Retire By 40 - 6 Things You Need to Consider

Retire by 40 - 6 things you need to consider.

So you want to retire early, that makes you a member of the FIRE 🔥- financial independence / retire early community.

Yes, we all know that you have to SAVE a lot if you want to retire early. That’s just a given, but there are also some other, very important things to consider if you want to retire early. Some of which have absolutely nothing to do with money.

One, you have to consider your mindset - how do you think about money and how do you use it. There is a very different mentality that comes into play for successful financial independence individuals compared to the traditional population.

Next you have to put blinders on - you have to run your own race. What do I mean by that? Well you have to ignore what everyone around you is doing. You have to be willing to go after your own goals regardless of how everyone around you is living - and spending!

Next you have to save. Yes, we have to mention saving…because it is at the heart 💜 of the FIRE movement. You have to save a significant portion of your income. How much exactly? Well you are just going to have to watch the video to find out!

Next you are going to have to consider how you are going to access money during your early years of retirement. You know those 401K accounts and those Vanguard Roth IRA / Fidelity Roth IRA accounts that I talk about all the time? Well those are off limits until you are at least 59 1/2…unless you want to pay a hefty penalty that is. So you have to come up with a way to have funds in your early retirement years.

Also, consider who you are spending your life with - yes, I am talking about your significant other. Divorce can be absolutely disastrous when it comes to reaching wealth goals….so make this choice wisely.

And finally you are going to have to consider how the market is performing when it comes time that you actually want to retire. Has a bear market taken over the stock market and put a hefty dent in your portfolio? Well then you just may have to delay your retirement. You don’t want to retire with a diminished portfolio and risk running out of money during retirement.
Looking for more money videos, I post new videos every Monday and Thursday, subscribe to my channel: https://www.youtube.com/user/midge087

What exactly is the 4% rule, and is it right for me: https://www.youtube.com/watch?v=VlVR6BcDDyA

Roth IRAs allow you to legally avoid paying taxes, here’s why they are great retirement accounts: https://www.youtube.com/watch?v=JCyAQafx1NA&t=34s

Why is a 401k a great retirement account: https://www.youtube.com/watch?v=MoHwhPJYCZ8

Looking to start investing in individual stocks, join Robinhood and get a free stock: https://join.robinhood.com/erinm1666
Interested in starting your investing journey, head on over to Vanguard or Fidelity and open your account today, it will only take 10 min to open up your account.

www.vanguard.com

www.fidelity.com

#financialindependence #retireearly #investing #personalfinance

Видео Retire By 40 - 6 Things You Need to Consider канала Erin Talks Money