💲How we Retired at 40💲..MORE tips on how to succeed for early retirement

78% of Americans are living paycheck to
paycheck that is a staggering number that means seven to eight people out of
ten that you meet walking down the street are in a massive amount of debt
their one paycheck away from basically going belly-up so what can you do to avoid being
another statistic today we’re going to touch on seven more tips that you can do
to succeed it doesn’t matter what walk of life you’re from it doesn’t matter
what your financial situation these are tips that will apply to every type of
person the main focus of my channel is to live frugally and retire early
joining me on the journey of how I did it and by sharing my story I realized
there’s a lot of people out there that want to know what it takes to get to
that point there’s a lot of people that have already started their journey on
that path so let’s go back to that statistics 78% of Americans are living
paycheck to paycheck that is really really scary this shows you that the
playing field is pretty much level for everyone it doesn’t matter whether
you’re a janitor and you’re making twenty five thousand dollars a year or
your car salesman making $50,000 a year or you’re a CEO making five hundred
thousand dollars a year if you have no debt and you’re making an income and you
have a positive net worth that you can be in a lot better situation than a CEO
that’s making 500k a year that’s got a rolls-royce payment and a three million
dollar mortgage so my first tip is a very simple and somewhat obvious tip and
that is to stay out of debt and there is a difference between good
debt and bad debt we can make a video on that at a later date but as far as bad
debt don’t get credit card debt at least something that you can’t be responsible
for don’t buy cars don’t buy flashy things that you can’t afford the reason
why 78% of Americans are living in a paycheck-to-paycheck situation is
because they have too much debt or they’re living above their means or both
so probably get some nasty comments for my remark about the playing
field being level for most people financially but it’s never been more
true than it is now if you live below your means no matter what your income is
and you stay out of debt and you have a zero net worth or a slightly positive
net worth you’re always going to be in a better situation then even someone that
makes 5 to 10 times more than what you’re making because you have no debt a
really hot topic in the last few years has been college graduates getting out
of college and having hundreds of thousands of dollars with a college debt
if you can manage to graduate college without having any school debt whether
it’s by keeping a job during college or taking a semester off to earn money to
pay for your next semester whatever it’s going to be if you can graduate college
and get a degree and not carry any school loans when you’re done and not
carry any other kind of debt you’re in the best position that you’ll ever be in
in your life you’re young you’re ambitious you have time to recover if
you fail in something and you’re a blank slate you have zero debt if you played
your cards right you have everything to gain in life you’re very resilient
you’re very moldable and your mind is a sponge you’re not set in your ways yet
and you can just absorb all that information number two find a mentor I’ve had lots and lots of mentors through the
years and it doesn’t always have to be something that’s oriented towards your
business it could be someone who teaches you how to cook differently or someone
who teaches you how to manage your time better or someone who teaches you how to
organize something but I will continue to always have a mentor in my life
just to always try and better myself if you ask any successful person whether
they’re a city planner or an architect or an entrepreneur they will have all at
least at some point in their lives had a mentor
even if you find a mentor that’s not even in the field that you are wanting
to succeed in a mentor can be someone that just gives you inspiration every
day or that just sheds positivity on something that you want to do or someone
to bounce ideas off of you can find a mentor with someone that you work with
or at a social gathering or even on YouTube the great thing about a mentor
also is that they are very passionate about whatever made them successful and
most of them love to talk about it because it’s their passion in life so if
you’re a wise student and you’re around the mentor you keep your mouth closed
and your ears open so tip number three goes hand-in-hand with number two what’s
better than having a mentor? well, having several mentors so surround yourself
with people that are smarter than you you’ll hear many people say that it’s a
good thing to be the dumbest guy in the room but I’ll say it all the time I love
surrounding myself with smart people because if I’m the dumbest guy in the
room that just means there’s a wealth of information around me that I could
absorb businesses that my wife and I are in are surrounded with very smart people
and very successful people and there’s always information that can be learned
so anytime I’m in any kind of event or a gathering that’s related to real estate
or real estate investing or really anything for that matter I have my ears
open because people that are successful in what they do they always want to
share why they’re successful and how they’ve done it so ask questions and be
a sponge number four I could go on and on about for a long time and that is cutting out negative people
in your life and it’s really tough to do these days because we’re surrounded by
it and if you don’t think that you’re surrounded by negativity check your
Facebook page sometime or check someone else’s Facebook comments or your Twitter
feed or heck check the comments that people leave me on my videos sometimes
we’re surrounded by negativity and it’s a huge hurdle to overcome the easiest
way to overcome it is just to cut down on it or cut it out completely there’s
always going to be people in your life that are telling me you can’t do
something that you’re crazy that you don’t know you’re doing accept your ex
cetera I call them boat anchors because they want to keep you close they want to
keep you on their level they don’t want you to rise above where they are at in
their lives and those are the people that you want to just brush off to the
side and not associate with and I know in a lot of cases that’s easier said
than done because a lot of those people will oftentimes be your friends your
acquaintances or even your family members but you have to kindly let them
know that not having a positive effect on you number five is don’t get
discouraged especially in the beginning and learn from your mistakes and going back to number four all those
people who are telling you that you can’t do something those are the people
that are gonna swoop in during number five when you’ve made a mistake or you
failed at something they’re gonna be the first ones that say see I told you so
see I told you so don’t let that affect you move on if you’re smart you will
learn from your mistakes I think that failures and mistakes are oftentimes
more important than your successes especially if it’s a big mistake because
you learn exactly what not to do and that lesson will ring through the rest
of your life because you’ll remember that time that you failed or that you
made a mistake especially if its financial number six is to stay humble
and don’t get too big for your britches as they say keep your confidence at a high and your
arrogance at a low there was a difference even when you’re a little kid
no one likes a bragger no one likes to hear someone talk about themselves for
20 minutes straight when you have some successes stay humble stay real stay a
genuine person and tip number six easily slides into number seven because number
seven is to treat people with respect the waitress at the restaurant or the
guy delivering your mail or the guy that cuts in front of you at the grocery
store could be your next potential lead or your next potential big connection to
something that you’re trying to strive for and let’s face it it’s just a good
habit to be nice to people in general I have a great example of this the guy
that founded the company that my wife works for is an extremely humble guy
very successful he started a real estate company from the ground up to one of the
top real estate companies in the nation and if you ran into him on the street
you would never know that he was the CEO of a big company
he wears Hawaiian shirts and it could have been purchased at a thrift store up
until just recently he drove a 1990s Subaru wagon that most people wouldn’t
be caught dead in and this is a guy that could basically buy any car that he
wanted but he’s extremely down-to-earth and he has always treated all of his
employees as an equal and it’s made his company successful because he has a
mutual respect with every single person that works for the company so I hope
these seven more tips on getting started to an early retirement have helped you
out if nothing else that hopefully allowed you to shed some light on
looking at something in a different way if you haven’t already take a moment to
subscribe we do some self-sustained living some frugal living and now we do
everything kind of related to that with money saving tips and early retirement
tips once you subscribe make sure you click the bell to get notifications of
new videos that come out if you like the content of this video make sure you give
me a thumbs up it really helps the YouTube algorithm get this video to the
people who actually want to see it I’d also like to hear from you guys maybe
some tips some suggestions or some content that you’d like me to touch on
so throw me a comment in the comments section I always love hearing from the
community and since you’ve stuck around with me this long I’m going to give you
an extra bonus tip and that is to be the best at what you do this is an obvious but often overlooked
thing I don’t know why you wouldn’t want to do the best you can at everything you
possibly can at all times anyway but if you are the best at whatever it is you
do whether it’s training dogs or selling cars the income and the success will
come to you in the mean time this is retired at 40 remember to live life
simple we’ll catch you next time

16 thoughts on “💲How we Retired at 40💲..MORE tips on how to succeed for early retirement

  • no debt. biggest one of all. got rid of credit cards and now the only debt i have is my primary home. i think the second for me would be to find the amount of money you need to be satisfied. turns out for me its a lot less than i originally thought. its enough to allow me to retire early at 55. still young enough to enjoy what i have built for myself.

  • Thank you! You're giving us tips to build a sound financial basis whatever path we take in life. That is so much more valuable than stock tips, etc. I am not wealthy, but I have no debt at all, and that is such a blessing. The simple life is the one for me.

  • These are great tips. As a Banker for over 20yrs,I can tell you that just because some lives in fancy house and drives fancy car, doesn’t mean they are wealthy. I have endless stories of clients making $500k a year calling me and telling me they can not make their loan payment because they spent all their money on big vacation, or there commission check was smaller, or wife spent all money, or they had to spend money on Christmas presents and countless other excuses. Had client call me once because he was going to be late on his payment again. I told him he can’t afford his $1 million house and to sell it and I would finance a new house for him as long as it was less than $400k. He told me he couldn’t do it. He said his wife would divorce him if they had to move into smaller slum house. I told him then she will really will be upset when she is homeless. I live in same area area as him and my house worth $350k which according to his wife was a slum house. There is a lot of mental trash around handling money. Money is a tool, it doesn’t have any bearing on you as a person unless you so choose to give it.

    This is great information, but from my experience very few will actually take it.

  • I too retired early, not as early as you but at 45. I was so driven to make all the right moves to set myself and family up, which we are still and will be for the rest of our lives, but man….I got so bored with the RV travel, tinkering with things, little projects. I ended up going back to semi-retired status and working a few days a week and even becoming a volunteer at my local state forest. In retirement I discovered I enjoy having a task and a deadline. Perhaps I'll feel a bit different when I hit 50 or 60. Until then I work when I want, go on trips when I want and spend time with the important people in my life. Bottom line, you can make money, you can buy things, but you just can't buy time. Much respect to you Sir!

  • For school – hardly any jobs require a degree – unless you're a doctor or accountant, don't go to college. If you really want to go, pick one you can afford – like a community college or night classes or going part time. Also, certificates for a skill (directed training) will pay off better than a degree. Trade school is a great idea as well. As for removing "negative" people, I see too many people who aren't able to handle contrary opinions lately. I would recommend to not remove these people and learn how to get along with them. Problem with removing them – you don't learn how to deal with contradiction and end up with a bunch of "yes-men" who never say "no" to you. Basically, keep one ear open to criticism, it's one of the ways we learn.

  • Great advice. I am 24 yes of age and I would like to know what is the best advice to get started renting out houses? Finance them/ save up cash etc . Do you need to start a business to get started renting them?

  • thanks for posting this video and the other one you posted (the one u were on road trip with the dog), this confirmed that im on the right track.. it much needed to restore my focus again .. and that is to stick to the goal.

  • Just stumbled upon this channel. Great tips. I’m trying to look into getting invest in index funds soon to supplement my company matched 401K. Thank y’all!

  • Sounds like you read Robert Kyisoki books. Overall great advice. My wife and I follow all of the tips you laid out. #1 #2 and #3 are very important and when I tell people about those, they brush them off. We have zero debt and two paid for houses here in CO. Maybe we’ll move to Iowa too!

  • Just found your channel and really like it. But I will say, college prices have gone up so high that you can't do it without loans now.

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