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0:00 – Intro
1:40 – Laziness
Most people think that if you want to retire early, you are lazy. What do they not know is this, the path to achieve financial independence it is anything but laziness, because you need a lot of hard work to achieve it. You would also need to sacrifice alot of comforts which many people take for granted. After that you will need to learn how to invest in order to get a high return and retire early. Think about it this way, to be able to achieve early retirement in 10-15 years, and not have to work for 40 years, we would have to compress all 40 years of work into just 15 years.
3:30 – Do What After Retire?
Many people think that you will only sit at the beach and do nothing all day long after you retire. But, early retirement means that you are now not chained to your job. You can do the things you want to do, like start pursue your hobbies, travel the world or start a company.
5:56 – You Need High Income
To achieve financial independence, it’s not about how much you earn, but rather, how much you save. The equation is very simple, the lesser expense you have, the lesser money you’ll need.for retirement.
Mr Money Mustache showed that the more you can save, the faster you’ll be able to retire.
If you save 50% of your income, you’ll be able to retire after 17 years. But throughout it all, you need to have really high discipline, you would need to keep your expense the same no matter what’s your income.
8:00 – Give Up Enjoyment
Save money doesn’t mean you have to give up everything. It would be meaningless if you achieve financial freedom but you feel miserable throughout it all. You just have to be smart about spending your money, like finding deals to save on expenses.
Seedly’s guide on getting cheaper movie tickets:
9:09 – Need To Be Debt Free
You should not rush to pay back your loans. Because if you have used the money to pay back the loans, you won’t have any debt, but you also won’t have any money left. Instead, if you invested the money and use the investment returns to pay off the loans. That way, when you have finish repaying 30 years later, you still have the investments earning money for you. Here’s my guideline, if your loan interest is lesser than 3.5%, slowly pay it off and invest the rest. But if your loan interest is higher than 3.5%, quickly pay it off.