Lets talk about how to retire in 10 year, starting with $0, and how you can build a portfolio of investments to cover your daily expenses – enjoy! Add me on Instagram: GPStephan
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NUMBER ONE: IT MAKES NO DIFFERENCE HOW MUCH MONEY YOU MAKE
When it comes to achieving financial independence….it ONLY matters… how much of THAT income you can SAVE at the end of the day.
NUMBER TWO: SAVE MONEY
What most people DON’T know is that, based on your own income and expenses, you can calculate how long it’ll take you to retire – at your current savings rate – in less than 2 minutes:
NUMBER THREE: REDUCE EXPENSES
For the sake of saving more money and moving up your “RETIREMENT TIMELINE,” – especially in the next 10 years – you MUST do ANYTHING POSSIBLE to save more money, and you HAVE TO LIVE BELOW YOUR MEANS. Remember, for every 5% of EXTRA income that you save…you’re able to retire up to SEVERAL YEARS EARLIER…so, every little bit counts.
NUMBER FOUR: STAY AWAY FROM HIGH INTEREST DEBT
For myself, I make sure to NEVER carry a credit card balance…I never finance anything I can’t afford…and, I stay away from ANY DEBT that’s not a low interest, tax deductible, fixed rate car payment or mortgage under 4% interest…that’s IT.
NUMBER SIX: INVEST CONSISTENTLY
-One, take advantage of your 401k, Roth IRA, and HSA accounts because these save you on taxes
-Two, Invest consistently, long term.
-Three, don’t time the market – just invest long term consistently, regardless of where the price is.
-Four, invest in a low-fee index fund that covers the entire market
-Five, wait. Let the markets do their thing – and, over time – you’ll make money.
NUMBER SEVEN: INCOME
Your BEST CHANCE at being able to retire in 10 years, and make a LOT of money, is to work a job or a side hustle that pays on RESULTS, not your TIME. If you get paid based on your RESULTS – then, hypothetically, you should be able to find ways to streamline those results and make more money, without working any harder.
I know some of this might be like “DUH!! TELL ME SOMETHING I DIDN’T KNOW” but…this is the truth….you MUST make enough money to be able to save 70-90% or more of your income for 10 years, and that’s the entire calculation, at it’s core, if you want to retire from nothing.
I understand it’s not for everyone, and the idea of “retirement” sounds miserable…but, for me…that just means I have the choice to pursue the projects, work, and hobbies I find the most fulfilling… not that I’ll stop working and just relax all day doing nothing. To me, THAT’S what “early retirement” is all about…it’s the FREEDOM from being able to make a conscious choice, each and every day, in terms of how you’re going to spend your time…if it’s making more money and working, great. If it’s spending all day on YouTube…fine. But, at least that choice is YOURS…and, for 10 years of nonstop work…I can say, it’s absolutely worth it.
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Bro who is making 70K a year? here in Israel 40K a year is very good salary, the median salary here is 20K. you have to work 30 years here without spending anything just to buy a crappy apartment.
Yes, as expected, clickbait
man basically just said “freeload and save or get payed more so you can save”
Well, good for you. So, I guess if we already have student loan debt, we should just go F ourselves. No help for a majority of people that would need financial advice.
this is the first financial advice video i've watched that holds any sort of weight lmao
This is super sound advice.
Also, has anyone ever thought that you sound a little like Phineas from Phineas and Ferb?
You should also factor in potential inflation to every dollar saved to see if it will mean the same thing once retirement comes. My mother used to shop at a nickel and dime store, literally 5cents and 10 cents, and she's only 73. Her dollars saved do not mean the same thing that they used to mean.
Funny, someone told me to save a small amount but spend your money as money goes down overtime but not materials (Gold, Property, stock, etc.)
Save money then run away to south asia and live cheap on a beach. haha
You forgot the most important step. Never get married or have children. Quickest way to lose more than half your net worth, and become an indentured servant for 18-25 years.
HOW TO RETIRE IN ONE DAY! GO TO THE U.S. AS AN IMMIGRANT!
MORE TIPS ON HOW TO DOUBLE YOUR INCOME.
GO TO THEDOCTORS AND SAY YOU ARE DEPRESSED!
Bruh title feels like it's a videogame mechanic
Me at 36 🗒️
Ok but let's do the hard mode of this, what if I live in Argentina?
"… buying things that you don`t need"
has a car in the living room 😒😒
Does this still work if I'm 31?
While ur here making most people’s paychecks from this video alone lmao
Naw you're good with 4.3 million subscribers. My one wont help you nor help you.
Bro this motivated me to start my daily Dubai vlogs again, hopefully I do well, thank you brother❤️
I barely make $50,000 a year and can't afford to give any away
Make a ton of money and don't spend. The reality is most are the lower class.
Living paycheck to paycheck means you dont have any extra money after basic bills. There is no wiggle room. Lol.
What if I'm 38 already???
Rent hacking is often illegal depending on where you live so please know the laws before you do this. Also house hacking anywhere in the world will never let you pay off your mortgage from renters, they will pay for some of it but you will ALWAYS pay for where you live
High interest debt goes hand in hand with buying a property
Make this video but realistic, with about 20k in debt
I made the mistake of buying a used car but it's expensive. Maybe I should've just kept my cheap older car and saved so much and put that towards stocks. If you are in your 20s and reading this don't do like I did. Even though I'm a car person, I think I would be happier if I invested all that money spent on car payments. I would be rich just investing in a stock like VTI by now. Not only is my car payments kinda high, but my car also uses premium gas and it gets an average of 20mpg.
Why would I want to maintain my current lifestyle into retirement? I want to keep growing my lifestyle continuously. Why else would I spend my time making money?
Bro no one is 20 and earning 150k a year wtf
Does this really work because banks and savings accounts have such low interest rates it seems kinda impossible I’m not saying it’s not true just surprised
investment requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myselfMay I ask which investments are good? I've been looking at a few different ones but want others' opinions as well.
“Far fetched to do on an $80,000 income”
Me watching this video with a $30,000 income🥹
Did you seriously just say, “What’s up, Graham… it’s guys here?”
0:00 what's up Graham it's guys here lol
I live like im poor and im still poor 🥲
Bro, I make 28k a year, and it's all gone living week to week and live with doing less than you did. So I guess I save 10 bucks and a week, so I never retire
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
he lies dont build credit thats what we call debt
Bro, sit on your hands
I get scared when I think about retirement. My apologies to everyone who have retired and filing social security during this time 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.
I'm thinking to put some cash in stocks, I was at Salt Shack and i overheard some friends saying its ripe enough, but Is this a good time to buy stocks? I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
It took me five years to realize the futility of trying to predict market movements solely based on chart analysis. The unpredictability of the market made it clear that such predictions are unreliable. The absence of a mentor during that period resulted in five years of painful experiences. However, I eventually learned to align myself with the direction the market wanted to go and adopt a simpler, disciplined approach.
so.. pretty sure this is the exact same video as his last "How To Build Wealth With $0 – The Easy Way" like the script is nearly identical. not saying you're incorrect in any of this, but seriously? u need a new scriptwriter
So to retire in 10 years in America you need to live like the average Spanish family that will never retire?
If only lol