How To Retire With No Money Before 30

So people are going to hate me for this video, but its worth it if you are willing to pay attention and to forget about the hollywood retirement plan, which involves you never having to work again and living in a nursing home for the rest of your life.

This plan is not normal, so obviously it will require you to think differently and to do things differently, its how I was able to Retire before I turned 26 years old. Now whether you do it by 30 or by 50, you are still decades ahead of the average person, so don’t complain.

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Forget About Not Working

What keeps people from retiring is having to work so long to actually be able to save enough money to live the rest of their lives

But by the time they can accomplish this, its been so much time

But what if you just worked less, and were able to retire faster

Here is an example:

The standard deduction for a single is $13,850 and for a married couple $27,700

So you could make up to $27,700 without paying a single penny in taxes

Lets you make $20 an hour, that’s about 1,385 hours of work ( wait before you freak out )

The average person works 2080 in a year, that’s a 695 hour difference or 86 working days of 8 hours per day

So again that’s the first thing:

Working less

Payoff of Your mortgage

Now obviously lets use common sense, you would try to earn as much money a possible

So you can do as fast as possible, now here is why

The average spends 31% of their income on a mortgage for decades ( this is massive, its like having a big loan on your income ) the word Mortgage in french means literally DEAD PLEDGE no thanks right

Here is strategy:

If you limit your home budget to only 33% of net monthly income, on a 15 years mortgage

You will be able to pay this baby off in half time worst case or 7-10 years best case

By paying extra towards the mortgage ( its why I recommend being debt free before you get into a mortgage )

Benefits:

You need 30% less income per month

You have more stability.

Personal reasons like family and stuff

Have a Solid Emergency Account

In 2008 the nations 401k lost about 2.8trillion dollars

Why do you care, because you could retire today and if the market crashes you will be in deep trouble

And if you sell and panic, its even worst

Some crazy advice from the Barefoot investor and me the Boring investor

Building a 3-5 years emergency account will make you feel stupid but really safe

this is something you do, once you are edging close to retirement and you stop investing and just start sending cash in to your Cash Balance or your Savings account up to you

but his gives you an amazing foundation to withstand big market swins

Nail your investment Number ( and aff 20% for safety )

Forget about $1M and forget about 10M

Imagine this: No Debt, No Mortgage and you Still bring in $27,000 a year in income or 13k as a single

What your expenses like

Here are some common ones:

Shelter: insurance, taxes and maintenance

Utilities: Gas, Water, Light, Internet, Phone Bill and ( ramdom subscriptions )

Groceries: 250 per person

Transpo: Gas, Insurance and maintenance

Extras light heath insurance

These figures to me currently as a single person

Are about $1000 dollars

Thinking about marriage and kids are closer to 2k or 4k to live ultra nice

But here is the calculation I want you to have

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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.

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