10 Levels of Financial Independence And Early Retirement | How to Retire Early

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10 Levels of Financial Independence And Early Retirement | How to Retire Early.
Long-term financial goals can sometimes seem so big that they feel almost unattainable especially when we’re just getting started on our road to financial independence. I and many others like me in the financially independent, retired early community have found it helpful to break down the goal of becoming financially independent into smaller and more manageable levels of financial independence. Not only because it makes it easier for us to track our progress, which in turns helps us to stay motivated throughout the process, but also because it helps us get over that initial hurdle of starting to chip away at this mountain of a task. In today’s video, I’m going to take you through what I consider to be the 10 levels of financial independence as well as give an example on how to go from the first level to achieving Financial Independence in your lifetime.
LINKS MENTIONED IN VIDEO:
Reddit LeanFire link: / leanfire
Reddit FatFire link: / fatfire
11 Stages of Wealth: investmentmoats.com/financial-...
7 Stages of FI: radicalpersonalfinance.com/fi...
3 Levels of FI: www.financialsamurai.com/thre...
6 Stages of Financial Freedom: www.getrichslowly.org/stages-...
55 Stages of FI: militarydollar.com/2018/05/30...
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#FinancialFreedom #FinancialIndepdendence #EarlyRetirement
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Опубликовано:

29 июн 2024

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Комментарии : 968

@ChristopherAbelman 8 дней назад

I started investing in a retirement fund with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and an S&P 500 and total market exchange-traded fund.

@HildaBennet 8 дней назад

Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.

@PennyBergeron-os4ch 8 дней назад

@JosephineKenney 8 дней назад

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind

@PennyBergeron-os4ch 8 дней назад

I have “Sharon Lee Peoples” as my investment manager. She has a solid reputation when it comes to diversifying portfolios and making. Them less vulnerable to market downturns. She may be a name you are already familiar with from Newsweek.

@JosephineKenney 8 дней назад

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@AlanBarrettVideos 5 лет назад

Set the Speed X1.5. Save you the most important asset you have. (TIME)

@socialhostage8534 5 лет назад

Great tip!! I was just noticing that he talked kind of slow. And scrolled to the comment section haha

@TheVonWeasel 5 лет назад

Hah, I run every youtube video at 2x :)

@kyleslifestyle8541 5 лет назад

Holy shit, I peed...

@MrOneeyedpete 5 лет назад

I watch every non fiction video and listen to non fiction audiobook/ podcast at 1.5x minimum. It’s awesome and all that time saved adds up.

@ASMRBoosters 5 лет назад

I took your advice before I started the video, I dont want to put it at normal speed now because 1.5 seems like an average speed lol

@brent1041 5 лет назад

I'm on the Dave Ramsey plan currently. So far payed off all 44K of credit card debt in 2 years. Level 8 is what I've been shooting for.

@NextLevelLife 5 лет назад

That's awesome Brent! Must feel good to have that much debt paid off, keep it up 👍

@rkalla 5 лет назад

Brent 44k in 2 years? Dude you are KILLING it. No joke this takes dedication and focus. Keep going!!

@jessmilliman3756 5 лет назад

Sooner and using credit systems listed above can come at a higher risk. Ramsey plan outlines a method that minimize risk therefore takes longer but if you used as suggested can create wealth.

@cryptocoinkiwi8272 5 лет назад

Right on!

@bartvanriel6767 5 лет назад

I'm following that plan too but I call a mortgage debt too and I'm attacking it in baby step 2. Only 119k to go...

@bjltv.homeoftheplaylists3784 5 лет назад

The 10 Levels of FI Level 0 - 2:25 Financial Dependency Level 1 - 2:57 Financial Solvency Level 2 - 3:06 Financial Stability Level 3 - 3:13 Debt Freedom Level 4 - 3:36 Coasting Financial Independence Level 5 - 5:05 Financial Security Level 6 - 6:02 Financial Flexibility Level 7 - 6:51 Financial Independence Level 8 - 7:31 Financial Freedom Level 9 - 7:58 Financial Abundance

@louisnguyen2865 4 года назад

BJL Tv perfect. Thank you!

@f.t.wibowo5260 4 года назад

thankss

@pollopollo3531 4 года назад

awesome thank you

@macadon041 3 года назад

Thank you

@PositiveEnergyPodcast 2 года назад

Thank you 🙏🏽

@Joryo1 2 года назад

The hypothetical does not take into account federal and state income taxes. $83,200/12 = $6,933 of gross income. Monthly expenses of $4,000 ($48,000/12) leaves you with $2,933. Minus monthly debt of $1,272 leave you with the $1,661 per the example. However, if you grab that $6,933 and you reduce it by 7.65% and withholding of about 20%, you are looking at about a take home of $5,025. When you take into account the monthly expenses of $4,000 and the debt payments of $1,272, you can see the numbers don’t add up. Obviously, the monthly expenses can be tweaked but at the rate of housing, food and insurance costs these days, $83,200 household income in this example is not enough to eek out a financial plan.

@thomasreedy4751 5 дней назад

The first half of my career was on autopilot. I remember overhearing people talking clearly living comfortably on much less than me. I finally realized that I should actively put all of my extra money paying off debt. Before I knew it, that $1272 of monthly debt became monthly investment. I can’t speak for your personal situation but the key is being intentional. It’s possible to do it with 83k - maybe even less. If you don’t make that then focusing on salary increases may be needed. You can, of course complain and say it’s not possible. If so it probably will be because you are not willing to make the changes required to be successful at it.

@brunomanco7529 5 лет назад

The recipe is relatively simple: be a conscious consumer, don't buy a gigantic expensive house, don't buy expensive cars. I might not get early retirement, but u also won't get cash strapped

@livingbeyondtoday3861 5 лет назад

Thank you! Your content has truly helped me, you have no idea ♥️

@NextLevelLife 5 лет назад

You just made my day. I'm glad to hear it is helping 😁

@makedollarswork 2 года назад

Thanks for clarifying! It's great to see what those concepts actually mean and will surely help many on their financial journey! 🙌

@NextLevelLife 2 года назад

Glad it was helpful!

@scorpianladyqueen 4 года назад

this is what should be taught in high school

@rec1962 4 года назад

Most of the teachers that taught at my school were too stupid to understand this

@jasonadkins1455 4 года назад

R E C Hahaha. True.

@Putseller100 4 года назад

Kind of defeats the purpose of schooling to teach this. The objective is dependency, being dependent upon a job or government. The last thing school wants is independent people who have freedom to make choices. Now of course there may be some rogue teachers out there that implement standard teachings with practical information, but don't count on it

@huehahihiya5091 4 года назад

but if every1 were told to do like above video and doing it.... I'm pretty sure the above video advise will be SHIT advise as the economy will be different... guess we will never know as it will never happen

@kennroja 4 года назад

They just want us to be employed so business builders has a supply of employees

@reby1583 5 лет назад

Woooow I love this... I need to start planning my financial freedom this gives me a guide line !!

@NextLevelLife 5 лет назад

Woohoo! Glad to hear it 😃

@BKNb77 4 года назад

It’s been a year. How are you doing?

@SevenRiderAirForce 5 лет назад

Whatever you do, don't retire early until you've finalized your marriage and child-bearing plans. A single person can live a simple life on $1M x 4% - taxes = $30k/year. A family of 4 will be poor.

@eriksantos3015 4 года назад

SevenRiderAirForce stay single forever

@ariefraiser140 4 года назад

4% of a million minus taxes is more like $34,400. You don't pay social security or medicare taxes from retirement accounts. Also if you're in a state with no state tax add another $1500-2000. So $36500-37,000. If your house is fully paid off and assuming average rent in your area is around $1,000 a month then your family's take home pay is equivalent to about $50,000 which is the take home pay of a family who is still paying a mortgage. Also there's no need for you to be putting money into a 401k anymore while the other family sets aside at least 10% of income each year for retirement.

@janiecel 4 года назад

Thanks for calling this out. Recognize that life changes and goals will change a LOT over 20 years.

@OmarDelawar 4 года назад

I am not having kids so I should be all set.

@noireknight3013 4 года назад

Dammit I knew it . Getting into a relationship will make me stay poor.

@eddiemalvin 2 года назад

Well done! Thank you for acknowledging that simply saving a pile of money then "living comfortably" through 4% annual withdrawals isn't the ultimate retirement end game for some. There's so many levels beyond that.

@dangeles95 5 лет назад

i came back to watch this one again, very informative!

@NextLevelLife 5 лет назад

I'm glad to hear it was good the second time around 😉

@rubenhbaca 5 лет назад

Long but very useful, love it!

@NextLevelLife 5 лет назад

Thanks!

@mikedobby-jooga5547 4 года назад

Level 5's represent! We climbing!

@scratcherscratcher11 Год назад

Nice insightful video. I am at level 5-trying to get to level 9!

@NextLevelLife Год назад

You can do it!

@thomas3340 5 лет назад

Im 32 and Im @ level 5.5 (able to afford plenty of digital entertainment) lol. Quit a job that I didn't enjoy, took a 5 month vacation and recently accepted a position @ 30% less than I was at but will be more fulfilling. This was made possible by keeping major expenses and debt as low as possible, saving AND investing at least 1/3 of income for over ten years. Being frugal is really a hip thing and is actually a marketable skill. KEEP SAVING PEOPLE!!

@XFizzlepop-Berrytwist 4 года назад

Nice. Saving 1/3 of ones income is sadly a dream for most. I would advocate 1/5 today, but even that can be quite taxing, some may only be able to do 10%, or less even. Its like... 40% of Americans could not even afford a 400$ emergency on their own. Its just sad....

@cookiecakeeater6340 4 года назад

Kay that’s cause when they make more money they spend more, whereas they should spend as little as possible

@HW-op7pq 5 лет назад

Thanks for the video, im in the uk and on my Journey, i just find it hard to work out where i am but i just keep saving.

@NextLevelLife 5 лет назад

No problem! I hope the video helps give you an idea of where you are (if not there are some links in the description to other peoples' stages that may give you some other ideas!), and congratulations on continuing to save consistently even though you were sure where you were. That's not always easy to do if you can't clearly see the end point in my experience 😉

@StefanIordan 5 лет назад

Thank you for the video :) I do use this kind of system myself.

@robbiethornton-peek7899 5 лет назад

Thank you. I’m on Dave Ramsey. I’m at level 3 stage 2. I love how you laid it all out. I’m 67 years old. I will not regret the past nor wish to shut the door on it, however, I do wish I’d found Dave Ramsey & you about 15 years ago, better yet when Dave started teaching this stuff 30 years ago. Again, thank you Daniel.

@elizabethtimothy4776 4 года назад

Wow, I commend you for your positivity; looking forward is the way to go and keep learning. At your age, I hope people that are in their 30s, 40s, will be motivated. When there is life, health, believe with determination nothing is impossible. Keep winning sir.

@PipoBk 5 лет назад

The only video anyone needs to see in their lifetime

@valentinolnunez 5 лет назад

Monday motivation!

@willdriver7542 5 лет назад

Thank you so much for being on RU-vid. You have been a great help over the last few months since I found you.

@NextLevelLife 5 лет назад

No problem Will, I'm glad to hear I've been able to help 😁

@vuyiswa-fumba 3 года назад

Probably the most informative video I've ever seen

@OnCashFlow Год назад

I love the step-by-step example using realistic numbers because anyone watching this could, in theory, take these steps and make a plan using their own numbers. This goes beyond just covering the concepts and actually showing people how they can implement them. This is what makes this a great video!

@johannaramirez1221 5 лет назад

This is my absolute favorite video so far!!! Keep it coming. I really enjoy and learn with your content.

@NextLevelLife 5 лет назад

Thanks for the support Johanna! I'll do my best to keep them coming as regularly as I can. Hope you continue to enjoy and learn 😉

@ArianrhodTalon 5 лет назад

"Being intentional with their finances". That's probably the golden line in the video. Once you understand opportunity cost and the power of compounding, you'll think twice about going for that expensive (spontaneous) vacation. And I concur, the more I earn, the more frugal I get.

@Rhino11111111 2 года назад

An expensive holiday is the only thing I would over pay for. Life is about experiencing things with the people you love. Everything else is just a thing that you don’t need.

@hushedthoughts 5 лет назад

I love this!!! Great breakdown

@NextLevelLife 5 лет назад

Thanks, Sarita!

@jphill3426 5 лет назад

How the hell did they sell their cars and not pay off the full balance?? My banks don't release titles until they're paid off.

@teddypgray 4 года назад

Exactly!

@bubbablazer2 4 года назад

He skipped a lot of steps in how it could be possible, but you're correct that they would need to pay off the "car loan" to transfer title. Personal loans, refinancing mortgage, etc. All options, but not covered.

@kylewahlberg3917 4 года назад

New plan. Finance a Bugatti, sell it for cash, worry about the rest later.

@ethiird 4 года назад

You transfer the debt from a secured loan to an unsecured loan, usually in the form of a consolidation. Then sell the car and pay off a chuck of that debt. Very simply done through your bank or lender.

@PedjazzQuartet 5 лет назад

It's painful to see how people are complaining instead of taking these awesome advices and running numbers based on their current and future numbers/situation.

@teddypgray 4 года назад

This shit isn't practical, that's why. How do you sale your car if you have payments on it still? Plus those numbers don't add up.

@Y_I_DIY 3 года назад

@@teddypgray Just like anything you do it takes effort n grit n the confidence it can b done. It's definitely possible.

@ricklil8174 3 года назад

I haven't finished watching the video yet, but I have got to say that this channel is amazing, keep doing the amazing work.

@NextLevelLife 3 года назад

Wow, thanks! Glad you're enjoying the channel so far :)

@drunclecookie216 5 лет назад

this example is similar to my wife and I... early 40's/late 30's... no kids... make a combined $85k a year... only debt is $25k on our house and $10k on the car... monthly cost of living expenses are $3k... take home pay is $5k... currently working on paying off debt and getting our emergency fund back up to $9k (we let it drop to $8k this past year)... hoping to get the car paid off this year (2 years early) then we can throw that money towards our house (originally set to be paid off in 2027)

@cjcj2940 5 лет назад

Except the difference in 10-20years of compound interest in investments people in there 30's 40's lose for starting late is hard to overcome.

@ralphemerson497 3 года назад

Start funding your 401K and IRAs. This is the most important funding because it has time to grow (compounding) and to plan on retirement because it will sneak up on you before you know it.

@drunclecookie216 3 года назад

@@ralphemerson497 I've been working on my 401k since I started working in 2002. mine hasn't done great and I don't get a match, I've got slightly over $101k in it right now. My wife didn't have a job with a 401k until the past 5 years and she's just finally making past min. wage. At least her company provides a 50% match with a maximum match of 4% for 8% contribution. last year we made a combined $96k before taxes, but she got a raise this year plus bonus incentives. only owe $9800 on the house now, cars are paid off, but I did buy a boat that I owe $3400 on right now. I'm not too worried about retirement, as long as I have a boat on the lake and get to live where I do now I'm happy, I don't like to travel or move to other places.

@ralphemerson497 3 года назад

@@drunclecookie216 The best thing about America is anyone can do what they want. If a $3,400 balance on a new boat make you happy, God Bless You. Don’t worry that the $3,400 put into a ETF index fund will return roughly $20,000 in ten years. But if the boat makes you happy and there’s no concern for retirement savings, go get ‘em.

@drunclecookie216 3 года назад

@@ralphemerson497 the boat was actually $10k, I bought it last July on a 4 year loan. The $3400 is all I have left on it with the intent to pay it off this summer.

@houstonshomeautomation3524 4 года назад

This video changed my life a year ago. It woke me up to everything!

@fsafh1331 3 года назад

you got woke

@traviszachery9672 5 лет назад

That couple is living better than 99% of this audience. Myself included.

@WestlyLaFleur 3 года назад

Yeah, sometimes it's disheartening when the example assumes that your job earns double what minimum wage offers.

@mmcarts1876 3 года назад

Whatever you do, don't retire early until you've finalized your marriage and child-bearing plans. A single person can live a simple life on $1M x 4% - taxes = $30k/year. A family of 4 will be poor.

@SunshineJoleen 3 года назад

Thank you for this! I was wondering if I was the only one thinking this...

@inspirationalnomad 4 года назад

Great video, thank you

@anantmishra6783 3 года назад

Very awesome, I will use this guideline for myself. Very useful, thanks.

@NextLevelLife 3 года назад

You are welcome! Glad it was helpful :)

@lindascoon4652 4 года назад

What?! internet is not included in your list of survival expenses ?!!😮🤨

@JamesRhodes1941 3 года назад

Have you ever heard of Starbucks or the public library wifi lol.

@Bones12321 5 лет назад

Good to know where we're at and where we're going! Great video

@philg1073 5 лет назад

Current at LVL 3. Most of the Markers for LVL 4 are in place, working on the investment side.

@alexfinn7989 5 лет назад

This was a great video. Great job!

@NextLevelLife 5 лет назад

Thanks, Alex! I'm glad you enjoyed it 🙂

@davidmacias6144 2 года назад

😉thanks so much for tell us the real thrut and sadly more the 85% like me with 50 years old we are in the level 0 God bless

@Angelo-uo2gj 5 лет назад

Now that I know where I am on the spectrum, I know what the goal should be. Good video!

@NextLevelLife 5 лет назад

Awesome!

@jerryatric9669 5 лет назад

Thanks for the advice.

@humbletobeforgiven1753 4 года назад

I just watched this video for the second time😓😭 I have some planning to do!

@JohnDaniels 4 года назад

Level 7, 4 years until level 9!, FREEDOM!!!!

@stargasm1000 2 года назад

I strongly agree with this method. I'm at Level 3 myself and am working toward 4.

@phoenixwiseman4018 3 года назад

Thanks for the levelsssss yaaaay

@michaeljonesjr3125 5 лет назад

Amazing content!!! Keep it up😃

@NextLevelLife 5 лет назад

Thanks, Michael!

@TR4zest 4 года назад

Your mileage may vary, but I think setting out timetables for these stages based on 10% compound growth is somewhere between ambitious and deceitful. Most prudent plans set out 6-8% growth. If you achieve faster growth - fantastic, but build a realistic plan first.

@MRkriegs 2 года назад

I agree with you on that

@omara9608 5 лет назад

Very informitive and organized. Hope this will be translated to other languages and make mandetory to all fresh graduates

@marketmarauders9494 4 года назад

I am a new RU-vidr and this video helped out a lot!

@alejandroalvarez1544 5 лет назад

Thanks for this video. You gave me something to think about.

@NextLevelLife 5 лет назад

Your welcome!

@RussellsParadox7 5 лет назад

@@NextLevelLife "You're"

@chickletmonstah 3 года назад

I wish this was taught in high school and they gave us an option to take this class instead of home economics class.

@razwanahmed89 3 года назад

Most likely kids would find this boring.

@MollyAnnLuna 2 года назад

I totally agree. Embarrassingly I was a certified financial advisor for a short season and this concept was not even taught to me then. I stumbled across it much later, but now I'm on a mission to share the message (and strategies) with others as well. Wishing you all the best on your wealth-building journey.

@MollyAnnLuna 2 года назад

@@razwanahmed89 I agree, but let's be honest which topic don't kids find boring. :)

@coculescuserban7007 5 лет назад

So much info presented in the best manner. I really don’t leave comments but this is a really good video.

@stemikger 5 лет назад

Excellent Video! Thanks!

@NextLevelLife 5 лет назад

No problem 👍

@j1jh002 2 года назад

Thank you for sharing information like this.

@NextLevelLife 2 года назад

Sure thing! Glad you got something out of it :)

@OmarDelawar 4 года назад

I am between level 5 and 6. Estimating another 5 years or so to reach full FI.

@JamesHollowayYT 4 года назад

Same! In 5 years, I'll be retired! Only 25 right now! I talk about how I'm doing it on my RU-vid channel!

@1sraines 3 года назад

Thank you so much for this video. It is really helping me start my journey towards financial independence.

@NextLevelLife 3 года назад

Glad it was helpful!

@katdaddy469 3 года назад

1:05 in and Im getting the run the rat race in order to retire with money vibes. A couple of years ago I quit the rat race and started living while I'm still young enough to enjoy life a bit.

@MountainofInspiration 2 года назад

Thank you so much for sharing

@NextLevelLife 2 года назад

Thanks for watching!

@heatherevans2991 5 лет назад

My husband and I are currently on level 5....but I'm torn between "coasting" for the rest of my life and working towards level 8 or even 9. We worked so hard for so long I'm not sure I have much left in me and I'm only 33....lol. Early retirement does come at great sacrifice,which why I'm coasting right now and need a break.

@ayhayuba3969 4 года назад

Heather Evans keep going! You’re still young and have the capability to work. Maybe find a hustle that doesn’t kill you like your current work?

@raznatovicanastasija 2 года назад

Maybe onlyfans with your hubby? Something like that…

@jackjackson7170 Год назад

Heather you're 36 now (presumably). You coasting or are you flying? Let me know!

@Austin_Patrick 4 года назад

I’ll be 24 in December and i’m very close to level 5

@consciousengineering4399 5 лет назад

Loved your channel...

@lifestylesfitness9403 3 года назад

This is the best video I have ever seen 😍❤

@karenhopkins8540 5 лет назад

Financial independence step by step, working one step at a time until financial independence is achieved.

@PRANSHU49 5 лет назад

Amazing. Love this channel. Am 21, just starting out. I have a feeling this video (and others from this channel) will be gold for me in my journey to be more financially educated. Cheers!

@NextLevelLife 5 лет назад

Cheers! And it's awesome to see someone as young as you taking such an interest in your financial future. And welcome to the community 😉!

@Slenders88 2 года назад

I wish i knew this, and compounded investing when i was 21 😄

@EulaBiezen 4 года назад

although the graphic illustration at the beginning of the video is vertical, I believe it would be best followed by a linear progression. As the time line of life, is not tiered, but horizontal.

@kenyonbissett3512 2 месяца назад

The working overtime works well in youth (usually) because you have more energy, better health and fewer time constraints. Though this plan works when you are older, it works best at ages 18-24.

@pgoeds7420 5 лет назад

7:30 When you can't afford the right number of sides on your STOP sign.

@chickletmonstah 3 года назад

🤣🤣🤣🤣🤣🤣

@wynnlocher3602 5 лет назад

You left out any consideration for paycheck withholding. Taking into account health insurance, federal and state tax, medicare, and social security, your hypothetical couple's monthly take home pay will be closer to $5,500. If you subtract their monthly expenses of $4,000 and their monthly debt service of $1,273 from their actual take home pay, the surplus is $227. They are still solvent but it will take much longer to build an emergency fund and snowball their debt than your scenario outlines.

@JohnDoe-fg9ng 5 лет назад

This is what I was thinking while watching as well. Taxes is at least 30% depending on where you live, and health care would be an extra expense as well.

@pked5688 5 лет назад

I also don't understand how they can sell their cars for 15k each, and not use that to pay off the loans they had on the car. Unless they got a new loan, there should be a lean on the cars so they couldn't sell the car until paid off, unless they were transferring the debt, in which case they wouldn't get the entire 15k.

@wynnlocher3602 5 лет назад

@@pked5688 Exactly. A note on a car is considered a secured loan meaning that the car, as collateral, is securing the debt and ensuring you pay the note. Otherwise your car gets repossessed. If you sell the car privately, the bank will call the note and the entire principle will be due. You can't sell a car and then keep paying down the debt.

@ralphparker 5 лет назад

@@JohnDoe-fg9ng Total taxes about 16500 in Alabama. About 25% (Marginal Rate) ( 7.2% SS and Medicare, 12% Fed, 5% State) in Aabama so they would only get to keep about 75%. My familys expenses run about 48K/year includes health insurance and everything.

@jy006m 5 лет назад

Wynn Locher Yeah they never paid taxes. They either ended up in Federal Prison or are living paycheck to paycheck and never got to level 2. Dumb oversimplistic video. If everyone can save $3,000 a month after expenses, they are already on their way to financial freedom and don't need a dumb 22 min flawed video to explain to them how.

@devinweidinger3812 5 лет назад

Well done!

@NextLevelLife 5 лет назад

Thanks, Devin!

@BY-ib9ew 5 лет назад

Amazing info

@NextLevelLife 5 лет назад

Thanks!

@fruitloops3718 2 года назад

I've been financially independent since 45 and got so bored with having nothing to do so I started another business. now at 60 I think I'm about ready to do anything but work. I've been working since the age of 14. I think it's enough work for one life. the one thing about this video that really stuck with me is how my desire for material things declined. just don't see the value in those anymore. also the biggest key which this video points out is keeping your expenses to a minimum. it's almost exponential how your money will grow.

@danawood8103 5 лет назад

I like this! My husband and i dream of early retirement (at 55). 4 years to go!! Thanks for the great video

@NextLevelLife 5 лет назад

Awesome, Dana! Sounds like the two of you are nearing the finish line 👍. Do you guys have any plans for what you want to do when you retire?

@danawood8103 5 лет назад

We want to travel and volunteer.

@NextLevelLife 5 лет назад

That's an awesome plan!

@danawood8103 5 лет назад

We also have investment properties to take care of 😜

@krishnaraoragavendran7592 3 года назад

55 is early? 😁😃 I'm 46 and already retired!

@aaronwright561 5 лет назад

The Danny devito quickbooks commercials are excellent

@user-bs9mh8xy3v 7 месяцев назад

This is a great video, thank you!

@NextLevelLife 7 месяцев назад

You bet!

@MrKot19 5 лет назад

Useful content but FAR too many ads! This would discourage me from viewing other videos from this creator in favour of the others out there.

@suavemaurice 4 года назад

The couple starts making $20 a hour at 23? I was a certified senior pharmacy tech at Walgreens at that age and I was making $13.75

@LyraTyrell 4 года назад

He mentions that they picked majors with good job prospects. Any engineer, scientist, etc. should have no problem clearing 40k per year ($20/hr) and will typically earn close to double that within a couple of years (80k/year or $40/hr). This makes a degree in these fields a solid investment. If you go to college for anything other than that you are wasting your money unfortunately, the current system is a scam and cost of a college degree is NOT correlating to ROI for most majors. There are of course some higher paying jobs in non STEM fields but they are far from abundant :(.

@connorkelly690 4 года назад

I’m 19 and make $25 an hour. It’s not unrealistic or impossible

@b4rs629 3 года назад

@@LyraTyrell that's how I honestly feel. Every time I read about someone online who retired early. They're usually an engineer or whatever. I'm currently 26 averaging 40k-50k a year without college, but I wanna make more without having to grind overtime at a dead end job that I'm sure will replace be when robots take over. I'm in sort of a dilemma of what to back to school for at 70k+ a year that would be easy to achieve within 1-2 years of schooling and minimal debt while balancing full time work. I don't feel like I'm smart enough or capable of doing so by barely graduating high school may have to take some high school refresher courses which would delay my desired time. I'm kind of getting anxiety & depressed, because it's like "this is it" and I feel like such a failure in my eyes.

@BrianBloop 3 года назад

@@connorkelly690 what do u do?🧐

@connorkelly690 3 года назад

@@BrianBloop I run a land development business. I manage jobsites, and run heavy equipment

@joycegonzales4994 4 года назад

I’m probably level 5 or 6, and perfectly happy there

@jebssan9 4 года назад

very good presentation - all the math and formulas are correct....

@evelync1504 4 года назад

You can only manage your money and get rich when it's at work for you, investing is the best option, getting rich is a process

@gretchen3158 4 года назад

What kind of investment will you suggest for me wouldn't involve so much risk

@chungwu5542 4 года назад

Investing with no experience and knowledge is a waste of time and money.

@evelync1504 4 года назад

@@gretchen3158 made couple of investment but my investment in forex trading yields huge profits for me weekly.

@janellecliffs5351 4 года назад

@@evelync1504 I'd like to learn more about forex trading, I've made research but I get confuse at some point, what do you suggest ?

@evelync1504 4 года назад

@@janellecliffs5351 I had similar experience at first but I got to know better when I contacted an expert trader, he has helped me in making huge profits trading with him.

@VinegarMoneyGrows 4 года назад

You forgot that when Jane divorces John, John will lose his house and 75% of the joint savings. Also he will have a negative monthly cash flow of alimony + child support that can be close to $3000 / mo.

@jad3415 4 года назад

The most important investment...MGTOW!

@sgist7824 4 года назад

John should have chosen a life partner more carefully, rather than then playing victim

@visencorp6502 4 года назад

@@sgist7824 john is an actual victim of divorce scam tho, it's like telling women to wear burqa rather than play victim when got raped

@sgist7824 4 года назад

@@visencorp6502 😂 again, John needs to take responsibility for his own choice in life partner.

@visencorp6502 4 года назад

@@sgist7824 yes, by going MGTOW of course

@centralfreedecentlife2522 3 года назад

Hello, #NextLevelLife Thank you so much for sharing and imparting of valuable knowledge to the general benefit, these apply in my daily life.

@tonyjim7616 2 месяца назад

Amazing.

@trance1986 5 лет назад

From having 0 savings and 0 debt just 3 years ago to LVL 5 at this moment... Big goal to be at lvl 7 by 40 and basically retire from 9 to 5 job...

@trance1986 4 года назад

Almost 2 years later and guess what I'm between 6 and 7.. Hard work and sacrifices pays off...

@fazalihtisham4421 3 года назад

@@trance1986 nice man.... That's inspiritational, how old are you and at what age did u start if u don't mind me asking, I just turned 23 and furiously researching into this but I seem to be seeing so much information that's contradictory.. Idk what to do lol

@trance1986 3 года назад

@@fazalihtisham4421 I'm 34. I started when I was 28.

@fazalihtisham4421 3 года назад

@@trance1986 what's your job if u don't mind me asking?

@trance1986 3 года назад

@@fazalihtisham4421 I work for the gov

@jordanneedscoffee 5 лет назад

23yr old engineer earning about 75k/yr (hoping to hit six figures within the next few years). Contracting for now so no 401k. My expenses are about 30k/yr. Currently I have about 3 1/2 months worth of savings and I'm building up to a 6mo savings. I'm saving about $650/mo for that emergency fund and I also have an IRA that I'm thinking about converting to a Roth IRA. That IRA was my previous employer's 401k that got converted and it has about $2600 in it. I also just started putting in $525/mo. I've got an auto loan on a 4yr old car that has a balance of $2200 on it yet. I have $14,000 in student loans and a mortgage on a condo with a $69,000 balance. I think I'd consider "debt free" to be no debt besides a mortgage because the vast majority of people always have a mortgage. I've technically hit level 2 already but I'm going for 6 months so I won't really have that until the end of this year. Then I'll kill my student loans and hit level 3! It's kind of fun actually. Unless you don't consider yourself debt free if you have a mortgage. I don't know I mean you can always sell your house and be debt free immediately so I don't think that's the same thing. People who rent aren't really debt free then, they owe hundreds or thousands every month and always will. Same with a mortgage.

@tblez3079 5 лет назад

Jordan Golde congratulations :-) you are lucky to have such a salary at your age. when I was your age I earned so much less. I'm now earning slighter above that. many people earn so little that retiring goes very slow even if everything is saved

@imthebestthingsinceslicedr5400 5 лет назад

You are doing great to have that kind of income for your age. Invest wisely and dont blow money on stupid stuff just to make people think you are rich. Invest your money wisely so that when the time comes you decide to have a family, you are well prepared

@lastofus9496 2 года назад

Best chanel on this topic! Good work!

@NextLevelLife 2 года назад

Glad you think so!

@daivbarco594 Год назад

excellent tutorial the truth seemed great to me the explanation and everything

@dangeles95 5 лет назад

Question. So in step 5, I would max by Roth at 5.5k/ a year, and then max my 401k at 18k/year, correct?

@MollyAnnLuna 2 года назад

Dan, yes max out your Roth IRA first because you contribute after-tax dollars, your money grows tax-free, and you can generally make tax- and penalty-free withdrawals after age 59½

@flowergrowersmith449 5 лет назад

Amazing job Daniel - the best I've seen on this subject. Really like your style.

@NextLevelLife 5 лет назад

Thanks! I'm glad to hear that you enjoyed it 😃

@dreaktor 4 года назад

By turning my career into a business, using my own time and hiring off-coast labor force and selling to emerged markets, I am at saving rate 90-95% for past 2 years, need 4 years more for 1st million $ and 8 years to financial independence. I am 31. Hope that will encourage you to start a small business too. And off coarse I won't stop working, will just choose the most interesting higher paying projects.

@TheDividendExperiment 5 лет назад

Aiming for level 8 for me over on my channel, but wouldn't complain about being on level 9!

@dus10dnd 5 лет назад

I don't think any of these "financial experts" understand cars. If you have have car loans, your cars are likely only worth about what the loan values are, at best. Meaning, if you sell the cars... you have $0... or you likely owe some money. And since they don't yet have an emergency fund... they don't have cash to go buy a nice used car.

@jamesnewport4752 5 лет назад

I was wondering about selling the cars but not paying the loan in full. Won't you have to get a personal loan to get the lien off the car so you can sell it? I have never had a car loan but I would assume the bank won't let you sell their asset without fully paying the loan

@victormendoza3295 5 лет назад

Well someone ran a red light and my lawyer got the difference for my Corvette!! I feel like shaking the guys hand cause I didnt get hurt and got rid of lots of debt.

@musicman11028 5 лет назад

Thank god I wasn't the only one thinking this. I always hear the "sell your car and get a cheaper one" advice. Most likely you will lose money. In reality if your original car purchase is something you can manage you're likely better off sucking it up and paying it off. In the long run you will have a car that can last a couple years longer then had you bought a cheap used car. This situation isn't ideal but if you've already made a bad car purchase (and had the car for a while) then this is often the best course of action.

@brandondegraaf 5 лет назад

The financial experts understand depreciation and interest. A $20,000 car depreciating at 10% per year loses $2,000 in the first year, while a $4,000 car loses $400. Similar for a car loan, $20,000 at 14% interest costs $2,800, while a $4,000 loan at 14% costs $560 per year. Sell the new car for $20,000, buy an old car for $4,000, and put the remaining $16,000 into the car loan. Your current net worth remains unchanged, but your costs reduces from ($2,000 depreciation + $2,800 interest) = $4,800, down to ($400 depreciation + $560 interest) = $960 in the first year.

@mchlbryce 5 лет назад

Love the video!!! Thank you for all the knowledge you’ve made available to the community

@NextLevelLife 5 лет назад

No problem, glad to hear that you enjoyed it!

@copywritersblock Год назад

Great video, I feel fully motivated! Do u have a coast calculator you recommend?

@sethleach6867 Год назад

Thank you!

@NextLevelLife 10 месяцев назад

You're welcome!

@ligbzd837 4 года назад

Study from age 5-21; work for others, extreme save & invest, raise a family from 21-45; semi-retire, travel, & do whatever you want from 45-75; fully retire from 75-90+. Don't work until you're 62 or 65 to retire because in most cases you won't have the energy or health to travel or do anything after 70 or 75. Retire earlier and enjoy life more! Why work all your life and then die?

@freedomlife3623 2 года назад

Actually most important part is invest in your health and well-being. I know many people are traveling and enjoying life in their 80s.

@ligbzd837 2 года назад

@@freedomlife3623Yes, health is #1. By getting out of the rat race (working like hell) one will naturally have time for health. The sooner one stops working full time the better. Live simply, lower costs, and enjoy life! Better yet, pass down assets like home to children so they don't even have to save up for housing. It's already paid off.

@integreetkonstruksi4628 5 лет назад

I am 30 years indonesian male. I've watch a lot of similar videos. Now I'm gonna simplified my understanding. 1) Being more minimalist less consumerism overtime. This is in my blood so I don't have to even effort a little 2) Build my own business. I Have few employees, but still too attached to the business. Working on it. Keep open to new ideas, I might make a side hustle as youtuber :D 3) Invest good, primarily on rentable real estate. Let see how it works in the next 5 years

@visencorp6502 4 года назад

4 years to go