How I Retired Early With Less Than 100k Before 40
I love retirement videos, because the more you watch, the more you realized that it all depends on the type of lifestyle you want to live, some people need millions and some people can do with less than 100k and in this video, I’ll break it down
Now I have to warn you: if you version of retirement looks like travelling every day and never working, that’s not what this video is about. Its about being to work part time if you want to, and be able to enjoy your life.
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Time
This takes about 15 years, and require you to have no debt, and at least a 3 months emergency account
I recommend you do that before you start this plan
And that’s also apart of the 15 years timeline
Factors: all these things have to be done at once
Housing
Investing for Passive Income
Working for Earned Income
First Housing Hack:
Most people spend half their income on housing.
If you can buy a property on a 15 years mortgage that’s no more than 33% of your monthly income
You can pay it off in 15 year and if you make extra payments probably 10 years
If the home is paid off, your monthly cost goes down by a third almost
Investing Hack:
Invest the same amount of money every time you get paid into the same investments, that’s it
The investment I put my money into is the s&P 500, and I lose all my money if america goes down
And at the point nothing matter
But historically this investment has made about 10.54%
I recommend you start with 10-20% ( if you make 4,000 a month and invest $400 a month for 15 years along with the house plan will give you 167k )
Free money at yoru job first and then roth ira with the extra money
Active income Hack: Make the Standard deduction so you don’t pay taxes on it
Make as much money as you can during this time to be able to maximize
Put it all into action:
Income:
Opt$12,950 a year, that can be made doing uber for 6 months out of the year, or 16 weeks of work making making 20 bucks an hour
167k dollars in investing, with a withdrawal of 4% makes about $6,680 and after long term capital gain taxes you pay 0% because you make less than 41k
However: if you wanted to you could make roughly 40k in total and keep investing and growing it, and still be able to save good money on taxes
Total about: $1635 per month
Expenses:
Housing: Taxes, Insurance and maintenance
Utilties: Water, Electricity, gas, internet and so on
Food: $300
Transportation: gas, insurance and maint
Upside:
You’re working half or less
And you wont run out of investing money
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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