How Much do You Need to Retire
Lesson 7 from: FAST CLASS: How to Retire Early: The Latte FactorDavid Bach
How Much do You Need to Retire
Lesson 7 from: FAST CLASS: How to Retire Early: The Latte FactorDavid Bach
Lessons
Financial Education - Know Better To Do Better
15:12 2Start Early, Start Today
07:02 3The Latte Factor: How It Works
16:31 4FITE - Financial Independence to Transition Early
04:39 5Common Investment Mistakes
01:29 6Becoming Rich on an Ordinary Income
04:04 7How Much do You Need to Retire
01:47 8Retirement Plans & Where to Start
05:23Lesson Info
How Much do You Need to Retire
Developly referred to statistics of what they tell people you should have. So at 30 they say you should have one times your annual income and 35 you should have two times your annual income away. In a retirement account. At 40, you should have three times At 45. You should have four times At 56 times. So let's say let's say you make 100 grand a year. They're basically telling you at 50, you should have 600 grand. Let's say you made Same thing, you're 55 and seven times It's 60, it's eight times it's 67. It's 10 times now. It's still different for everybody. The only way you get to these numbers, he should become financially selfish. So paying yourself first. Another way to show this to you is if you earn a paycheck and you don't pay yourself first. Who gets paid 1st? Uncle Sam federal tax, state tax. So you want to save again one hour day of your income invested automatically for life. Uh huh. I just thought I'd show you like real world stuff. This is in the automatic millionaire book.
Dead broke. Here's I'd be dead broke. Don't pay yourself first. Poor think about paying yourself first. Don't actually do it. Tell yourself someday. Middle class, here's the middle class number 5 to 10%. That's not enough. Um upper middle class, 10-15%. Perry Wannabe Rich. It's 15- rich enough to retire early. It's 20% or more