Most people work until they’re 70 & don’t get freedom until they retire.
Here’s how you can retire in the next 10 years starting from $0:
Here’s how you can retire in the next 10 years starting from $0:
1. 3 levels of retirement. 3️⃣
Level 1. Traditional retirement.
This is the most common type of retirement, which involves working until the age of 65 or 70 and then relying on welfare.
Level 1. Traditional retirement.
This is the most common type of retirement, which involves working until the age of 65 or 70 and then relying on welfare.
With traditional retirement, you don’t really get to live how you want until you’re 70 years old, which a lot of people become unhealthy or sick due to the poor lifestyle it provides.
Level 2. Mini retirements. 🏝️
This type of retirement was popularised by Tim Ferriss, who suggests spreading your retirement throughout your life.
By taking extended periods off from work, you can:
1. Travel
2. Explore new hobbies
3.Experience life while you're young + healthy
This type of retirement was popularised by Tim Ferriss, who suggests spreading your retirement throughout your life.
By taking extended periods off from work, you can:
1. Travel
2. Explore new hobbies
3.Experience life while you're young + healthy
Level 3. Perpetual retirement 👍
This type of retirement I learned from @naval.
Perpetual retirement is about doing something that doesn’t feel like you’re sacrificing today for a better tomorrow.
If today is complete (aka you're happy with your work) you're retired.
This type of retirement I learned from @naval.
Perpetual retirement is about doing something that doesn’t feel like you’re sacrificing today for a better tomorrow.
If today is complete (aka you're happy with your work) you're retired.
2. 3 methods to retire early. 🏖️
Method 1. Make loads of money.
This requires you to make a bunch of money & that money allows you to retire early.
Method 1. Make loads of money.
This requires you to make a bunch of money & that money allows you to retire early.
There’s a concept in the F.I.R.E (financially independent retire early) community called fat F.I.R.E.
With fat F.I.R.E, you put a bunch of money ($1M) into a safe investment, like the S&P 500, & withdrawal 4% of that ($40k/year) to fund your retirement lifestyle.
With fat F.I.R.E, you put a bunch of money ($1M) into a safe investment, like the S&P 500, & withdrawal 4% of that ($40k/year) to fund your retirement lifestyle.
Method 2. Reduce your expenses (a lot). 📉
This is the lean F.I.R.E. method.
This is where you invest less ($500k) into an investment like the S&P, & reduce your lifestyle costs by:
1. Living frugally
2. Minimising expenses
3. Moving to a cheaper country
This is the lean F.I.R.E. method.
This is where you invest less ($500k) into an investment like the S&P, & reduce your lifestyle costs by:
1. Living frugally
2. Minimising expenses
3. Moving to a cheaper country
Method 3. Love your work. ❤️
This involves working a job you enjoy so much that It’s what you’d choose to do unpaid if needed.
In today's generation, it’s easier to find a job you’d enjoy doing for the rest of your life over making enough money to fund an early retirement.
This involves working a job you enjoy so much that It’s what you’d choose to do unpaid if needed.
In today's generation, it’s easier to find a job you’d enjoy doing for the rest of your life over making enough money to fund an early retirement.
4. My retirement plan. ✍🏼
The smartest way to do this is to combine parts of each of the different retirement methods I discussed earlier.
I’m going to:
1. Make a lot of money & invest it (fat F.I.R.E)
2. Reduce my lifestyle costs (lean F.I.R.E)
3. Keep doing work I love
The smartest way to do this is to combine parts of each of the different retirement methods I discussed earlier.
I’m going to:
1. Make a lot of money & invest it (fat F.I.R.E)
2. Reduce my lifestyle costs (lean F.I.R.E)
3. Keep doing work I love
If you want to find out more about how to retire early, you can check out the video over on my channel:
youtube.com
youtube.com
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