FITE - Financial Independence to Transition Early
what we're going to do right now is talk about the fire movement. How many of you have actually heard about the Fire movement? Only one person is so interesting, you've heard about to Fire movement is this hugely popular movement that really millions of people online and maybe some of you at home are are part of the fire movement. Fire movement stands for financial Independence retire early. So there's a whole movement, especially young people across America and now actually it's going global That are saying I don't I don't want to I don't have my timeline anymore, but I don't want to retire at 60 or 65. I want to retire sooner and they're looking for ways to retire sooner and I'm gonna kind of walk you through what people are doing and how if you want to be one of those people, what you need to do. So the first question to ask yourself is why would you want to retire for life? And I think that that I'm just does anybody here who doesn't have an employer watching want to retire early b...
ecause because if you're gonna be like, yeah, yeah, yeah, I do. I want to entirely, I think it's really important to ask yourself why. So the thing is a lot of you need a lot less money to transition to your new life. I want you saw me talk about the 50 20 Formula early on, I just want to go back to this. So because for those of you, I think $1 million dollars a great number to work towards because there's five billion people in the world And 42 million are millionaires. So it's still a small tiny portion And like 99% of Americans aren't millionaires. That's why when I wrote the automatic millionaire people like, well why why millionaire? Because 99% aren't millionaires yet. So what does it take to get to $1 million? You want to get there faster. It's $50 a day for 20 years at 10% boom, $1,139,000. 30 years, three million $390,000. $50 a day. For most people it's two hours a day of their income for most people, a lot of you make more than that. For some of you, it's actually one hour day of your income if you want to retire early. This is a slide that is gonna just be annoying. Mhm. Because it's what you actually have to do. It's this simple, you have to spend less. You typically need to make more. In an ideal world. You do both spend less and make more you to invest more aggressively, which doesn't mean going and buying Bitcoin. But you have to be in assets are getting higher rates of return. You need to track it daily. The one thing that people in the fire movement do is they're they're obsessed with tracking their net worth and they measure it, measure it and they measure it and they blog about it, you got to spend less than you make, you gotta cut your expenses, you can grow your income and the best approach is to do both. I just want to show something here because we have so many entrepreneurs that will watch this. People underestimate how small amounts of money in extra income if saved can change your life. So If you grow your income by $5 a month at 8% In years, you have nearly $300,000, assuming you saved it all In 25 years, you have nearly half a million in years. You could have $700,000. It's 500 dollars a month. You could drive Uber today make an extra $500 a month. Not a day, but a month, you could be on Fiverr today and have a job part like there's so much you can do today to bring an extra money. You could be a multiple marketing, what if you did $1,000 a month, $1000 a month in 20 years, you could have an extra $592, Again, if you saved it and I'm using 8% 25 years, almost a million 30 years, 1.5 million small amounts of money can change your life. A lot of you as entrepreneurs who are doing well. This is a pretty amazing number and I know a lot of people don't believe they can make $10,000 a month. but a lot of people do as entrepreneurs look at these numbers, like you could be broke right now, And if you can figure out to make an extra grand a month with an online business with going through creative lives classes, I don't know there's I mean there's 10,000 hours on creativelive. If you just started studying some of these classes online, I think you could probably figure out how to make more money and it adds up.