I never thought I would say this but I’m broke, I’m playing a different game now and this game is very expensive. And that’s apart of the game.

Now I spent roughly half a million dollars to buy myself out of the rat race, that’s a lot of money; a now that I’m out, I want to make sure I stay out and that’s going to cost a lot more money.

SO in this video , I’ll tell you the detials between the cost to buy myself out and the cost to stay out and why this is making me broke

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There are X things that keep you in the rat race

First: Debt and Lack of Safety

Second: High Cost of Living

Third: Lack of Passive income to cover cost of living

This sounds super simple but its super expensive

I paid in my lifetime, somewhere about 77k dollars in debt ( some of the debt was good debt and some bad debt, but its all trash and it increase your risk; today I have 0 debt and 77k less in my pocket but that’s fine )

Security can cost you 3-6-12 months of an emergency fund, that can be a lot of money ( for me its like 12k )

So off the back you’re looking at almost 100k just to clear that first hurdle, the best way to do it faster is not to get into debt in the first place

Second: High Cost of Livings

Pay off the house ( that cost me 170k )

But it lowered my cost of living by nearly 33% what it would have been

Third: passive income to cover expenses

I spend about 1k per month, and that’s 12k a year

And I need to make that in passive Income via 4% withdrawal rate

That cost me 300k

Staying out the rat race

This is all about two things

First: Diversification

Second: Increasing Passive income

So for me I have two jobs right now

Keep investing into the market ( a minimum of 20% of my income )

Second: save money to buy real estate to pay my bills

Here is the positive:

If I can make 8% in cash flwo from real estate and I only need to cover 1k per month

Then I only need 150k

But that’s takes time to save up in cash and that’s one of the main reasons I’m going to be broke for awhile

So why I’m I broke ( and what could I have done better )

So I’m basically broke, because I’m still building something and it takes time

Mistakes

First I’m strongly considering at some point in the future selling that house and buying something better ( in my home country or renting for awhile ) the best time to buy a house is when you need one, and I didn’t need one yet ( I just took the step because it felt like the next step, pretty stupid )

Time estimates:

I hope to complete these goals by the time I turn 30

If God wills

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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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