10 years around 3,650 days total and around 2,600 working days in total. It’s a long time, but it's a lot less than 45 years, that’s how long people wait to retire.
So in this video, I’m going to tell you how to invest to retire in 10 years, from someone who is 6 months away from retiring ( I’ll still be working but because I want to, not because I have too ) , and I did it in about 6 years which is also possible for you.
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1. about having a million dollars
-You don’t need to have a million
-And most people when they say I want to be a millionaire, what they really mean is I want to spend a million dollars
--And when people say I want lambo, mansion and hot wife, what they really mean is ( I want to be respected, I want stability and I want to be love )
So just to through this idea out of the water fully
To get to a million dollars in 10 years is like getting to the moon starting from scratch for most people
-Making 12% a year would require you to invest $4,748.67 every month that’s 56k a year ( its so much money )
Ps. Before I continue I also want you to forget about this
-Perfection: You don’t have to be right all the time
-This game is longevity game and if you stick to the plan for the long term, you will win
-And this don’t have to be perfect, because a perfect plan has room for mistakes
2. Here is the actual Plan ( to get to retirement in 10 years is not going to be easy )
-It's going to take a lot of energy, patients and most important patients
-Ps if you are married and your wife doesn’t care about this goal
-You chances for success go down, because it's like being on a boat and rowing I opposite directions
First Step: Break down your budget to Barebone
-Keep only yours needs and only about 5-10% for wants
-Shelter no more than 33% of budget
-Utilities ( keep em low and cancel what you don’t need )
-Groceries ( cook at home and be smart about meal preps )
-Transpotation ( drive a cheap affordable car that’s paid off )
Second: Get a Side Hustle, Upgrade your job or do something for extra money if you are spending more than 70-80% of your money on expenses ( because the free cashflow you have is going to be KEY )
-So if you have debt pay it off first ( this can take 1-5 years but that’s okay )
-Any debt except the mortgage
-This is like shedding all the dead weight that holds you back
3. Net worth Goes Up ( all the way up )
-Home equity ( you own it and you have no mortgage and no payments )
-10 years of investing $500 bucks a month gives you $117k in a roth ira fully tax free at 12%
-Emergency account gives you security
-Debts means you don’t got no problems with no body
So your cost of living is cut down by nearly 30-50% by doing this plan
-So if you need less than half the money you make
-You have the option to work on a part time basis or change jobs to something else
-Or invest more money
When can you actually retire:
-When you have 25times your annual expenses in your investment account
-So if you go from spending 50,000 a year to now 25,000 a year
-You only need 625,000 which you already have 117k worth
The good thing is though:
-So you can spend half your income on whatever you want
-And then keep investing the same $500 a month and get to the goal
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.