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Kevin O’Leary: Why Early Retirement Doesn’t Work

This whole idea of financial independence retire early doesn't work. Let me tell you why. It happened to me. On the sale of my
first company, I achieved great liquidity and I
thought to myself, "Hey. I'm 36. I can retire now." I retired for three years. I was bored out of my mind. Working is not
just about money. People don't understand this very
often until they stop working. Work defines who you are. It provides a place where
you're social with people. It gives you interaction with people
all day long in an interesting way. It even helps you live longer
and is very, very good for brain health. Staying stimulated is how people
live into their 90s. I'm not kidding. So when am I retiring? Never. Never. I don't know where I'm going
after I'm dead, but I'll be working when I get there too..

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Kevin O’Leary: Why Early Retirement Doesn’t Work

This whole idea of financial independence retire early doesn't work. Let me tell you why. It happened to me. On the sale of my
first company, I achieved great liquidity and I
thought to myself, "Hey. I'm 36. I can retire now." I retired for three years. I was bored out of my mind. Working is not
just about money. People don't understand this very
often until they stop working. Work defines who you are. It provides a place where
you're social with people. It gives you interaction with people
all day long in an interesting way. It even helps you live longer
and is very, very good for brain health. Staying stimulated is how people
live into their 90s. I'm not kidding. So when am I retiring? Never. Never. I don't know where I'm going
after I'm dead, but I'll be working when I get there too..

As found on YouTube

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Kevin O’Leary: Why Early Retirement Doesn’t Work

This whole idea of financial independence retire early doesn't work. Let me tell you why. It happened to me. On the sale of my
first company, I achieved great liquidity and I
thought to myself, "Hey. I'm 36. I can retire now." I retired for three years. I was bored out of my mind. Working is not
just about money. People don't understand this very
often until they stop working.

Work defines who you are. It provides a place where
you're social with people. It gives you interaction with people
all day long in an interesting way. It even helps you live longer
and is very, very good for brain health. Staying stimulated is how people
live into their 90s. I'm not kidding. So when am I retiring? Never. Never. I don't know where I'm going
after I'm dead, but I'll be working when I get there too..

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How We Retired Early With $540K At 40 In Colorado

I started getting
diagnosed with some fairly serious medical
ailments. I just began to realize
that I had been working for a retirement that I
may never enjoy. We just knew we wanted
the freedom to make our own choices with our
time. And that's where
financial independence came in. Then it turned
into how fast can we do this? Let's get it done
as fast as we can. We started to accumulate
real estate in the vein of let's have an
additional source of income besides my job. We accumulated 19 units
over the span of just from 2016 to 2019. I'm Debbie and I'm Chris. We are 43 and live in
Colorado and retired by the age of 40. I never wanted to be a
millionaire. That was never a goal,
even, you know, now in my forties, I just wanted
to have enough money to be able to pay my bills. When I was 21, 22,
somewhere in there, I remember reading The
Millionaire Next Door. It was eye opening to me
because the stories they highlighted in that book
were very similar to what we do. Once it became in
that realm of reality that I could maybe be a
millionaire, then I did become fascinated with
the idea of being a millionaire in both
healthy and unhealthy ways.

Once Debbie left her
job, we're now completely dependent on my job. Honestly, like, I'm sure
there was more than this, but I tell the story
that basically I just stopped going to Subway. Obviously, that's not
the whole case, but that's all it really
felt like. Once we started tracking
our spending a little bit better with budgeting, I
was the guy that was always trying to turn
the knob down on our spending. Chris used to think it
was fun to like try to spend $100 a month on
groceries and just eat what came out of the
pantry.

So we both kind of had
this thought, what if you want to leave your job
someday? That thought easily
turned into how can we use our money to buy us
more time? I was mainly hearing a
lot of stories about rental real estate. Some people were were
building mega empires with rental real estate.
I wasn't looking to do that. I just wanted to
have additional income. And in the in the
process of going from we don't know anything
about being landlords and real estate owners to
let's buy our first property, I scoured the
Internet and spent a lot of time listening to
podcasts, watching YouTube videos, reading
blogs and forums.

And we got this like
eight and a half by eleven vision board type
of thing. So it was just something
that we could write on with chalk that we had
in our kitchen that would remind us of our goals. And, and as I was
writing those goals down, I believe we had like by
the end of 2016, we were going to have two
properties and by the end of 2017 we were going to
have four properties. We were getting
properties that other people didn't want. There was something that
was a bit of an ugly duckling about them. For me, a very difficult
part of this was a lot of elbow grease, fixing up
the ugly things, working on the houses, getting
smoke, smells out, painting everything,
tearing a bunch of flooring out. I'm
spending full days over there. Chris is getting
off work. He's spending nights and
weekends over at these rental properties to get
them ready for tenants and make them nice
places to live.

And as we were doing
that, I'm still saving 50 to 60% of our income
through my paycheck. All the extra money we
weren't spending out of your paycheck was going
toward buying more rental homes. All of the cash
flow we were getting from rentals was going toward
buying more rental homes. We accumulated 19 units
over the span of just from 2016 to 2019.

So it was a pretty
pretty fast and furious four years. We actually ended up
reaching fire at least three years earlier than
we had projected. So gross income from our
rental properties can vary based on vacancy,
capital expenditure, rehab, repairs, those
kinds of things. But it is between 8 to
10000 per month and our net income from our
rental properties is between 4 to 6000 a
month. So the money we live off
of comes purely from our real estate investments. We do have mortgages on
all of our rental properties that we
consider business debt. Our tenants pay those
mortgages for us essentially, and rents
continue to rise as they do so as the mortgage
goes down. Right now, our
investments look like we have about $350,000 in a
combination of traditional IRAs and
Roth IRAs and a brokerage account, $35,000 set
aside in a 529 account for our girls and
another $20,000 in bonds.

The insurance that she
sells for one month a year provides that extra
cushion of safety or comfort, as well as some
other discretionary spending. Our budget now
in FIRE, it looks very similar to what it was
pre FIRE in that none of our categories really
went any different direction except for
travel. We usually have about
$10,000 in our travel budget over the course
of any time, and it's more than we spend. Instead of having a job
where I would work 48 weeks a year and have
four weeks off, I would say now that I work
probably four weeks a year and have 48 weeks
off.

And we found in our lives
that meaning and purpose are important to our
emotional and physical health. And part of that
is around work. We are really enjoying
having this freedom of time to make
connections, to travel and explore. Our
daughters are getting older whether we like it
or not. They'll be graduating
and I'm excited to be a part of of their lives
as they move forward into their next chapters and
have the abundance of time to be able to be in
their lives as much as they will allow us or as
much as as feels comfortable.

I think when we were
searching for financial independence, what we
wanted was freedom and independence from having
to go to a place and do with things someone else
told us to do. And we still want that
and we value that. But I think what we
found through it is a much deeper, fuller,
richer life..

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Millionaire Grant Sabatier Reacts: Early Retirement With $2.2 Million To Live In Portugal

Hi, I'' m Give Sabatier, the creator of
Millennial Cash as well as the writer of Financial Freedom. And also today I'' m mosting likely to see this video clip,
“” Exactly how we retired early with $2.2 million to take a trip the world.”” I'' ve never seen it previously, and I'' m going to offer my response. See to it you similar to this video and subscribe to see even more of these response videos. Ready to rock and also roll? All right, let'' s do it. Pumped for this.'Because we ' ve been retired, I have been able to take a lot of time to do the important things that I wanted to do. And also that ' s the reason we began in our low cost of living nation, because they provided us a really excellent insight of where our cash is going to obtain us. Are they in Portugal? We really felt that we could readjust effectively as well as be able to live, retired this way. Points simply formed as well as we'' re. able to do more points instead of being caught up in the entire daily grind. Good work. The way of life … Relocated to Portugal. Yeah, I was right. I'' m Dianne and also I ' m Guillermo.And I was 47 when we achieved FIRE And I was 44 when I achieved FIRE. We had conserved up $2.2 million as well as chose.
to travel the globe in search of our permanently home. Portugal'' s like dishonesty when it comes.
to FIRE since I assume the cost of living is probably like 25% to 30% what.
If they'' ve saved$ 2.2 million, that. Dianne and also Guillermo have a.
lot great deal money cash conserved for for their journey.
established a little actual estate team in the USA, Northern Virginia,.
D.C.Metro location

. I was in the telecom market for over.
Two decades Did 4 years in the military in the.
Militaries. So I matured in Northern Virginia. It'' s one of the fastest expanding genuine. estate markets in the nation. I'' m guessing that in addition to obtaining.
nice huge compensations on her sales, she likewise spent in a pair investment.
residential properties. I'' m thrilled to see if that'' s the case. In 2018, our net worth was$ 2.2 million.
USD as well as currently today in 2022, our net well worth is $2.6 million.
There you go. That'' s an important point.They retired in 2018 as well as they'' ve been.
advancing market in background. And I started purchasing 2010 as well as simply.
the development of my financial investments from 2018 to 2022 has in fact outpaced theirs. They'' ve been able to take benefit.
of that uncommon opportunity. Whereas if you retire at the right time.
and also then your portfolio expands at 20% or 30% right after you retire, you have a.
lot more alternatives. My stepmother in fact was detected.
with cancer cells and also my mommy finished up having to look after.
them together with myself. As well as the week that he died, my.
mommy was detected with cancer cells. I invested even more than a year dealing with.
her. And also I realized despite the fact that I'' d constantly. wished to retire prior to 50, I just didn'' t also desire to wait any type of longer. I started actually having a look at our.
numbers.I began speaking with a monetary. expert.
I found the FIRE neighborhood and also I showed up.
It sounds like Dianne'' s actually. And also in truth, my spouse might care less.
concerning money or FIRE or economic freedom, but she was excited around.
It'' s important to keep in mind that it'' s a lot. Our strategy was to remain two years in each.
country to explore as well as see if we can locate our forever home in each country.So we did 3 years in Mexico due to the fact that of. the pandemic.
There was one added year that would.
keep. Afterwards, we wished to check out more of.
Europe. We have our money mostly in an actual.
estate market as well as in Roth IRAs. We put on'' t actually have an economic.
expert, and also we also have cash in brokerage accounts and also in high.
investment financial savings accounts. I wish they get right into their specifics of.
their realty financial investments. That'' s the initial thing that they provided. And also then the second was Roth IRAs, and also.
after that the last was brokerage. My guess is that they have a couple of.
rental buildings and also they'' re making some cash that way. Along with the cash that we conserved.
up for retired life, we kept three rental properties.Yes.

in Virginia as part of our.
investment portfolio. So we in fact offered a property in.
Alexandria, Virginia, that we were living in. I transformed $120,000 on that particular.
residential property. We acquired one in Gainesville that we.
stayed in for a number of years, which'' s one that we converted right into one.
Right here'' s one of the blunders they made. It'' s one of the fastest appreciating.
markets in the nation, extremely close to National Airport in DC, best throughout.
the Potomac River from D.C. And Alexandria building is something, at.
least in their situation, I'' d advise they hang on to as a leasing for as long as.
feasible. It'' s a lot more valuable dangling on.
it as a service for the following 20, thirty years than it was marketing for $100,000 to.
$ 150,000 in profit.So our common expenses in the United States before. We have actually just been in Portugal about 6.
months currently. So they'' re still residing in a high,.
expensive location for much less than $100,000 a year, but certainly cutting their.
costs considerably. My hunch is they can have FIRE'' d perhaps. 3, 4 or 5 years earlier. And also I ask yourself why they in fact made a decision.
to be more conservative.I invested time

in Lisbon myself, and also. it was tough to invest cash there. Especially when you can eat those fresh. sardines for like EUR1 per bushel and also
get a container of white wine for EUR2 or less. So I ' m in fact interested just how they ' re. spending a lot money unless they have a really baller house, which it doesn ' t. appear like from this video clip they have.
That understands, possibly they ' ve got some. secret splurges and they ' re really right into scuba diving or something. I ' ve been getting right into crypto,'so I may. be finding out regarding that even more or heading out as well as taking different lessons. whether it ' s languages or scuba'diving or yoga exercise. Oh, look at that. Diving. He called it. Something that'' s going on that we function.
into our daily regimens. Now, we'' re ruling out relocating.
back to the US.But something we'' ve discovered in life is.
never state never. So we'' re really looking extra at Eastern. Europe, Southeast Asia, potentially South America. And we'' ll proceed our.
journeys until we locate our little item of heaven. Yeah, they'' re feeling really
favorable. today because their investment portfolio has actually grown over $400,000 given that.
they reached FIRE and also retired early in 2018. They have a YouTube channel that'' s. most likely making some cash. Therefore they'' re expressing this incredibly.
favorable reaction. After having that development, their.
portfolios probably dropped about 20% this year, which is much more than.
would certainly have appreciated.So I ' d be interested to see if they ' re. still inevitably feeling by doing this, however in general, they ' re in a truly fantastic. setting.
The biggest point is maintain discovering,.
keep an open mind. You don'' t need to choose your for life.
home. And also in truth, maybe you should toss that.
suggestion out the window. They have tremendous flexibility and.
flexibility. They spend their time doing things.
that they like. They like discovering new points. You can truly do that throughout the.
world. With 1 being terrible, 10 being fantastic. I'' m going to clock Dianne as well as Guillermo.
at a solid 8.75. I believe they'' ve done quite a lot.
everything right. And in truth, perhaps way too much right. And also I would motivate them not to be too.
beholden to their spreadsheets and maybe take a bit a lot more dangers in their.
life.Maybe invest

a little bit even more money, if.
Well, that'' s about it. For even more terrific video clips, make certain you.
subscribe below to CNBC Keep it. Take a look at my book, “” Financial Freedom,””.
available on Amazon or your neighborhood book shop. And take a look at.
MillennialMoney.com to find out how to make, conserve as well as invest more money so you.
can construct a life you enjoy.

I'' m Dianne as well as I ' m Guillermo.And I was 47 when we attained FIRE And I was 44 when I attained FIRE. It'' s one of the fastest growing genuine. Below'' s one of the blunders they made. I ' m actually interested exactly how they ' re. That understands, maybe they ' ve obtained some.

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Tony Robbins: How Millennials Can Retire Rich

Oftentimes people tell me, “You know, I don’t have any money, so I really don’t know where to go. I don’t know what to start, I got to wait to have a lot of money before I begin.” That is the biggest mistake you can make. So let’s say you’re a young millennial or even Z generation come along and you’re saying, “I really want to be financially free but I don’t have any money.” You don’t need a lot of money.

You have the greatest gift on earth: time and compounding. When they asked Warren Buffett, “What made you a wealthy man?” He said, “Good genetics, time and compounding.” So what does that mean? If you could commit at 19 years old to just put $300 aside, forget the $1,000, yes, you can invest $1,000, but what you want is consistency. Let’s say you put $300 a month aside. It might sound like a lot to start with, but you’ll get used to it. You get it so it’s automatic deposit, let’s say it goes straight in the market. And the market over 100 years has gone up 10 percent over recent years, let’s say 8 percent compounded. If you take the lower number, the 8 percent and you only go to twenty seven years old and you stop, you’ve put in roughly $38,000 into that. It’ll grow to $million dollars. That’s the power of compounding. You put a little in and you got a huge return because you had time. If your best friend comes in and says at twenty seven, when you stop investing, “I’ve never done this, I should do it.” And they put 300 dollars a month in every year ’til they’re sixty five have less money because you have a little more time.

They’ll have $million dollars. Still not bad. They only put $150,000 in over a lifetime and they got $million. Pretty good deal. That’s what compounding means. You’ve got to get in the game. You’ve got to become an owner, not a consumer. That will change your life. .

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