Mr. Money Mustache’s Simple Secret to Retiring Early in Your 30s

[@Peterl4290]

I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.

[@larrypaul-cw9nk]

In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.

[@jerrycampbell-ut9yf]

I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.

[@sabastinenoah]

How can i reach this person?

[@jerrycampbell-ut9yf]

‘Annette Christine Conte maintains an online presence. Just make a simple search for her name online.

[@sabastinenoah]

Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.

[@TheFirstRealChewy]

Our goal is financial Independence. I don't mind working. I just want the flexibility and freedom to work on whatever I want.

[@Madchris8828]

I think thats probably the best way to be. Once your expenses are covered well why not work on something you can do to make yourself or others happy?

[@MyOdette123]

Yes, it makes it easier when you love what you do

[@TwoSideHustles]

He popped on KZbin randomly in 2020. I clicked on it, took his advice and merged it with BP. Got me to FI in 1 year and RE by 2022. Awsome stuff. Now I get to take care of the family and hang out with old friends when kids are at school. Life changing. Thank you for the valuable content!!

[@befree9579]

how much did you need for ur FI?

[@TwoSideHustles]

@@befree9579 I needed 60K take home with 3% COLA for FI. But I kept it up until I got to 200K take home before I quit my W2 just in case. Everyone's FI is different. I'm married with 3 young kids.

[@TheFirstRealChewy]

@@TwoSideHustles $200K after taxes? We could definitely retire on that. We are aiming for less, but we are many years away based on my calculation. If things go better than planned then that's great. I wouldn't say that I'd retire, but I'd probably look for something that gives me a different challenge.

[@nicpollifrone8634]

I am actually where he’s stating he WOULD be… 48 and having had a stressful career for a long time. On weekends I don’t have a ton of energy but I hike, relax etc. I’ve thought actively about what I will do when it’s time to step away from this existence. My wife and I moved to a cabin in the mountains in in 2020, to start a new life experience. New adventures can begin at any stage of life, you just can’t give up!! Thank you for your ongoing content, and for this MMM update interview! 💙

[@odnilniloc]

Pete really is a gift to the space. Great interview and one I'll definitely return to for inspiration.

[@HughMirin-Bruh]

This man made 'being retired' his full-time job and is probably making bank from that. Well played!

[@fwefhwe4232]

and he is a really smart engineer who made 6 figures in his 20s.

[@peezy-wheezy]

So technically he is not retired..or am I missing something.

[@diydad5067]

@@peezy-wheezyIf you’re doing what you like, are you really working?

[@elysef9303]

He’s retired from required work. Being financially independent is the goal!

[@michaeldautry]

@@peezy-wheezyif you don’t have to go to work, and have total control, and can easily say no to work or commitments; then no, it’s not considered work…

[@jeremytorgersen]

Awesome interview! Grateful I was able to meet Pete and Mindy last year at the MMM HQ. Love the FIRE community!

[@Retired-jr3qs]

I am a baby boomer that retired at 57 and single. It's been 3 years of happiness. Thanks Pete

[@raymondcarter9810]

That sounds both happy and sad

[@bharatmata78615]

Good for you! 👏🏻

[@ali90211]

I remember reading and loving his blog in 2010

[@choc3791]

Great episode! I really enjoyed the interview, Pete is such a good story teller and he is very inspiring 🙂

[@carolannstevens5814]

I love MMM!!! Would love to meet him and the FI group! What a kind wonderful dad!

[@hansenmarc]

I love his attitude. I used to feel deprived because I grew up dirt poor. Now I feel like it gave me a superpower. I could live a monastic lifestyle and feel absolutely fine about it. You live in a van down by the river? LUXURY! I used to dream of having a van to live in... 😉

[@janethamilton7583]

So frightening! I’ll never forget my uncle who worked hard held two jobs and a day or two after he retired he suffered an aneurysm and died! All his plans with his wife died with him😢

[@belindatorres4328]

This happened to my dad! Worked 2/3 jobs 7 days a week. Dropped dead at 45 from a brain aneurysm smh

[@FIRED13]

Could be attributed to high blood pressure

[@fisgrisen1585]

Pete changed my life. 🙏

[@LittleSara953]

I found his blog in 2010, and since then I am following him. I am on track to retire at 35:)

[@bwillsboys]

Awesome!!

[@FinancialFreedomLifestyle]

Really enjoyed this! Pete was one of those people who I looked up to a lot before reaching FIRE. My wife and I were both able to reach FIRE at the ages of 28. Thank you Pete and BP for all your guidance over the years.

[@TwoSideHustles]

Awsome stuff! Congrats. I wish he was around when I was in my 20s. But glad he is with us now.

[@rcoleman171]

I love hearing from Pete and his inspirational thoughts on keeping it simple!

[@betterhomesnc2437]

Love that you brought up paying off your mortgage. Sometimes it's not about the math. Watching my grandma deal with this in retirement now.

[@TheFirstRealChewy]

We are working on paying off ours early. I also realized something. If I have to carry a mortgage all the way into retirement in order to invest enough for retirement, then that sucks!

[@carolmaz8675]

move grandma in with you .sell her house x

[@karenmolnar9159]

Amazing interview, thanks!

[@dudewhat7738]

You got Pete! Now your show is legit 😎

[@dylanbarrett599]

I love the concept of wanting to be financially free. The only thing that’s a little tough for me is the frugality part. I think it’s one thing to put effort into saving money here and there, but I have chosen to spend my time on increasing my income and investments. I always strive to have a abundance mindset and not a limited scarcity mindset. Great conversation!

[@YusefWakeel]

Yup, you can only decrease expenses to 0 but increase income to infinity

[@O8Zen]

@@YusefWakeel47:30 You can also expand your spending to infinity. That's why FI without some form of frugality is doomed to fail.

[@twominutecode3355]

Why is it tough?

[@James_36]

@@YusefWakeel that is theory and not reality though, 99% of people if not more are limited to the pay of whatever market they are in

[@YusefWakeel]

@@James_36 yeah but look at this example. I’m 23 with no debt, no wife, no kids, and I live with my parents. My expenses are $1200 a month. Do you think it’s possible to decrease beyond that?

[@jorgeaparicio1202]

I love listening to this crowd. I am very frugal and always stretching my dollar. Most people don't understand me. But I fit right in with this group !

[@Footyanalytix10]

I love how humble this guy is 👏🏻👏🏻👏🏻

[@carolannstevens5814]

I am a new listener and love listening to Pete! Thank you!

[@denmarklive]

Thanks for a great podcast 😍

[@SparkAStory2024]

When are we going to acknowledge the trailblazers before the internet? Just because you're the first to blog it or post it doesn't mean you're the first. Good interview.

[@Lavida-melody]

I would love to retire early. Corporate America ain’t it. I loved the part about having everyday being a Saturday. I have so many hobbies outside of my 8-5am. Tennis, Zumba, pole fitness, cross-stitching, personal finance, video games, plants, my pets, traveling, and family. I wish I could find some way to cut down hours, but still make a decent amount of money. Still figuring it out.

[@BLRska]

All the best. I wish I had so many hobbies

[@Lavida-melody]

@@BLRska thanks so much. you can try to find 1-2 core hobbies! I’m the type to get bored quick with one thing. I fit as much as I can in a day and enjoy watching shows/ movies at the end of my day.

[@FIRED13]

Enjoying this"older" podcast but one input - life is about making memories. I get newer phones for the better/faster cameras to capture MY memories (pictures and videos). This is something I decided I will not skimp on. In the grand scheme of things, $1000 is really nothing for such an important tool where I ask an enjoy the product of for the rest of my life.

[@Kornheiser10]

My biggest question for those that FIRE like Pete is how they cover insurance, particularly if you you have children. It seems that so many who talk about early FIRE are young and relatively healthy. Would like to hear from any people who did FIRE but then ran into serious health issues for themselves or their family/kids.

[@humblebee7979]

Smart guy with great points.

[@Akaa77777]

My best advice I got from a colleague who wanted to retire at 35..he retired before he was 35...I retired late at 45 I also lost my marriage..but I’m glad I have financial assets because the world is cruel to a poor older man

[@sandielefant8258]

Thank you all for this amazing and informative video! I appreciate the insight and opinions very much. :)

[@adiforest656]

“Whata Ride.” I’m so in love with this guy.

[@anandmcmanus2111]

I am in real estate here in Durango. Several years ago I switched to the Iphone. I hear what you are saying about finding cheaper products. In the case of being a top notch realtor, the Iphone has really helped my business. The apps work better for business and on the Iphone. If you have a business that doesn't need the Iphone you may be fine using an android, but for me and my business the Iphone has really helped bring my business to the next level. At this point in my career I would not consider switching off the Iphone to save money.

[@PS-ic4bp]

8:24 what about health insurance- that’s the biggest drag in the US?

[@SuperKamiNeko]

The 4% rule has solid foundations. There are other options too. Once you're past accumulation stage, passive income investing through covered call ETFs is one. One advantage, you need way less than with the 4 % rule.

[@MaryOlson7]

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[@MaryOlson7]

@MariaA.Holmes It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

[@MaryOlson7]

@MariaA.Holmes Hi, please who is the expert assisting you and how do I reach out to them?

[@rickymagicanada]

What an inspirational interview

[@ltmsimply]

Thank you Sir! ( MMM ).. Started watching your videos in 2014. It encouraged me and my family and was able to step in faith and quit my 9-5 at which I had worked in transportation field for over 20yrs. And now being FI since 2021 it has brought more time and freedom to serve others at our local church and started my own little business. 🙏

[@aaronmurphy8796]

It’s interesting to see you alls discussions , the fi community around me is not really spending focused (I’m in the camp that consciously reduces large fixed costs and then spends almsot no time on things like grocery and phone or where we eat out ) so it’s not always top of mind to me that that’s a big focus for folks . I don’t think it’s for me but I enjoy the discussion .

[@dakotadak100]

Everyone should get out as fast as they can.

[@stuffaboutthings8679]

Can you put a link to the 50 series bootcamp, I can find anything about it on his website not sure if Its because of I'm using a mobile device?

[@user-vw2zt8te9p]

What was the allocation book he mentioned? I looked up Malkiel’s books but the closest I came up with was Bernstein’s Rational Expectations. Any help would be appreciated…maybe it was paper instead of a book…?

[@samsue1224]

Just came across Mr Money moustache. Lots of interesting info Curious that having more time to spend on your relationship ended up in divorce

[@maa11235]

I really like this guy

[@andreahuss3156]

Thank you!! I revisit my FI journey every six months or so and it’s so fun to see I’m still on track to FIRE!

[@kimwieczorek1879]

Do it monthly

[@mydarlingdaisy]

Curious to know what he pays for health insurance and if there are suggestions how to mitigate against the high cost of healthcare - both premiums and actual bills - for those achieving FIRE.

[@TwoSideHustles]

Just account for it in your calculations. For example, if you need 50K/yr to live and medical insurance costs 30K/year for the entire family, then just generate 80K/yr. Simple math.

[@juliawoods2874]

The cost of health care has been the one thing holding us back from early retirement. We recently decided to apply for residency in Portugal, where health insurance and health care is much more affordable.

[@MrTgrundy]

I have the same question. I never hear anyone bring this up. To add an additional $30k+ worth of dividends from stocks means another $750k of investment. You don't "just generate" that. Also, healthcare is outpacing the stock market which shoots the 4% rule out of the water.

[@nickcropper4969]

Yes he wrote a blog about this on his website

[@Fred-yd9md]

Many early retirees use ACA .. you can get significantly subsidized premium if earning is below 60k per year

[@rowddyone3570]

We always get 2 models below current for 500ish and hold them till they don’t work any more, around 8 years. But apple all the way😀

[@ilsevanheerden4976]

Mr Money Mustache, you are so handsome. Just another reason I love listening to you ha ha

[@mbank3832]

I got the saving part down, now tell me something about investing

[@ayannafit2441]

Yeah,thats how i discovered fire. Started my first joband money was accumulating and everyone knows you don't keep money in the bank but didnt know what to do eith it so discovered fire. Not there yet but am on my way

Hi, I was trying to find the other video where Mr Money Mustache’s was in the podcast but couldn't find it. Could you please provide it? Thanks

[@janethamilton7583]

That was a huge lesson for me😮

[@laurenodonnell5889]

This is a great video, I learn a lot watching your videos and it has been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to Mrs. Belinda Owens for improving my portfolio. keep up with the good videos.

[@benandersonn12]

I'm surprised you know her too. I've been making a lot of profits investing with her for a few months now.

[@kennguyen4540]

I'm new at this, please how can i reach your broker

[@laurenodonnell5889]

INVESTWITHOWENS💯

[@kennguyen4540]

@@laurenodonnell5889 Thank you

[@Mike_Affholder]

Is he still going interviews his channel doesn't have anything from about a year ago

[@JayEs31]

Good show. Can you skip the intros tho and just get into the guest more quickly ? Will make the show more modern and not like a 1970s radio show

[@michellehunter1642]

Agreed. I really can’t take the lady host. The man is great though.

[@freedomworks3976]

I retired twice. Found it to be very unproductive and unfulfilling. Now I believe strongly in F.I.N.R. - Financial Independence never retire. Now I’m very happy and very productive 😊. My employer is 91 years old and still goes to work on average 3 days a week ❤- winning 🏆 🥇 🏅 😊

[@LinN4Yuh]

FIRE - Financial Independence Recreational Employment (that is my goal, anyway)😊

[@freedomworks3976]

@@LinN4Yuh that's a good 👍 one 👌

[@nw8000]

Whats the 4% Rule?

[@genericwatcher2439]

If you save 25X your annual expenses, you can live off the money generated from this investment, removing only 4% a year, given average returns in the stock market.

[@MrsUnderwriter]

What are you going to do retiring before 30?

[@Kornheiser10]

Here in 2024, and I must say that watching Mindy in this episode and the contrast to when she's been on with Ramit Sati....I'd swear she was talking with Ramit about agreeing to be concerned about the $30k matters, not the $30 ones. Pete's an interesting guy, wouldn't want his life....nor Buffett's life. I hope it works out for him down the road... Oh, Boulder has an annual snow fall of 90 inches...I'd probably drive a car, not ride a bike.

[@befree9579]

The comment he said about retirement feels like a saturday is very true. Especially for me when i am self employed i feel like it's a saturday. The moment i get a job it feels like monday all week! depressing. no wonder i spend less naturally cause i know i have to go work to make it. Torture!

[@pytime8621]

I had my own business. I can totally relate… everyday was Monday. I was always absent even when I was home. It was torture! I sold my business and some real estate a few weeks back. I’m all done. Keep on pushing, I’m a few weeks into retirement and it is great.

[@befree9579]

@@pytime8621 Glad to hear it's not just me. And congrats on your retirement. Just turned 30 myself so probably 20 yrs to go unless i end up making $200k in under 5-10 years i could retire with that.

[@Domdodom]

I have an iphone and I got it for $80 (new) as I did some Mustachian magic...Guys it's not the phone that matters...it is how much you got it for! As i like the apple system i see no harm getting the phone you like as long as you get it for free or close to free.

[@fgonzalez78959]

Never going to stop making stuff..buy when you feel like its worth it to you.

[@kathysutton2631]

What’s the calculator? ?Thks

[@MykKessler]

The reason you should upgrade your pixel 3 is the lack of security updates. Otherwise, upgrade when. Your battery starts to fail.

[@kwokweng76]

I love this podcast

[@mybestlastyears]

Empty nest syndrome eh Pete? It's tough. Maybe now it's time to write that book...

[@BruLLLo]

If I save 40% of my salary as a software developer I can pay my rent after 7-10 years with the 4% rule. Buying a house would need 20 years savings.. Without kids I could probobly save 60% without a problem at all but that still long time to buy house and pay it off , then need save for food cost also.

[@paul88ptv]

In his retirement he didn’t spend enough time to invest in his marriage

[@ashleyseams9602]

Dmx?

[@carolmaz8675]

anyone can invest if their salary far outways your expenses.....average salary in uk is low .£25k a year .....impossible to invest from that as lot pple struggle to live .....most pple with a bit of nouse can do this with surplus money

[@BC-yd6dl]

I suspect that Mr. Mustache didn't really "retire" as much as he figured out the whole blog monetization / podcast monetization thing early and was able to quit his day job. I also find it funny the Mrs. probably took a full half of the Mr. Money Mustache empire after most likely never lifting a finger to create it.

[@fabiGBOtown]

Has Pete ever mentioned what he invests in? Talking about stocks. Which etfs, etc?

[@jlocke3482]

He mainly invests in total market index funds (e.g vtsax, vti..) He does speculate in a bit of individual stocks, but he advises against this. He also has real estate income. Check out his blog.

[@fabiGBOtown]

@@jlocke3482 thank you.

[@bromatityahu]

Episode Recap 1:06:45

[@kathysutton2631]

I only have antenna. I’d like to get cnbc so how can I get it?? Hulu? I’m not techy but people tell me to just get a stick. I don’t know about thes things or if they have cnbc. Thanks. I like to watch it.

[@wifey.material2024]

Retirement at age 65 is a huge Scam...

[@Jonathan-yr3so]

Your forefathers would have worked until they were dead. So 65 is doing pretty good.

[@janethamilton7583]

Want to renovate my home - my contractors have strung me out for 4 yrs and exhausted my funds! Ha!

[@DeanBKK]

41:45 As a seasoned photographer that understands image quality, I strongly disagree with you that you think your $200 phone produces images as good as an iPhone 14 Pro Max. Is your cheap phone capable of taking a decent photo? Sure. But don't compare it to something that's superior in every aspect (tech, camera specs, software, night modes, stabilization, etc.). I also wouldn't tell a professional wedding photographer that my Samsung S22 Ultra camera is better than their $6,500 Sony A1 with a $3,000 lens attached to it.

[@Kennan_Davis]

You’re an idiot. Unless someone is a professional photographer the quality of the camera being maybe slightly better is irrelevant when you’re paying 5x the cost. Also, FACT: the Google Pixel phone is known for having a significantly better camera than the iPhone. The pixel 3 or 4 camera is probably equal to the latest iPhone. You’re comparing an every day random phone user who in no way needs to pay way more for a slightly better camera on their phone to a professional wedding photographer photos who obviously would benefit from having the top equipment, which is still not an iPhone. Absolute idiot.

[@DudMan2111]

Crybaby

[@genericwatcher2439]

Because of his Blog, giving talks, companies he ran, etc... I don't think he has actually ever retired... he just doesn't have a normal 9-5 job, but make no mistake, he WORKS, I hate when people lie, he is selling snake oil that he is Financially independent.

[@jgg204]

exactly. he just doesn't have his computer engineering job anymore. he still works, albeit for himself. but that's a huge plus

[@User12345fan]

He was financially independent and he could live off of that money, he got the courage to retire and by doing what he loves he ended up making more money, by accident, not by design or need. Don’t confuse the two, he is not selling snake oil. Listen to the guy talk, he has deep integrity , a guy like that would never sell snake oil to anyone.

[@4nxy]

just instantly disses co-host lmfao

[@karimartin9441]

I’m 10+ years late!

[@betterhomesnc2437]

It's never too late. You can still make progress.

[@KevinHardeman]

Yeah. "Retiring when you're 30" is hard when you discover this lifestyle on the brink of turning 30 years old, like me. Never too late to start though.

[@MurangShaBu_MahalNaBiGas]

Don't worry about it, just focus on your next 10+ years

[@carolmaz8675]

people dont really retire in their thirtys they just gain freedom ..and invest and buy businesses etc so its not really retirement

[@sameersmerchant]

Sweet

[@channelconstruction6947]

Amazing life story and fun podcast. Still, everything is possible only while those shares and companies generate profit, which is only possible while most of people consume as much as they can and get underpaid. I think MMM is an awesome example of ultra capable man in life, but due to the privileged possition he could acknowledge the fact of exploitation of most working peeps around world.

[@wdeemarwdeemar8739]

So sitting around on the weekend playing video games and taking naps sign me up for full time…

[@tofugirl8299]

😂

[@Ohole]

😢divorce?

[@KC-qr3wk]

Looking at used electric cars now. 1. Not paying over $12K. 2. Payments need to be half of what I want to pay on a 36 month timeline so I can pay it off double time with some flexibility built in to pay less any given month since o have a kid heading to college.

[@keepcalm3275]

i just don't understand how you could put your face too near the camera. it looks awkward and unable to really look at the video

[@Ironrodpower]

I do love me some confirmation bias!

[@justincahoon7539]

Stop using the L in folks!

[@harambeboy]

After all his hard work he still lost his wife.

[@peezy-wheezy]

Mr. Money Mustache seems to take credit for all his early growth. He was "quirky" so he just learned everything on his own. This dude is only 48 so he has had the benefit of the world wide web for most of his adult life....just like me (I'm 53). We all ride on the shoulders of the giants before us. Give credit where credit is due. Add in that he is not retired because he is currently still working on his blog where he makes 400k or more per year. His retirement is his business so don't buy into this BS. He's just another influencer making a living off of his story. He is NOT retired.

[@donaldlyons17]

They don't want to call it stil lworking but can reitre?

[@fgonzalez78959]

Its not work if you don't have to..he don't have to do anything but does it because he likes to ..money is just created out of it.

[@donaldlyons17]

@@fgonzalez78959 Well not totally true and we know this because so few disable comments on their videos... He at some point is in it for something and he could do nothing if he wanted to.

[@deesplash7087]

Ngl, he lost credibility when he said the only thing u should focus only on the P/E ratio of stocks. There’s no way he owns anything besides index funds with that fundamentally flawed mindset

[@mayamathews3576]

He is a simple soul, don’t define him with items he own

[@sophisticatedmorons]

he’s retired and living his best life figuring it out. That’s all the credibility most need. Leading by example.

[@HappyCleanersWA]

If s&p outperforms 90% of fund managers, how is that flawed?

[@ordinaryhuman5645]

Why would that cost him credibility? Obviously you're better off buying at average P/E ratios than record high P/E ratios, and your expectation of future performance when you retire (i.e. the severity of sequence of returns risk that you are facing) is a function of the current P/E ratio. There's no need to own anything besides index funds (though he also has real estate), and suggesting otherwise would cause one to lose credibility.

[@fwefhwe4232]

warren buffet suggests index funds. whats wrong with them ?

[@tnteachertim]

So...... NOT retired.

[@staceyshi1520]

Apart from his intelligence, I have to say he is so good looking. 😁

[@JM-tm4dj]

Just eat bugs

[@brentbutner1208]

Why not just stay home with your parents after high school. Then you can retire at 18!! Lol. Love the click bait!! Thanks!

[@KS-cl8br]

He isn't retired. He is just self employed. He still works.

[@nickcropper4969]

*He still has hobbies, and those hobbies may produce income but the key is he is doing it because he enjoys it. He doesn't need the additional income.

[@midkort]

Frankly, the semantics are quite irrelevant. Retired does not mean you have to become a vegetable. If that's your thinking, probably better to fix it now before you "retire," or better still - avoid "retiring" altogether. If you stop using your brain and your body, you start dying faster So, Pete does things, and those things are valuable, thus they bring in money.

[@adrian3747_]

too late im already 32 now :/

[@FLOODOFSINS]

You can always lose your home. Unless the government removes property tax you will always be able to lose your house.

[@rcnblackhawk07]

Why would a woman divorce Mr. Money Mustache?! 🥸🤔