Glad you find it useful!!

😂

I love it! Constantly looking to improve is a cheat code in life.

Thanks so much!! You're completely right. Money either buys time or it buys things. I'd MUCH rather buy back my time.

100%, that's actually the biggest blocker for my parents (not immigrants, but grew up risk averse). I've got a video coming up on why investing is so important. I hope that helps some people. You're right that it's a big issue for some people <3

Great question. I usually just maintain a set amount of money in my savings, and ALL the rest goes to investments. Unless I spent money from my savings account that I need to refill, I send 100% to my investment accounts.

Approximately; its a little complicated because a fair amount of that is in pretax retirement accounts, but I probably won't have to pay much tax on that money if I retire as fast as possible :) I'm definitely preaching to the choir for the good savers 😂

@@RunningonFIRE it’s fine if it is going in any type of account. The question is if you are saying you save 80% of your income then it can’t be possible because you must be paying taxes also (let’s say on 100k you pay 15k taxes) then how is it possible to save 80% of the income?

@@NiranjanBendre Sorry I didn't clarify; yes, I am talking after-tax. I was just saying that's it's not ALL post-tax, because some of it is in pre-tax retirement accounts.

@@RunningonFIRE got it! Thanks!

100%. Personally I'm not that worried about it, because I like being busy. I just don't want to be busy doing an office job 😅 Having more time in a relationship, or with kids, is also really important to me.

Well, on the bright side, if you could save that much, you'd have a 50% savings rate :) I hope you still got some value from this video, but I'll admit that it's geared towards people who earn $50,000+ and have lots of room to save more. If you're getting by on $2,200 per month (assuming you live in a city in America) you probably already have decent spending habits.

Yup unless you are fine living with roommates

I don’t believe you jump straight to saving 80% of your income right away Daniel even if you have a higher income. Most of the time we are just hooked on our lifestyle and that lifestyle cost X number of dollars. Early on when I started saving one of the things I found very valuable was to track every expense and put the purchases into categories (a very detailed list). Then once I had 3 months of data I picked a single category and just ask myself what I could do to reduce my expenses in that category. Can I do with out it, can I use less of it, is there a cheaper alternative. It is also worth asking if there is a risk if you make the change. For example not having renters insurance has the risk of loss and that might be more risk than someone is willing to take. I would then make the change in my purchases/lifestyle and keep tracking everything until the next month and pick another category and do the same thing. Over 18 months my savings rate more than tripled.

Saving percentage is definitely a function of income/ But where I live, the average income is over $90,000 per year (average in the U.S. is ~$58,000 after tax). I spend ~$20,000 per year, even though I live in an expensive area. So I couldn't save 80% if I didn't have a good income, but even with an average income I'd still be saving about 65%. All that to say, you're right that 80% savings might not be doable for the average person. But I'm on track to retire before I turn 30, which is insane. I have low expenses AND high income. Average people can still save a very high percentage of their income and retire very early (just maybe not by 30)

Dfine average.

I save 80 percent of my income every month

I am a bit of an introvert, and between grad school and this KZbin channel I don't have a ton of time. I'm an amateur kickboxer, so I train10+ hours a week, so most of the friends I've made since moving here have been through that :) I'm definitely going to make an effort to show more of my life, I think you're totally right. But I have a number of videos lined up though, so it might be a while 😅

😂 didn't even think of that Thats sick!! Hope your car lasts a long time now that it's paid off, and I love the immediate savings 🥳🥳🥳

You got this ❤️

Honestly I don't follow many, so there's probably some gems I don't know about. But my introduction to early retirement came from Mr. Money Mustache, who has an email list, and I also like the Millennial Revolution blog!

Still working for me lol

In my defense, this was posted before the recent wave of avian flu started...

@@RunningonFIRE haha no worries man. I try to be as frugal as I can as well. Good breakfast option I recommend in lieu of eggs is turkey chorizo with potato and squash. can make em into wraps or tacos as well. Super cheap. Super good

Oh no, I DEFINITELY invest! Almost everything is invested, either in a 401k or personal investment account :)

Still possible, I'm only 24 😅 I haven't had any interest in kids yet, but I'll probably marry one day. And maybe kids too! Hoping to be financially free before I have kids so that I can be very present in their lives :)

I'll keep everyone updated on this channel! Much love ❤️

Why not? Split rent on an apartment, share a car maybe, doesn't seem so bad. Would just need to be someone who also values reaching financial freedom :)

I personally prefer to get that money invested, but exact same concept. Your money is for saving, NOT spending!!!

Definitely important to only talk money with the right people