Had I learned these things earlier, I would have started saving up correctly since my 20s and be all set for early retirement much sooner! 🙂 Every school needs to teach Personal Finance!

0:00 – Intro
0:21 – 401K
1:48 – Pre-tax vs Post-tax (Roth IRA)
2:05 – Credit Cards
3:07 – Stocks
3:39 – FIRE – Financial Independence, Retire Early as a minimalist

Live by this quote: Spend extravagantly on things you love, and cut mercilessly on things you don’t

📖 Book mentioned: I Will Teach You to Be Rich by Ramit Sethi

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LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

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Retirement often seems like a distant concept when you’re in your 20s. It’s a time when most young adults are focused on building their careers, exploring new opportunities, and enjoying their newfound independence. However, it is precisely during this period that laying the foundation for a secure and comfortable retirement can make a significant difference later in life. As a minimalist, there are specific key aspects that I wish I had known earlier to achieve financial independence and a stress-free retirement.

Firstly, one important lesson I wish I had learned in my 20s is the power of saving and investing early. Minimalism teaches us to appreciate experiences rather than material possessions, and this philosophy can extend to our finances. Instead of falling into the consumerist trap of constantly upgrading our belongings, it is crucial to prioritize saving a percentage of our income. Even starting with small amounts can potentially grow significantly over time thanks to the magic of compounding.

Understanding the basics of investing is another essential aspect that would have benefited me in my 20s had I known earlier. As a minimalist, one might naturally question the necessity of investing in stocks, real estate, or other traditional investment vehicles. However, investing wisely can provide an excellent opportunity for passive income, ensuring a secure financial future without succumbing to excessive consumerism. By seeking advice from financial professionals or doing dedicated research, it’s possible to find suitable investment instruments that align with a minimalist lifestyle.

Planning for retirement as a minimalist should also encompass assessing one’s desired lifestyle choices. Minimalism encourages intentional living, focusing on what truly matters. Therefore, it’s essential to reflect on the kind of retirement lifestyle one envisions. Perhaps living in a small, eco-friendly house or being part of a minimalist community appeals to you. Understanding your retirement goals will allow you to better estimate the necessary financial resources required to support them and plan accordingly.

A crucial aspect of retirement planning often overlooked by many, including myself in my 20s, is the necessity of health and insurance coverage. Being a minimalist does not exempt us from unexpected health issues or accidents that can significantly impact our financial situation. Having comprehensive health insurance, as well as disability and life insurance, ensures that we are protected against potential financial pitfalls. By including these factors in our retirement plan, we can approach our futures with greater peace of mind.

Lastly, embracing a minimalist lifestyle means having fewer financial obligations, thus reducing the financial burden in retirement. Living within your means, avoiding unnecessary debt, and clearing off high-interest loans are vital steps to achieving financial freedom. Minimalism teaches us to prioritize experiences over material possessions, freeing up more resources for saving and investing. This approach not only allows for an enjoyable retirement but also aligns with the core principles of minimalism.

In conclusion, as a minimalist approaching retirement, there are several things I wish I had known in my 20s. The importance of saving and investing early, understanding the basics of investing, actively planning for a minimalist retirement lifestyle, considering health and insurance coverage, and managing financial obligations are all essential aspects of securing a comfortable retirement as a minimalist. By being aware of these factors and incorporating them into our financial journey from an early age, we can enjoy a stress-free retirement, focused on what truly matters.