Today we’re going to discuss the step by step guide I used to reach my early retirement goal in my late 20’s. Enjoy!
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TIME STAMPS
00:00 Intro
01:15 Phase 1 – Your Freedom Figure
04:12 Phase 2 – Laying The Foundations
08:28 Phase 3 – Building Multiple Income Streams
10:35 Phase 4 – Creating Passive Income
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Retiring in 7 years may seem like an impossible goal, especially if you have $0 in savings. However, with the right plan and a bit of hard work, it is possible to retire in 7 years. Here are some tips to help you make it happen.
1. Create a Budget: The first step to retiring in 7 years is to create a budget. You need to know where your money is going each month so you can make sure you are putting enough aside for retirement. Track all of your spending and create a plan for how much you can save each month.
2. Live Below Your Means: In order to save for retirement, you will need to live below your means. This means cutting back on unnecessary expenses and living within your budget. Look for ways to save money on everyday expenses like groceries and utilities.
3. Invest Wisely: Investing is a great way to grow your retirement savings. Research different types of investments and find one that suits your risk tolerance and goals. Consider investing in stocks, bonds, mutual funds, and other types of investments.
4. Start a Side Hustle: Starting a side hustle is a great way to increase your income and save for retirement. Look for ways to make extra money on the side such as freelance work, starting a business, or renting out a room in your house.
5. Make Your Money Work for You: Once you have saved some money, you can make it work for you by investing it in different ways. Consider investing in real estate or starting a business. You can also look into passive income streams such as dividend stocks or online businesses.
6. Live Frugally: Living frugally is an important part of retiring in 7 years. Look for ways to save money on everyday expenses such as groceries, utilities, and transportation. Consider living in a smaller home or apartment and cutting back on entertainment expenses.
7. Start Early: The earlier you start saving for retirement, the better. Try to start as soon as possible, even if you have $0 in savings. The more time you have, the easier it will be to reach your goal of retiring in 7 years.
Retiring in 7 years is an ambitious goal, but it is possible with the right plan and a bit of hard work. Create a budget, live below your means, invest wisely, start a side hustle, make your money work for you, live frugally, and start early. With these tips, you can retire in 7 years starting with $0.
I like your videos, but lets be honest, IF YOU REALLY ARE THAT FREE THEN YOU DON'T NEED TO BE HERE ON YOUTUBE EVERYDAY ASKING FOR LIKES ON THE VIDEOS. I don't get how people don't realise that all these gurus say the same
I’m hoping I can retire early. For the last 8 years I’ve gone thru a bunch of jobs. One thing I’ve realized is I hate working. Call me lazy idc. I don’t like waking up at 5-6 am being told when to take a lunch. Asking for permission to enjoy my self for a week. I don’t like the power and the mercy I’m at with company’s /managers or higher ups. I’m starting my own detailing business as a side hustle. And have a pretty good full time job I’m starting. I’m slowly getting into stocks. Eventually I want to expand my detailing business into a window tinting and car wrapping business too. Buy a few car washes and laundry Mats. Hopefully make enough money off of dividends from stocks to at least make $50k a year. Retire in 10 years
Concepts are right, but 7 years isn't realistic.
Get into Real Estate
This is very Dr. Phill… Like what REAL options are there my dude? Can't day trade, market takes 2 heckin days to process every trade, and at that rate that's a good 2 hours labor for about 2 cents at a time. Can't ira invest, cost of living skyrockets faster than the market can keep up. Can't do or die get famous, you'll honestly end up dead. Can't do a 9-5, you get paid as much as that fresh…. No, he's still in highschool…. Robbery? Can't even afford a gun my dude, so I don't even have the prison outcome there…. So, Dr. Phill, how
I was sure I'd be dead by now, but yea, that's exactly what they said…
Great information! All I can hear in the background is "YEAH BABY YEAH!" Austin Powers
Solid information here, wish I had come across this type of information when I was in my 20's. Playing catch up now, the passive income part has been the hardest for me. I watch my investments in the stock market go up and down and that's stressful for me. Doesn't feel like it's growing the way soo many videos like this project it out.
To be fair, his twenties were how long ago? When he was that age buting a house could be done in a few years with a highschool diploma and you could pay for college with a summer job… it's a different world now.
i just realise i am a dreamer
Minute 7:58 Canada RRSP (REER in Quebec)
Minute 8:23: Canada TFSA (CELI in Quebec)
I occassionaly watch this youtube channel but I find all these clickbait videos are very off putting.
Our unemployed arse will be living with benefits
Absolutely worthless video. There's nothing in it that explains how to amass a retirement nest egg in seven years starting at $0.00.
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?
People live check to check a lot of the time because the economy is tanking and pay has stagnated…
Wonderful Video
I think the best way for us all to get richer and work just a reasonable amount is to get rid of the politicians that are taxing us to death while causing unlivable inflation.
I check my online banking account every day and pay off my credit card as it appears in my account. I use the same bank for my debit and credit so it's really easy for me to ensure my credit is paid off properly every single day.
Did you really pose as homeless in that click bait?
Hey im 13 and started investing under my parents name. After 3 months i MADE 100 DOLLARS!!!!!! now all i need to do is do what i did to make 1000 dollars 100 times. Thank you fror everthing you have done.
I get £4400 a month after tax. I put £3500 away in to my joint account every month to pay against my usual bills, mortgage etc. My wife then puts between 1k-1.5k in to the same joint account to add to the £3500. I then have around £900 to spend for the month to myself.
This covers food for work, nights out with friends but I still can’t seem to save any money whatsoever and I’m now 34yrs old. I also have a credit card with 3.7k on to still pay off
Bro can you reserch Pakistan then please taught Pakistans fiance our politicians are fighting and they do not do anything
i am on the verge of crying, this is sooooooo true, i feel like i have the biggest plan of my future!!!!!! i believe in what you say as i have done MASSIVE amount of research and i can't believe that it's reallife!! and people ou there still doesn't believe in it!
your videos are very easy to understand, thank you for being so thorough and concise!
I need advice and ideas for phase 3 and 4
I use to get his videos on my front page all the time then YT was like…………NOPE
Dustin DM'd you, do a collab if you're man enough
Great video. Well presented
Dustin Dm'd you
This was an amazing video that everyone should watch.
retire by 20, I'm in.
Is this also valid about Europe, at least the creadit score, or it varries depending on country and continent?
Nice video when i retire i too plan on being a youtuber to give me something positive to do…kool accent also
It all comes down to the mindset of people. And I am sorry you cannot just change that overnight it is a long proces of changing habits and developing new skills into your everyday thinking and acting. If you have been a "drifter" for like 10 years – it will also take you at least 10 years to get rid of that lifestyle. It is so easy for "doers" to say what you should or could do. But it is like giving people the advice to walk over the mountains without giving them a map or the list of equipment needed to survive that trip. This is basically just simple and irrelevant story telling..
100% agree about having a goal.
Having a small, fixed, specific short term goal at the very least is crucial.
Save five grand for example, or get rid of each credit card.
My two pennyworth:
Buy index funds.
Don't borrow money when you shouldn't.
Don't buy things to impress people you don't even like.
In 2022 avoid cash as much as possible.
If you have to take out a loan to buy a car, then you can't afford to drive.
Mark your thumbnail shows you as homeless. Why would you 'mock up 'being homeless? This is really disappointing, I'll be unsubbing
Lose your life for my sake and you will find it. If my job didn't push me to get up in the morning, and my son's soccer practice didn't have me forced into being in proximity with other parents, I probably wouldn't have the wealth I have now. While in Mexico trying to save the multitudes, the poor of a northern village, they taught me there is wealth in the people you have around you. You are probably reading this and already wealthy. When we gun for money our eyes start to perceive others in ways to get money. When your compassion brings you to someone's doorstep you begin to unravel and feel something other than dollar bills. We have freedom, we have people around us, learn to love before you retire. Learn to love. Put that in your 401K, RRSP 😉 Delight yourself in me and all of this will be added to you. Let's go.
What a load of old tosh. Many have lost on the stock market so be very careful!
I missed the part that showed how to retire in 7 years. Click bait!
I think I should make my own youtube channel and just parrot things everyone else is saying like in this video. I can't imagine how many times this info has been regurgitated in books, videos, and websites.
He says do it in 7 years then proceeds to tel you everything he's done since he's 18 .bullshit bye bye
Despite the economy crisis,this is still a
good time to invest in stock and crypto.
Wow… Just saw that join button. Youtube has become the largest Onlyfans site in the world!