Quick question…have you started saving for retirement yet? If you answered yes, and hopefully you did, that’s great! Perhaps the more important question is, at what age did you start saving? Compound interest is the key to robust retirement savings, and it works best over longer periods of time, especially with a retirement account like a 401K or IRA. So the earlier you invest, the more time compounding has to make your money work for you. People should save 15% of their income toward retirement. Everyone’s situation is different, of course, but there are some recommended milestones for retirement savings.
By age 30, you should have one times your annual salary saved; by age 35, two times; by age 40, three times; and so on. Don’t panic if you’re not on track with these milestones. No matter what your current age, you can always play catch-up by increasing how much you contribute to your retirement plan. You can even add an extra $5,500 to your yearly contribution limit if you are over 50 years old. Visit the FFL Advice Hub for help with retirement savings milestones, financial wellness, and more. And if you have any questions, we are always here to help..Read More
foreign 1950 as well I should state when you retired you.
weren'' t thinking about the golden years you weren ' t reasoning of traveling the world perhaps as long as.
as people today due to the fact that you maybe just live 10 more years in prior to you died yeah and also.
a great deal of the placements were laborer placements so you labor for 40 years your body is aching and.
a great deal of times retirement was compelled even if you couldn'' t they couldn ' t do that sort of job
. prior to whereas currently individuals rest behind a desk behind a computer system display and you can continue to do that.
for a while lots of people can if desired however the the retirement that people are taking a look at today.
primary traveling is a great deal much easier currently specifically worldwide traveling than what it was in the 50s.
and there'' s a great deal of various other activities that we can amuse ourselves keeping that we simply didn'' t. have in the 50s so quality of life is a lot better home entertainment alternatives are better and individuals.
are truly delighted to reach that time structure where they don'' t have to awaken and most likely to function every. day they can get up as well as do anything they select to do and now the the challenge is is just how do you.
finance that right just how do you just how do you fund your retired life Vision with the life cost savings that.
you'' ve you'' ve saved that you ' ve produced throughout your your shift framework which is.
something in the 50s they didn'' t need to take care of because really little of their retirement was.
reliant upon savings it was the pensions and Social Safety and security as we pointed out earlier and isn'' t. that the huge concern actually just how much am I going to spend in retired life as well as I understand I'' ve heard you.
talk about it'' s not actually a straight line it'' s a lot more possibly even a smiley face at the start.
perhaps you'' re spending a whole lot a little much less and also then possibly a whole lot once more what what represent.
that which is likewise a difference compared to 7 years earlier because when you retire in your two.
resources of retired life earnings are from assured resources that are defined your Social Safety and security.
payment was specified you understood precisely what that was your pension settlement was defined he recognized that.
that'' s specifically what that was that'' s all you needed to spend whereas today you have perhaps this pail.
of investment financial savings let'' s call it 5 hundred thousand dollars then you have fifteen hundred.
bucks a month coming from Social Protection and also you need 5 thousand dollars a month to live.
on well in the initial ten years of your retired life that'' s the Go-Go years when you have
a great deal of. energy You ' re motivated you'' re thrilled concerning this freedom of time and you intend to go off and also do all.
these things you never had time to do before well it'' s truly very easy after that to dip into more of that
500. 000 savings than than what maybe you must or the concern mark we typically get is can we right can you.
dip into that cost savings previously on right into retired life with the suggestion in mind that after 10 years of.
retirement throughout the slow-moving go years when you don'' t have as much motivation maybe you'' re you ' re. not feeling as energetic that you'' re not going to require as much cash to spend as what you did during.
the go go years so how how do you establish what this pot of of cash what this bucket of.
financial savings can really provide for you in the go go years versus the slow-moving go years and after that the no.
go years and the no go years remarkably for a great deal of senior citizens is where they need to spend a.
great deal of cash a lot more so than the Go-Go years since in the no go years this is where the.
long-lasting care expenditures seem to set in and also the the you understand the last expenditure that comes with.
durability where we might not be doing the important things we intend to do however we'' re costs money on the points.
that we need to invest money on like the health treatment and the long-lasting care thank you for watching.
this clip of retiring today if you have concerns about your retired life routine a free.
15-minute retirement checkup telephone call.
It'' s one more Saturday Teenager – Yes it is as well as today.
we'' re mosting likely to talk about very early retired life where did we obtain the cash Norm – Now.
that is a darn good concern where the heck did we locate that money – And also.
great deals of individuals are asking us that as well and also if you'' re brand-new to our network we would.
truly appreciate it if you could subscribe as well as provide us the thumbs up it does truly assist.
our channel to grow – Norms tee of the day – Ooh you'' ve obtained the Doors on today Norm.
– Fantastic band I'' m running out of tee shirts so they'' ll beginning getting recycled soon – You''
re. obtaining quite the follower club taking a look at your fantastic collection of t-shirts – So basically we obtain asked.
the inquiry just how were we able to retire at 55 and where did we obtain the cash to do that so below'' s. the Coles Notes variation we got here in Canada in 1992 with a very small quantity of money since.
of a housing collision that occurred in the late 80s in the U.K.And believe it or not home. prices can go down in worth along with up -Yeah and also in actual reality that ' s took place to us a couple. of times hasn ' t it Norm -It ' s occurred when in the U.K. and as soon as in Canada – Where we actually lost. so although there ' s a housing boom currently houses can decrease equally as much.- So we were devoted to get a house in Canada we ' d possessed a house in England which was the way. ahead for us so we saw our home as being a refuge to increase a family members but likewise it was going. to fund our retired life since we did not have company pensions- So although we simply had a. little amount of money when we came we really we got a small home didn ' t we Standard the very first. home in Canada was an actually nice but small home and also at the very same time we got this home we. then rented for a year while it was being developed so that was fairly interesting to see it being. developed wasn ' t it- It was and also around that time the “Wealthy Barber” book came out it ' s a. individual financing publication by David Chilton and also we I put on ' t know
just how we obtained a duplicate of it but -I don ' t. either I can'' t keep in mind yet we did didn ' t we- And we'read it cover to cover both people'did and also. it really talked to us it was a straightforward message yet it was really powerful especially as we didn ' t. have any kind of money- It was sort of it was sort of the message we needed to hear wasn ' t it -It really was.- No money beginning again and hello if this publication can do it we can do it- As well as I was 38 years of ages so to. put it into context we were beginning again again as well as so what did David Chilton inform us to do- Well. generally he claimed to pay yourself initially and we assumed oh that type of appears an actually good. suggestion -Easy sufficient- Yeah to ensure that ' s what we did we established a standing order to pay we sent out 10 %of our. monthly cash away so that ' s what we did we paid that initial and afterwards we found out to live on what was. Over as well as the'funny point was after a while we didn ' t really
miss it did -We never missed missed out on. cash after 2 or 3 months yeah'didn ' t even recognize you were conserving because it was just instantly. taken- It was fantastic -So we placed that into shared funds so it was being paid every month into. mutual funds in cash and after that we would acquire systems in the mutual funds as well as originally they were going.
respectable till they quit going respectable (yeah ), and afterwards they weren ' t earning money for us.
and the management expenditure proportions were extremely high this remains in the mid to late 90s so we chose to.
eliminate the shared funds therefore what we did was opened a discount rate broker agent for an RRSP as well as I had.
the common funds offer off all the units in their funds as well as send the cash money to the price cut brokerage firm.
to RRSP ' s what did we do with the cash- We placed it'in your home so basically after that we were. making bi-weekly home mortgage repayments enhancing repayments as high as we can each year each.
never had any funding to be able to settle it yet we had excellent money circulation -Yeah due to the fact that we were kind.
of living pay cheque to pay cheque didn ' t we we had excellent tasks but- We did middle-income.
tasks( yeah ), yet we were funding university- Yeah to place both our youngsters through – And we.
were attempting to enhance the take'those RRSP payments placed them into the home mortgage to.
eliminate the home loan so yeah we didn ' t have international getaways the only points we were doing.
community and invested the cash maxed out the TFSA ' s- As well as at the very same time we paid all our financial obligations off. didn ' t we as well which was- Because having had your home over the years( yeah), it does require consistent. upkeep and we replaced a great deal of things because( yeah), they all went onto lines of'credit scores – Yeah. since we placed decks as well as roof coverings and home windows didn ' t all of us needed to come from somewhere didn ' t it.- So the decision was pay the line of credit history off when we sold the residence and also we walked away. debt-free with a smaller sized quantity of cash but we '
ve invested that and also it ' s been'excellent -It has -And also. that ' s why we ' ve traveled so thoroughly since we missed out on taking a trip pertaining to Canada at the. age we were as well as having the additional costs of reconstructing a life and placing your youngsters via. university or aiding them they assisted
us as'well by contributing in the direction of them- Yet that was. always our plan wasn ' t it the plan was to have the children and then we would certainly begin traveling after. and also truly that ' s what we ' ve done place ' t we as well as it ' s been superb up until now -So we would encourage. anybody in your mid 30s early 40s you can do this (yeah), if you ' re refraining it currently there is. still time start paying yourself first want to purchase a house construct some wide range if you can ' t. manage a home purchase a house( yeah ), and also hop on that real estate ladder which ' s how we did it. it was actual estate by getting and also marketing houses going up the the ladder'that we ' ve been able. to create a retired life fund that we were able to retire early so that ' s our tale-'It is and also we hope. everyone ' s appreciated our tale as well as hope everyone is staying risk-free as well as maintaining well and -Many thanks for.
viewing as well as until the next time bye bye, bye bye.
Hello, I'' m Thomas! Good life! You'' ve functioned difficult and also conserved hard all your life, and also now is the day you can choose just how you desire to spend the rest of your life.
real-time gladly ever before after? Are you totally got ready for what'' s ahead? Well, you can quit worrying since today I'' m mosting likely to share all the tools you need to delight in a pleased, hassle-free retirement! let'' s start! So just how do you understand if your future retired life will be protected and also effective? In order to address, you must comprehend what is holding you back. Canadians feel stressed out concerning retirement for 3 reasons: 1. They never ever think of retired life preparation 2. They put on'' t have a clear monetary technique 3. They concentrate on assets rather of earnings Well. Allow'' s start with reason 1. They never ever think of retired life planning. Canadians are so hectic with their present way of life that they just delight their days.While lots of people understand that retirement planning is very important, it ' s not immediate for them. It ' s like wanting a retirement angel to exist At the age of 65, an angel turns up as well as gives you your pension plan. Yet this only existed 30 years ago when there were supposed defined advantage pensions, where 100 %of the pension responsibility was held by the company and also the government. In the very early 1980s, greater than 60% of Canadians had a pension plan; however in 2011, just 18 percent were covered by a. assured pension. Simply 18 percent were ensured pension. The 2nd reason is that there is no clear monetary approach. With specified benefit pension plans vanishing fast, many of us wear ' t know just how much we ' ll be gaining until the day we'actually intend to take'it out. A lot of individuals today assume they can be whatever they desire. That merely doesn ' t job. Why? Due to the fact that there is so much uncertainty about future revenue and also spending.Research shows that two-thirds of Canadians put on ' t understand specifically how a lot they will certainly need to retire
, neither do they recognize for how long they will certainly need it. They have no plan to make sure that retirement income can keep up with the climbing price of goods and solutions. In the past, retirement planning appeared much simpler when the only choice was “when”; What occurred, these concerns need to be addressed. The 3rd factor is to focus on assets rather than earnings. Up until retired life “, we remained in the accumulation stage and also we concentrated on property development. Retirement is the contrary. Senior citizens need ensured lifetime revenue. We see ads for financial investment systems on TV, radio and social media all the time. The problem with most of these ads is that they just concentrate on gathering; they don ' t emphasize what you need to do for those collected cost savings when you retire. The ideal example is the RRSP, among the tools that assist Canadians save for retired life. I remember whenever I walked right into the financial institution I was constantly intrigued by the concept of an RRSP, I obtained an income tax return and also it assisted me save long-lasting. No one told me the repercussions of withdrawing cash in retired life. I didn ' t recognize that at age 71 I was compelled to take my cash out and if I didn ' t strategy meticulously it might trigger me to pay even more tax obligations! The day you retire, your strategy modifications. So how do we solve these troubles? According to guide,” Do not Fret, Retire Satisfied”, by Tom Hegna, there are 4 points that can truly assist you live gladly ever after.Point # 1 is what retirement defines you. For me, retirement is doing what you like without stressing regarding the costs. Simply put, it ' s economic freedom. For a single person it indicates throwing away 12 hours a
day; but for an additional it implies circumnavigating the globe 5 times a year. Every person has the way of life they desire, as well as the price of each way of living is various. The writers suggest three stages of retirement. The first stage is to appreciate the vintage rapidly. It ' s the early days of retirement when you go playing golf, you play tennis, you take a trip and you appreciate your retirement and after that the sluggish years. A slow-moving year is when you can still do whatever You ' re enjoying what a fast year does, but you simply put on ' t intend to. Sluggish years are complied with by no-go years, when you ' re stuck in bed nearly all the time.
These 3 phases are implied to advise you to fully enjoy your old age and also adjust your expenditures over time. Not everybody retires with the very same quantity. If revenue is a concern, you'could think about a mixed retirement. Continuing to work can bring monetary advantages, especially with today ' s medical breakthroughs, and people ' s life expectations often increases.More as well as more people are currently living beyond the age of 90. It ' s not a poor suggestion for senior citizens to function a few hrs a week. Not just does this keep your checking account active, it maintains your mind active which benefits your overall life. Since you are still functioning for the business, you might also be eligible for business health advantages which will significantly lower your costs. You may be shocked by the fact that 45 %of Canadian senior citizens are currently enjoying a blended retired life. Takeaway # 2: Watch on Inflation Let's admit it, since the COVID-19 pandemic is underway, the Canadian government has actually been enhancing its financial obligation which implies the expense of acquiring products will ultimately rise. Rising cost of living definitely influences every person ' s retired life. $100,000 is much less in regards to purchasing power today than it was twenty years ago. The publication suggests that if you retire at 70 as well as pass away at 75 after that rising cost of living will more than likely not affect your retired life. If you retire at 55 and live to 90, inflation will most likely decrease your buying power by 50%. It ' s real, according to Statistics Canada, life expectancy in Canada is 85 years for guys and also 87 years for women. Surprisingly, married couples usually live longer than single people, as well as can often live to the age of 92. Durability is not simply a blessing however it's. A danger multiplier. The longer you live, the greater the risk. That ' s why it ' s so crucial that your retirement revenue defeats rising cost of living. Point 3: Combine your accounts Couple years ago, I collaborated with a retired couple
. A few years back, I dealt with a retired couple.
They desire someone to look after their funds, so they can focus on where they'are taking a trip. Following thing I understood I learnt they had about 30 accounts in three different financial institutions. Checking accounts 1, 2, & 3, interest-bearing accounts 1, 2, & 3, 2 joint accounts, two dollar accounts, a lot of mini fixed deposit accounts, and so on. Would not it be irritating to see all those statements. pounding your mail box month after month? What I inform them is that you only need 4 piggy banks. The very first piggy bank is for paying your existing costs. Compose down your taken care of costs such as food, clothes, car upkeep, etc, as well as your weekend break expenses such as club memberships. Remember, in retired life, on a daily basis is Sunday.
The second piggy bank should have the ability to offer you with guaranteed income permanently, such as a pension plan, government benefits, fixed down payments, rental income, etc.Would you really feel less stress understanding that your assured life time income will pay your bills? If you want to understand more concerning Canadian federal government advantages, enjoy my previous video on Canadian pension plans, you can click the link in the upper edge 3rd piggy bank ought to be purchased at the very least something that defeats rising cost of living and also has sufficient development to Fund piggy financial institutions
An and B for later usage. The last piggy bank to save for the unanticipated and unpredicted is emergency funds. Did you recognize that a person of the fastest methods to deplete your retirement financial savings is via medical costs? According to Statistics Canada, by age 55, the opportunity of needing lasting treatment is one in 10, by age 65, the possibility is three in 10, as well as by age 75, the opportunity is 5 in 10. How are Canadians responding to the data? Most concur that at some point as they grow older they will certainly need treatment, however remarkably nobody thinks they are the ones that will certainly need it! Much more significantly, they believe that all of their long-term care demands will be taken care of by the federal government. The Federal government of Canada does have programs available to assist Canadians that need long-lasting treatment, but it ' s insufficient.
So be prepared for clinical events. My pointer is to consider the insurance coverage plan. It might conserve you hundreds of bucks if anything occurs. The last point is to function with an expert. It has actually been verified that those who plan their retirement are better than those who do not. If you put on ' t have the moment or passion, you can certainly employ an expert to help. They must'have the ability to direct out if there are any openings in your strategy and how to repair them so you put on ' t discover them far too late. In the following video I ' ll share what you need to know before functioning with a financial advisor.I understand! Among the important things that usually quits individuals from taking activity is that they put on ' t constantly really feel like they have adequate time. But is it true? Consider how much time you invest in your phone. I wager you probably enjoy a lot of videos besides this! If you have a routine of hanging out intending your weekends or your future summertime getaway, why put on'' t you allot a long time to preparing the lengthiest as well as essential “trip” of your life? Hope you enjoyed today ' s video Attempt seeing both videos. I guarantee you will certainly obtain worth from it. Don ' t forget to hit the subscribe button! Weekly, I share extra regarding just how cash functions and also exactly how to utilize it! I ' m Thomas See you following week!.Read More
Let's take a look. If you're in your 20s 30s 40s or 50s – What is the game plan? Here this is really cool. I think this helps people and also maybe might motivate you to take action a little bit more. Let's say you're 30 years old, you want to have at least one times your salary saved. So if you're making $50,000 a year ,you want to make sure that you have 50 gramme in the bank. Let's jump up to 45. You want to have 4 times your annual income saved. Once you get into your 60s, right, that's 8 times. That's a huge number! And you know, procrastination is probably one of the key components of why people are not necessarily successful, but at least this put you in the… I mean one of the biggest questions Al and I I get is, “Am I on track? How do I compare to other people that you see?” Well this is a good idea to take a look at how much money are you making, multiplied by those factors, and then that's going to get you in the ballpark.
Right? Because I think a lot of times it's just simple arithmetic. How much money do I need to maintain the lifestyle that I want long-term? Most of you don't have enough. We're not here to put fear in you. We want to make sure that you're responsible to look at, “Hey, how much do I need?” To give you the confidence to do all the things that you want to do in retirement. Hey, Joe, why don't we do kind of a simple example of let's say some different ages. Perhaps your age 40 or 50 or 60.
Let's say you have $50,000 saved. Let's say you want to reach that $500,000 savings goal. Well, how much do you need to save per month to be able to do that? In this slide it's showing you $179 per month if you're 40. Look what happens if you're in your 50s. $862 dollars per month and if you're 60 you got to fast track this. That's $3,875 per month. That's of course at a 7% rate of return and assuming that you retired age 67.
Just four grand a month. Oh yeah, no problem. That does show why you want to start as early as possible when you're saving. .
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I'm going to do a video on 5 simple things you can do to help your financial situation and I realized that I need to do a follow-up to the retired at 40 story video because there's a huge need for financial education in this country and really everywhere it pertains to every single person doesn't matter what your financial status is you can always use help and there's always little tip tips and tricks that and things that you can do to better your status it always amazes me how scared people are to talk about their finances to put something on paper to basically take a look at where their money is going what's getting saved and how everything is getting spent and I've met people time and time again that are highly educated very smart people but they know nothing about finances and they are terrible with money management so before we get into the 5 tips I want to strongly urge you to make a financial statement for yourself figure out where your money is going currently and figure out how much you're saving and basically figure out where you can trim the fat for so many people a financial statement or just finances in general is like a bad word they're just terrified of it but the only way that you're gonna be able to improve your finances is to face the music alright so now that you've had a chance to go through your financial statement you definitely know where your money is going but how can we save more and what you really need to aim for is about 6 months of reserves especially if you're getting ready to invest money into something or if you're doing some kind of career change or some life-changing thing and all of these five tips will more than likely be a line-item on your financial statement so let's go to financial tip number one hey I'm going to have to call you back I'm shooting a video right now so this first thing is something that we've all become very very accustomed to in the last 10 to 15 years and that is a cell phone and people tend to spend absurd amounts on their cell phones whether it's the bill or the cell phone itself mainly the cell phone itself so that's my first financial tip is shop on eBay or Amazon for a cell phone that's refurbished or used or one this may be just a couple years old I actually just purchased a cell phone on ebay because I'm having trouble with my current one and I got on to my cell phone providers website and the most expensive phone that's like mine now is $1,200 that's insane to me so I got on eBay I found one that's similar to the one I have right now it's new but it's a couple years old and I got it for less than $200 another thing that you can do is ask for some kind of loyalty benefit from your cell phone provider cell phone providers are constantly trying to earn your business and if you've been with them for a long time and you can convince them to keep you around by offering you some kind of benefit they'll jump on the chance just by going into my provider recently I have a cell phone bill that was about a hundred and ten dollars a month I told them that I've been with them for close to 15 years they knocked it down to sixty-seven dollars and I have unlimited everything now tip number two is what I call going to youtube University or getting a YouTube education we live in the most amazing time ever right now there is information everywhere and it's so easily accessible don't ever stop educating yourself it's so easy to find out how to do things these days you're doing yourself a huge disservice if you don't take advantage of that so how does that pertain to saving money well you can save money by doing tons and tons of things yourself instead of paying someone else to do it just look at the platform that you're watching right now for instance you're watching a video on how to do something so that how-to can be anything from changing brake pads on your car to changing the oil on your car to fixing a leaky faucet or the toilet flapper not working on your toilet all the way to how to the meal which brings me to my next point number three so food is a necessity in life but is it a necessity to go out to eat or go to Starbucks once or twice or every day the amount of money that people spend on food and going out to eat fast food Starbucks McDonald's it really adds up quick and I don't think that people realize how much money they're actually spending on it because it's just five or six or seven dollars here and there but if you add that up over the course of a month or a year or five years or ten years I think the result would be pretty staggering cook your meals at home pack your lunch for work make that fancy coffee at home it's not that tough to do there's so many great ideas and resources on YouTube and Pinterest and vlogs and blogs this channel included if you need a place to start scroll through my channel I have lots of cooking videos if you want to take that a step farther you can start growing your own food and if you don't have a big green house like this you can grow a lot of food just in five gallon buckets even on a little deck if you don't know where to get started see tip two number four is something that really hits home for me because me and my wife are both self-employed and we have been for 15 plus years so number four is insurance and although I don't like insurance companies because I think they're a giant scam it's a necessary evil and you can also use that to your advantage you can put them against each other insurance companies much like cell phone companies are begging for your business and they're constantly trying to outdo each other with with certain benefits or promotions so make them put their money where their mouth is and put them up against each other constantly and not just insurance companies you can do this with all kinds of different companies you should always be price checking these companies the ball is in your court make them earn your business all right I'd saved the best for last tip number five is taking advantage of bank account and credit card bonuses and this tip is begging for a separate video all on its own because I could go on about this for a long time but if you're not taking advantage of credit card bonuses for sign ups or credit card cash back or travel miles or if you sign up for a bank account a lot of them will give you a large sum just for putting your money with them now I want to be clear I'm not promoting just going out and spending a bunch of money on a credit card but more putting the things that you already spend money on into the credit card it's money that you're spending anyways put your mortgage on a credit card if you can insurance is a good one it's not super expensive but at least we'll get you a couple hundred bucks on your credit card unless of course it's health insurance and then you're talking in my case thousand to twelve hundred dollars a month here's another good one groceries it's something that you always have to have and depending on how much you go to the grocery store it could add up to three or four hundred bucks a month sometimes six hundred maybe even more no-brainer here put your gas on a credit card you can always put your utilities on your credit card too if your utility company will allow it next from tip one your cell phone bill now depending on how much some of these are and if you are allowed to actually put them on your credit card you're talking some pretty major money that you can get a bonus from if you're getting two percent cashback that really adds up not only that but you're increasing your credit score while you're doing that so as long as you're financially responsible and you pay this every month you're reaping a large benefit a lot of credit cards will give you a 2% cashback they'll give you a $500 signup bonus that's free money in my opinion the free bank bonuses or even better than the credit card in my opinion because the bank account is something that you have to have anyway a lot of them will give you $500 for a small deposit as long as you put your direct deposit with them all the way up to I've seen $1,000 before and if you have a little bit more money to play with some of the online money market accounts like Capital One will pay you up to 2% or some even up to 2.5% just for keeping your money with them so some of these things may not seem like it's saving you a ton of money but when you take up those extra fives and tens and occasional hundreds and you put them to work for you as opposed to something that you're normally spending you're not only saving the money because you're not spending it but you're putting it to work and doing something else with it and you'll find that your your finances will start to collect very quickly so if you found the video helpful and you enjoyed the content take a second to give me a thumbs up it really helps out the channel and it helps the YouTube algorithm get this video out to people who actually need to see it also don't forget to subscribe we do some gardening some frugal living some food preservation and cooking some gardening and you get to join me and my family on our retirement at the age of 40 after you've clicked subscribe click the bell notification also and it will notify you every time a new video comes out and it'll keep you in the loop of the community all right I appreciate you sticking with me through this whole video so I'm gonna give you an extra bonus tip with an extra 100 or 200 or 300 or more dollars per month that you're saving with just cutting back on a few things you take that extra money and you pay down debt with it the faster you get out of debt the closer you're going to become to financial freedom and whenever you're paying off debt always choose the smallest balance first because it gives you that extra little boost and if you can pay it off faster it gives you that extra bit of confidence to rock into the next one so once you've paid down your smallest debt move on to your next smallest debt take that money that you're saving from the smallest debt that you're not having to pay any more and add it to the money you're saving from the 5 tips that I'm giving you and apply it to the next smallest debt and when that one's paid off you roll it into the next one you roll that one into the next one and so on and so on in the meantime this is retired at 40 check out these other helpful videos if you have a minute remember to live a life simple and we'll catch you next week oh hey I'm gonna have to call you back and shooting a video right now this is right my god get out of debt
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