I crossed the FI goal line a couple of years ago and resigned from my job last month. Last day at work is Oct 29!
@TheMoneyResolution
2 жыл бұрын
Amazing. Congrats!!!
@pquach00
2 жыл бұрын
That's awesome! Congrats!
@Pops2
2 жыл бұрын
Stock markets killing us right now. Own good rental property to spread things out.
@TheMoneyResolution
2 жыл бұрын
Yes it is but this too shall pass. I think the average recession is something like 2 years. We were do for one but it'll bounce back aggressively in no time :) Real estate is a great hedge against inflation though!
@artybeanLLC
4 жыл бұрын
Avoiding lifestyle creep is super important! I find it’s important to balance my savings rate with my “living” rate. I don’t want to focus on saving so much that I’m not still enjoying life :)
@TheMoneyResolution
4 жыл бұрын
Totally. Appreciate the perspective. Enjoy today while also focusing on enjoying your future. Balance is important and necessary. 👍 For me it’s literally 50/50
@kaysonnoe5214
3 жыл бұрын
I dont mean to be offtopic but does anybody know a tool to log back into an instagram account? I stupidly lost the account password. I would love any help you can offer me!
@chuckmurray1825
3 жыл бұрын
I try to be careful to always measure want versus need when making purchases. Living more simply is really the key for me. I have everything I need so anything above that is just fluff and I always try to weigh the cost of an impulse purchase against my long term goals.
@TheMoneyResolution
3 жыл бұрын
Absolutely! I like to think about "how many hours" an item would cost me. If it's a want and it costs a couple hours of working or more, it's almost always not worth it! :)
@middlechamber3574
3 жыл бұрын
Great information. I appreciate mostly your humble and sincere message. My FI $$ definitely looked scary, but I decided to go head first and stay focused. Thanks for the great PA message. It's contagious
@TheMoneyResolution
3 жыл бұрын
Really glad to hear. Thanks for the feedback. Definitely don't get overwhelmed by the big number. Enjoy the journey. I have a couple dozen FIRE videos by now I think you'll enjoy. Here's the playlist! kzitem.info/news/bejne/uWypuKaBcp2GpmU
@jononfirebudgetinginvestin3897
3 жыл бұрын
Can’t wait to achieve FI! 10% there haha. I plan on working after achieving FI, but I wanna take a year off to travel, go back to school, and change careers to a lower paying but more fulfilling sector
@TheMoneyResolution
3 жыл бұрын
Awesome! "Mini-retirement" mixed with a bit of Coast FI! Each path is different. Keep it up!!
@FreeyourFinance
4 жыл бұрын
Interesting video, and Thanks for sharing. I’m a little way of FI but well on route 🏔
@TheMoneyResolution
4 жыл бұрын
Awesome. Digging your channel as well. I liked your income streams video. Keep it up FYF!!
@financiallyblondeph6787
3 жыл бұрын
Happy to teach accounting once I reach FIRE. Great insights! Subscribed!
@TheMoneyResolution
3 жыл бұрын
Love it!! And thank you :)
@robbink5434
3 жыл бұрын
Great video. To answer your question: when I reach my FI number, I probably won't do anything else I am doing now. I pretty much like my life. Maybe working a bit less, but that's it. I just would feel more secure and safe-just the feeling of having that financial freedom screams no stress.
@TheMoneyResolution
3 жыл бұрын
Makes total sense to me!! 👍
@hollyc3838
3 жыл бұрын
I plan on traveling the world for a year or two when I reach FIRE. That will give me a chance to find a country that I would like to move to with a lower cost of living and quality healthcare. Healthcare in the US is so expensive. I've been binge watching your videos, you make a boring subject like finance very interesting. Thank you for all that you do to educate us.
@TheMoneyResolution
3 жыл бұрын
Great callout about healthcare. It is DEFINITELY on my list to make a video about that. Honestly, it seems daunting so I keep putting it off. Probably because I know I'm not going to like what I find in research lol. Thanks for the views and support. Lots more to come :)
@mikep4869
2 жыл бұрын
I liked the video! I determined my annual income needs in net $$. Assumed a tax rate and found the gross amount needed. Determined all the income streams (pension, SS or CPP & OAS). The shortfall comes from savings. If retiring at 60 and expecting 25-30 years in retirement, I simply used a Time Value of Money calculator. Input how much you need annually, a net of fees growth rate (4.5%), duration, value left after 25-years and get the Net Present Value to achieve. The 4% rule just may leave you with a balance that you start with (less the value of inflation).
@NayEd77
4 жыл бұрын
Hello, really enjoy your videos and also love the PA rating 😁 Just beginning my road to FI. My why is just knowing that my options are wide open to either work or not and not feeling financially trapped. Thanks for the video!
@TheMoneyResolution
4 жыл бұрын
Attitude IS everything. I might start rating all my videos lol. Freedom, options, and flexibility for sure! Enjoy the journey Naomi! :)
@inea-fijourney22
4 жыл бұрын
working hard to get out of debt and achieve FI!
@TheMoneyResolution
4 жыл бұрын
🙌👌🔥
@hl3641
2 жыл бұрын
Slower growth ahead, 4% withdraw too high
@TheMoneyResolution
2 жыл бұрын
I don't disagree. But I also don't speculate. What I will do is continue to pay attention, research, and report any/all updates and recommendations over time :) 3% or 3.5% is smart and save though if doable for sure! Thanks for watching!
@ErinDHM
4 жыл бұрын
Great video, Frankie :) I'm in the UK and have worked out four different FI numbers for myself, covering the minimum and optimal amounts I'll need up to and beyond reaching age 55, which is when my workplace pension/LISA can be taken and added into the mix. Gotta be prepared! :)
@TheMoneyResolution
4 жыл бұрын
Love that idea of finding a few numbers. Helps you identify a range so you can aim high but be prepared for anything. Thanks for watching Erin!
@FinancialSelfReliance
3 жыл бұрын
This is a great video, very well explained. I work with a lot of people who are retired and I'll tell you they still are very active and most of them have a good work ethic, so they still do things for fun to make money or just to have a hobby that keeps them going. Sub'd. ⭐👍
@TheMoneyResolution
3 жыл бұрын
Thanks for that FSR! I know I'll still be working and probably educating with videos and books come retirement. I can barely sit still on the weekends lol.
@FinancialSelfReliance
3 жыл бұрын
@@TheMoneyResolution Me too, I love helping others learn about how to manage their money and live more self-reliant lives and I don't think I can ever "retire" from that... 😉😎👍
@lowstringc
3 жыл бұрын
I’m very much overly careful, but I think that it is still worthy of note that the Trinity study did not account for more than 30 years of retirement, as they weren’t factoring for early retirement. I worry that the 4% rule is a little too optimistic if you’re retiring before 55 or 60 (I could be wrong, but I like to be over-prepared...)
@TheMoneyResolution
3 жыл бұрын
I appreciate the note. Makes sense. Health care becomes an out of pocket cost for example during early retirement. Smart to be safe and aggressive to save more!
@CalmerThanYouAre1
3 жыл бұрын
The author of the trinity study actually just increased the safe withdrawal rate to 5% and said that up to 7% could even be fine. Heritage wealth planning did a good review of the update. The data shows people don’t spend nearly as much in the last half of their retired years. They aren’t as active, they don’t travel as much, houses are paid off, etc.
@heykate2036
3 жыл бұрын
Hi sir! Thank u for this video.. but.. where are u investing? I hope to hear from u soon. Thank you!!
@TheMoneyResolution
3 жыл бұрын
Hi Kate, I put my work 401K into an S&P500 index fund. Same for my Roth IRA, which is through M1 Finance. I look for Vanguard 500 or total stock market funds. Fidelity and Schwab are good too to keep expenses down. I believe the symbols are VOO, VFIAX, VTSAX for the bulk of my investing. That's not everything but hope that helps. I have some videos on my channel where I explain that a bit. Try the "how to get started with investing" video. I think I explain it on that one a bit... kzitem.info/news/bejne/yayGqaSqfJSeaqw
@heykate2036
3 жыл бұрын
@@TheMoneyResolution hello!! Thank you!! Will check the video :) also.. Im from the philippines so i cant really decide on where to invest. Almost all resources i find on the net use the international stock market/index.. would it be the same if i invest on other market sir? I mean, does the trinity study apply to all sorts of stock market as well? Not just american? Thank you! :)
@newgameplusxenpuck4888
3 жыл бұрын
25x expenses is very reasonable and an easy rule to remember. the problem is how people spend changes over the course of their lives, not to mention if you're into FIRE your expenses at the accumulation stage will tend to be without frills. That's cool for a while, but is it really how you'll want to be.... forever? ok not ever but for... decades and decades and decades? really? to me it's easier to just do 25x "the leanest version of one's expenses " and then double or triple that to give yourself some margin of error. plus it's easier to feel good about oneself's progress as well. I'm proof that it can be done. was FI around 33 and left the corporate gig at 38 once I built up a larger cushion. No downsides I can think of since, cheers XP
@TheMoneyResolution
3 жыл бұрын
Thanks for sharing that and congrats on your success! That's awesome to hear you retired early and then some with extra cushion. Well done!
@abeness88
3 жыл бұрын
Once you have the 1million you saved. Where do you invest it to be financial free?
@TheMoneyResolution
3 жыл бұрын
I actually have a few videos on the topic. I recommend watching "Revealing My Entire Investment Portfolio" and "How to pick the best index funds for long-term wealth" and "The basics of investing." If you have questions still, feel free to comment on those videos!
@danielle7292
3 жыл бұрын
Thanks Frankie for the video. Does the 25 x your expenses and 4% rule apply regardless of the length of your retirement or should you adjust if you're retiring earlier or later?
@TheMoneyResolution
3 жыл бұрын
In theory, yes. In actual practice... you never know. The studies show it's extremely likely you'll never run out of money. Better to be safe and plan to live off of 3% annually if you're retiring in your 40s and especially in your 30s. The exception would be if you built up passive income. 4% with some money coming in consistently should get you there no problem. 👍
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