Retired at 30 on $56,000/year (12 Years Income/Net Worth Recap)

[@KRscience]

Your income is in a range that the average person can relate to quite well, yet you found a way to become financially independent early in life. Very inspiring!

[@AnaxofRhodes]

Agreed. This is important. People look at anyone who makes more than $60k a year like they're cheating due to a really good income. They use that as an excuse to not try succeeding.

[@menappi]

Did the definition of retirement change because you guys seem self-employed..? Inspiring nonetheless but I'm not sure I'd call you retired because you still need to work and earn money to live.

[@HiPh0Plover1]

You know that hippie life

[@jasedoe7948]

They bought an investment property that pays off their monthly expenses and gives them income. Lol y’all silly

[@turand1201]

First, congrats. Second, I can't help but wonder. You bought a WH at $480k w/$35k repairs and almost immediately think you can sell it for $850k?? I can only grasp a couple of possibilities: (1) you lucked out and found an extremely desperate seller (I wonder why?), (2) you're fooling yourself thinking its worth $850k, only investors buy commercial real estate and all investors buy at wholesale prices (just like you did) , (3) it is actually worth $850k and your foolish not to sell it immediately since you can (a) get a ridiculously great return and (b) its risky having so much of your net-worth tied up in this one asset. We are riding one of the longest bull markets in history, I fear since you are so heavily leveraged that when the downturn/correction does happen (and it will), you are going to be stuck with high vacancy and will in-turn need to pass that wholesale deal you got onto the next investor. But I suppose that's why I am much more conservative when it comes to these kinds of ventures, I hope you realize the risk you've taken and I sincerely hope it pays off for you.

[@JerodMatlock]

My personal favorite video - showing how it was actually done. No theory and no fluff. Do you have a video explaining the real estate purchase involving the Roth?

[@Lumencraft-]

Way to go man. Truly shows what some self discipline can do for a persons financial well being. Thanks for sharing!

[@diggler306]

That's amazing you were able to save near 50% of your income and still live. It's been a wild ride watching you guys on KZbin - your tenacity and go-getter attitude has really paid off. Congratulations and I look forward to more content!

[@troyajohnson26]

Love the transparency.

[@jacobjohnson2714]

Yeah it looks so much more attainable than the usual software engineer making 100k at 23 years old. Like good for the engineers, lawyers and doctors but it's nice to see just regular folks succeeding.

[@jjbuckner]

That is so awesome you were tracking your net worth in high school! Shoot, I was worried about who was going to buy beer for me on Friday night 😂. I wish I would have started my journey sooner!

[@JConnman1]

haha - same. I was so dumb. On the horse now though, giddy up!

[@Chris-zx1ez]

Same as me I'm 25 and wish I started hustling earlier in life.

[@pawsnotclaws2772]

JJ Buckner lol same

[@pawsnotclaws2772]

Teddy James how???

[@parkervariety2103]

Retired... and working more than ever! I guess everyone has a different definition on the word "retired" Curious, what are you doing for insurance for your family of 4? Most people would be spending 25,000-35,000 a year out of pocket for that alone from premiums/deductibles/out of pocket.

[@fitnesstoffer2703]

25.000 for insurance? This is madness.

[@djscra89]

@@fitnesstoffer2703 that is the true cost of health insurance. with premiums, co-pays, and deductibles.

[@01xtreme]

I can't tell you how much of an inspiration this is. I know I'm quite behind the curve from where you guys started, but the dedication you show proves that it's possible to achieve early retirement

[@thedestroyer3262]

I wish schools would teach this sort of stuff because kids need to know about saving, investing, credit score, debt, net worth, taxes etc but we get taught none of that (at least in the UK we don't get taught this) and then the govt expects us to understand it all and we can't exactly go to parents and ask because usually most parents are just as clueless about this sort of stuff as the kids are.

[@Jehty_]

If you are able to manage school (you can read), it shouldn´t be a problem to learn this stuff on your own. There is no need, nor is there a benefit in learning this stuff in school. The most important thing in school is learning to learn.

[@IKamiZz]

They probably don't teach it because people not knowing personal finance will lead to more loose spending and better the economy.

[@paulf.6883]

Self educate..... it is all about common sense, up to you to discipline yourself.......

[@thedestroyer3262]

Saber Finally someone understands the point I was trying to make.

[@AlumniQuad]

*Jeffrey Jackson* en.wikipedia.org/wiki/Paradox_of_thrift

[@masterchief8855]

Thanks for the update. Nice to see it clearly spelled out. My net worth in high school was a pair of Nike cleats.....

[@doodzy2]

Not to burst your bubble, but you're not worth $500,000 as you haven't paid the mortgage of your warehouse off...yet. You're net worth is what you've paid off the mortgage and any extra assests.

[@HaydonNZ]

The value of their net worth is their assets less liabilities. The value of their asset has increased (as determined by professional valuation), and provided their liabilities have remained the same, their net worth has increased.

[@FinanzMinimalist]

„I think i can sell this for 850“. Yeah well thats bullshit

[@rambogoham1]

lmao, true that

[@TheSpringdaddy]

Yep!!!

[@gratefulRed69]

Net Worth = Assests (current value) - Liabilities (net payoffs, if any, of leveraged assets). So, the "equity" in the warehouse (Market Value-payoff) IS considered in a Net Worth calculation. You don't have to have paid off the warehouse in order to count the equity as part of your total net worth.

[@raulgolfs]

Awesome job you guys! Goals right here!! That’s exactly what I’m starting on my channel first to strive to be debt free glad y’all back! Keep it up! Inspirational!

[@MikeSmith-qk2he]

I am not clear how you arrived at the $500K net worth number. Net worth is total assets minus any liabilities. You can factor in equity along the way as you make payments but until the warehouse is fully paid off you can't count that towards your net worth.

[@pamerak]

He says they bought it for 480k, and invested everything they had, let's estimate 200k. 280k mortgage being paid off with rental income. The renovated warehouse is appraised at 800k. 800k-280k = about 500k.

[@CharlesDorsay]

@@pamerak So warehouse's value double every 2 years? 😂😂😂

[@itsbiyological4057]

Mike, you and Lauren are the reallest ones and some of the most transparent people on KZbin. You are the reason why I started my financial freedom journey, and your experience continues to open up new arrays of idea on how to achieve that financial freedom in the fastest manner. Kuddos to you, Lauren, and your beautiful children.

[@badisheffey4550]

Congratulations!! Realest video on KZbin? Thanks for the inspiration.

[@mikewilson0]

If it was really real it would be a bit more apparent that what they have is about $100k and a warehouse loan....

[@nimmasoda]

Its not late, I will start tracking my income and spending from this year. Thanks for the video

[@3920cruz]

Hello Mike & Lauren I just watched your video, and I give you props for the discipline to save and live modestly at your age. As someone who owns a small business (my 3rd and only one to really succeed), I would like to offer some advice and hope you are receptive to it since you both have chosen to make your lives public. Your plan is generally sound, but your execution is not great. You have not considered many possibilities and there was no mention of what I call "things that do not go as expected plan." At least you did not speak of any backup plan. Once you believed you reached your target income in the warehouse you stated that "we are now retired" Why? Do you have at least one year of received income from the warehouse in the bank? Any plan like what you are doing needs to include tests to validate your expected income. It seems to me you could certainly have continued to work outside as your investment income rolls into the bank. Also as a property owner, you did not mention anything about funding of property maintenance, improvements, repairs due to age, tenant damage, mother nature, etc... Also you did not speak about your tenants. As a landlord for more than 10 years, my 3 rental units have had maybe 12 tenants over the years. There were times when the units were empty as long as 3 to 4 months, and this is considered minimal and quick turn arounds if you are carefully screening your potential tenants and only choosing qualified tenants. Remember you can only manage your property and not the tenant businesses, so if your tenants suffer failures then your income is reduced. the result is you must have monies set aside for these times. Reconsider your state of retirement as you are still very young and think about returning to work to create at least one year of income savings in the bank for your personal financial security and at least one more year of income that covers the operating, and other costs associated with the warehouse. Your plan has merit, but you pulled the retirement trigger to early. I have done all that I am now preaching to you to do. 6 years ago, my wife and I started a business together to fund our retirement. I was 52 at that time and we decided I would keep working in my corporate job to provide financial stability with my $135K salary. The business starting generating $ after only 3 months, but we held to our plan of making no changes in our lives for one year. After the year, we modified our plan to take in what we learned and how we could increase our revenues further, and changed our business to suit and things kept on going per the plan. By year 4, I felt I could quit as the business was doing well, 4 was coming in, I had 3 employees working in the business along with my wife. My wife was drawing a good salary, and I just drew about $30K in rental income from the business as I owned the property it was in. I could have drawn a salary too, but chose not to and let the equity build. During these years, the business was generating income nearly 4 years. This was my test! In June, 2017, I left my corporate job a few months before my 57th birthday. Now the real test began as my now personal $150K salary was now history! I would now work full time in the business where before I only worked part-time. In the first 90 days of working I was able to increase sales by 22% and reduce operating costs by 18% (mostly, the result of me know working full-time and not paying 3rd party ). In June 2018, 1 year to date of working full-time, my business was up 55% in revenue and operating costs up 13%, mostly due to another employee hire in 2018. This test was proving the plans success. I have not worked (traditional job for 15 months) now and I can honestly say that my plan has been tested and passed with flying colors and I feel secure in that I can say that my retirement plan is working as I have been on payroll all 2018 and equity draws match my previous salary. At 58, I can and still work and in another year or two, I will scale down my effort and allow my income to decline a small amount if necessary to hire additional staff to replace me, once I can begin to draw against my 401K at 59 1/2. The key to success of your plan is having sufficient reserves of cash and plans that are tested and validated over time. You may be inspired once you see that what you planned really does work. It may inspire you further to increase your holdings so to increase your revenue. No insult intended, but 3K monthly income for a young growing family is not very much unless to expect to live overseas much of the time. And you are still young and capable of working and sticking to your goals as you have already demonstrated. Best of luck!!! Lou

[@dynastus]

This is the most heartfelt and detailed comment I've ever read on YT. Your analysis is 100% right, thanks for putting this forward for the rest of the community. Congrats on your business success and I wish you the best going forward.

[@touher6071]

Thanks for the honest insight. I too am a 34 year old burned out corporate worker and have 2 side hustle - real estate agent and also rental properties. Contemplating going for fledge 1099, but the uncertainty is daunting since I have a growing family of 2 and a wife to support. Reading your post, it assures me that patients is a hard virtue and time will battle test and only harden your financial goals in the future. I plan to stick with my corporate job and keep side hustling until I reach my financial #. Thanks for sharing your story. Its definitely inspiring

[@maverickjohnston8398]

👏

[@KellyShuster]

I think its so cool that Lauren got to live out her dream of working at Tiffany's on 5th Ave. Congratulations again on achieving such a fantastic milestone, and for all the exciting and wonderful things that you have been able to experience along the way. Thanks so much for doing this update, even though you don't have any obligation to do it.

[@CharlesDorsay]

Yeah, being a saleswoman is a big dream, full of satisfactions... unlike being a paramedic, or a doctor, or a teacher, or a firefighter, or a cop etc. ... you know, people who actually leave a mark in this greedy world.

[@Wordsnwood]

You're an inspiration, Mike and Lauren!

[@itskelvinn]

This is the first video ive seen on this channel and it seems pretty tight. I love when self-discipline and taking risks pays off. Gonna go check out your other videos

[@DaveStrahl]

Oh man, I've been watching your progress longer than I realized

[@theadvocate1925]

So you are currently retired on less than 300k? I'm truly impressed.

[@gregevans6741]

It's hard to save money, you deserve everything you've accomplished.

[@IKTGWIW]

Should we not worry that the more people retire at very young ages, the less products and goods the country will produce, resulting in a country of net consumers of foreign goods. This can't be good.

[@AudiobookLibrary24-7]

Thank you, Mike, for sharing the nuts and bolts of your journey. It was very helpful. It usually isn't flashy to get where you are going, just a lot of hustle. Much appreciated.

[@babybalrog]

You say you don't hit any windfalls, but that 250,000 jump from renovating the warehouse sure looks like one too me. More of a really savvy business move. Good Work, Congratulations! (again)

[@ChaoticM3thod]

This is such a great video. So few people are willing to go this in-depth with their finances and it's really nice to get a peek at how someone else is doing this. Great job on the warehouse! Seems like that was a really lucky break in your lives.

[@glockdoc33]

I'm a financial advisor located in Pittsburgh and stumbled across your videos today. You guys have done some great work, it's not to often you find people who are actually serious about their finances (especially being so young). If you guys ever want someone to talk to that can give you a better explanation/picture about your financial future I'd be more than glad to help. Congrats!

[@arkasantilee1982]

Are you in pittsburgh me too. I want help trying to find a financial advisor

[@thejedijohn]

Really great to see the history. I'm excited for where you guys are going in the future.

[@Shiva-k3g]

Congratulations Mike and Lauren. You two are an inspiration.

[@erinsymone1645]

Congratulations! Videos like this are fascinating to me. It's so cool to see the step by step breakdown of how normal people reach financial independence. Ideally that will be me one day as well. It looks like you guys took a lot of big changes to get where you are now, and they paid off!

[@BradFinn]

Dude this is so awesome.... I look forward to the rest of your journey. Ill be following every step of the way!

[@MikeAndLaurenTV]

Thanks!

[@chocgurt]

Great to see someone post their Financial Freedom journey! This is an inspiration. As a financial advisor here in the Philippines, I really do hope to see me and my clients achieve this in the future as well.

[@tomm8025]

First, I would commend them on the amount they saved while working.....many people don't do that. However, I would argue that when you are living in someone else's home, you are NOT financially independent. FAR from it. Also, if you are financially independent you do not need to work or derive an income. Just because they changed their work does not mean they are not still working. I had a similar income in my life, and truly stopped working at 43. Amazingly, while only spending my net worth has somehow grown...that is the power of compounding from investments. Now what they got is the warehouse which has jumped in value substantially in a short period, which is great. They did a very nice job, I am not trying to argue that, but until they can say, we don't need to work for an income (and I would not count the warehouse income as a job if it is truly very part-time and "passive" income) and can do what we want when we want until we die, without the aide of others (which means you can't live in another person's home) you are not financially independent. But it would appear they're definitely on their way.

[@benvinson4328]

What does life look like for a couple that saves 40% of their income? stay home on weekends; no vacations/ travel to see friends; small food budget; 1 car; no smart phone etc...? Would you consider online consulting to come up to speed on someone's current situation and then work to develop a financial plan to help coach people to find a similar path? Thanks for Sharing.

[@arleygonzalez190]

Why not look into hiring a certified financial planner? They can assess your situation, coach you and make a plan for you to achieve your goals. Just a suggestion:)

[@Alexie3333]

How did you make 20K as a server while on collage?? Worked after collage 8 hours/5 days a week?

[@ZENMASTERME1]

May You And Your Family Always Be Blessed With Good Fortune!!!

[@CharlesDorsay]

They really need it... 😂

[@romanovskie3381]

This is good to see and know. My wife and I make 160K a year combined, we can definitely achieve our financial plans that are similar to yours. Building that passive income takes time. True inspiration.

[@kings5223]

Been following your channel for a few years now and happy to see you guys reaching your goal! Interesting to see that even with the stock market going up and up during your saving years, it was real estate that ended up providing you with financial freedom. My wife and I have been on a similar trajectory, pivoting from stocks to acquiring income producing real estate. Good job guys!

[@drmkiwi]

Congratulations - working and saving has made you wealthy. Great story, and I would hope this is inspiration for the average Joe(/Jo) who doesn't want to be average. It took me a while longer than you, but the most significant stand out for me was we didn't need as much income to retire as one would have thought. Thanks for being so upfront. Cheers, David

[@glenyoung1337]

Have you ever considered making another spreadsheet video discussing your monthly budget? You guys are the king and queen of frugality, and I would love to compare a breakdown of your budget to my own to see where I can be saving money.

[@NathanVu]

That's for sharing this. It shows hard work and saving pays off. You don't have to do anything out of the ordinary.

[@PidasianHippie]

You and Lauren have shown that all you need to do to be financially free is to live well below your means no matter what those means are. Your income was always lower than many couples yet you saved a lot more than even a fraction of the folks earning more than you.

[@parkervariety2103]

what happens if we have another 2008 and a few renters leave and no one is there to fill the spots? You might be paying out of pocket to hold the property... by the way is it even possible to insure this thing against a massive hurricane in that area?

[@CharlesDorsay]

@phantom090 That's true until the shit hits the fan... There were plenty of "smart" people like you b4 the RE crash.

[@grege.5687]

BAM! Love the transparency brother! I have a spreadsheet very similar to this...It's funny to see that you and Lauren have the same dips and peaks as we have :) Glad things are moving forward for you all!

[@benhoskins5322]

Absolutely love this financial journey and has really helped me with my life and business (I'm 25). And, nerd alert, it's just fun dealing with / learning numbers and income management like this! Seriously, thank you for your videos and effort / openness.

[@1MinuteFlipDoc]

something something something .. and was able to buy a $850K warehouse for $350K with $100K down. riiiiiiiiight. even if that is true, you are (just) lucky.

[@fatherson6206]

1MinuteFlipDoc I’ve known Mike since we were 14. We were roommates for 2 years and business partners twice. He doesn’t lie. What he says is true and exact. And though he may be lucky in some regard, it is more accurate to say he is patient and smart.

[@quentonkirkham4320]

just found this guys videos... instantly subscribed!!

[@johnoliver4972]

Good job guys, and congratulations!

[@DpakSharmaNoida]

I am so very happy for you guys. And very excited to see you grow more in future. Good luck

[@Kyle-um5sl]

I really appreciate and enjoyed this video. I'm 21 years old studying architecture in Dublin Ireland and this really gives me an idea on why it's so important to track income progress and save save save

[@Jasonandsonsgarage]

I don't agree with everything you guys do, but I like how you guys aren't afraid to try something new. If the new thing doesn't work you find something else. That's awesome. I like the channel.

[@grokker99]

56K a year would barely pay for a 2 bedroom apt in L.A.

[@AlexM-vt5pu]

Well then you would need to move somewhere else to make it work, that's kind of the point of all of this.

[@anonymouscommenter7978]

grokker99 la sucks

[@tofuyam7361]

@@anonymouscommenter7978 LA is overprice because everyone wants to be there. You make an idiot comment though.

[@anonymouscommenter7978]

kira zeno really? I suppose all those homeless people really want to live there huh

[@tofuyam7361]

@@anonymouscommenter7978 the answer is yes because they wont leave and the homeless just keeps on coming here

[@TiaBria-StellaNPig]

You two are so inspiring! It only takes that little to get to where you are?! Incredible! That is motivating AF!

[@msnpassjan2004]

Could you share with us why you chose rental income vs dividend income? I look at these pros and cons and think T, VZ, etc and any large cap utility will match the returns on a warehouse over a 5 to 10 year period with less risk and effort. I am just wondering why you see this differently. Warehouse : $500,000 returning $3,000 to $6,000 a month = 7% to 14% per year gross. But all I see is downside. Fees, repairs, taxes and time add up. Property tax, property insurance, business insurance, repair and maintenance. And there are times where there will be no tenants or tenants who don't pay. And times where your time gets chewed up when you have none to give. Safe(r) Stock Dividend : I will argue that 3% is easily do able. The only fee is income tax. All I see is upside over the long term.

[@theguyinthehelmet1875]

The cool thing here is you can see a juggling act of reality and abstract. The reality is life happens no matter what and the abstract is to take life and make it fun and worthy of living. 😎 Having a tracker is like having a mirror. You would take a look at yourself in the mirror every day when you get ready, wouldn't you? Don't just rely on old fashion hourly-salary type income. Branch out and make yourselves a contributor to society. Those who hate... quit being so skeptical of others. Instead, get out of your fear bubble because of what you may have learned along the way (e.g. school). Lastly, PASSIVE income is a form of financial freedom... think about that... Great job!!! Ps. Would you please talk more about taxes implications?

[@mrpinkpony]

The word retirement, depending on who you ask, will have slightly different meanings. I don’t even like using that word. I like financial freedom, or independence

[@hacklabdesign]

Really nice simple video Mike. Congrats.

[@vascularlab]

It’s refreshing to have a full breakdown of income , and you did it without a lottery win or inheritance. Great work!

[@drumstyx]

I like this story so much more than the Mr Money Moustache type stories you hear about. Some of us don't get the opportunity to DINK in a low CoL area, but saving 50% of a 60k income is more than doable. The one lucky break though: That warehouse. That was one hell of a bargain. Oh, plus the fact that you started having some real money invested right around the time the markets were picking back up after the recession, but even then, your non-real-estate investment gains aren't really all that extreme. Good work! Don't stop with the finance videos now that you've completed your goal!

[@ev6304]

i love this video man keep up the good work. So glad you guys achieved your goal! I wont lie i was having some doubts towards the end.

[@SevenRiderAirForce]

I was waiting this whole time to say "$200k is not enough" but then you pulled that zinger out. Congrats! Although $500k still shouldn't make you feel comfortable. Not a greed thing, but life happens - kids/healthcare/changing priorities/warehouse no longer profitable/etc.

[@stephonsdeath7138]

FBI sees the tiny fraction of the video where he said he may not have reported flipping motorcycles on his taxes *** LIFE IN PRISON ****

[@craigchristensen6082]

Inspiring stuff. Achievable by many. Thanks for the update.

[@Getinglaidwithcookin]

Hey Mike, Been following you guys since chicken coop door opener. I hate it when people say I am all over the place but I guess it seems like we both are. So it brings me comfort to watch you go through your paces. If you ever want to work together on something might be kind of fun. Little background about me. Started a few internet ecommerce business. Rolled profits into real estate. One of my biggest projects is a warehouse too. 160k SF. I feel like there is so much content in getting a warehouse to rentable stage.

[@BruceChastain]

congrats and thanks for sharing

[@johnnyr19026]

Awesome video. Thank you for sharing the details of your journey. Very inspirational. Congrats. Good luck in the future. Newly subscribed and staying tuned. One question for you? Your 3k.month net income is after taxes?

[@johnschaub5393]

Congratulations! Hard work pays off!

[@SGspecial84]

How is this financially independent? You can't stop working right now.

[@dynastus]

There's a difference between financially independent and 'early retirement'. They're earning their income independently from jobs or and single source and living below their means. I think that classifies as financially independent. Businesses offer the best returns..if you can run them right.

[@SGspecial84]

​@@dynastus Wrong, financial independence means that you are not dependent on anyone to reach your financial goals. If you're not an employee at a company, but still need to work (read make an income) to reach your goals, you're still financially dependent. If I'm wrong here, then why don't you just call it self employed?

[@j0nrages851]

Hey Mike, I really appreciate you sharing this information. It gives me encouragement that my wife and I are on the right path. Our income is near you're average and we're hoping to grow our real estate portfolio as we pray/plan on what's next career/location wise. After college we both felt down on our prospects of achieving financial freedom, but your videos and others like them give us hope.

[@incomeinvestor5504]

The problem here.. Is you say you retire early.. But let be honest you are making arpund 100k a year off youtube.. Are you just donating all your youtube earnings to charity?

[@AK-47ISTHEWAY]

They would never donate that much money to charity, especially since they have 2 kids now and 2 properties, one in Florida and the other one in Costa Rica. All of these F.I.R.E. (Financial Independence Retire Early) KZbinrs are full of it. None of them are truly retired. They simply switched careers or started legitimate businesses.

[@thepigwillfly5869]

What do you do for health insurance??

[@pawsnotclaws2772]

The Pig Will Fly you can buy it on your own

[@jan-roarbernhardsen7626]

A good job over years. I am impressed over the way you have done it. Wish you all the best in the future

[@erinthrope5026]

Congratulations, guys!! Inspiring.

[@KellanJames]

Love to see how you guys made the jump into real estate investing and it payed off. What's stopping you from repeating this and doubling your monthly income at this stage? Is $3000/month the end-goal?

[@Lotuslaful]

Congradulations:) Wonderful to be able to work as a team to create an abundant life. Good job!

[@josephh3691]

I have been following you for a while because you always keep things interesting. I suggested to Mindy Jensen at the Bigger Pockets Money Podcast that they interview you. I hope you decide to do the interview!

[@SyberPrepper]

I absolutely HATE tracking this kind of stuff, but will track programming bugs for hours with glee. Different strokes for different folks. I truly appreciate you sharing this with us. It inspires me to do a better job!

[@mariaguild2024]

Well Done!. thanks for making this video!

[@dancingstars2154]

Dude you are not retired. Ypu just quit your job and started yet another business

[@MalluStyleMultiMedia]

awesome video man

[@annjean4369]

Great video! Thank you for sharing.

[@henryk.5192]

2014-2015...was there zero expenses, or was there capital appreciation in your investments? Looks like your income is on par with the rise in net worth.

[@ELIRAXPRT]

Congrats on the warehouse working out. You didn't mention stock market returns in growing your networth. I'd like to see a budget video. How do you handle health insurance and the rest of your budget? Do you still live with your mom?

[@WingN]

wow that was really great to see, thank you for sharing!

[@debusinha3434]

awesome work guys! have been following yours updates for years now. I am curious why you decided to buy a warehouse rather than other types of properties like multifamily residential?

[@MikeAndLaurenTV]

We were under contract for two other single family homes that fell through before buying the warehouse. We're open to any opportunity that presents itself, the warehouse just happened to be the one that worked out. It was icing on the cake that it happen to work out so nicely.

[@debusinha3434]

@mike you mentioned in the video that it took you 3 years to finally make a purchase of warehouse? At what moment of time you decided to drop the single families and search for the warehouse? They are very different types of investments. What were your criteria to look for a single family home and a warehouse for validating an opportunity?

[@mlambert1974]

Thanks for sharing all this great information! And congratulations! Could you break down your monthly income by source? You run through a lot of sources but the breakdown/numbers weren't all that clear. Thanks!

[@minimalist_monk]

Dave Ramsey would be proud.

[@BigRed2]

No he wouldn’t, he thinks it’s stupid for people to retire this early

[@BigRed2]

anglekan You obviously don’t listen to his show, he praises people all the time

[@Chinchic101]

Cool video! What do you guys do about health insurance?

[@mlambert1974]

Also, could you break down the numbers on your warehouse? (Purchase price and terms, renovation costs, refinancing, etc.) That would be informative and interesting. If you already did this, I apologize for asking...I don't watch all of your videos.

[@nellyishtari]

It would be interesting to see your forecast for the next 20 years

[@JoesWorkbench]

Great video, hope it doesn’t mean you put out less videos. Wish this would work here in Australia, real estate here is nuts in comparison with a lower return.

[@lineage13]

I was gonna retire at 30 too then i blew all of my money on a startup -_-

[@BuyVWRD]

Mike - amazing video series, im a big fan. How do you future proof your income? KZbin wont be around for ever, your tennants businesses might not exist in the future, interest rates are rising etc. Interested in your point of view on this

[@blackhawksurplus]

How were you able to find the warehouse? Loopnet or another source?

[@soving]

Great for raising the awareness of personal finances. Must have a really fair tax rates to be able to save 40% of your gross earnings. In Canada here, seems we pay 30+% in taxes of various forms. Living at Mom's house and helping with utilities does go a far distance in helping the monthly freedom numbers. At some point, your family may choose to buy a "traditional" home and have the associated cost which would skew your tragectory a bit. All good. Cheers

[@RevivedBuilds]

Great video Mike! Was it natural to save close to 40% of your income? It seems like that would be the best route to stash the cash but also seems it may be limiting eating out/ vaca etc.

[@Shiva-k3g]

There's a video on youtube of a guy who makes 50k a year at a car dealership and he lives on 15k a year

[@keepdreaming227]

How in the world can you save 40-50% of your gross income? With taxes that means your living on roughly $1700 a month between rent and food and gas ect... Rent in sarasota must be like $500 a month but congrats now you can go out to dinner and a movie!!!:)

[@robertomartin8731]

He mentioned it on the video, he doesn't want to get in trouble about taxes if he mention every income on this video.

[@DavidBcc]

@@robertomartin8731 LOL

[@CharlesDorsay]

@@robertomartin8731 which means he's a tax evader...