How I Saved $380K By Age 29 To Retire Early | Fired Up
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- čas přidán 26. 10. 2022
- Super-saver Tanner Firl, 29, has saved close to $380,000 for retirement. He is part of the FIRE - financial independence, retire early - movement and has achieved his savings almost entirely through frugality. He estimates he is in the top 0.1% of most frugal people.
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How I Saved $380K By Age 29 To Retire Early | Fired Up
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Svetlana Sarkisian Chowdhury is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I currently have around $250,000 cash savings, and I was advised to invest in stocks to get high yield passive income. What strategies should I use for long-term investments to secure my financial future?
Be sure that the stocks your'e buying into have market-beating yields and they pace with the market long term. It's best to seek guidance from a financial advisor to gain clarity and guidance because the market is very volatile.
My husband passed away in 2021, and I have around $400K from his life insurance just sitting in a bank account, earning nothing. I was advised to invest it through an advisor, and in just six months, I achieved over 80% capital growth, not including dividends. Highly recommended!
Could you share how I can reach out to them? I've recently sold my condo in Alabama and I'm interested in investing the proceeds in stocks, I'm just seeking proper guidance.
*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though.
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
There are many independent advisors to choose from. But I work with Monica Shawn Marti and we've been working together for almost four years and she's fantastic. You could pursue her if she meets your requirements. I agree with her.
I really appreciate your useful advice. I was able to set up a call with her and confirm her identity. She seems incredibly knowledgeable, and I appreciate your advice so much.
I am fortunate to have $100k saved by the age of 23 without venturing into stocks. Now, I want to invest safely for growth in the next 3-4 years to buy a home. What's the best strategy?
I believe a healthy portfolio has 3 things, at the bare minimum: Exposure to ETFs for increased diversification, Exposure to assets that generate cash flow like dividend stocks, Exposure to market-leading tech.
Absolutely true. You don't need to find the next NVDA to succeed in investing. With the help of my fiduciary advisor, I diversified my portfolio across various markets (growth stocks, blue chip stocks & ETFs) and i have nurtured my portfolio to over $900k till date.
Do you mind sharing info of your advisor? I need help.
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "KRISTIN AMBER LANDIS" I've worked with her for years and highly recommend her. Check if she meets your criteria.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
Great video, The first $100,000 invested was amazing. But when you hit $300,000 it’s like smashing the glass ceiling! I cried.
I completely agree with you! My first 100k took a long time and wasn't that special to be honest with you. Once I hit 300K that is the game changer in my opinion. At this point my money is basically making me a pretty good yearly salary. When I go to sleep at night I know my money is making decent money with the help of my FA"
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
I hope you don't mind if I ask you recommend this particular professional you use their service? I have quite a lots of difficulty sorting myself out in this downtime.!!
""Angela Lynn Schilling"" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment!!
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip!!
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Sure, 'Kristin Amber Landis' is the licensed advisor I use. Just research the name. You’d find necessary details on the web to set up an appointment.
What a share!! it was easy to find your adviser. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Thinking about retirement idnt ideal for me right now.I apologize to everyone who is retired and filing social security after putting in all those years of work just to lose everything to a problem you weren't to blame for.it's especially difficult for people who are retired.
=It has always been tougher to understand how to build your money after retirement and even more so right now with the inflation. You can experience a completely varietied market passively by employing a successful portfolio-advisor.
Even with. not skills, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April last year due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I've made over $250k since then
Mind if I ask you to recommend this particular manager?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Achieving success hinges on the steps you actively take toward it. Accumulating wealth involves cultivating positive habits, such as consistently setting aside money at intervals for robust investments. Financial management, often avoided by many, can later become a haunting issue. My hope is that anyone reading this finds success in their journey!
Starting early is simply the best way of getting ahead to build wealth, investing remains a priority. I learned from my last year's experience, I am able to build a suitable life because I invested early ahead this time.
Exactly. That's my major concern and what kind of investment can someone make with the current worsening economic situation.
I have been investing in the markets for over 3 years now and I have made nothing less than $400k in ROI. My portfolio has grown exponentially. Will advise you to consider stocks investment. `
I've been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
”Stacie Lynn Winson” is the lady's name. I first saw her on a goldman sachs' report, then on Smart Advisors, and immediately looked her up on the internet; it was the best decision I've made to stay afloat in these crazy times. She has been outstanding.
Wow. This is great. Pretty much what "The Millionaire Fast Lane" by MJ DeMarco teaches. It's hard to build great wealth from conventional advice.I had only $78k to my name at 42 when I first woke up to this reality. I chose the stock market as a medium of growth, got an excellent financial advisor. It's been almost six years now, and I'm a couple thousands shy of a million. Great job doing the same at 29, Tanner.
God, I loved that book too. Changed my life. I started out on the stock market too, but went solo. It was even in 2020 a friend introduced me to a financial advisor, when my portfolio almost wiped out completely. Thank goodness for that.
This is a very decent return despite the turbulent market over these past few years. Is there any chance you could recommend who your financial advisor is? I bet I could use some help. Thank you.
I have worked with a couple of financial advisors over the past few years. First started out with a guy that worked for Bridgewaters. Same wall street rippers. I then switched to an independent advisor, "Sharon Louise Count," and, I won't even deny it, she's been really extraordinary.
@@cloudyblaze7916 Thank you very much for this, man. I'm gonna check her out right away.
@@cloudyblaze7916 I have sent her an email, but I am yet to get a response from her. I hope she gets back to me soon.
Living on 25k a year with a whole family is gonna be rough. Imagine the things those kids won’t be able to do because the dad wants to be frugal. I am working toward being fiNancially free very soon, but this sounds like a financial prison
He will learn over time. Also inflation. Also providing his own healthcare.
@@thisguy73 yea there is no way he will afford that with all the expenses life brings. I’m not sure if he mentioned his house was paid for or not.
@@joshua38410 it's not. It's $1100 a month. Even when that's paid off you aren't living on $25k when you need to pay your own health insurance for 3 decades
He doesn't even look like he eats so maybe that's one way for him to save on costs lmao
There are many poor kids who lives with lot less. This kind of mindset that money only brings you happiness itself will lead to unhappiness.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
'Vivian Carol Gioia' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.
I'm all for frugality and I'm definitely a saver but I've seen too many people die younger than me and I refuse to live life without enjoying it. Money never followed anyone to the grave. I just find ways to get what I want for less sometimes. Like using points to travel and clipping coupons where I can or waiting for my favorite shoes to go on sale. But I will buy a $300 bag if I want to as well.
He seems happy with his lifestyle, it's just not for me. I'm glad he's working through his anxiety surrounding money. Shout out to him for what he's accomplished so far.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024.
Wow that's huge, how do you make that
much monthly?
Honestly speaking, I will continue to trade and stick to Kathie russell daily analysis and guides as long as it works well for me..
Though I started with as low as $38,000 AUD actually because it was my first time and it was successful, She's is a great personality in Australia
Very profound! Mrs. Kathie Russell has this great force like the ocean. I have never seen any of her clients complain of loss.🌊❤
please educate me, i am willing to make consultation to improve my situation.
I understand wanting to be financial independent, but people should not have to feel like they need to live like this.
He doesn’t need to live like this, he chooses to. He’s in the driver’s seat in his life.
Some people enjoy it. Not everyone likes to spend money on everything to keep up with the Joneses.
@@thisguy73 I think it clearly causes him stress and that anxiety of spending money is not going to go away when he has $625k saved.
Some people are like him… I get depressed spending money however I get euphoria and long lasting happiness when I see my investments and bank account go up from saving money … every person is different.. most people are spenders not savers which explains why 80% of American cannot come up with $500 cash for emergency without borrowing money from credit card… the frugality mindset is a gift not a curse.. we get different kind of happiness apart from
Yours
@Camping with samantha this is true however just like people can have shopping addictions, you can also have saving addictions. There are definitely cases of people going overboard by their own definition and being miserable.
Mark Zuckerberg if he didnt invent facebook
😂😂😂
Honestly,I'm not in any event kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it, Investing is a long-term game, so I try to focus on the long term.
I can’t zero in on the long run when I should be retiring in 4years, you see l've got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/ unstable market doesn't provide any calculated risk opportunities to make profit?
There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts
I totally concur, I have been consistent with my profit regardless of the market conditions, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a popular forum, long story short, its been years now and I've gained over $850k following guidance from my investment adviser.
I've been down a ton, I only hold so that I can recover, I really need help, who is this investment-adviser that guides you
If that is the case, it would be an innovative suggestion to look out for Financial Advisors like Olivia Maria Lucas who can help shape up your portfolio.
Trying times are ahead, and good personal financial management will be vital to weather the storm.
‘Dad why are we eating beans again😢?’
Because FIRE son!
Kid is gonna be strong with them Beans
very wholesome family and video. I used to live his kind of life- extreme frugality while making 6 figures. After saving enough, I opened up and started living life a bit more.
you should change your channel name to medium budget Pokemon. live that for you though!
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
@Margaret A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
@@corrySledd I just checked her out and I have sent her an email. I hope she gets back to me soon.
Scam/spam alert.
I think people are wanting a better quality of life. I recently FIRED. I love owning my time. Sure if I worked longer Id have a bigger retirement check but would I be healthy enough to enjoy it? The average social security check is only 1500 bucks. People are working full time and can't afford a 1 bed room apart. His quality of life is better than some people earning six figures. It's just a hamster wheel and when we get to uppity they ship the jobs overseas. It's that worth working an entire life for?
at least 45 hahaha how do you think you achieve taht ?
So he makes $135k a year and goes to a food pantry to take food from people that might actually need it? What a hero.
He's also probably buying the worst possible cat food. Proper cat food and litter should total at least $70 per month.
A lot of food at pantries gets thrown out. I'm not saying it's right. Food scarcity isn't an issue for most food pantries though.
@@michaelbrown5828 it isnt ?
is it specifally for poor or homeless peole tho ?
@@marvin2678Not here in Spokane Washington where my family serves at food pantries. It also wasn't in Missouri when we served at that food pantry, it wasn't in Arkansas when we surved at those food pantries, and it wasn't in Hawaii either. So in my experience, no food scarcity isn't an issue for food pantries.
These are very valuable rules for anybody who wants to get rich. Unfortunately, most people who will watch this video will not really be able to apply the principles. We may not want to admit, but as Warren Buffett once said, investing is like any other profession-- it requires a certain level of expertise. No surprise that some people are losing a lot of money in the bear market, while others are making hundreds of thousands in profit. I just don't know how they do it. I have about $89k now to put in the market.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
@Zahair O'Brian Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
@Zahair O'Brian I think I have heard about her before too, but I can't remember which news outlet. I'm checking her out now. Any idea if she can help transfer an existing portfolio in a mutual fund?
It's easy. Allocate a steady safe amount, cost averaging no matter what the market does. That's exactly what your employer plan is doing it only goes up faster due to that match instantly giving 100 percent growth no matter what the market does so is harder not to invest. Keep a dip amount and only invest on the really bad days. I mean BAD. This has worked out of me. If it's bad after the very ugly day by more...buy until it bottoms and ride the recovery. No big moves. If we hit a recession keep doing it. But remember the fall. It will teach you to allocate to safety once you have decent returns. Not to too greedy. Stocks appreciate and deprecate quickly... If you need it within the next 5 years... It shouldn't be invested.
Just use an index or target date fund, fidelity and vanguard have already done this work for you and aggregated stocks so you can make 7-10% returns. It won't make you a millionaire in a day, but it usually does in 7-10 years.
Couple things. 1. This seems like a very sweet family. I’m glad they’re happy and living life how they want. 2. The pantry thing is not a food pantry. He’s paying for food that would otherwise be thrown in the trash so chill my bb’s. 3. Made me laugh that his parents charged him interest on the money they lent him for college. 4. That Airbnb was a big yikes! IMAGINE walking through the house to get to that room in the basement. You’d think you were being kidnapped!!! Steve Carell had better accommodations in The Patient!
I also had loan(s) with interest from my parents for grad school. The total amount covered a quarter of my expenses, and was a lifeline to get me through certain semesters. I paid them back the P&I within 2 years after I graduated!
Also agree, those Airbnb's looked a little shady, but it could be the lighting lol
🤣🤣🤣🤣
The pantry thing should go to families who need it more than they do. I’m sure the pantry is trying to help Lis income individuals by only charging $25. But if they are happy more power to then.
Why wouldn’t you pay your parents back P&I if they lent you money?
Me: "I'm 27 and nowhere near saved up to $380k, how on Earth did he do it?"
*Sees he makes $100k more than I do*
You'll get there, mate. He started off at $60k and had to repay his parents for his tuition fee.
He said no to that new car or trendy neighborhood, he eats in and likely isn't at the bar. Seems very doable. I think Americans buy too much to keep us in the hamster wheel. Then the pit in our stomach forms when it's time to go to work. Just look at the cost of cars...not worth it. Freedom is priceless.
That's the thing with these kinds of videos. It's easy to save when you make a lot of money. You cannot out budget poverty wages.
I’d be retiring/working much less in 10 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $180k per year, but nothing to show for it yet
its not late to consider financial planning, never can tell what the future holds
Money advice is subjective, what works for you may not work for me, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
@collen.odegaard Hey there, my retirement portfolio has been underperforming recently, and I'm considering a strategy change with the help of an advisėr. Is it possible to get in touch with your advisr?
Yes indeed...Can't divulge much but 'Monica Selena Park' deserves credit for my investing success as one of the finest financial planners out there, you should look her up to be able to locate her online if you are internet-savvy.
excellent share, no BS. just copied and pasted her full name on my browser out of curiosity, thankfully her site came up after scrolling a bit, she seems first-rate
I wouldnt brag about not buying running shoes new. Running shoes should be replaced every 500ish miles. They are super important to keeping your legs and joints healthy. The first time I had shin splints in ten years of running was because my shoes were well worn past their service life. I ran distance in high school and now run regularly for the military so I'd say I'm somewhat qualified to speak on that. Invest in your health!
This guy's eats like a bird and exercises like a toddler. The shoes are the least of his problems.
Life is too short, I Absolutely refuse to live to this extent! FIRE can still be accomplished without putting on a somewhat hold!
And then on top of that it was highlighted…going to live off 25k with this economic advances of the future to come, HOW SWAY???!!
ikr, i kept cringing so much during this watch
Way too short. I'd rather have 1 year of over spending and balling and then be broke for 9 years, than live 10 of his frugal years.
His fire isn't even recommended for his income most want at least 1 mil. I hope this segment has a follow up because it was pre inflation. I but he pushes for more money. I know I can't do 25. I've been trying to do it just to see what it feels like... And my answer is NO
what is he miising out on ?
This man reminds me of my brother-in-law. He makes a lot but will not spend on his family. He is obsessed with saving and studying.
Wife apparently don’t care he is a cheapskate
Nothing wrong with studying
What does he study? Is it self studying?
@@immasavage2905 two masters in accounting and finance, certifications and courses. Mostly studying for professional purposes.
Some people choose money over family. Those people better not have children, because they only care about themselves and not their children.
"Most experiences that will make you happy are probably free or extremely cheap."
A quick look-back on anyone's own life should prove this to be true if they're honest.
Great video!
My best experience this year was renting out Audi A8 with friends and going to Austria (I`m from Czechia) and it wasn`t cheap at all, but enjoyed every euro spent.
@@Aol8887 Nice! We applaud you! But you savored your time with your friends (free). The rental was just the cost of the experience 😉. Keep the smiles coming!!
Yea this is 1000% not true😂
@@User-pu3lc Exaggerate much lol. Prove it!!
@Airplane Mode Style III I disagree. Yes, friends and family can make great memories, but so can money. For example, I take solo trips sometimes (usually a couple days) cost a few hundred bucks, and I go hiking by myself. Some of my favorite experiences are ones where I'm alone. These trips aren't possible without money.
I'd also back up the claim of someone else who said something about renting cars. Yes, having friends there makes the experience better, but at the end of the day, going 200 mph is an experience, with or without friends. The same goes for Para gliding (something I want to do and will probably do it alone. Most of my friends are to scared.)
First minute i though the guy is around 40...37 at least. Hes freaking 29, younger than me. You need some sleep and healthy food bro, also strength training.
I also thought he is 40 ish!!!
Tbh I don't know why he wants to retire soon. From what he said, he has time to do the stuff he likes while working anyway
looking at his current health.... he could retire soon.
IT is stressful if you have the money most people don't want to do anything with it
@@citizenm9590 You can always transition to low stress IT jobs like government work. When you get enough experience, the stress level goes down as the work gets less "new" and more repetitive.
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,>>>>>
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
it looks like it's going really well for him, he looks 60 at 29.
I thought more like malnourished
I admire the financial independence of people, but extreme caution on spending just steals your life. You can live better if you work a little more. After watching this I think there are people out there,on the extreme, who plan to die early just to be able to retire early. This is not healthy imo. But everybody lives their own lives
Is low cost livin really unhealthy? No.
Is that better life you are mentioning is really better ? Is that kind of modern, materialistic life really give happiness to all equally? Answers to these questions are interesting. I know an old women selling sweets to kids and happy with her meagre earning. I tried to donate her something, she refused but i learnt there is nothing that women needs extra than what she already has.
FIRE is the ultimate time/life hack. You sacrifice a little upfront to get a huge reward on the middle and back end.
@@sanakiddy2883 what about the kid tho
Yeah. I mean I get wanting to be frugal but I personally would have to balance being frugal with also being able to have nice things every once in a blue moon. We only get one life. I feel like life was meant to be lived in balance. Their kid is going to grow up and *not* have memories of even just one family vacation because they want to be so frugal. Sad.
@@sanakiddy2883it’s unhealthy based on the fact you on average will live 10 years early if you are poor
This man has tremendous discipline. Much respect.
There's no way this guy is retiring when he reaches $625k. If he is happy now and enjoys saving money so much he will not stop this early in life. He still has time to run and plau board games now, what would he do with the extra time? I think if he does retire very early he will quickly get bored and want to still work.
I actually agree with this comment. I can’t see him leaving a career if he is this paranoid about spending money. He is kind of similar to me. The second you see money going out you work harder to replenish it. I joke about retiring at 40 but I’ll still be working because I have a similar fear of running out of money.
100% agreed. If you look online you’ll find that most people who “retire early” actually go back to work after a few years, or they simply buy themselves into an entrepreneurial job. Retiring from the corporate world I understand but retiring in general, no that usually doesn’t work. Especially with sequence of returns risk. Imagine someone retiring winter of 2021. Will they really stay retired while watching hundreds of thousands of dollars vanish from their portfolio?
@@DewTime especially with living off 25k a year from investments. There is much room for him to live on less than that, so he might have to withdraw more than the 4% threshold he set causing more stress.
True, but maybe he doesn't enjoy his area of work and just wants out as soon as possible.
Yeah, we need a follow up video 5 years from now
going to a foodbank just so you can retire early is shameful. A bad example on how to build wealth that should not be on this channel. Those places are for people that really need that help
Where he gets groceries is not the same thing as a food bank for low income people
Watch again. He clearly explains why he goes there. If they don't donate the food it thrown in the trash so it doesn't matter if you're poor or not to get food from there.
So you are happy for that food just to go to waste? I think there is a misconception about foodbanks. Yes they are for people in need, but that can be any need. Even if you earn a good income e and had a medical bill you didn't expect. You are not going to hear the whole story on a short clip. I go to a foodbank here and there and have money, but I don't know if that will be enough to survive over time. They actually say to me please come back because thefood just gets thrown out.
There's a lot of foodbanks that still thrown food becuz no one wants them becuz most people are afraid it is already bad or they want to be humiliated by getting food in a foodbank
I live in MN and these Rudy Pantry drops in our town. I Can verify it’s not a food bank. Beyond older stuff they have a lot of stuff that didn’t sell ,usually odd flavors and stuff like that. I’d gone a few times but figured out It wasn’t for us. It is a great service to the community though, helps out a lot of people
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I honestly love how incredibly humble he is, despite having a six-figure income!
Low 6 figures is nothing to flex on.
@@micchaelsanders6286 I agree. Once you get there, you realize life is easier but extravagant lifestyles cost a whole lot more. Six figures just makes it so that you don't need to worry about money. Not enough to change you as a person lol
low 6-figure income is broke in any metro area in the country.
6 figures where he lives is really good actually
@@micchaelsanders62866 figure nothing to flex with? Okay ….
This guy is a prime example of who you DONT want to be
Agreed
Parents gave him a loan? With interest? What in the Caucasian???? How white parents even think about making money from their own kids or vice versa. The Asian in me is giving disappointment
Mofo buying beans from a local pantry yo. A software engineer making 100k a year doin that shi.
Agreed with you.
Yeah just be broke af like everybody else and work until u die 😅 that’s who u should be right 😂
His success is directly linked to his higher than average income combined with lower than average household expenses. When I first saw him say he thinks he can live on $25K a year, I almost lost my seat. Being that I live in NY, this number would need to be much much higher, but given he lives in MN, this is totally doable.
I can live on around 10k here in Michigan. However my house is paid off and taxes are not very high. It’s all about be mindful of expenses.
California is definitely a no go
@@Hofftimusprime1 taxes on my small New York house is 14k a year
@@georgecon1466 is NY worth it?
@@frankyu6984 no way
I agree to spend money on things you actually enjoy, which is normally not expensive. Most people would enjoy being able to buy the groceries they want and not eat beans and rice every meal though.
Indians have entered the chat lol
When you take food from food banks, is it really moral when you're earning deep 6 figures ? He should be on the last row after everyone else who needs the food from the food bank gets their nutrition, not this guy. God dammmnit
I was thinking the same
Its not free - they are still paying $25 bucks and its waste from grocery stores, not donations.
Eh blame the system not him. I see so many people with food stamp cards with 300+ dollars and they are driving nice cars and live in reasonable houses.
I mean if it was free I’d see your point. But he pays for the food. Discounted yes but they do “sell” the food that is close to expiration or slightly expired so there is a cost to it. They have more than enough and probably waste food too.
I felt bad even bringing up a food bank to my husband after he was laid off from his 6 figure income job last year, let alone actually go there and take food from people that truly need that help and that food. We are a single income household with 1 baby and 1 toddler.
A couple of things I noticed in this video:
1. He looks a little older than his age and nutritionally deficient. I wonder if that has to do with his diet and how he lives his life. I'm imagining that he doesn't eat as much meat, which provides essential protein, nutrients, and fat, because of cost
2. I wonder what his wife thinks about his living habits and values. Even though she has been with him for quite a few years now, I'm sure differences come up in terms of how to live life, spend money, do activities, etc. I would venture to guess that he might be depriving her of things she wants to do for FIRE
3. His math of $25K/year to retire will most likely be wrong. He will quickly find that in retirement you still have to "work" i.e. do things for money to keep his life sustainable and purposeful.
4. Saving is good, but if the decision of spending vs saving is giving you anxiety, obsession, and dysfunction, that you can't live properly and feel like you're not in control of your life, then you have a problem. This sounds to me like he used to have a psychological problem with respect to money and that's not good.
All in all, I'm more in the camp of "having greater capacity to make more money" instead of "saving as much as possible given a set income" and this video demonstrates why.
He lost me when he said eats beans instead of meat. What's the point of all that money if you can't even eat a good meal?
This is more like an episode of extreme cheapskates on TLC. 💀
Thanks for letting us in your home and finances!!! Love that you have so many hobbies.
I respect the guy! ❤ As long as you’re happy, who cares! Keep up the grind
He’s going to be living off benefits paid by the riches hard earned money and his child will hate him for being poor in 10 years
To each their own. It's great that this works for them and they are happy with it. I would never be able to do this.
No one should ever want to do this. It's a total waste of life, especially for someone living in the Unites States of America.
Enjoying your free time with your family and kids is never a wasted time
If by retiring early means I need to be meager my whole life then I would rather work my whole life.
I don’t need expensive branded things but fine food and travel and see the world is important for someone’s healthy mind.
Agreed
Exactly, the assumption is that one will even live to retire. Some people may not, and if so, then you didn't really live the life wanted.
No one is saying you have to live like this guy, or that's it's the only way to retire, or even the only way to retire early.
I'm a lot like him I think, but to a lesser extent. I'd never give up my privacy for Airbnb money by renting out a room in my house. I generally don't get enjoyment from spending money though, and the only really worthwhile use for money to me is to use it to not need to get up and go to work anymore.
It works for some people, but that level of frugality would definitely make the majority of people miserable.
Fine food? I could care less. I prefer picnics and travel. Myself.
Totally agreed!
So his parents could afford to put him thru school, but gave him a loan instead ... he lived his whole life with a lack mindset because of his parents. If you want to go fire to this degree why have any kids and so many cats? What his parents did was low key abusive ... he needs to sit on some therapist couch big time. A gumball was a splurge, but his parents could also loan him 45k for school. Money making him anxious is sad and he looks very old. Wouldn't have thought he was 29 ... he looks 40+.
Definitely in his 40s
Sounds like retiring early in order to spend his time waiting in line at the food bank…..man leave the food bank groceries to those who can’t afford and suffering by homelessness.
I think there is miscommunication ruby pantry is a pantry they sell stuff for cheap to people in order to have operating cost to give away stuff these items are how do I say ugly carrots ugly tomato things that big brands are not interested bc they don't look pretty in selling it's given free to these food shelf's that use it to supplement their operation by selling it for cheap.
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The man has his health, his family, and his peace of mind. End of story…. This guy lives better than most and opted out of the pressures that most of us place on ourselves. I say good for him!
He definitely doesn't look healthy at all
@@ihatejpmorgan I agree, he doesn’t look like an average 29 year old. He looks like he is in his 40’s, probably from stress over being “frugal”. 😂 He makes a high salary because of his occupation and location. $135,000 is a comfortable salary for a family of 3 in New York, depending on rent/ mortgage payments/utilities it can be pretty tight to live off of. Sorry I would never rent an Air bnb in anyone’s dingy basement ! That would creep me out! Would rather pay more for a hotel, just gives me serial killer vibes if someone showed me their basement 😅😂
@chrisgooglemaps2108 you realize overweight is not the only way to look unhealthy right. Cancer and tumor patients look like him, and that's not a diss.
@@ihatejpmorgan why ?
I get you are buying more free time in the future by saving now but time in yours 20s is not the same as 50s or later. I'm in my 30s now and can already feel it. I do not regret my trips abroad for weeks at a time at all. With that said ignorance is bliss. What you don't know you missed can't hurt you.
This is crucial, the major of people on earth don't understand this fundamental and inescapable truth. It really speaks to how many NPCs are really running around out here.
Going to a food back earning six figures...really. Do you not know why food banks exist.
that's not a food bank
To help you bank dat cash money and save it.
It's totally fine that he gets food from the foodbanks, he pays 25$ for it. Tonnes of food gets wasted even with foodbanks so no problem at all.
This is not the way of living a life. But good for him that he found a women that is ok living in this condition.
Here is our son we stole it from the hospital so technically free!
what more do you need in life? he has a family, friends, hobbies and owns a home.
To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than 3m in income generating investments, maybe 2m at the very minimum. I plan to work until I'm at least 45.
That's an extremely self-centered view.
I plan to do a 9 month mini retirement at age 40. I'm 32 now. Just so in young enough to enjoy life still lol
@@rubyduby2656 doesn’t matter lol it’s their journey not ours
I was with you until min 7 where you are buying the groceries from the non-profit that are designed to go to the poor and working poor. At 130K a year you should not be taking those groceries, leave it for people who need it.
I agree. That’s easily 400 in charity every month. Not everyone will have a car to pick it up either.
Some people can be greedy. That didn't sit well with me either
It’s fine if they don’t run out. A lot of food banks usually can’t give enough food away and the volunteers take it home or it goes to waste
@@dynamichunter843 Every food bank I know has to ration the food. There's never enough. Maybe it's different in small towns tho
Dude looks like he doesn't buy food for himself either.
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I think that it’s a little messed up the parents charged interest. Geez way to go parents 😢
On thing is to be frugal and another one is to be extremely cheap. I am all for the FIRE movement and follow it myself but you have to enjoy life a little bit in the process too. Time and youth years is something you will never get back. Taking the kid to chuk E. Cheese every once in a while can create memories that will last a life time. He is doing great but he should let loose a little bit and allow his family to enjoy life.
Some people were meant to just be boring lol
@@estuardoe8some people grew up traumatized by poverty.
@Clouds all the more reason to count your blessings and enjoy your life once you do start making money. Stop making excuses for this guy. His life decision is wrong and he will regret it in his old age.
No wonder he is so scrawny. They belong on Extreme Cheapstakes. This level of FIRE is really unhealthy. Concerned for the kid, truly. I don’t think he factored in his child in FIRE (Ex: paying for college, growing out of clothes).
Lol you think he’s gonna pay for his kid’s college?
His child will qualify for FAFSA due to his parents income. Community College will be pretty much no cost. They could get scholarships or rake out loans. I’d prefer being settled with a paid off home than paying college tuitions. Maybe the kids are not even college Bound? Not everyone desires college, they take other paths. They could take a 2 year degree course at a community college as well.
College won't even exist or it will be a totally different system by the time he is of age.
He also runs everyday. which helps get people thin. I agree that he doesn't seem to take his child in consideration enough. He should continue working until at least his kid is done with college, then evaluate if early retirement is an option.
Keep grinding!! FIRE is totally worth it and your net worth continues to grow after you leave your job. I fired the 9-5 at 28 and it was the best decision I ever made.
Very inspiring! That is an achievable level of wealth most of us can hit. I appreciate the extreme frugality. It's definitely counter-cultural. America is all about being in debt and spending. It is getting harder to do though with all of this inflation.
Feeling anxious about money and having a fear about spending it does not make you financially independent ever. You will never have true wealth and freedom unless you learn how to manage, earn, save, invest and SPEND money. It’s an art, and not everyone is an artist.
He's doing better than most of the population who are in debt... He'll figure it out
@@turtley8883 Abbys comment went totally over your head. Who has lived a better life? The person who went into $100k in debt but traveled the world, lives in a major city, has had several different relationships, drives a nice car, routinely goes on vactions, has nice clothes, and has a personal trainer, or this guy, who won't spend his money until he's in a wheelchair?
@Slippery Bob why judge him? Maybe he enjoys being frugal. It's not how I would want to live but to each their own.
@Turtley this isn't for him this is for the 20 something year old that might read my comment. We should be able to put both sides of the argument on the table. He defends his position and I am defending mine. I think mine makes more sense, and I stated why.
@@ihatejpmorgan Traveling the world, going on vacation, living in a major city, driving a nice car, having nice clothes, and having personal trainers does not necessarily mean you have a better life at all. You could be a completely miserable person and have all those things. Also, that $100k of debt is going to haunt you as you go through your life.
Loving his brutal honesty. Being frugal helps big time.👊👊
Frugality is the closest thing to death.
They've convinced you that good experiences are expensive ones.
Food banks should impose income limits
Wish they would.
He is paying $25 for food that will go to waste.
@@daniellee6133 it’s like people think he goes there and gets it for free. Food banks have more than enough. And his 25 dollars to the non profit hopefully gets passed on to someone who is in need for a good cause. I don’t go to food banks (did when I was in college) but they never had lines. People have way too much pride to be caught at a food line. That’ is primarily what Americans big problem is.
You can make good money and still have huge expenses. I used to pay part of my mom's rent bc of a chronic disease and mental health she had. I think there may be a big difference in what someone's expenses are versus what someone's pay stub is.
Plus this was going to be landfill anyway. And he made a 25$ donation
This is the perfect story to prove that you don't need material things to be happy, what you need is financial security and that freedom sets your free and THAT makes you happy.
He says he's always anxious about money. You really have no idea what happy or free is.
Good for him. I've always been pretty frugal in my daily life. My favorite 2 things to do with my money is traveling and saving it for the future. "Save where you can, so you can spend where you want!"
He should NOT be using food banks. He's taking away from those who truly need. Shame.
He is extremely cheap and to some degree selfish.
That is exactly what I just said. This is ridiculous with the amount of money he makes and he really seem to have no shame. smh
I think there is miscommunication ruby pantry is a pantry they sell stuff for cheap to people in order to have operating cost these items are how do I say ugly carrots ugly tomato things that big brands are not interested in buying it's given free to these food shelf's that use it to supplement their operation.
@@realworldissues The problem is, he earns a great salary and he is taking food (for $25) that he can afford to buy full price. This food should be reserved for those in need. He doesn't "need" to do this.
@@maryjobutera2842 these $25 dollar meals are meals that are otherwise people are not into these are things like deformed vegetables and etc these places would usually throw these stuff simply because people frown upon it. Hence why they did the the box thing I live in Minneapolis it's a huge thing. Places like cub foods give them out to these orgs and the money the orgs make supplement their operation cost. It's win win.
I tired extreme frugal and ended in a divorce. To each his own but I am not living like this. This is exactly how I will not fire. What kudos to the guy it works for him. Only benefit of his lifestyle that I see is that he has low carbon footprint which is something that I want to do as well. But yet this ain't for me thanks for sharing CNBC
It won't work for him he's 29 I give him 7 more years
So inspiring 😊 Little Tanner is going to grow up with such financially savvy parents 👏
None of this is financially savvy.
Teddy
Great job saving up!! Only advice I would give is invest in good new running shoes regularly to protect your feet.
Used furniture is a great way to say money and reduce waste. I learned a lot of carpentry skills repairing and refinishing furniture. Which I ended up putting to use renovating my first home. Being thrifty and being willing to learn new skills can be a great asset to people.
Hope you and your family are well!
A very wholesome family! It's great that he found a partner that supports his frugal lifestyle and they can build forward as a family!
Parents charging interest, that's weird!
i was thinking the same!!
How is it weird? Banks charge interest, why can’t parents charge interest when you’re borrowing money from them???
@@canadianaviator yeah because there is no difference between banks and your parents /s
No it’s not. A loan is a loan. What’s weird is encouraging your kid to get 6 figures in loans to pay for school. What’s weird is not teaching your kids financial responsibility and how the world and money works.
comparing families to bank!! LOL! i guess it's just different culture. to us it's weird and to them its normal. then again, it is normal for them to kick their kids out at 18 or charge them rent and put their parents in nursing home when they grow old. Their values are just in different places.
His parents paid his tuition outright, but made him pay it back as a loan? Meaning they're balling. So of course he's not too worried about 25k/year, he'll probably get some sweet inheritance. But I don't understand where the anxiety about spending money came from, maybe that's what happens when you unnecessarily imposed extreme frugality of kids
He also makes $135/ yr. Not sure what his wife makes.
@@bonniegaither3994 probably very little since it’s “from her hobbies” and they didn’t list it. And she’s a full time SAHM
YUP. I was like his parents are the reason he is so anxious and frugal. I was done when he said a gumball was a splurge. It's a quarter. They couldn't give those kids a quarter each? Hopefully he breaks the cycle and is saving for his son's college because I can't believe his parents had the money and said nope ... LOAN.
Parents that make their teenage child take out a loan for college with them, that they must pay back with interest, don't seem the type to leave any inheritance to their child.
You are making a lot of assumptions based on information that isn't addressed in this video. Because his parents decide pay his tuition outright, that means that they're somehow balling and have inheritance in store? Maybe the reason he has such an extremely frugal mindset is because he KNOWS that the reason they were able to drop that sum of money on him was due to THEIR frugality. The fact that they made him pay it back at a loan pretty much validates this, I don't understand how you could jump to conclusions otherwise.
Wow he looks like he’s already retired. No way he’s only 29.
One of the benefits of having money is being able to use that to do the things that you wouldn't be able to otherwise. For me it's travel. I'm not much of a party guy but I will go out of my way for National Parks or exploring a new country. That costs money
I also love travel. And I assume traveling at 27, when I'm in the best shape of my life, is gonna be better than hobbling around in my 60s or 70s, so I choose to do it now.
Lemme say this. I am very happy for this guy and his family. He is living frugally and doing well. However, he is also in once of the highest paying career fields in the country. Good for him. However, it would be EXTREMELY hard for him or anyone else to accumulate this type of money making the average American salary, about 60k a year. I’m just throwing that out there. Many people could not do what he does for that reason.
he started out with 60k a year and grew
They could. They would just have to add on a few more years...
When I heard he didn't save 70-80% with his income I was like..... the fudge? Lmfao I make pennies and still save as much as he does.
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Well yeah, how would you expect to have a top 1% outcome from an average salary? Nowhere does the video claim that.
Loved this!
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That's a really slim budget he's trying to work with If there is an emergency it could eat up half of his budget for the year
300k is nothing in 2022. Barely a nest egg
Or hyper inflation.
He will have to walk to the food bank that everyone will use after EBT funds run out.
Most ppl who follow FIRE have an emergency fund
@@rickyayy he has $380k invested at 29. He’s not planning of retiring for another 7 years. Will be $750k just by being invested, plus the extra $100k a year he invests. That’ll be nearly $1.8-1.9m.
In todays dollars, that’s about $1.4m. 4% rule of thumb shows about $58k
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380k is not that much...unless he plans a short life
He said he's planning to retire in 6 years and 380k is what he has right now. His actual goal is 625k.
Dude is 29 and looks 49….
Exactly!
Someone should do a study on people who are drawn to the FIRE movement. I'm sure there are variants and many different reasons why they are so intriguing with having the option to stop working. I'm one of these people, however I'm on the opposite side of the spectrum. I want to FatFire. Actually I can now, but there are extremes on this end too. Some can stop at the $5million marker, some at $10mil, some at $30mil, and it keeps going.
That's awesome
25k to live on man that is tight.
Not really. His house should be paid off by then and that is where most people spend their money. I live on 15k easily but like I said, when your house it paid off, nothing costs as much.
Yeah, I'd be more comfortable with like $40k minimum for the household, even with the house paid off. You still have home insurance and property taxes to pay.
I don't know if he counted this when he said $25k/year is enough for him, but
$25k/year is $2080 per month.
In 30 years, if we count with 2.50% inflation, $25k/year going to be worth around $970/month.
In 50 years it's going to be worth $580/month.
I'm pretty sure tho he will work it out, 25k is perfectly enough if you wanna live on beans for the rest of your life.
What I'm curious about is if he has any plans to help his children with college funding when they are getting there...
... after all, his parents helped him out too.
He will learn about inflation down the road. Also funding your own healthcare. And I guess his kid is going to get a full scholarship or go $200K in debt (which is what it will be by the time she is 18) to pay for college because he won't have funds to pitch in.
The 4% rule takes into consideration inflation. He will live on more than 25k a year after he's retired as he will continue to live off of 4% while getting more than 4% returns in the stock market which means his overall nest egg will grow and the 4% will start to be more than 25k. You should look into that a bit more
@@matthewcarney8007 right it all fits in a beautiful box. Try the 8% inflation right now. And -20% stock market. Etc
Guy will be paying big time for health insurance. I'm sure his roof or furnace will never need to be replaced. He wlll never need to buy a car for 4 decades
@@matthewcarney8007 4% rule assumes a 30 year retirement. Any longer and the rate of insolvency becomes larger
He went to school for math but can't count 😆
Respect this man's discipline at his age
Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.
Great Video, Being frugal doesnt mean your depriving yourself from happiness and all the goodthings in the world..The guys is happy, all these naysayers that 25K is ridiculous..well thats you guys…Hes just smart on how he spend his money thats why hes able to be happy and survive
Buying used shoes for running is terrible. He should just invest in actual shoes there if that's his thing. Running degrades shoes like nothing else and proper cushioning is good to prevent injuries.
Self-discipline goals 💯
I live in the Minneapolis area as well, will definitely need to check out Ruby pantry since groceries isn’t cheap nowadays unfortunately.