Secret to Retiring Early

Honey Badger Infinite Vacation T-shirt:

How’s it going everybody this is beat the bush today i’m gonna talk about the secret to retiring early now here’s a graph of my net worth and i’ve omitted the actual numbers for obvious reasons i’m showing you this not to show off or anything but rather so that you would believe what i’m saying i’ve gotten to a certain point and i’m looking back and trying to analyze

What actually helped me get there what were the most important things that help me increase my net worth so much so that i could retire early now this video is not gonna sell you any online courses or anything this video is the content itself if you’re interested in supporting this channel and it’s completely optional i’ll leave those things towards the end of the

Video now this graph is something i produce every single month for the past nine years if you look at the whole thing you would not realize when i actually quit my job in fact i quit about nine months ago and you look at the slope it actually increased a little bit since i quit now some people have said before since i work in engineering wouldn’t i make more if i

Just stayed at my job this is living proof that it didn’t matter too much maybe i would have made more i don’t know but do you realize that during these nine months i took nine weeks worth of vacation i went to hong kong tokyo i took a week trip to the disney world i went on various camping trips i also went to new york for two weeks i could not have done all of

This without quitting and all of this time that i spent at various places is immensely valuable to me i would not trade it for a thing and i’m so glad i actually quit and actually went on all these trips looking back about four years ago i looked at my net worth and i’m like oh my gosh i cannot believe is this high i hope it continues but i mean at the point that

It was already i was a static so enough about myself and me proving to you that yes i am in this position now i want to concentrate on how you can do the same i’ve grouped it into three separate categories at which you can increase your networks just as much so that you can retire early now for the majority of middle income class people you don’t necessarily have

To spend all your income for your livelihood you can essentially spend a lot less and save a lot more if you look at a typical middle-class household you’re gonna see a lot of stuff everywhere people buy a lot of things that they do not need the more stuff that you accumulate and the more stuff that you just have sit around those things are consuming your resources

They’re depreciating every single minute there so it goes to show that if you become sort of like a minimus you don’t have to go all crazy and stuff you just buy what you need keep everything that you use a lot and sell off everything else that you do not use all of this stuff that you don’t need you can sell right away it’s gonna increase your net worth immediately

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Going forward if you keep at this lifestyle you’re gonna save even more because you’re not gonna lose any frictional cost when you buy the stuff and then sell it again so it becomes a situation where you’re spending very little and yet you’re bringing a lot in when this money comes in you can essentially make it work for you you can invest it you can buy things

That would help you increase profits you can invest in yourself which will in turn allow you to earn more money now i mentioned this whole idea of minimizing depreciating assets before many people in the comment section just sort of blows it off and go oh yeah you know if i saw all my stuff it’s not gonna earn me that much it’s just pennies this is what sort of

Counterintuitive because when you look at this if you just look at on the surface yes it’s not all that much money maybe if you sell your xbox or sell your tv at the end you might only get a few hundred dollars a thousand dollars two thousand dollars but it’s the mindset of going forward and not spending all this money on the appreciating as it’s gonna add up over

Time if you look at my network chart it’s never been at this slope before current slope is the highest it’s ever been when i first started doing this i saw very little effect but i just kept at it for many many years i would have to say it’s gonna start really really slow at first but it’s the mentality the change of mentality that matters for the first five six

Years you’re gonna see it go very very slow but then it’s gonna pick up the pace more and more after that so i just have to reiterate to not discount this not obtaining so much depreciating assets and also selling off the stuff that you don’t use people look at this and just brush it off and say oh i’m not giving them the secrets this is just a waste of time this

Whole video is a waste of time when in fact i think this is the most important thing that you can do in increasing your net worth the next one which is also pretty important is to not pay any interest to anyone you can have car loans student loans mortgage loans personal loans credit card fees bank fees all these things are fees that you’re paying another person this

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Interest and fees that you’re paying everyone else is essentially burn cash if you are not paying those people this interest or these fees where does this money go it goes back into your network so sometimes yes you may have a really low interest rate or maybe you have another thing that you want to do with it with this loan perhaps you can earn a better percentage

Of it by investing it instead or whatnot but again you want to pay as little interest as possible for example when i bought my car i bought it at 0% interest i paid it off within six months so i paid zero percent interest on my car in total over the whole life of the car student loan interest i remember paying an aggregate of many many thousands of dollars when i

Look back at this i could have paid it off and not paid all that interest so looking back i would tell myself you know what it’s gonna hurt paying off your loan early because it’s gonna be a large chunk of money that you no longer have you have to essentially pay it off you owe that money but if you keep on owing it you’re going to be paying interest on it so if

I were to recommend to myself what to do you know nine years ago i would have told myself to try to pay off that student loan earlier the third thing you can do which is a bit harder is to maximize income yes you can go to work you can work harder get a raise you can do side hustles or maybe start your own business try to increase your income but i personally feel

Like this third item is a lot harder than the first item this first item when you save money by not buying a whole bunch of stuff that you don’t need you’re saving in two different ways here the first way is you don’t waste money right off the bat that money that you could have bought that item goes into your network instead the second way that you’re saving is

That you lower your burn rate this is a continuous thing and if you turn this into a habit it’s going to be a sustained increase over your life so if you get in a habit of not buying the latest phone you’re essentially gonna save yourself couple hundred dollars every single year well you’re gonna be able to do this every single year afterwards for me i don’t pay

Off cell phone plan right now so every single year for the past three four years already i haven’t been paying a cellphone plan so every single year it’s about a thousand dollars that i’m putting in my pocket instead so there are a lot of these little tricks that you can employ things that you have to learn in order to adapt and once you learn how to do these money

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Saving techniques every single one that you employ it has a double effect first you’re not spending it the second is you have a continual reduce in burn rate so what should you do going forward minimize depreciating assets pay no interest to other people including banks and third maximize income every single financial transaction that you ever take you should think

About what it comes out to be in terms of your net worth what is the bottom line how much is it gonna cost you over the life of the loan if you buy a $20,000 car under a certain amount of interest rate how much are you gonna pay at the end maybe it might be $30,000 $40,000 if you consider the total amount that you’re gonna pay including interest you’re gonna change

Your mind a little bit so in the end every single financial transaction that you take consider your net worth as your bottom line so thanks for watching this video i hope this helps you increase your net worth it’s not going to be an immediate thing once you implement these changes it’s gonna take years just have patience and keep on going if you’re interested in

Supporting this channel check out my link down in the video description below you don’t like this audiobook or to surface you can cancel it before this substitution expire so you can still keep this audiobook and help it enough in this channel i also have a patreon over here where you can get early access to my videos and as always someone gives to subscribe to my

Channel over here and click that bell icon next to that subscribe button so that you get a new notification whenever i upload a brand new video thanks for watching oh yeah i forgot to mention in my network chart that when i quit my job i actually did not obtain a new job i went to do youtube videos now these youtube videos are enjoyable for me so it’s kind of like

Infinite vacation although i still have to work a little bit this is why i created my honey badger teach every weight has a honey badger and it says infinite vacation on it why a honey badger because it’s tough it does what it wants to it does not care what other people think so you can essentially not buy those iphones don’t care what people think and in the end

You’re gonna be able to obtain your infinite occation if you’re interested in this t-shirt and this is completely optional by the way if you don’t buy this t-shirt i’m not gonna be offended or anything but if you want to check out this t-shirt and help support this channel i’ll leave that link down in the video description below

Transcribed from video
Secret to Retiring Early By BeatTheBush

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