Everything I Buy In A Year To Retire Early

[@RunningonFIRE]

FREE Expense Tracker: running-on-fire.com/budgeting-spreadsheet Tracking your expenses is one of the most valuable financial habits you will ever start. As simple as it is to start, it can change your life and help you make important decisions.

[@edd9632]

Really refreshing to see someone living the advice they preach👍

[@RunningonFIRE]

Wouldn't tell anyone to do something I'm not doing In fact, I don't even recommend most people live like me. I'm a little extreme 😅 But if you really want financial freedom as fast as possible, this is the best way to do it

[@user-ue9jq6fp9b]

Buying an e-bike and going car-free 2 years ago was one of the best quality of life and financial decisions I've ever made. I just wish it was more feasible for others in the car-centric hellscape of North America.

[@RunningonFIRE]

100%. I've debated getting an e-bike myself but it wouldn't make much difference for me as opposed to owning a regular bike. Glad you're enjoying the switch! More cities are working to be more bike-friendly, but we do have a looooong way to go

[@wabbit8594]

One big issue i see when it comes to us saving money is the social aspect of it. Going out to bars, eating out, and even buying a multi-player game is a big part of how we socialize with friends, co-workers, future business investors, etc. Even if you have great friends who understand you can go out all the time because of finances, it might still leave them feeling "guilty" and/or you feeling fomo. Luckily since the pandemic, me and my group have been hanging out on discord. We watch movies, play games, chat, all without spending too much (except for when we bought GTA5 this month). But we've been doing this pre-pandemic as well, so i don't expect everyone to "adapt" to this type of lifestyle just cause they want to save money. Note: We don't just hang out online. We went bowling yesterday. Spent like 20 bucks on 8-10 round games + 3 rounds of billiards (pool).

[@RunningonFIRE]

Absolutely. I get a lot of my social time at the gym, which is a big expense. But yeah, I know people spending a TON to be social Still, I don't think you HAVE to spend money to be social. My two favorite social activities are hiking and going to museums (some of the best museums in the world in my city, and all free) But if golfing is your go to... it's gonna cost more

[@KeithM-ht6zc]

Used YNAB to do this for the past 5 years. It’s extremely enlightening and also builds confidence in my future planning. Saved me far more money than the subscription price.

[@RunningonFIRE]

Thats interesting, glad it was such a positive experience! I'm sooooo hesitant to spend money so I've never tried out any tools like that. But I also know I'll have more than enough. Tools like that can definitely provide some super valuable insight!

[@LawrenceTimme]

I bought a second car to save money, cost £500 for the car, £300 to insure £35 for road tax, my other car is now sitting in the garage and it's saving me £150 a month in fuel.

[@RunningonFIRE]

500 pounds for a car sounds really low; is that normal or is that indeed super cheap?

[@LawrenceTimme]

@@RunningonFIRE it was a great deal, they normally go for around £1500 at a dealer, but I ask them specifically if they had any cars in part ex that they wouldn't sell themselves. They normally just send them to auction if they are too old or high milage. I have bought 3 cars from them previously and still take my other car for service there, so they did me a great deal! The car isn't in great condition, the bodywork has many dents and scratches but the inside is ok, it has a good service history and it drives fine.

[@teeyozee]

Nice video. When you say you're on track to retire at 30, do you mean with the same lifestyle or with an improved lifestyle? eg. not having to live with flatmates, wanting to do a bit more travel, never owning a car, etc. The unfortunate thing I've noticed is that free time ends up costing me more money. A lot of my 'free time' activities are things like catching up with friends to eat good food, go for a motorbike ride with my dad, meet up with my mom for coffee, travel/explore with my fiancé. I do have low cost activities as well but I find them limiting when you have an extra 40 hours a week.

[@RunningonFIRE]

Yeah great question. I haven't decided what I'll do yet. While that number is based on my current expenses, that money would go a LOT further in a cheaper city. So I'll probably move if I completely quit working You're definitely right about the cost of time..I want to spend a lot more time hiking, but I could see myself spending a little more too

[@Carolineds97]

Would you consider filming some of your meals/recipes? 🥰

[@RunningonFIRE]

You're not the first person to ask... but they're really boring 😅 I'm not a chef by any means. It's a lot of eggs and rice and beans and vegetables

[@Carolineds97]

@ boring can be super good though 😊 I have Arfid so I tend to stick with less complicated meals either way.

[@carrie5813]

I’d like to see a vlog on your meal prep as well.😊

[@catalinagd8634]

How does one figure out how much they need to retire?

[@RunningonFIRE]

Great question! I made a video a while ago (I probably need to redo it, it's a little old now) on the 4% rule, which is a common rule of thumb for calculating this. The super simple answer is you need about 25x your annual expenses. But that's obviously ignoring some complexities and caveats

[@hilarygibson3150]

Im a millionaire. I can go back years in notebooks, and i write down everything i spend.

[@RunningonFIRE]

Love that! It's just a good practice to have. And maybe I'm a nerd, but I think it's pretty interesting

[@zacharymartinez2912]

How is limiting your spending to the point where you effectively have no real choices freedom?

[@RunningonFIRE]

Invest now, freedom later :) A lot of things I enjoy don't cost much, so the freedom to not work seems pretty cool (or, more realistically, work on things I enjoy) But if I want even more options, I could always just work an extra 1-3 years. Then I'd have plenty, even for a more 'normal' lifestyle

[@M_SC]

Do dates cost less if the women are less attractive? Be careful what you answer

[@RunningonFIRE]

😂 depends more on what they like to do than how they look I suppose

[@carrie5813]

So, do you never want to own a house?

[@RunningonFIRE]

No, not particularly. I probably would if I knew I'd be somewhere 15+ years, so maybe one day. But no interest yet.

[@mc1996]

I follow Vincent, but it so annoying seeing new videos of already squished titles like "why everything changes after 10K", "why net worth explodes after 100K" or "stop these middle class mistakes"...all pseudo personal finance KZbinr have these videos, some more than one or even two.

[@RunningonFIRE]

You're not wrong... easier to copy what was proven to work than risk it on an unproven idea Very little real creativity, unfortunately

[@M_SC]

I half agree, but also most people watching aren’t seeking new information or even wisdom, they’re people seeking motivation or maybe more likely trying to keep their motivation up;keep it in the foreground of their mind. That’s why I don’t listen to that “make it all automatically” stuff. I will eventually, but at this stage I need to get the excitement of moving money to savings and creating a sense of urgency by having a budget that goes down to zero every month (technically not zero as there is a cushion to prevent bank fees but it “counts” as zero). People need reinforcement. It’s behavioural science 101.

[@yesed]

Lmaooo. Yeah this is the funniest stuff i heard. You look 45 bozo and im 23 and plan to retire at 25. Dont share things you dont know anything about

[@RunningonFIRE]

Lol I turned 24 in May but I've heard it all my life. And I'm literally sharing my own finances... something literally nobody knows better than me 🤣🤣 Would love to hear how you plan to retire at 25 though :) that's even faster than me!

[@brian7110]

Another informative video! On the FIRE journey with ya! Keep at it! Currently saving 60% of my income (I make much less than you) and I have another 9 years left to retire when I turn 45, but watching your vids for motivation!

[@I_Died_2_Weeks_Ago]

Hey, be nice. He wrote his financial thesis at the age of 10 😂