How Someone Could Retire In Their 20s

Anyone can retire in a decade if they're willing and able to do ONE thing. Here's how. Enjoy! 🔥 Personal Finance Course & Investing Programs (Soon) https://profmichaelcurran.com🚨 Use Coupon Code🤠MICHAEL🤠🚨🔥These are educational courses; past performance does not guarantee future results.

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How soon can you retire? Maybe you're in your teens and want to retire by the time you're 30. Maybe you're in your 20s/30s/40s/50s and up and want to retire this decade. Isn't it nice that only ONE key behavioral stat determines how soon you can retire?

If this describes your desire, then kudos to you. Few have the ambition to consider retiring early. Even if you don't retire, wouldn't it be nice to work because you want to rather than have to? If you could retire already, that could remove stress. The time you could spend with loved ones or doing the most meaningful things. If you have a job you love, you can still do it. Retire early...and retire often, as Paula Pant says!

Financially Independent Retire Early (F.I.R.E.) refers to a movement of people who want to retire super-early. You don't need a high income. It can be done in most countries.

It comes down to your savings rate, or its inverse, your burn rate (what you spend from your income). The higher your savings rate (not the dollars, just the percentage of your income), the sooner you can retire. Put differently, the lower your burn or spending fraction from your income, the sooner you can retire.

People save at different rates within countries, but especially across countries. Americans on average save a far smaller ratio of their income than Indians do, despite India having lower income per person.

In this video, I share some personal numbers as well as showing how soon those on low, average, and higher incomes can retire. It has nothing to do with their income, everything to do with their saving ratio.

If you want a higher standard of living, however, that's when higher income plays a role. So if you dream of spending $20,000/month instead of $2,000/month, then a higher income OR finding a better return on your investments matters.

How big a nest egg do you need to retire? I also discuss the withdrawal rate and ask you to write down your goals in the comment section below. A ship without a destination wanders aimlessly. Write. It. Down. You'll thank yourself later!

00:00 Intro
00:40 F.I.R.E.
01:25 International Comparisons
02:07 Saving Rates To Retire
08:55 Withdrawal Rates

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