How to Retire as Early as Humanly Possible

Рет қаралды 16,084

8 күн бұрын

Many Americans work their entire lives and end up retiring with nothing. But a group of frugal obsessives is challenging that.
They call their approach FIRE: “financial independence, retire early.”
Amy X. Wang, the assistant managing editor of The New York Times Magazine, looks at the people behind this growing movement and their bid to rethink how long we work.
Guest: Amy X. Wang (www.nytimes.com/by/amy-x-wang) , the assistant managing editor of The New York Times Magazine.
Background reading:
• Allen Wong is one of the FIRE adherents who always knew how he wanted to live life. After decades of tolerating workaholic culture as the norm, employees are tired and unafraid to show it (www.nytimes.com/2024/05/07/ma...) .
• FIRE started in the early 2000s with a mantra of extreme saving, but the pandemic forged new followers (www.nytimes.com/2021/07/14/bu...) .
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Пікірлер: 145

@Kristenshwan Күн бұрын

My outlook on money changed when I realized someone making $200K can retire broke & someone making $80K can retire a millionaire. With the current market movement, you have $100K to invest. Where are you investing it?

@Richardson238 Күн бұрын

You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment .

@WelseyWalker Күн бұрын

I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Stacey Macken, has been an amazing experience.

@FranklyHunt Күн бұрын

Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well.

@nissan38p69 Күн бұрын

You trade with Stacey Macken too? Wow that woman has been a blessing to me and my family.

@Melbn-di6mi Күн бұрын

Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super

@Bobodina 4 күн бұрын

Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pay off mortgage as a near-retiree, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement.

@fromthebirchwood 4 күн бұрын

as most investing-related questions, the answer is relative. I'd suggest you consider financial advisory

@M.Morgan 4 күн бұрын

True, 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 licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $550k to roughly $1m as of today.

@Skye-xl5lx 4 күн бұрын

@@M.Morgan bravo! would you mind if I look up your advisor please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retiremnt

@M.Morgan 4 күн бұрын

Karen Lynne Chess is the licensed advisor I use. Just google the name. You’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@Elenavazquezwells 4 күн бұрын

curiously inputted Karen Lynne Chess on the web, spotted her consulting page at once, and was able to schedule a call session. Ive seen commentaries about advisors but not one looks this phenomenal

@DesertNavy 6 күн бұрын

No one interviewed had children.

@AB-wf8ek 6 күн бұрын

Yup, that's the secret sauce

@johnyjsl9219 6 күн бұрын

The Me generation.

@dr.badass702 6 күн бұрын

That’s the discipline

@ArchesBro 6 күн бұрын

@@johnyjsl9219 You have totally missed the point. You are right, children are expensive, but that is more of a societal problem. Older generations only care about themselves, they sold the futures of their children so it is ironic their children aren't having kids. Median US wage hasn't moved in 30 years but inflation was 2-3% per year which doesnt even take into account the extreme growith in asset prices like 8% per years S and P 500, housing, or a college degree. You are talking about a societal issue and just blaming the victim because you have been so propagandized. Grow up

@AB-wf8ek 5 күн бұрын

@@johnyjsl9219 The way I see it is, children don't have a choice whether they are born or not, and if I don't believe I have the ability to truly make a child happy, then I think it's cruel to force them into this world.

@carolynvo7802 2 күн бұрын

All the best and good video. In my opinion it is still a good time to invest in different stocks like gold, silver and digital currencies. This is one of the most important skills to learn and everyone should invest instead of saving. Some may agree, some may disagree. My big compliments to Natalie Rose Strayer for improving my portfolio!!......

@Jessecote875 2 күн бұрын

I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.

@Nguyenvictory83 2 күн бұрын

The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.

@Scottweeier846 2 күн бұрын

Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's

@Brucelanham845 2 күн бұрын

This sounds so good and I would like to be a party to it, is there any way I can speak with her?

@Rodriguezpaul-9 2 күн бұрын

After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery Glory to God shalom.

@dougirvin2413 3 күн бұрын

Great article! I'm surprised nobody you spoke to mentioned the profound loneliness of "lean FIRE". I'm 55 and retired when I was 50. Don't expect your friends to be there to hangout...they're all at work!

@o_o825 6 күн бұрын

And there are different iterations of FIRE, like LeanFIRE, BaristaFIRE, FatFIRE, CoastFIRE. There’s a FIRE for everyone who has the courage to shake the shackles of societal pressure and save for financial freedom! You can also choose to work forever, if you’d like, but all we’re saying is money should buy you choice.

@johnyjsl9219 6 күн бұрын

Hallelujah !!

@BrokeMillionaire1 6 күн бұрын

My wife and I will retire at 52 and 49, respectively. That’s when we get our pensions. I wish we could get out sooner!

@jammRJ 6 күн бұрын

What? How ? Do elaborate.

@BrokeMillionaire1 6 күн бұрын

@@jammRJ we each max out our 403(b) accounts ($23,000/yr) and our Roth IRAs. I also max out my HSA. We live well below our means.

@SurpriseMeJT 2 күн бұрын

Government jobs?

@BrokeMillionaire1 2 күн бұрын

@@SurpriseMeJTwe are both educators.

@jammRJ 6 күн бұрын

Alan wong is not 'retired' . Hes makes a living as an 'influencer'. It used to be called changing careers back in the day.

@SunlightsHorizon 6 күн бұрын

He’s retired in the sense that if he didn’t want to work, he doesn’t have to. He enjoys what he does and is work optional

@terrydoyle1141 6 күн бұрын

Not if you define work as "doing something your boss thinks is necessary and you'd rather be doing almost anything else". This is the life of most working Americans. Was for me. I didn't hate my job but I retired the first time at age 49. Went back to work a couple years later for more money but half time as a contractor. Traveled to 50+ countries for weeks at a time with my wife. Lost her 6 years ago and am still traveling. Still kinda, sorta working as a landlord. BTW - age 49 was 35 years ago. I was FIRE before there was FIRE>

@jammRJ 6 күн бұрын

@@SunlightsHorizon That's every rich person . They have enough money to quit . So in that sense Elon Musk is retired.

@jammRJ 6 күн бұрын

@@terrydoyle1141 By that definition millions of self employed people are retired . Even if someone does what they love or enjoy to support themselves , I wouldn't call them retired. Sure if 100 percent of the proceeds of such an endeavor were being donated to charity , then I would consider that retirement .

@johnyjsl9219 6 күн бұрын

@@terrydoyle1141wow you are 84 years old ? You got kids and grand kids? Great to have no boss, no 9-5, no bullshit.

@dmoon9037 5 күн бұрын

Given the talk of bond/CD ladders and annuities in this episode, I perceived a hole in the discussion: fixed rate deferred annuities (MYGAs) exactly fit into that same category, and the rates offered by insurance carriers have been higher than for either CD or bond laddering - obviously there is a risk difference (CDs and Treasuries have federal guarantee; annuities have state guarantee) but it’s not so disparate risk-wise

@larssonk22 5 күн бұрын

Inspiring story Allen. Never heard of FIRE movement

@SurpriseMeJT 2 күн бұрын

You can't have the best experiences if you look for a way to buy it. This is why Allen, who retired at 25, will be hard pressed to have moments of joy - because there is not enough struggle and pain to force creativity - how great art is created. How and what is the quality of his form of art (way of life)?

@conor2439 6 күн бұрын

FIRE Coast is what I am investing towards. I enjoy working hard, it makes my days off feel better.

@marakima 6 күн бұрын

For those interested in working and not paying rent: there are jobs available on cruise ships (or other types of ships, for that matter). I did 7 years as a piano player at sea, and in addition to salary and tips, all expenses are paid by the line.

@Esther-uo7fs 6 күн бұрын

Have to credit Vickie Robin and Joe Dimaggio too

@roqonu 6 күн бұрын

wrong joe

@mysticaltyger2009 5 күн бұрын

*Joe Dominguez

@LeoHipolito 3 күн бұрын

This showed up on my next feed, good content, #fire, chooseFI best podcast

@aaronkurz864 5 күн бұрын

Medical and dental often blow up these plans unless you make a lot of money.

@MikeAndTum 4 күн бұрын

You just plan for insurance and out of pocket costs like any expense. A lot of people don’t plan so the medical bills can blow up their path.

@aaronkurz864 4 күн бұрын

@@MikeAndTum You have to have a decent income in the first place in order to afford healthcare. For many, once medical costs are included, the numbers don't add up.

@MikeAndTum 4 күн бұрын

@@aaronkurz864 if you make less than 400% of the federal poverty level (less than $50k for single and about $100k for a family) you can qualify for subsidy that make the Bronze plan nearly free. Some on the FIRE groups said they pay $2 a month by keeping their MAGI within range.

@MikeAndTum 4 күн бұрын

@@aaronkurz864 The "cheapest plans" in this case are really the most subsidized plans. At 94% Actuarial Value (AV), Silver plans with max cost-sharing reductions are better insurance than almost all employer-sponsored plans in the US, which typically range from 85% AV to 92% AV. Such plans typically not only don't have a premium, but also don't have a deductible and will have minimal copays and a low MaxOOP.

@joenunz 6 күн бұрын

Where do they buy health insurance?

@mysticaltyger2009 5 күн бұрын

The short answer is you have to learn the ins and outs of Obamacare plans. But it's definitely possible.

@MikeAndTum 4 күн бұрын

Healthcare.gov is the site for the affordable care act.

@MikeAndTum 4 күн бұрын

Healthcare . gov

@LoveFrank-cp7tv 4 күн бұрын

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are 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?

@Henry-hp3kl 4 күн бұрын

Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.

@VictorB.Henrickson 4 күн бұрын

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

@user-ko1xu4ow4w 4 күн бұрын

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.

@VictorB.Henrickson 4 күн бұрын

Leicia Zavala Perkins is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment

@KateShawn-jv6wh 4 күн бұрын

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.

@jayc222 5 күн бұрын

Are we talking about living on 30% of the gross or net? Cuz most of us pay 20-something % of our pay in taxes. If we’re talking 30% of net, that’s a little more realistic, but still pretty tight for most of us. Maybe to start, work your way to saving 1/3 of your disposable income. If you can make that work, then scale up.

@ArchesBro 2 күн бұрын

Whatever you can live with. You could invest the most money if you sat at home doing nothing, working and sleeping. The idea is to cut cost, invest aggressively, and try to earn more money to retire in conditions you control. People need balance, if you do nothing, work and invest, you wont get buried with your money. Think about what is important, that is the key, and watch your money carefully, be efficient

@jayc222 2 күн бұрын

I work from home so it takes effort to get out of the house and spend money. When I do go out, it’s usually to do free stuff like walk dogs, go to friends’ houses, etc. I have an internet/subscription budget of $100/month but I’m only at $80 so I think I do good there. Cell phone is only $26/month. I’m considering ditching my car and taking public transit or renting a car/ubering as needed. I think I’m headed down the right path but even for me, living on 30% is extreme. Not sure if I’ll ever get there. I’d be happy at 50%.

@ArchesBro 2 күн бұрын

@@jayc222 Its all about finding a balance that you can maintain long term and spend money efficiently. Not to mention, investing efficiently, which often means just piling money into the s and p 500 index or US total stock market index or international stock market index and a certain percentage of bonds based on age. Also, using tax advantaged account like 401k, traditional IRA, roth IRA, Health savings account(HSA) or whatever the kids college account is I think 503b or something

@jayc222 2 күн бұрын

@@ArchesBro Yep I do all that. I’ve got IRA, HSA, 401k. I take the full 6% match from work, put in $1000/yr and get employee contribution of $1000/yr into HSA, and save $200/month in my IRA (ROTH). I also have a traditional IRA that I use to drop a tax bracket when I’m close enough. I’m always looking for room to save more, but I’m not too stressed about it. I like my job and could easily do it forever being from home.

@jayc222 2 күн бұрын

@@ArchesBro kids college savings is called a 529 plan.

@manuvns 5 күн бұрын

Who will work if lots of people retitled early 😂🎉

@vulpixelful 13 сағат бұрын

That's the thing, companies will be forced to slash multimillion dollar CEO packages to pay more for people who can choose not to work. They can only increase prices so much before people just stop buying.

@chrisocony 6 күн бұрын

Mr. Money Mustache is brilliant.

@lshwadchuck5643 6 күн бұрын

A quick glance at reddit and it looks to me like a lot of people are trying to make a million as day traders. The actor living in her truck makes sense to me. If you can avoid paying high rent, you're half way there. Anyone who either has a universal skill or trade OR can work online can buy a dirt cheap house in a remote community and pay it off fast. Max out your retirement fund, eat beans. I did lean FIRE at age 53 in 2005.

@yolofire6101 6 күн бұрын

What’s with these long pauses throughout? So annoying.

@KN0852 6 күн бұрын

I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have...

@ReedMyresDavid 6 күн бұрын

I suggest Miss Stephanie Aaron Trentham is extremely good on that. She is really good on what she does, Now I can pay so many bills because of her help.

@KN0852 6 күн бұрын

Please educate me. I've come across this name before. Now I am interested. How can I reach her?

@Kelvin-rw4kb 6 күн бұрын

This is correct, Stephanie strategy has normalized winning trades for me also, and it's a huge milestone for me looking back to how it all started.

@isable-ty7rt 6 күн бұрын

Yes, I agree with you. Her platform is wonderful, and her strategies are exceptional

@rk0l59hs-6g 6 күн бұрын

It doesn't matter if you are a current hodler or a newbie. You can capitalize on the fluctuation of Bitcoin by trading with good strategy/signals

@TheRealSnakePlisken 6 күн бұрын

Just about all millennials are nuts. Frugality is not a new thing. Retiring early is not a new thing. But talking about everything as if you just discovered it is totally millennial. Nothing new here…just lots of drama and a whole lot of ME.

@dougirvin2413 2 күн бұрын

Good point RealSnake! I was a teen in the 80's when I had the idea of "lean FIRE". Before me there were the Hippies, before them was the Beats, before them Turgenev wrote in Fathers and Sons about the nihilist. Really isn't anything new under the sun.

@SurpriseMeJT 2 күн бұрын

There's one important different factor - the earning potential of young skilled work like working in software development or other fast growing tech company. That was not possible for a new graduate back in the '80's.

@dougirvin2413 2 күн бұрын

That's true SurpriseMeJT, however back in the 80's we had other options that are long gone today. I only exaggerete slightly when I say that a young person today would have a better chance doing what Mr. Wong did with apps then what I did as a cop. Good luck finding a department that still promises a solid pention today!

@vulpixelful 12 сағат бұрын

Who cares? People are organizing around solid personal finance principles to gain more freedom in their life. Branding it helps us talk about it in a new context, because, things actually change from generation to generation. Hating a generation doesn't have to be your whole personality 😂

@dougirvin2413 9 сағат бұрын

Your right vulpixelful, I'm sorry if I sounded like a bitter old boomer. I sent most of my career working along side officers my own age and sometimes older, who had missed the pension program (my department stopped them in 1997). It was akward sometimes when you realized you'd be retired in 25 yrs but they'd be in that same cell block until they were 65+...yikes! It didn't take a financial guru to see that the $ they'd have to save to retire at 50y.o. would be VERY difficult for most people.

@jammRJ 6 күн бұрын

Should be illegal for surgeons to retire early unless they lower the bar to become one so that there are enough to go around .

@SunlightsHorizon 6 күн бұрын

They should retire when they’re able to do so, not because there is a need. Make it more desirable to become one and you’ll solve that issue.

@lebu5825 6 күн бұрын

@@SunlightsHorizonfurthermore, why would you want to be a subject to a surgeon that doesn’t want to be there 😂

@ArchesBro 6 күн бұрын

@@lebu5825 I would fully trust a surgeon operating on me while Im unconcious and the surgeon has a gun to his head making him work lmao. NYT comment section is hilarious

@mysticaltyger2009 5 күн бұрын

We wouldn't need half the surgeries we have if eating healthy were normal.

@Bob_1993 4 күн бұрын

Luckily for us, this isn’t a totalitarian state that enslaves individuals to work as you deem appropriate.

@whatsdoin2392 6 күн бұрын

Work is good for the soul. Find something to do that pays a reasonable salary and that you do not hate doing. Young people should not seek to be part of 1% or to retire young but should contribute to society. Retirement is for OLD people.

@johnyjsl9219 6 күн бұрын

I think Fire people often do contribute to society, but on their own terms. No Fire person can survive and be happy doing nothing. These are smart folks who took action to take control of their lives and know happiness involves contributing to society.

@steveeuphrates-river7342 6 күн бұрын

@whatsdoin2392 I agree!

@user-uj6tc4pj1x 6 күн бұрын

Society seems to want a lot of soul crushing work done. Not everyone can get by without those jobs. What's wrong with finding a way to cut the drudgery short so you can live as you want and contribute through volunteer work? Professionals (e.g. lawyers) could tell you volunteering is not just for the old.

@whatsdoin2392 6 күн бұрын

@@user-uj6tc4pj1x If you are paid it is not soul crushing but should be viewed as a contribution to society. Live as you want?? Only the wealthy can do that. Everyone else must work. For work its not the destination (retirement) but the journey that matters.