(Very) Early Retirement

Cameron MacIntosh speaks to a Regina family that is planning to retire early. VERY early.

[@storypunman]

This can 100% be done. If you cut corners, buy groceries on sale, and learn to make small scarifices.... you can achieve this early retirement goal. The problem is many people have to do exactly what the guy in the video says not to do. They keep buying new cars, bigger houses and a bunch of tricket junk. Most things money can buy are totally not worth it. Think about your next purchase, is it really worth what you are about to pay? The best thing money can buy is FREEDOM.

[@53pittmanjt]

Tim & family are light years ahead of most people because they are paying attention. This is so rare. They will do well.

[@WoodchuckCanuck]

Tim's on the right track because he has the right mindset. Live within you paycheck, pay off all debt as soon as possible... even before savings. That initial awkward phase of living what some call frugally becomes a life style. No shame in it. In the almost 20 yrs of us being self employeed we took maybe 6-7 vacations. The goal, to pay off all debt. While hard then, its easier now. Debt free at 42! My LIFE lesson "Look at your future. Invest in yourself. Focus on your goals. Enjoy the rewards!"

[@treyrobbins1136]

I love stories like this. I am working towards freedom from the work force myself.

[@tshililomugovheli2717]

Hey! How's it going?

[@dianer8881]

We live on $20,000 social security per year. Small mortgage-free home. Old 1996 truck. Grateful for what we have...

[@derrickkunstmann3699]

I have nothing but respect for people like this, I myself am 21 with $30 grande on my mortageg payed as well as $10 grande in my retirement accounts

[@BLUESUNJRPGs]

Why would you put that money towards your mortgage vs investing it? the return rate is more then interest

[@tomj528]

We've done this for the past 25 years...it works. We'll keep going because we love our simple life and the tax savings are incredible.

[@I_Died_2_Weeks_Ago]

I'm going for freedom 38! I could leave at 35 but it's cutting it too close.

[@erodz2943]

The Anti Sheep Good luck on your goal!

[@joefran619]

Health Insurance? One major medical incident could set you back

[@kicik5038]

The real FIRE movement

[@ImJiom]

I dont understand people who complain about cubicles. I worked as a mechanic for 10 years before finishing my degree and becoming an engineer and getting to work in a cubicle. Working while not doing manual labor is a privilege.

[@edgehodl4832]

U gotta think outside box, if u have option to retire at 40 why not?

[@askvanita]

good stuff being shared here...thanks

[@lyndakelly564]

This is from 2012. Nowadays with 4 young children, they're probably getting almost $12,000 year tax free for the child tax benefit. That's enough to feed them each month or pay down that mortgage.

[@04srt4champ]

59000 people watch this, and think it's a good idea. 900 people will actually do it.

[@juliepurpleskater1736]

My goal was to semi-retire at 70 and just work part-time after that indefinitely. Fast forward to age 64, when I was laid off. Try as I might, I was never able to land a job again after that. Judging from what I observed, or interview questions I was given, it was most likely age-bias, though I'm healthy, physically very active, and don't look my age. (I guess no employer believes that a 65-year-old job applicant plans to stick around any longer than a year or two). I finally give up looking and retired at 66, but still feel it was way too early. I come from a line of long-lived ancestors, and worry that I'll outlive my social security and small IRA savings.

[@annalisa14]

Julie Purpleskater / how do you outlive social security ???

[@mysticaltyger2009]

I think most people should prepare to be semi-financially independent by age 55. Lots of people get kicked out of the work force even earlier than you were.

[@raytan1661]

Dont be monies slave

[@jerryyoung6494]

Am I the only one who feels $700-750K is not nearly enough to retire at 40-45? Especially married with young kids. This will be even less with inflation in the future. I don't see how it could last

[@LoveMyAbeshaWomen]

Jerry Young well it depends how much they spend. In 12 years his kids will probably be in college or close. He said he plans on paying off the mortgage before he retires. So he won't need much to live on. $750k can general him $50k-$70 a year. I'm sure he can live on that with no mortgage payment and no kids

[@gabrielzeng2928]

Look up index fund investing. 4% return on investment is generally the number used in the financial independence community, which means he could safely withdraw $30,000 every year.

[@MrMrabaunza]

Jerry Young he said he is still going to work when he "retires", but he wants that job to focus on passion and not about money.

[@MechPaul]

In that case, he's financially independent, not retired early.

[@dicklongmire6836]

Agreed. That's aboot $578,000 US : ) In his situation, I wouldn't even think about it until I had 30X annual spending. And that's with the kids out of the house.

[@ahoyt7523]

We are low income, single income minimum wage w va disability that replaces a second min wage job (so one parent stays home). We purchased a 3 decker in a more expensive state when it was cheap and lived in one unit-rented another. We were never able to afford to fix the other unit. We charged far below market rent because we felt we weren’t making it nice enough to justify it. We followed the Dave Ramsey snowball method until we only had mortgage debt. We found a far cheaper, single family 5 bedroom home with fenced in yard, and charming porch swing in a rural town with nearly no crime, in another state. We paid both mortgages for a few months while preparing to sell the old house (now that values are high and we have good equity on it!). We will be closing on the sale of our old house and will have enough to pay our new mortgage off entirely, just 4 months after starting it. We are still low income, minimum wage…and we are expecting our fifth child. I roll my eyes when anyone says it can’t be done. Manage your money wisely on any income and you will do well. Follow the Dave Ramsey method because it really does work. We are 34 and 35.

[@CaliToTheCrowd]

would love to know where Tim is now... man ahead of his time!

[@thekulture5168]

8 years later he is retired, how exciting 🤗🤗. Checkout his recent interview on exploring the alternatives, titled “family man retired at 39”

[@edgehodl4832]

So inspiring!!

[@jorgeaparicio3965]

I am guilty of living check to check. Most Americans do so. I have a small pension from my 30 year career at the post office. Now planning a career shift. Full time school for 2 to 3 years. After which I hope to work in the food industry. Can't wait! I was burned out in my postal career. I had to leave. Rat race indeed.

[@erinpeacexo1854]

Good luck with that one!!!!!

[@Anthro777]

FOrget the floors, fix those horrible paint colours!

[@KikiAndJeffreyPearl]

Great Plan. I would add, build MSIs (Multiple Streams Of Income). This is a game changer in early retirement. That is how we do it

[@annalisa14]

On list points 1, 2, 3... there was some mumbling going on and I couldn’t hear what you said !😡

[@dicklongmire6836]

$750k? Hell i'm 52 with 1.2 million, morgage as the only debt, no kids (living at home) and even with my wife continuing to work, I still don't feel it's enough.

[@honestbajan6877]

It's enough. You could easily buy a small home in Barbados for trips...and still have enough left. It's in your head.

[@sbkpilot1]

really too broad of a question to answer.. you can retire easily at 40 with $1M if you want to live in a cheap place with a frugal lifestyle

[@vincentfalsitta5332]

I don't want to go into politics But this is what happens when you elected someone who's into real estate not so buisnes minded. And only cares for himself. And not about the people. Jobs get big tax cuts and despite getting those tax cuts close manufacturing jobs here in the United States. Just goes to show everyone where there's greedy corporations that cares only for there profits so there CEOS walk away with there big pay raises. But the workers get the crumbs I remember when the corporations played our health care benefits. Now we have to pay For everything clothing shoes and health-care this all started in 2004 And carried on to now.

[@jorgeaparicio3965]

Once your mortgage is paid off, it will be enough. You are only 52. Still young. You can work part time at a job you love.😊

[@sequenced]

If you have a goal, don't confide in the world. Acknowledge God, and share only with your loves.

[@georgec2894]

45 or 42 is 'very early'?? Plenty of people are retiring in their 20s and 30s. 4 children isn't the most efficient way to 'very early' retirement. Clipping coupons has zero, or perhaps even negative gain. It's only the previously over-priced items that get price reductions. You don't see large bags of oats or rice with coupons! Buy staple whole foods with high calorie-to-unit price and high protein/nutritional value to unit price items instead. Good luck to all interviewed though.

[@benden5095]

He pretty much did FIRE

[@henryl355]

Ohh, back in 2012 when average retirement was going from 55 to 60... It's about 65 now. yikes

[@leschurchill804]

Henry L, I just retired three weeks ago, at 65, and I am not regretting any of it. I received such strange reactions from my co-workers. Some of them were oK with it, but some people stopped talking to me altogether, which I think is really sad. I worked 47 years, saved, it could have been more, and I am fortunate, I have pension and an annuity. I'm not doing a lot. I traveled while I was working, but I'm loving it. Waiting until 65 is not bad. Ms. L Churchill

[@filipinocanadianbrotvchann3855]

I will be mortgage free at 43 then i will still work and live frugally and enjoy the time without payments.retire is boring!

[@thelastofus6359]

No wife or kids and he could retire at 35

[@senorhook2872]

Love the fire movement. Hate this dudes house.

[@amandakwong2647]

I'm so sorry but I don't think you can retire with $750k now adays unless you live Texas or in developing countries. I live in Massachusetts & my house is already over $1.3 million & yearly property tax is almost $20k. Everything is so costly now adays. I think for me I need at least $5million for retirement. So definitely you have to invest cause it's inflation.

[@victorialadybug1]

I know a lot of people who could retire on that. Depends on your mindset.

[@frankyu6984]

It's lifestyle choices and you don't just live off the $750,000 until it runs out. You strategically invest it in an index fund to earn an average of 5-10% a year. $1.3 million can't be close to the cheapest house in your state or even your city.

[@amandakwong2647]

Victoria, but everything is so expensive in Massachusetts to retired plus I want to give my kids inheritance when I died so I'm not retiring. I will do investments part time & volunteer work part-time to get good karma. If I move to Neveda, Minisota or somewhere in mid-west I probably can retire but still not good. I like to be productive

[@amandakwong2647]

Frank Yu, no my house is not the cheapest. I have one of the nicest house in my town but I brought this house cause my want my teenage daughters(2 kids ) live comfortably. I do my best to give them the best in everything. I also teach them to work hard & make the best out of their lives. Life gets tougher not like 10 years ago

[@amandakwong2647]

Frank Yu, Hi Frank does investments in index funds guarantee of 5-10% returns? Thanks if I know I can get 5-10% return rate, I'll do it & work less

[@jacobrocks7]

It’s fine to be careful about money but I’m not convinced about not enjoying some of the great things in life at a younger age...to each their own

[@remotetrapper8991]

Nothing wrong with dreaming. $150,000.00 at 33 is not a lot of money (plus mortgage and kids). Even if both of them maxed out their RRSP's for the next 12 years and make a 10% return, they still would not have $ 750,000.00.

[@dicklongmire6836]

This is all Canadian currency correct?

[@chodkowski01]

I believe he’s losing a lot because when he hits his 60’s Social Security counts quarters and he will get a very small social Security checks to offset inflation

[@mysticaltyger2009]

He's Canadian, so their system is different. However, most people who become financially independent at a young age view any Social Security they get as a bonus. They typically don't factor it into their plans.

[@chodkowski01]

mysticaltyger2009, I believe you should have 5 types of investment incomes in case any fail. 1) Zero debt, everything paid off. 2) Savings 3) IRA 4) 401k 5) Social Security. I figure my total expenses (food, utilities, transportation, insurance and maintenance) for 30 years and anyone of these can pay them. If 2 or 3 fail I will still be covered.

[@TheDsingh831]

Why is it that none of these early retirees think about inflation??? In 30 years their money could be worth half as much.

[@mysticaltyger2009]

They do. Why do so many people assume they don't? The 4% rule takes inflation into account.

[@reptilianskin]

Investing money in income producing assets that raise their income consistently is what is required. You don’t just stockpile cash under the mattress. You put the money to work so you don’t have to.

[@baseline6786]

All depends on the housing market in Canada. (gta).. I'll be ok at 45 then to retire. but will have to move somewhere cheap where homes only cost 200-300 k

[@blackdahliastudios263]

The title should strike the word "Very". See ERE per Fisker or Mister Money Mustache.

[@ABCD-rf9hg]

I'm 60...it's impossible for 2 people to retire in Canada on $750,000 even if you're mortgage free....most financial analysts say 1-1.5 million

[@amandakwong2647]

AB CD absolutely. I think you need $5million for retirement

[@nitanice]

Hate to say this, but time to move!

[@mysticaltyger2009]

Most of the people who say stuff like that either live expensive lifestyles or don't track their spending.

[@StrangeGarage]

Got $125k in the bank but still owe on your home? Not taking any advice from this guy. Mortgage interest is more money than principal, and it disappears into the wind.

[@elviscobb5922]

Good for you. Why not at least give it a try.

[@nickel2442]

I will probably never retire. I wouldn't know what to do with all these free time.

[@rgood1204]

R Z - that is sad to hear that you have no other things going on in life.

[@sheilawarner9550]

What about health insurance

[@edgehodl4832]

U sound like a guy who got out of jail, got bored and went back into jail, not all people were born to be free

[@petperthecommenter3364]

750K in 12 years is not going to do it, in canada the carbon taxes are going dramatically increase inflation. the cost of all the illegal immigrants and the aid to homosexuals in africa will mean dramatically increased taxes. Mind you it looks like he is an engineer with a government body, so he has a golden diamond platinum pension, that most people will not have.

[@nohopeequalsnofear3242]

you notice how almost all of them have pets????? i would toss the pets out.... TODAY🐕

[@nitanice]

BTW, I have one cat who has earned his retirement at 15 for keeping me pest free for a lot of years. He has two deceased chicken sisters who gave us eggs for 12 years. He has one dog sister who kept us safe for ten until she passed. People who have "pets" just to have pets are nuts. People who have useful animal companions, that's a different thing. There's a big difference.

[@nohopeequalsnofear3242]

ok...#1. first guy is not financially independent. in fact, only one was.

[@user-vg5rv5xf4u]

1:34 😂😂😂

[@acajudi100]

Money will be worthless.

[@cassandraking7442]

If every body stop buy and save money what about business owners How they going to hire jobs for people lol.

[@mgtow941]

If every one will do this, then you can 't investe your money in anything. The econemy will dry up Sorry for my bad english i am from the netherlands

[@steveyung8]

May be just too lazy!! Will be sorry at the age of 70 to 75?? I worked hard & rich, but I don't spend either!! I have lots to give to charity!! EXCUSE for being lazy!!!

[@CaliToTheCrowd]

Sounds like you're projecting YOU'RE characteristics, mate...

[@bza069]

his wife isn't pretty enough to be that demanding about kitchen floors. she's lucky he lets her sleep in the house.

[@rationalis5867]

+bza069 Haha, true! MGTOW

[@Jessicanijkl]

bza069 Bully. How can we expect our kids not to bully when adults can't keep from it?

[@bza069]

waaa

[@victorialadybug1]

She's pretty enough to demand whatever she wants from him since he desired her enough to make her his wife.

[@g00glechr0me8]

she's pretty enough to give me head