In this video, I’m going to tell you how I plan to retire by age 27. But more importantly, I’m going to show you how you can do the same at whatever age you are now, and it’s going to be step by step.

1. What Retirement means to me ( I want to start this video off here)
– Now what retirement means to me, usually 9 out of 10 times is different from what other people think
– Most of the time they think it’s me not having to work anymore, traveling, and becoming a monk.
– But in reality, to me retirement just means control, options, and freedom.

Let me explain:

– Control: When I was a kid my we moved from my country of birth to somewhere else for more opportunities, and then after that, we move several times. Now as a kid I didn’t have the options, and with a single mom, she did the best she could to provide me with the best opportunities. And without her, I wouldn’t be here today. ( but even so, what I want is to have control over the direction of my life) – and realize that when you have one source income, its kinda being a kid again, because that one employer, if he fires you, if you do something incorrectly or your just unlucky to get a bad boss, then you might have to deal with a lot, just so you don’t lose that one job.

– Options: you ever heard someone say, I don’t like the job but I do it because it pays the bills. Well what retirement means to me, is having the option to work with people that I enjoy working for. ( I think happiness is solving the problems you enjoy solving)

– Freedom: now this can be dangerous because freedom without directions is meaningless. So by freedom I mean, to have the freedom to follow my goals, to work on a craft, and to fulfill my life purpose ( it sounds corny I know )

Tip: ask yourself the same questions and see why you really want this. And although what I mentioned is big picture stuff, bring it down the streets, and ask yourself what you would buy and where you would go. For me it might be going on dates more often, buying computer parts, buying my grampa some horse. Be specific.

2. How I’m going to retire early ( amount of money I need to retire, list expenses )
– When I first had this idea, I thought I would need at least 10M dollars to retire early
– Then I realize as an accountant I would never earn that much and most people don’t
– So here is the math ( 70k – fed/state and all the other taxs in NY) = $50,229 – Meaning in 45 years of work I would earn 2.2M.

We have to Focus on 3 things:

– Total Annual Expenses: $32,220

House/car/bills/food: $2,135 montlhly / annual $25,620

Miscellaneous: $200 bucks a month + health Care $350 per month = $6,600 ( although I included my business will pay it and it’s also tax-deductible)

6 Month Emergency Plan: car repairs, house repairs, and all that. Total of $16,110

– The amount you’ll need to retire

With my investment portfolio, I’m able to get around 8% return per year, and also a 2.83% dividend per year ( for a total return of 10.83% on average)

Math using the 4% rule and increasing my goal to 40k: I would need around $1M in my investment account to retire early.

– How much time it’ll take

– For me, I would need to invest $13,426 per month for 5 years
– or 400 a day or $18 dollars every hour of the day

3. Overall
– In the end, you can also have fun with these numbers and tweak them around and see exactly how it’ll work for you
– Because although my goal is by 27, I will still keep working the job I enjoy, and also keep earning and investing ( maybe not as aggressively but I still will)
– And that’s the point

So here is your HomeworK
– Play with this calculator
– See how long it’ll take you
– And also I’ll be a comment to my investment portfolio so you can know how to get started.

Tip: the more specific you get the better

0:55 Part 1 The why to retirement

5:50 Part 2 the math for retirement

17:13 Video Summary

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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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