How to Retire Early In Your 50s! (What FIRE Gets Wrong)

I've been investing diligently since my 20's, our income is tripling this year. We are targeting 6 million to retire with a better standard of living and investment balances that have hit the supercritical point. Hopefully in our early 50's.
We could do a more traditional FIRE before 45 but... we would rather continue working than cut back or face adversity if the market tanks hard.

I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.

I just have to laugh every time I hear financial planners say you need to have 30x your pre-retirement income in savings in order to retire. By that standard, a guy making $150K (not an unrealistic value these days) a year would need $4.5M to retire. That means the barely above average Joe would need to be in the 95th percentile in net worth before he could retire. Totally improbable. I quit working at age 54 and 'officially' retired at age 55. In the six years since I've doubled my net worth. How? By investing in real assets which throw off more cash flow than required to support my lifestyle. Capital gains on sale are just gravy on top. Financial security in retirement is less about the absolute dollar value of your assets and more about how much cash flow said assets throw off every year.

I love the outro from this show

I don’t mind working SOME after I’m fifty. I just don’t want to HAVE to work after I’m 50

I'm aiming to retire by 50. I'm 28, and I'm saving about 29% of my money each month. I should be on track to retire comfortably by age 50...but that doesn't calculate kids, marriage, buying a home, etc..

30x your pre - retirement income is dumb. Can’t watch more videos.

Go with Vanguard. Don't go with these guys. I have spoken with 3 different advisors at 3 different firms and each of them put me at a 95 percent or better retirement success rate and no I don't have 27-29 times my income put away and I am 41 years young. Seriously, grandma would never retire if she needed that. Yes social security comes later but most people living off investments will fill into a lower tax bracket, especially in non tax advantages accounts. And you can control what you decide to back door. Or don't back door at all if the economic isn't present. Keep bills low, pay off debt, and find the right mixer of investments. I just don't like how pie in the sky this is. At least the FIRE movement people tie it to expenses... But income... Is just too much. If these guys managed you they will never tell you it's ok to breath.

Am 44 yrs and getting older every day that passes bye, I still do not have my retirement in place. So, I have decided to get financial advice from anywhere. Wherever the advice comes from, if it is good enough for me, I will take it. I have tried out some investment by myself in the past, it completely failed, and I lost my money. How do I begin my retirement and also invest?

The best part of not being an American is that you don’t have to worry about taxes.

I will retire at 50 years young.

Hey Money guy! Im a super motivated individual that is only 36 yrs old. I do want to retire at 50. I need some advise on how can reach this goal. What advise can you give me?

There is a big difference between able to retire and actually retiring. I'm 52 and I'm able to retire, but I am not planning on retiring at this time. Not having a job to go to I would not know what to do with myself if I stopped working.

A few years ago, I broke my arm in a horseback riding accident ware my doctor would not let me return to work for months. By the time I was getting to the 13th week I was begging my doctor to let me go back to work because I was so F*ing board out of my scull that I wanted to return to work just to have something to do with myself.

Because of the way that my work schedule is and the number of the paid vacation days I have, I can take a great many short 7-day vacations every year (five regular days off and using two vacation days). So having lots of "me time" wail still working works great with me with me not retiring.

I retired April 2022 at age 55. I used the IRS rule of 55 to avoid 10% early 401K withdrawal penalty. I became
debt free including my home in July 2020. My expenses are $2000/month. I calculated my retirement number by
using this formula. $2000 x 12 months = $24,000. Now multiply $24,000 x 25 = $600,000. Now take
$600,000 x .04 = $24,000. I need a 4% return or more on my $600,000 to cover my $24,000 of expenses.
Obviously, this is more achievable by having zero debt. Figure out your monthly expenses and use this 
formula. The lower your monthly expenses, the easier to achieve.

I wouldn’t look at gross income and multiplying it to figure out your retirement number. All that matters is your annual expenses, how much you have saved, and your withdrawal rate. Not what you were making while you were working. Imagine person one makes 100k person two makes 100k but one saves 20 percent and one saves 50 percent. The one who saves 50 percent has much smaller expenses and in turn needs much less in their nest egg

We are shooting for 55. Great video!

Who can save 30x your wage. These guys are so out of touch it’s un real. Pay off your bills. Retire with no dept. who are these clowns. I would love to show them my plan. Retired at 52.

these recommendations are very conservative, you would have to earn terrible returns every year and never receive social security to need this much!

28x annual earnings is crazy. 28x annual expenses makes more sense to me.

You do NOT need 29 times your income to retire at age 55. If you spend all your current income, then perhaps. But if you are able to retire at that age, you almost certainly are saving a high % of your income. I could see having assets of 30x your “after savings” income. Even that is very conservative I think, since the increase in health costs would be offset by a decrease in taxes, such as no FICA or Medicare taxes