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In this video I cover different concepts of retirement and how anyone can start living the retired life today..
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00:00 – Intro
00:28 – Traditional Retirement
00:59 – 25x Rule
02:55 – Mini Retirements
04:13 – Eternal Retirement
05:19 – My plan
07:00 – Getting on the right path
DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Thank you for your support!…(read more)
LEARN MORE ABOUT: Retirement Annuities
REVEALED: How To Invest During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Retiring in 5 years may sound impossible to many people, as it requires a significant amount of dedication and discipline. However, it is not an unattainable goal, and with proper planning and execution, anyone can retire within this timeframe. In this article, we will discuss some key steps that you can take to retire in 5 years starting today.
1. Set a Realistic Goal: The first step to retiring in 5 years is to set a realistic retirement goal. This means that you need to know how much money you will need when you retire and how much you need to save per year to achieve that goal. Create a written plan with concrete steps that you can take to achieve your goal.
2. Reduce Your Expenses: To save more money, you need to reduce your expenses. Look for ways to cut back on your spending, such as reducing your monthly expenses, downsizing your house or car, and avoiding unnecessary purchases. Try to save as much as possible, ideally 50% or more of your income.
3. Maximize Your Income: Along with reducing your expenses, you need to maximize your income. This may mean looking for a higher-paying job, taking on extra work, or starting your own business. You can also consider investing in stocks, mutual funds, or real estate to increase your income.
4. Pay off Debt: Debt can significantly affect your ability to save money and retire early. It’s crucial to pay off any debts as soon as possible, including credit card debt, car loans, and student loans. Focus on paying off high-interest debt first, and once you are debt-free, you can redirect those funds towards saving for retirement.
5. Invest Wisely: When investing your money, it’s essential to do your research and find low-risk investments. Consider investing in a diversified portfolio of stocks, bonds, and mutual funds that match your risk tolerance. Don’t forget to factor in the costs associated with your investments, such as fees and taxes.
6. Plan for Health Care Costs: Health care costs can be one of the most significant expenses during retirement. It’s essential to factor in these costs and create a plan to cover them. This may include purchasing health insurance or setting up a health savings account.
Retiring in 5 years may seem like a daunting task. However, with proper planning, focus, and discipline, it’s achievable. By following the steps listed above, you can start your journey towards financial stability and early retirement today. Remember to stay focused on your goal, make adjustments as necessary, and enjoy the peace of mind that comes with early retirement.
Just changed my life plan in under 10 mins – thank you YouTube, and thank you Nischa
"ONLY" 25 days of leave a year?? damn…. where do i sign up??
Nischa do you ever think you could have been living in a slum in india with 6 kids and living off $1 to $2 a day, and walking a few km's just to get clean water for your family – and then appreciating what you have now in your real life?
Loved this video, especially the last section. Thanks for putting out great and to the point content!
I wish I had 25 days of annual leave!
Great video Nischa❤
Just found this channel. After 8 minutes like subscribed. ❤ Looking forward to my financial journey. Trust me I have plenty of things I want to escape from
Thanks
we need to replace the current Siri's voice with your voice and accent
Miss Nischa once again you are on point. I believe the main reason why people are not ready for retirement is because financial literacy was not part of one’s education, ok what do I mean? In the educational school system in the United States grades 1-12 no financial literacy is taught which means your 13 years behind. And our parents and grandparents were not educated in finances this puts families 2 or 3 generations behind. However if you have a plan and a “why” it makes it harder. Warren Buffet had a great quote. “If you are not making money in your sleep you will die working on a job you hate “. I believe you said it in on of your early videos financial freedom gives you back your time
$36,300 every 14 days of investment, I and my family are happy. So many are making thousands of dollars while some are depending on the government and little they gets from small businesses Which will not be enough to pay bills . I'm happy to be among those who cryptocurrency has changed their lives
Hi @nischa do you have a video regarding your thoughts on the Crypto Market, if not is it a possibility for you talk about In the future ?
I am a fan of your channel so don’t take this the wrong way. But which one of these points would enable someone to retire in five years? Will you be doing a break down of a five year plans with rough figures & examples?
Thanks
A working class man
Thank you
Good information
1. Put your money in the stock market… Stock markets crash – wiping out most of your superanuation…!! been there!!.. 2. You die before your retiring age and worked all your life and little else…OR.. 3. you work all your life and then die within the first few years of retirement because you have worked yourself to death… 4. For goodness sake enjoy your life and create memories before you get too old to travel. Buy an investment property then flog it off and live on that in your retirement.
The problem is pensions and tax. You can't retire off 1mm in a pension in the UK because they want everyone to work and die.
Hi Nischa, I've just finished 'the 4hr week' by Tim, total game changer. Thank you so much for EVERYTHING. See you on the other side.
I was a production manager and have worked 40 years. I have now completely gone from this life and have taken semi retirement and I am self employed and I love it.
Hi:) thanks for sharing your thoughts. Can you do a video on what type of food you eat? As food is very expensive.. just curious what you eat if you focus on health or cheap food just to fill your stomach.
The title of the video is retire in 5 yrs not sooner. I have watched this way too many times. You don't appear to answer the question…
Respect from Greece!!!
The four methods of retirement planning are:
1. Traditional retirement: Working for about 40 years and retiring around the age of 65 with enough savings and a retirement plan to cover living expenses.
2. Times 25 rule: Aiming for financial independence at a younger age (typically in the 30s or 40s) by saving and investing enough to live off passive income without relying on traditional employment. This method involves calculating your financial freedom number and multiplying it by 25 to estimate the amount needed for early retirement.
3. Mini retirements: Intentional breaks throughout your career to pursue personal passions or travel without completely stepping out of the workforce. This method does not require a large nest egg but does require strategic planning and saving for periods of time off.
4. Internal retirement: Embedding the concept of retirement into your current lifestyle by doing what you love and not sacrificing today for an imagined tomorrow. This can involve finding a job that feels like it's not work, staying in a job with enjoyable aspects, or staying in a high-paying job that allows for other forms of retirement.
Her personal plan for early retirement involves increasing income, keeping living expenses consistent, striving for financial independence, incorporating mini-retirements, and seeking internal retirement by combining passion with practicality. You have find the right balance between passion and practicality is essential for a fulfilling and successful journey to retirement.
I watch these videos yet I’m still lost on what to do to increase my income
I think the 4% rule is too risky for those looking to retire in their 30s or 40s. They should withdraw 2% to 3%. Also there is no guarantee that the stock market will continue in an upward trend, which is why I also like commercial property. I use some of the rental money and reinvest into global EFTs
If you are uk based, how comes you say dollars Instead of pounds ? Even on the thumbnails.
Jess Greenberg BlackRock London is a financial genius and has incredible guitar skills as a brilliant musician