My Complete Timeline to Retire Early with $145K/Year (8 Income Streams)

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@FIREPsyChat 9 ай бұрын

Become a Channel Member: kzbin.info/door/xVMI3H_O2PW5O4qpORkZ_Qjoin Free Financial Resources: www.firepsychat.com/resources Free 20-minute Financial Consultation: www.firepsychat.com/coaching

@vandydandy2697 9 ай бұрын

I’m quitting my job and fleeing the country.

@FIREPsyChat 9 ай бұрын

Where are you going

@vandydandy2697 9 ай бұрын

@@FIREPsyChat China, Thailand, and maybe Vietnam.

@nelsonw9483 8 ай бұрын

@@vandydandy2697Avoid China

@Eyeahmdarck66 9 ай бұрын

How do you account for future expenses and inflation? For example, if our cost of living expenses today are $2k/mo (minus mortgage and property tax), how do we account for what we need annually at 45 and beyond?

@FIREPsyChat 9 ай бұрын

I keep track of my annual budget. For example, my expenses increased by 3.4% from 2022-2023. You can use my FIRE calculator on my resources website. It’s free. If not, you can always google search for the inflation calculator. I typically use 2.5-3% adjustments annually to predict the future costs. Remember that it’s a prediction and not a certainty. You have to keep track of your expenses annually to have an idea what it’ll be in 10-20 years

@Lizzycute61 9 ай бұрын

I've been retired for five years and, despite adhering to the 4% rule, I find myself facing unexpected challenges. I have an additional $460K to invest in stocks, and I'm seeking advice on how to capitalize on the market's resurgence.

@ChuckHolland-i4b 3 ай бұрын

I like how you've laid out your timeline on the chart! It's a fantastic visual aid, especially for my wife, who finds finances a bit challenging. On a side note, you might be missing out on some opportunities. For example, I own stocks and sell covered calls on them weekly. This strategy is helping me generate half the income you're aiming for with an account that's only 25% the size of your goal amount. Consider engaging an options investment advisor to trade on your behalf. Although they charge a fee, it's minimal compared to the $80k in annual income I'm making from this strategy. We're reinvesting that option income into dividend stocks, which further boosts our earnings. It's a great way to maximize your financial growth! I'm looking to fat fire in a few years at 55. Time goes by so fast!

@chaitanyap3436 9 ай бұрын

75k per annum pension?😮 What pension is that?

@kurpal8904 9 ай бұрын

How can I make appt for a into session?

@Hansel551 9 ай бұрын

You have a good plan, but you don't mention Tricare. Does your HSA give you a better coverage or lower cost? I like my job, and my plan would be enroll in Tricare and use FEHB savings at 65 to help max my Roth TSP.

@FIREPsyChat 9 ай бұрын

I haven’t been on tricare since I left active duty many years ago. My HSA can cover my medical expenses. You can check out the HSA playlist on my channel when I went through the costs and benefits

@Hansel551 9 ай бұрын

@@FIREPsyChat Will do. I find your channel interesting.