Style Switcher

Predefined Colors

Revealing Our Fat FIRE Locations | How to Pick Your Early Retirement Location

welcome to fightsidechat my name is i so how do i choose the right area to retire very early let'' s state you have achieved financial independence and also you'' re seeking a brand-new location to retire somewhere in the united states what are several of the considerations you must have prior to you select an area to retire allow me know in the remark section listed below if you want me to make a video regarding retirement locations outside the us choosing a retirement place will also rely on your fire number as well as the kind of fire you attained watch till the end of this video clip and also i'' ll share several of the places we desire to live when we retire early your lean fire could offer you anywhere around 40 000 a year your typical fire number might be anywhere in between 50 and also 90 000 a year your fat fire number should go to least one hundred thousand dollars a year so if you'' re wanting to retire in a high expense of living location like a significant metropolitan city you might need greater easy earnings to retire if you'' re just doing this lean fire after that you could require to select an area that has a lower expense of living the first factor to consider is taxes when you retire early there are currently 9 states without an income tax washington alaska southern dakota texas nevada that'' s where i online florida wyoming new hampshire and tennessee these states more than likely use various other kinds of tax obligations to create profits nevertheless if you'' re relocating to brand-new hampshire currently they do tax your rate of interest as well as dividends so keep that in mind it is phasing out passion as well as returns tax obligation starting in 2024 and also then completely eliminated in 2027 so allow'' s say you narrow down to these states that don'' t need you to pay state revenue tax obligations these states do have higher taxes in other locations to spend for their roads institutions and any other public infrastructure tennessee as an example has a 9.55 sales tax which is the greatest in any type of state and also the washington state imposes a gas tax obligation at 49.4 cents per gallon which is the highest possible rate in the country texas and also new hampshire have one of the highest real estate tax prices but new hampshire doesn'' t have a sales tax obligation as well as texas examinations non-prescription medicines from sales taxes the following consideration is the cost of living an inexpensive living and real estate prices are probably one of the most important factors to consider when you compute just how much you'' re aiming to invest every year in very early retirement current cpi information showing 7.5 percent inflation may frighten you a bit but you can still contrast the price of living index state by state besides housing various other expenses you desire to think about are utilities transport and also grocery stores these are your baseline expenditures when you'' re retired states with the lowest cost living are mississippi oklahoma arkansas kansas and also missouri respectively mentions with the highest expense of living are hawaii washington d.c california oregon and brand-new york taking a look at the states without any state earnings taxes tennessee was number six on the lowest price of living category and also surprisingly alaska is rated number six greatest in the cost of living index i wouldn'' t directly just select the state based upon this index if you intend to stay in a smaller community in tennessee then your expense of living could be a lot less than residing in a major city like memphis or nashville a great deal of senior citizens like to live beyond the major city so buying a residence possibly 45 minutes away from nashville may be less costly than living inside nashville right by the method if you desire our cost-free fire resources see us at contact talking homes a great deal of early retirees that pick to relocate put on'' t generally purchase homes today unless they recognize the area really well i believe right currently people seem like they'' re mosting likely to shed more money from renting out than acquiring a house i would suggest that you drive or fly to these towns or cities as well as get airbnb for a while i'' ve check out some reddit messages that individuals purchase a camper and drive around the entire country to pick a retired life location according to the nationwide organization of real estate professionals they detailed the following 10 best housing markets in the u.s including the significant cities and the surrounding towns and residential areas these warm markets remain in dallas fort worth texas fair hope farley alabama springdale rogers and arkansas and also missouri huntsville alabama knoxville tennessee hand bay and also pensacola florida san antonio texas spartanburg south carolina and tucson arizona knoxville tennessee had the most budget friendly residence rates with median worth of residential property being available in at 229 thousand dollars right here are some other considerations when you'' re looking into for a place to retire take a look at the area'' s high quality of life and neighborhood destinations i stay in the las vegas location yet i put on'' t real-time anywhere near where all the visitor destinations are and i live like thirty minutes away from the strip so it'' s not loud or anything like that you could wish to consider what your commutes are mosting likely to be like so do you choose to live in a location where driving a cars and truck to places is a necessity or do you like to ride your bike or stroll in the huge city if you'' re even more of an outdoorsy individual then you may desire to stay in an area with more outdoor activities as you grow older though you may need to find a location where there'' s medical care providers or health centers that can provide you the certain treatment you ought to additionally research to environment any place you'' re looking to relocate in las vega it can get up to concerning 115 levels in july and august it can be extremely warm as well as completely dry if you stay in dallas or san antonio texas it'' s like 105 levels however it ' s also very humid so it practically really feels like 115 degrees according to capital hawaii california and florida have the very best environment they'' re also not the most inexpensive locations to live due to that if you wear'' t mind the rain then maybe take into consideration seattle if you put on'' t mind the humidity then i hear tampa florida and atlanta georgia are wonderful choices i'' ve been to tampa as well as that is a great city if you'' re on lean fire and you want to live in an area where it ' s more rural and calls for a reduced expense of living after that right here are the top 100 us towns with fewer than 10 000 locals i will publish this link in the description listed below you put on'' t necessarily have to live in a tiny community if you ' re on lean fire it just indicates that you'wear ' t have a lot even more cash to invest with lean fire i have a village in mind as well as i will certainly share that in the direction of the end of this video so where do we wish to live when we retire early we have actually numerous choices based on what we have seen we will certainly probably make vegas our home the climate is really wonderful in between march and also may october and november it obtains method too warm from june to september as well as it obtains really chilly in december as well as february there'' s no state earnings tax in the state of nevada and also the cost of living isn'' t so negative between january and also february we would certainly like to remain in hawaii i personally like the huge island since it was method quieter than oahu the weather condition there was just ideal the only disadvantage was the expense of living and also it'' s not low-cost to live anywhere in hawaii my other half wants to reside in all those areas in colorado i additionally found a treasure in this little community called white salmon washington with a population of 2500 people it'' s in the columbia river chasm right throughout the bridge it'' s oregon and also washington state doesn'' t have revenue tax as well as oregon doesn'' t have sales tax however neglect all these taxes momentarily and take an appearance at a few of these photos we went there a number of years back from my friend'' s wedding celebration the view there was absolutely lovely if i if i want some solitude then that'' s an excellent area to retire early so what we intend to do is to have different properties in vegas and also hawaii so we can reside in different areas based upon the weather as well as seasons we additionally wish to be home mortgage totally free as well as potentially rent out the locations in hawaii when we'' re not there this is still years out but that'' s type of our strategy this is why we want to travel to various areas annually so we can remain to explore our alternatives our goal is that fire with 2.8 million dollars but that'' s just our monetary independence number when we'' re prepared to retire our total assets should be more than 3 million deciding where to retire might take years but we have lots of time to travel and also explore brand-new places so with that said claimed i appreciate you enjoying my video don'' t neglect to subscribe as well as i wish to see you in the next video have a great one [Songs] you

As found on YouTube


Read More

How we Retired at 40 – 7 tips to succeed for Early Retirement

Hey guys retired at 40 I'm going on a little road trip today just me and Murph and last week I reached a milestone on my channel and I hit a million views total and 10,000 subscribers in the same week since I've been getting requests for quite a long time about how I retired at 40 and I'm on a long road trip right now I figured what better time to share the story so without further ado here's the retired at 40 story so before I get started I want to say that this is not in any way a brag story in fact I'm definitely not a showy type guy I enjoy very simple things in life and money to me is more of just a vehicle to be able to retire young and have my family live a comfortable and an easy life and to be able to enjoy lots of life experiences and be comfortable in life before I'm old and gray so really the retirement journey began in about 2002 graduated from Iowa State University with a degree in marketing and business and by that point I have met my wife Kelly she had already graduated from school and she was kind of waiting for me and we wanted to move west out of the Midwest to move west see some new territory and get closer to the outdoors so I grabbed my degree ran out the door packed up my 1987 Ranger fully equipped with eight foot hay racks full of all of my personal belongings and we drove to Littleton Colorado and at this point in my life I had $200 in my pocket and Kelly had about the same so being completely naive and basically completely broke but with a degree I was on the search for the best suit and tie job that I could possibly find so I bounced around for a couple months just working some kind of halfway jobs and I quickly realized that I did not want to wear a suit and tie and I wanted nothing to do with the man and working a nine-to-five job well Kelly had found a job in a real estate office working the front desk and she had become friends with a couple of the big-time Realtors there one of which you caught wind that I had some handyman type skills but he made me a deal that if he paid cash for a house and I fixed it up that he would split the profit with us 50/50 and at this point in my life all I saw was dollar signs if I was completely blown away that there was someone that could pay cash for a house this is coming from a guy who had less than $200 in his pocket at this point it was pretty much scraping by I tried to hold back my excitement to him but naturally I said yes please let's do that I was working the graveyard shift at Target stocking shelves I'd worked for 10 hours I would go home grab a little bit of breakfast and I'd head over to the property and work on it for another five or six hours I try and catch a few hours of sleep and then I would rinse and repeat it was at this point in my life that I learned a few different things one you really have to dig deep to reach your goals in life because I was not getting paid by the hour and at this point I didn't know how much money I was gonna make I didn't know if I would make $500 when this was all done or if I was going to make $5,000 when this is all done so I learned that a lot of things that can benefit you financially you have to put in the work upfront without knowing what your final outcome is going to be after about three months which seemed like an eternity of working seven days a week for sometimes 15 sometimes 20 hours a day on this house the house was ready to go on the market and it was all finished it looked great and then before you knew it it's sold and then the house closed and at this point I still didn't know what we were gonna make off it but for me it didn't matter the hard part was done I didn't have any of my own money into it I just had my time basically so the guy we were doing the investment with hands me an envelope and I opened it up and at $8,000 being twenty-two years old and having $8,000 I might as well have hit the lottery and that brings me to my second valuable lesson that I learned and that is being responsible with money so when you have $8,000 and you're 22 years old a lot of people would go buy a new car they'd go buy some flashy things some pretty things but to me I had realized that if I can make $8,000 once I can make $8,000 again and again and again and again so I can either go p*&% the $8,000 away that I had worked my a#* off for or I can take that $8,000 and do exactly what he did but do it myself and potentially make twice or three times as much money so my wife being in a real estate office we became acquainted with quite a few smart people financially smart people we learned a lot about real estate very quickly because we were willing to learn which is my next valuable life lesson is that you never stop learning so we took our $8,000 we put a small down payment on a condo in Littleton because we realized that giving someone else our money was you might as well be throwing it away we wanted to be working towards something and it own something on our own so we took our other four or five thousand dollars and we started our search for a real estate investment that we could do all of our all on her own and get a hundred percent of the profits so after some searching we did find a place we found a small town home it was not in as nice of area as we were living it was smaller it needed lots of work but that takes us to our next light life lesson that we learned and that is to sacrifice for a greater payoff in the future so we had only lived in our condo for a very short time but we realized that if we moved into the real estate investment that we could rent out the place that we are living at and move into the place that we were fixing up that we'd have to be paying a mortgage on anyway we had our first real estate investment and we had our first rental so being 22 years old and owning two properties and carrying two mortgages and at this point I'm still working at Target was a pretty scary proposition in life but all I could see was that $8,000 check they had started to change our lives I also want to point out and kind of give a shout-out to my parents and to my wife's parents because neither one of our parents ever handed us anything in life they always made us work for what we achieved in fact when we move we tried to convince my parents to co-sign on our mortgage for the condo that we bought and they said no way at the time I was very very mad at them and I thought I would never forgive them in hindsight it was one of the best things they've ever done for me because it just made me have that fire in my belly and really just want to work to get what I wanted so back to having two mortgages that was a completely scary thing in my life I was making something like 10 dollars an hour at Target I think Kelly was making $13 an hour at the real estate office she was working at we could barely afford the condo we had but now he had two.

God bless the banks lending money to anyone at that point on the very plus side of that we learned that someone else can pay our mortgage and we're basically getting that money for free and then later we figured out that there are many many many tax benefits and huge benefits of owning a rental property so we quickly learned that trying to pay for materials and the things needed to fix up an investment property on just barely over minimum wage is not easy to do the thing that happened next couldn't have come at a more perfect time so all of a sudden I had money to spend to fix up this house and it would just get me to that next big paycheck that much quicker so that's what we did we fixed up the house we doubled our money we rolled it into the next one so we kept bouncing from house to house quite a few times and that sacrifice of from going from a nice house to live in to going to a crappy house to live in to fix up to making it nice again to going to another crappy house to fix up it became pretty stressful but we always had our eyes on the prize “are you still with me Murph?” after doing this two or three times I remember getting a check for the last one and the check was forty one thousand dollars so at that point it didn't make sense to work at Target anymore so I just started doing it full-time but we never took the big proceeds from the real estate and put it into our actual living we always rolled it into the next property and that kind of gave us the baseline of even how we live today we always live well below our means we take the money that we make and we put it into things that will make us an income not into something that will lose us money but you do have to treat yourself every once in a while otherwise there's no reason to make the money in the first place Kelly saw many of the high producing Realtors making large amounts of money so she decided to get a real estate license and she created her own real estate business so now we really felt like we had the world by the balls because we were getting paid a commission to buy the property and then we were saving half of the Commission when we sold the property and I was fixing him up so we just get rolling our profits in rolling our profits in rolling our profits in until family we were able to buy a house and now that we could get a house we were playing with the big boys the profits were much larger but so was the risk and we really didn't want to lose all the way it worked for for the last couple of years so we did a few houses and we made some great money but instead of selling them and pulling out our profits we kept them as rentals and it was at this point that we really started building up our rental inventory at this point it was about 2006 or 2007 and real estate was starting to slow down a little bit but we have purchased a large house I'm a courage that was really a big risk for us it was a large house to fix up it was our biggest project for sure it took us the most money to fix it up and we had the most money into it so we lived in this house for about 8 months while we were fixing it up and we kind of decided after doing about 12 properties that the moving all the time was starting to get kind of old and we were kind of getting older ourselves and we decided that we wanted to have kids and kind of settle down a little bit Murph are you with me? sometimes I feel like I'm just talking to myself so after the eight months was up we finished the house we sold it and shortly after the real estate market completely crashed the bubble had burst and Colorado was one of the hardest hit States we got out of the house just in the nick of time and not only did the real-estate market bubble burst we found out that we couldn't have kids and it seemed like a real low point in our lives but around 2007 when all this happened we realized our next lesson with every negative there is a big positive that can be gained from it and you can just use it as fuel for your fire so the recession was tough we thought our great life had come to an end we thought we were gonna have to get regular jobs you know people were losing their jobs left and right people were losing their houses Colorado was hit very very hard one of the worst states during the recession and we learned that what goes up must come down and in this case it came down hard in many cases not just real estate when things are bad that's the time to invest and if you're smart with your money and you've been saving while everyone else spending that's the time to benefit though from about 2008 to 2012 we were buying rentals so we were able to adapt I started doing contracting because that's pretty much what I was doing before but now I had to be doing work for someone else and Kelly's always been a mover and a shaker and even a bad real estate market she was able to keep her business moving we were buying things for pennies on a dollar and even though we were not making great money and in some cases losing a little bit of money on rentals we were able to stick it out and after lots of lots of years of lots of lots of heartache and lots of lots of doctors we were able to have two boys so about 2014/2015 real estate started creeping back up again prices kept going through the roof and just when he thought it was the peak they just kept going up stuff was flying off the shelves you could list a house and it would have multiple offers within 24 hours so we had about age 35 we were completely debt-free we had several rentals that we were cash flowing we didn't owe any money on the rentals so all that money was just rolling into a bank account when you have no bills and you have an income coming in your net worth starts to grow very quickly so we rode out the storm Kelly's business was doing great my contracting business was doing great we have liquidated a lot of our real estate in Colorado we had capital to play with we had two beautiful young boys and then I fell to my knees crying like a little baby I had herniated a disc in my back and I was on a walker for about a month contracting for me was out of the question I didn't even want to think about picking something up so I took some time off and I raised our kids which at first I thought would just be for a few months and then a year passed and then another year passed and I decided that I kind of liked it we had rental income coming in Kelley's business was doing better than it had ever been in fact she had started her own she had several people working for her and just as a little side income I got to do what I love to do which is antiques I was just buying and selling antiques so we were trying to be very strategic at this point because we owned a fair amount of property in Colorado but we knew that our ultimate goal was to retire at 40 and at the rate things were going up we didn't want to sell too early because we didn't want to miss out on that upside but we didn't want to sell too late because we didn't want to risk the chance of taking a step back so as some regret we sold the majority of our properties in around 2017 but this was a game-changer because we were able to make cash for every rental that we purchased so we loaded up on rentals in Iowa we actually purchased our property that we're going to move into which is actually where I'm headed now and that kind of brings us up to speed to current date I take care of our 10 rentals which keep which keeps me pretty busy just in itself i buy and sell antiques i get to see my kids all the time we have a good rental income coming in now we do youtube oh yeah we also do a couple fix and flips every year Kelly has her real estate team with about 10 employees and in June of 2020 we're going to retire at 40 so all in all life is great I have a wonderful family I have enough assets and passive income to live a comfortable life

As found on Youtube

Read More