth IRAs and 401ks in the USA and Isis in the UK you can reduce the amount taxes you owe on your income and Investments these accounts allow you to invest and avoid paying tax on the money you make but the amount you can put into these accounts is limited every year so I strongly suggest that you fill these up as soon as possible and now you're ready for step three execute your plan just like you need to address your driving style based on the road conditions and traffic you need to adjust your approach to managing the variables in order to execute your plan successfully put simply the following techniques will help you become a better driver firstly develop an Roi Obsession when I was growing my wealth I was hyper focused on making sure that everything I bought at least made me back the money I spent on it a good example of this nowadays is the MacBook Pro it's a great tool that can allow you to make far more money back than you spend on it however if you just play games on it then you'll have to save all that money up again the hard way think about how you can use everything to make you more money that way you'll never have to start from zero more than once secondly measure your progress make a habit of setting clear money targets every month I remember not only doing this but also sharing them with one of my friends I did this because I wanted him to keep me accountable if I missed a Target it's actually been revealed that this improves your chances of achieving a goal by 65 thirdly stay cash poor a lot of people might not agree with me on this one but I think if you save too much money in a simple bank account then you get too comfortable I know I perform best when I'm on the ropes and have a lot of pressure to succeed by keeping myself cash poor and investing all of my money back into my index funds and businesses I was able to motivate myself to earn more and remain flexible not stuck in my old Comfort Zone in the old ways this concept is also known as paying yourself first as you prioritize your Investments and then pay your expenses which is money going into other people's pockets put simply invest first then full yourself to find the other money you need now for the people that have made it this far here's why you might not want to retire traditional retirement was created to help encourage older people to leave the workforce and make room for younger people however retirement can lead to a loss of purpose and drive and many people find themselves getting ill or losing motivation I discovered this first hand as I had enough money to retire in my late 20s I took a couple of weeks off and was tired to lose the will to live I lost purpose and that's when I started looking into two different options the first I'm calling micro retirement this is a concept where you take a break from work for a short period of time to pursue personal interests and travel with the intention of returning to work afterwards it's different from traditional retirement as it's not a permanent state of not working but rather a way of taking a break from work and returning to it later the idea is to break up the years of work with periods of leisure and Adventure allowing for a more fill in life overall now even though this sounded better it still wasn't for me I feel like wasting my time doing something I didn't want to do that's when I came across the second alternative option lifelong retirement for me retirement means freedom so I don't have to do anything unless I absolutely want to that's why I built business around doing what I like to do day to day if I don't like doing something then I just hire someone else to do it I'm sure some people have already commented if he's actually retired why is he making his YouTube videos the answer is that I genuinely enjoy doing it who wouldn't like filming videos and helping people out whoever said money doesn't make you happy hasn't given enough of it away and I think that's even more true for giving away knowledge if you'd like to know seven passive income ideas you can start right now then watch his next video but don't click on it just yet make sure to subscribe if you want to grow your wealth okay I'll see you over there
Read MoreHow To Retire In 15 Years (Starting With 0$)
Harvey 0 Comments Planning your Retirement Retire Wealthy & Wise Retiree Tips and Tricks
in a world that often ties success to climbing the corporate ladder and retiring at a standard age the fire movement stands out as a revolutionary approach offering a pathway to financial Independence and early retirement if you're intrigued by the idea of Breaking Free from the traditional work to retirement model let's explore the three fundamental questions that will guide you on your journey to fire so if you're wondering what exactly you need to do to retire earlier and how much money you actually need you come to the right place we're also going to talk about something of particular importance at the end and it's how you can be prepared if things don't go as planned in the end we're going to answer all these questions in this video today so stay tuned but before we get to the main topic of the video first of all welcome back and if you're new on our Channel we are the finance nerds and we try to help you to fix your finances and spread our knowledge in saving money budgeting and investing and if you like the video and want to support us hit the like button on this video number one what do you have to do to follow the fire movement the first step on your fire journey is embracing the core principles that Define this movement at its Essence fire is about taking control of your finances living intentionally and making strategic decisions to build a future of Financial Freedom mastering the art of frugality to follow the fire movements you must become best friends with frugality start by scrutinizing your spending habits create a detailed budget outlining your monthly income and expenses identify areas where you can cut back without sacrificing your quality of life and opt for needs over ones cook at home and resist the urge to keep up with extravagant Lifestyles establishing your savings rate goals fire success hinges on your ability to save a significant portion of your income set clear savings rate goals aiming for at least 25 to 50% of your earnings the higher your savings rate the faster you accumulate the funds needed for financial Independence regularly revisit your budget and savings goals to stay on track investing wisely for growth saving alone won't get you to fire you need the power of investing develop a well-balanced Investment Portfolio that aligns with your risk tolerance and financial goals diversify your Investments across stocks bonds and real EST state to maximize growth potential understand the basics of compounding interest and let your money work for you calculating your financial Independence fi number the Cornerstone of the fire movement is your fi number calculate this by determining your annual expenses and multiplying them by 25 this number represents the amount of money you need to have invested to cover your living expenses indefinitely knowing your fi number gives you a tangible goal and a clear end point for your journey and embracing a minimalist lifestyle simplify your life to amplify your journey to financial Independence Embrace a minimalist Lifestyle by decluttering your living space and cutting down on unnecessary expenses the less you need the easier it is to reach your fi goals re-evaluate your possessions and ask yourself does this bring me joy or is it a financial burden number two how much money do I actually need understanding the financial aspect of the fire movement is crucial to setting realistic goals and expectations the answer to this question lies in your lifestyle expenses and the vision you have for your postretirement life creating a detailed budget to determine how much money you need for fire start with a comprehensive budget categorize your expenses into fixed and variable essential and non-essential include everything from housing and utilities to entertainment and dining out the more detailed your budget the more accurate your estimate of postretirement needs will be estimating your annual expenses your fi number is directly linked to your annual expenses calculate how much money you spend in a typical year including all necessities and discretionary spending be honest and realistic about your lifestyle choices remember fire isn't about deprivation it's about optimizing your spending to align with your values multiplying by 25x rule once you have your annual expenses multiply them by 25 this multiplication factor is derived from the 4% rule a principle suggesting that you can safely withdraw 4% of your Investment Portfolio annually without depleting it your fi number is essentially 25 times your annual expenses representing the amount needed to sustain your lifestyle without a traditional job adjusting for inflation inflation is a silent wealth eroder factor in a conservative estimate for inflation when calculating your fi number this ensures that your money maintains its purchasing power throughout your retirement consider historical inflation rates and consult with financial experts to make informed adjustments evaluating health care costs don't overlook Healthcare expenses in your fire calculations research Health Insurance options and account for potential increases in medical costs as you age understanding and planning for healthcare expenses ensures that your fire plan remains robust even in the face of unexpected health chck Alles number three what kind of backup plan can I create if things don't work out as planned while the fire movement provides a road map for Financial Freedom it's crucial to acknowledge that life is unpredictable creating a solid backup plan ensures that you're prepared for unforeseen circumstances building an emergency fund an emergency fund is your financial safety net before aggressively pursuing fire ensure you have a robust emergency fund that covers 3 to 6 months worth of living expenses this fund provides a cushion in case of unexpected job loss medical emergencies or other unforeseen events diversifying income streams relying solely on your Investment Portfolio for income can be risky consider diversifying your income streams by exploring sight hustles freelancing or part-time work these additional streams not only boost your savings rate but also act as a buffer if your Investments face temporary setbacks continuously up updating your plan flexibility is key in the fire Journey regularly review and update your financial plan to accommodate changes in income expenses and market conditions a dynamic plan allows you to adapt to unforeseen circumstances and make informed decisions to safeguard your financial future staying agile in the job market if early retirement doesn't unfold as planned staying agile in the job market is a valuable backup strategy keep your skills relevant maintain professional Networks and be open to opportunities that align with your goals a temporary return to Workforce can provide a financial boost if needed exploring alternative living arrangements consider the role of housing in your fir plan downsizing or exploring alternative living arrangements such as house hacking or co- living can significantly reduce expenses being open to adjusting your living situation adds another layer of flexibility to your backup plan continue learning and adaptation the fire journey is an ongoing process of learning and adaptation stay informed about financial Trends investment strategies and lifestyle adjustments that may enhance your plan the ability to adopt to changing circumstances is a Hallmark of successful fire practitioners embarking on the fire journey is a bold and empowering Choice by adhering to the principles of frugality strategic savings and intentional investing you can unlock the door to financial Independence remember the fire movement isn't a riged set of rules it's a customizable framework that empowers you to shape a future where financial decisions align with your values and aspirations and if you think living below your means is H wait until you know these five Frugal Living ways from one of our most popular videos on the right if you enjoyed this video give it a thumbs up and don't forget to subscribe to our channel for more empowering content like this we hope to see you on the next video
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