Ken Briggs
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thread 1/4
See folks talking about not being able to retire and I have a formula for you:
1. Keep your living costs as low as possible
2. Figure out how to sock away 2000 per month by the time you’re 25
3. Do that for five years, invest it in an index fund, and you can retire at 65 easy.
11:56 AM - Apr 03, 2024
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Ken Briggs
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thread 2/4
From here, you work to get that retirement age lower.
1. Buy a home, pay it down as fast as you can. Now you just pay property tax/insurance
2. STAY AWAY FROM CONSUMER DEBT
3. Did I mention STAY AWAY FROM CONSUMER DEBT?
4. Keep saving. When investment account hits 800k, you are done.
11:56 AM - Apr 03, 2024
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Ken Briggs
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thread 3/4
Why is 800k the magic number? Well, if it is growing at 5% a year, that is $40k a year in income. So you can spend $40k every year forever and never run out of money. If your home is paid off, that is enough.
11:56 AM - Apr 03, 2024
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Ken Briggs
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thread 4/4
This is essentially David Ramsey in a nutshell. There are things you can do to accelerate this process, but this is a solid approach that works well for many people.
11:56 AM - Apr 03, 2024
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