▸▸▸Enroll in our Stock Market Investing Course for Financial Independence and Retiring Early: Enroll in our new 21 module, 4-plus hour stock market investing course with more than 30 handouts of summary notes, homework assignments, and resources. Learn how to research and select investments, how to determine your asset allocation, how to rebalance your portfolio, how to optimize your investments for tax purposes, how to automate your investments, and much more (including a 19-page Investment Plan to work on)!

▸▸▸Enroll in our FIRE Master Class: This FIRE Master Class is designed for people interested in pursuing financial independence and retiring early. In the Master Class, we explain how to live off of your investments during early retirement; how to withdraw money from your investment accounts to support your living expenses during retirement; how to calculate your FIRE number; new and creative ways that you can save money; new side hustles for making money; how to invest in the stock market and in real estate; we discuss healthcare options in retirement . . . and MORE!

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CORRECTION NOTE: The 2019 contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is i$19,000. The 2020 contribution limit will be increased to $19,500. In this video we noted that it is $19,500.

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Our Rich Journey – Investment Accounts Needed for Financial Independence | FIRE in Less Than 10 Years: After reaching FIRE (financial independence retire early), we both quit our jobs, retired, and moved our family of four to Lisbon, Portugal. We reached FIRE before 40 and in less than ten years, but in doing so, we had to be strategic about the investment accounts we invested in and the order in which we invested in them. By being strategic about our investments, we were able to reach FIRE in less than ten years. In this video, we discuss the specific accounts that we invested in and the order that we invested in those accounts to reach financial independence. We detail the accounts that we fully invested in first, second, third, and so on and we share why the specific order that we choose was crucial to our financial independence journey. Thanks for watching!

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HOW WE RETIRED AT 39 | Financial Independence Retire Early (FIRE):

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Investment Accounts Needed for Financial Independence | FIRE in Less Than 10 Years

Financial Independence Retire Early (FIRE) is a concept that has gained significant popularity in recent years. It entails achieving financial independence at a relatively young age, allowing individuals to retire early and live life on their own terms. While the traditional retirement age is typically around 65, FIRE enthusiasts aim to achieve this milestone in less than 10 years through strategic saving and investing.

To accomplish FIRE, it is crucial to understand the various types of investment accounts that can help you accumulate wealth and generate passive income. These accounts not only offer tax advantages but also allow your money to grow over time. Here are some investment accounts you should consider for your journey to financial independence:

1. 401(k) or Employer-sponsored Retirement Plan: If your employer offers a 401(k) or similar retirement plan, make sure to take advantage of it. These accounts allow you to contribute a portion of your salary on a pre-tax basis, reducing your taxable income during your working years. Some employers even match a percentage of your contributions, effectively boosting your savings. However, keep in mind that these funds are generally not accessible until you reach the age of 59½.

2. Individual retirement account (IRA): An IRA is another excellent vehicle for retirement savings. Traditional IRAs offer tax-deferred growth, meaning your contributions are tax-deductible, and your investment earnings are tax-free until you withdraw them during retirement. Roth IRAs, on the other hand, do not provide immediate tax benefits but allow for tax-free withdrawals during retirement. You can contribute up to a specific annual limit in both types of IRAs, making them ideal for long-term wealth accumulation.

3. Health Savings Account (HSA): While not explicitly designed for FIRE, HSAs are often utilized by FIRE enthusiasts due to their unique combination of tax advantages. To qualify for an HSA, you need to have a high-deductible health insurance plan. Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. The real power of an HSA lies in its potential to serve as a stealth retirement account. If you can cover your medical costs out-of-pocket during your working years, you can let your HSA grow and use it as a supplemental retirement account after age 65.

4. Taxable Investment Accounts: While retirement accounts offer excellent tax advantages, they come with contribution limits and early withdrawal penalties. To achieve FIRE in less than 10 years, you will likely need to invest beyond these limits. A taxable investment account provides you with the flexibility to invest any amount of money and access it whenever you choose, without any penalties. However, keep in mind that any investment gains in a taxable account are subject to capital gains tax. Utilizing tax-efficient investment strategies, such as long-term buy-and-hold investing, can help minimize your tax liabilities.

5. Real Estate Investment: One investment avenue that FIRE aspirants often consider is real estate. Investing in rental properties can provide a steady stream of passive income. Additionally, real estate has the potential for appreciation over time, allowing you to grow your net worth. However, becoming a landlord requires careful research, market analysis, and hands-on management. It is essential to thoroughly evaluate the potential risks and rewards before venturing into real estate investing.

In your pursuit of financial independence and early retirement, having a well-diversified portfolio across different investment accounts is crucial. Each account serves a specific purpose, offering unique advantages and benefits. By leveraging these accounts strategically, you can accelerate your journey to financial independence and achieve your desired lifestyle in less than 10 years. Remember – planning early and taking consistent action are key to achieving FIRE successfully.