How to Buy Then Build a Business with Walker Deibel

Transcript:

On this episode of the Personal Finance Podcast, we're gonna talk about how much you need to have saved and invested for fire by decade.

What's up everybody, and welcome to the Personal Finance Podcast. I'm your host Andrew, founder of Master money.co. And today on the Personal Finance Podcast, we're gonna be talking about how much you need to have saved and invested for fire. Bye decade. If you guys have any questions, make sure to hit us up on Instagram, TikTok Twitter at Master Money Co.

And follow us on Spotify, apple Podcast or whatever podcast player you love listening to this podcast on. If you wanna help out the show, leave a five star rating and review on Apple Podcast, Spotify, or your favorite podcast player. Now, today I am so incredibly excited to talk about how much you need to have save and invested for fire because we've done this.

How much you need to have saved and invested by age. But to do the equation for fire is a very different equation. So this is gonna be a very powerful thing if you wanna retire early. And if you don't know what fire is, it stands for financial independence. Retire Early. And it is a pillar of what we talk about here on the Personal Finance Podcast because this is a way for you to have freedom with your life.

If you hate your job or you don't wanna work anymore in the fire movement is a way for you to have that freedom back by utilizing your money. To build wealth. And so today what we're gonna do is I'm gonna show you how to craft your plan so that you can figure out how much you need to have saved and invested from where you are, because we're gonna go through the different things of what you have to do in order to reach that level.

And in addition, we're gonna talk about exactly where you are, how you can run the numbers, how you can run the math on this, so you can figure out, how much do I need to retire, how much do I need to have in place? From where I am right now in order to be able to retire. This is gonna be a really powerful way for you to be able to do that.

Really excited to share this episode with you guys because we are so passionate about financial independence here, and we believe the pursuit of financial independence allows people to have freedom. It reduces their stress and anxiety overall in the long run because they have freedom with their time, their energy and everything else.

They can spend more time doing the things they love, and we believe every person. In this world can build wealth, and that is why this podcast exists. So really excited to dive into this one so you can figure out what your freedom number is. In addition, figure out if you wanna retire earlier for something you're interested in.

So without further ado, let's get into it. Now, if you're a longtime listener of the Personal Finance Podcast, you know one of the most important things when it comes to financial independence is understanding the gap. The gap is the biggest thing that you need to understand early on in order to be able to create.

Wealth to build out that wealth. So let me explain what the gap is. It's the difference between how much you are spending and how much you earn. Now the difference between how much you spend and how much you earn is called the gap. And the gap is where wealth is built. Now this is a very important concept to understand because what we wanna focus on is growing the gap.

And in this episode I'm gonna talk about why your savings rate is so incredibly important. Now, a lot of people think to increase their savings rate, what they have to do is they have to go out and they have to cut back on everything that is once. Side of it, but you also can earn more. And that's the other side of the equation.

We're gonna talk about both of those here today. So your savings rate is the first thing you wanna think about because you can make an impact on that literally immediately. So when you think about your savings rate here, what you wanna do is think, Hey, are there things I can cut back? And this is where folks in traditional fire, this is the first thing they do.

And this is a lot of times what they talk about is how to save, how to be frugal, how to penny pinch, all these different things. What I want you to do is cut out the things that do not bring you value in life. Most people will cut back. A bunch of things that bring them actual value, bring them joy, bring them happiness in order to try to pursue fire, and then all of a sudden they get burned out.

That's not what we're talking about here. What I want you to do is cut out the discretionary spending. That does not bring you value, meaning spending that is not part of your needs. It's spending that I want you to cut out. That does not bring you any value whatsoever. So let me give you an example of this.

Last year, I go through a bunch of different transactions that we have every single year. And I looked at the amount of money that we spent at Target last year, and when I looked at that, all of a sudden I realized, well, we're spending way more at Target than we really want to be spending. It's not even our primary place where we buy groceries, we just buy random stuff there when we need it and or random wants that we have all the time.

So we added up those numbers and we were a. Down in how much we spent at Target. So this is something where we don't value what we're buying there cause we don't even remember all the things that we purchased at Target. So this is where I can cut back some of my spending in this area in order to move forward and have these extra dollars to put towards wealth.

Building. So I want you to kind of think through in your budget, what are the areas that are causing you stress or anxiety, or what are the areas where you know you're spending too much money and it really doesn't bring you joy or happiness. This could be all sorts of different things. Maybe it's going out to eat every day at lunch with your coworkers.

You don't even wanna be spending more time with your coworkers as it is, and you're spending way more money going out to eat. Well. You can reduce that budget there. Maybe it's just you're spinning on your groceries. You don't even really care about your grocery bill and your grocery bill's getting out of hand, and so you wanna reduce that.

Maybe it's something else. Say you don't care about that. You're just spending money on your random Amazon purchases or all these other things. Think about what you're spending too much money on and try to reduce that. Now, here is how you reduce expenses. Most people say, well just rip the bandaid off and you can do it right away.

Here's what we talk about here on this podcast and at Master Money is to gradually reduce those expenses. So say for example, you're eating out and you're spending. $800 per month eating out well, instead of just ripping off the bandaid and going down to $200 per month where you want to be spending, instead, what you can do is gradually reduce that.

So it's not as painful as it would be. So let me give you an example of this. At that $800 per month, if you're spending $800, you wanna get the 200. Maybe in month one you reduce it to $700 or per month. Then in month two, you reduce it to six 50. Then in month three you reduce it to five 50. But in month four, your in-laws came to visit.

A bunch of different things happened, so it bounced back up to six 50 for example. This is a normal course of life and what I want you to think through here is if you just cut it off all the way through and some normal thing happened in life, I don't want you to give up on trying to reduce that spinning.

So maybe you go to six 50 cuz you had a crazy month, then you go down to four 50 again, then three 50. Then two 50, then 200, so you can think through, how can I gradually reduce this over a timeframe? Set a goal, set a timeframe, and gradually reduce it over that timeframe instead of ripping off the bandaid all at once.

Most people with money fail because of psychology. They don't fail because they don't have the know-how they fail because of psychology. This allows you to get comfortable with reducing that expense, especially if you somewhat like to have that expense or it's convenient. Then it's one of those things where, Reducing that spending gradually over time is gonna be so much more beneficial.

This is how I reduce all my expenses if I don't wanna be spending money in a certain area, is gradually reducing those expenses. So as you think about reducing expenses, this is one of the biggest things that you wanna do. Now, another place I want you to look is housing, food, and transportation. This is all gonna come together at the end of this podcast.

You may be saying, well, why is this guy talking about reducing expenses? I want to know how much I need to have save and invested for fire. This is why, because that gap is gonna be really powerful and we're gonna talk about your savings rate here and how much. You need to be saving in order to be able to retire in a certain amount of years.

So this is gonna be really, really powerful here as we get to that point. So another place that you can look is your big three expenses. So you can look at housing, you can look at food, you can look at transportation. These big three expenses. If you can control these big three expenses, you can probably spend lavishly on everything else that you want in life.

Controlling your housing expenses, which is everybody's biggest expense, controlling your food expenses and controlling your transportation. Now, a fourth expense a lot of people don't talk about is if you have young kids, you're gonna have really high daycare costs, and that could be your fourth big expense in that area.

But most people, me included, are not willing to sacrifice on care to reduce the cost of daycare. So that I usually throw out the window and look at the big three expenses, housing, food, transportation. How can you reduce those expenses cuz that will significantly improve your. Budget. What I don't want you to do is really care about things like lattes or these little tiny things that don't move the needle.

I want you to think about the things that move the needle. We have an episode. If you're trying to think of what really truly moves the needle about the million dollar money decisions that you need to be making, we'll link it up down in the show notes below so you can check that out. But those are some of the things that you definitely want to be doing.

Now, the other side of the equation to grow the gap is, Income. See what happens. A lot of people try to reduce their expenses and if you don't make a lot of money, you can only reduce so much and or you might not be able to reduce anything. If you're already living paycheck to paycheck and you don't make a lot of money, it's impossible to reduce your expenses even more.

I get it. I feel for you. I was there when I first started in my career where I could not reduce my expenses anymore and I could not figure out what to do. So now we have the other side of the equation, which is. Even more powerful than reducing your expenses because you can only reduce your expenses so much.

You can earn infinitely. And once you unlock this in your mind and you understand that you can earn more money, then all of a sudden it's going to reduce the amount of problems that you have. So if you are in a position where you just cannot reduce your expenses anymore, then focus your time on earning.

I cannot stress this enough because earning more money can significantly reduce your money problem. Now that is very easy to say. It is much harder to put in practice. So there's a couple of tips that I can give you on how to earn more money. Number one is learning how to negotiate your salary. We have a free ebook the way I always talk about on this podcast that you can access.

We'll link it up down in the show notes below where you can go and learn how to negotiate your salary. With your boss. This is a very important skill that I think everybody in this world needs to learn how to do because it is a multimillion dollar skill if you learn how to do it correctly. I know it's uncomfortable to negotiate.

I know it's uncomfortable to go through this entire process, and it's actually a six month process that I teach you how to do in that ebook, but this is gonna be very important for you in order to earn more money. It's so powerful what you can do if you learn how to negotiate. So number one, the place that you spend most of your time, that's the first place that I want you to look at to earn more money.

Number two is to learn how to make money on the side. So this is something I did very early on where I would sell things on eBay. I would sell things on Amazon. I had a Christmas tree stand on the side. I would build websites and things like that online to earn more money. And this is something that you can absolutely do as well.

Even if you work that nine to five, you can have a side hustle in place to figure out ways to earn more money. One great way to do this is look at your interests, because if you are interested in something, you're gonna be much more likely. To pursue that side hustle. If it's something your interest. If you love pickleball, your boy right here loves pickleball.

If you love pickleball, start a pickleball newsletter. Start a pickleball blog. Start to sell pickleball products. Look for things that you can do online. If you love yoga, for example, look to see what you can do with yoga. Become a yoga instructor. Sell yoga mats. If you're. Interested in that. There's so many different side hustles available, and you wanna find side hustles that can turn into a full-blown business surrounded by your passion.

So that's the second thing to think about as you go through this. Now, one thing I wanna note here is I want you to watch out for lifestyle inflation because as you start to earn more money, maybe your income increases a little more. Lifestyle inflation can creep in. Lifestyle creep. Can creep in. This is very important to understand.

This is when you start to spend way more money as your income increases on discretionary expenses, maybe all of a sudden that old car that you have in the driveway looks a little too old for how much you're making now. So you buy the brand new S U V that costs just as much as you make every single year.

Well, that's gonna be a problem because your car payments are gonna be really high. And or that's going to eat into your wealth building ability. So making sure that you control that lifestyle creep. It's gonna happen for everybody. It's part of life, especially if you get married, you have kids, all these different things, but just controlling it as much as you possibly can is gonna be very, very important.

Now, income can create freedom. So growing that income is what I want most people to be focusing their time on. Can change your life if you focus on the income side of the equation Now. What we wanna do is figure out, well, okay, I understand this. I understand we have the gap in place. We need to grow that gap.

There's two ways to do it, to reduce our expenses and to increase our income. But I wanna move to the next level and figure out how much do I need to be saving and investing in order to get to that point in time. So here is the math on this, so we're gonna talk through that next. Alright, so the caveat to this is you have to understand the math behind this before we dive into some of these savings rates.

So the math behind this is called the 4% Rule or the 25 X Rule. We'll go through both of those here right now. So a lot of longtime listeners know what the 4% rule is. It's a very important metric to understand because. If you understand the 4% rule, then you can know how much you need to get to in order to be able to retire.

So say for example, you would've spent $80,000 per year in retirement. Well, if you wanna spend $80,000 per year in retirement, then you need to have $2 million invested. So knowing your retirement number, And how much you wanna be spending at per year in retirement and knowing how much you need are the two things that you really need in this equation.

So how do you find that number? So you take 80,000, you multiply it by 25, which is a 25 x rule, and you're gonna get $2 million. And of that $2 million, you could draw down 4% every single year in retirement. Still preserve your wealth throughout your retirement. Now the caveat to this is in the financial independence world, if you retire really, really early, like we just had an episode with Steve Adcock, he retired at 35.

And he still utilizes the 4% rule. But if you wanna be on the side of caution, you can bump this down to 3.5%, even though a lot of people think that's too conservative. But you can do the math for yourself. If you are on the conservative side, you can bump that down to 3.5%, especially if you have no other income sources.

But if you have additional income sources, maybe you can bump it up to four or four and a half percent. Maybe you started to. Pursue some of your interests and your hobbies on the side, and all of a sudden they turned into little businesses and you have money coming in to supplementing that income. Well, if you're in your thirties, you probably wanna be around the 3.5 to 3.8% drawdown range, and if you're beyond that, then you can bump it up to closer to 4% depending on what age you're at.

But making sure you understand that drawdown number is gonna be very, very important. So the right smack in the middle number is 4%, and for most people, the 4% rule is going to work. Now this is based on a study called the Trinity Study. If you've never read the Trinity study, it's pretty boring. But if you're interested in this and you wanna dive deeper, you can check out the Trinity Study.

Just Google Trinity study or 4% rule. I'll link it up down below the show notes also, so you can check that out. This is where they've. For a long period of time, they had the study go on, but they studied this for a very long period of time and found 4% is right around the number that you want to be targeting in order to be able to draw down.

So just keep that in the back of your mind. The 4% rule stating that you could draw down 4% of your portfolio. So every million dollars you can draw down $40,000 is the easiest way to think about this per year in retirement. And the easy math to do that is if you have your yearly spend. Then you're just gonna multiply that yearly spend by 25.

So that is the simple math behind this as we go into this. Now, there is a blog post that I've talked about on this podcast before called The Shockingly Simple Math Behind Early Retirement. Now this is a blog post by Mr. Money Mustache, which we will link up down below. Mr. Money Mustache had a great impact on me very early on.

I started reading his blog in 2011 or 2012, and this is kind of where my passion for the fire movement. Came about because he is one of the best writers when it comes to the fire movement, especially if you read his early stuff. You can go to his earliest blog posts and start from the beginning and start reading down, and it's like having one of the best fire books that are out there.

He's an amazing writer. There's amazing things that are in place, but he was lean fire, meaning that he pursued financial independence on a very low income every single year. I think he spent $30,000 per year or less every single year early on. I'm not sure what he spends now. You know, it's 12, 13 years later, but back then he was spending 30 to $40,000 per year on lean fire.

For me, that's not something I'm interested in. I'm more interested in fat fire, but these numbers are gonna work for anybody. It depends on what your end goal is. So understanding the shockingly simple math behind early retirement, it's gonna be a very powerful thing. Now, here's what he did. He did the math behind this, and you can earn 5% investment returns after inflation during saving year.

So this is a very conservative chart and we're gonna make an adjustment here. We're gonna talk about 8% in a second, and then you live off the 4% safe withdrawal rate after retirement. With some flexibility in spending during recession, so some people like to reduce that spending during recessions, which I would be one included, you could reduce it down to 3% if there's a recession going on.

So you don't spend as much of your nest egg during down times, and then you can spend a little more when there's a bull market if you want to during those times as well. And then the third caveat is you wanna live on this money forever and you want it to sustain you for 70 years or so. So this is a very interesting thing, and you have a safety margin here as well.

So if you're watching on YouTube, we're gonna put this chart on YouTube so that you can check this out with a 5% rate of return and a 4% safe withdrawal rate. Here's what happens. So if you save 5% of your income, With a 5% rate of return, you invest those dollars with a 5% rate of return. It would take you 66 years before you could retire.

If you saved 10% of your income with a 5% rate of return, it would take you 51 years before you retire. Now, do you understand now why when people say, When gurus out there say, save 10% of your income, that's all you have to save. You can save 10% of your income, but what if you had to work for 51 years?

This is why we gotta flip the coin on this because you gotta do the math and understand why. It seems like some of these gurus have not done the math to understand why they're saying this. If you save 15% of your income, it drops to 43 years. So even that massive difference right there, you can save eight years of working just by saving 5% more over the course of that timeframe.

20% of your income drops it down to 37 years. Now this is at a 5% rate of return. Remember, this is very, very conservative. Let's jump it up to saving 30% of your income. That's 28 years. 35% of your income is 25 years. 40% of your income is 22 years, and 50% of your income is 17 years. Now, here is where I had the questioning here, because at 50% of your income, if you're saving half your income every single year, It still takes you 17 years before you have enough money to cover the amount of money that you need to live off every year.

And the caveat here is one thing you gotta think about is if you are okay with your spending right now, this chart works. Now. If you're not okay with your spending right now and you want to increase the amount that you're spending in the future, you gotta make those adjustments as you do this. And then as you increase that savings rate, you can look at 55 60, 65, 70, and 75.

They keep increasing over time. So at 65%, 10.5 years at 70%, 8.5 years at 80%, 5.5 years. Now, you may be thinking in your head, how on God's green Earth could somebody even save 50% in of their income, let alone 75% of their income? Let me tell you how income, increasing that income, that's why I talk about that side of the equation so much can reduce the amount of time that you have to work significantly.

It's not that impressive. So say for example, you make $50,000 per year. Well, if you make $50,000 per year, it is very impressive to be able to save 20% of your income. That is a great savings rate for that income level. But if you make $200,000 per year, you better believe that increasing that savings rate is gonna be a significant difference.

So say for example, maybe you make $500,000 per year, well, having a savings rate at 50% at $500,000 per year is not as hard as having a savings rate at 50% making $50,000 per year. It is not as hard to do. So increasing your income is going to be the lever that you can pull, that can significantly reduce the amount of time that you work.

This is why I'm not a huge advocate of cutting back on spending as much as I am as increasing your income, cuz increasing that income can change everything for you. So that is why we talked about it at the top of the show, so that you can see how powerful this can be and how to increase your income so that you can get to this level.

Now, there's a couple of assumptions here that I wanna talk about. The first assumption is, The 5% investment returns. I'm gonna make an adjustment. We're gonna talk about it here on an 8% rate of return. I've already done the math, don't you worry. So we're gonna talk about that here in a second. The other one though, is if you want your money to last forever, and you'll only be touching the gains, this is a very cool caveat to have here because it gives you that safety margin.

But if you're like, I just read the book by Bill Perkins, die with Zero, I don't wanna die with any money whatsoever. I wanna draw it all the way down. Then you can make some adjustments here also, where if you're thinking about that, then you can run the math here and say, Hey. Maybe I can even withdraw more money and I can retire faster because I can withdraw money.

Cause I don't wanna have any money by the time I retire. I'm not that type of person. Why I wanna have safety and margin there, just like this calculation was run. But if you are that type of person, then you can actually think through, hey, Maybe I can increase the 4.5% drawdown over that time period. So that's another thought process that I want you to kind of think through.

Now I'm gonna talk about the chart, and if you're watching on YouTube Androgen Cola, on the Androgen Cola YouTube channel, you can watch this on YouTube. We're gonna talk about the 8% rate of return here and a 4% safe withdrawal rate and see what the difference is. So there's a difference here between the 5% rate of return and 8% obviously, where if you make this adjustment, if you saved.

5% of your income, it would take you 47 years before you could retire, whereas at the 5% rate of return would take you 66. Big, big difference there Based on your rate of return, do you now see that's just one example. We'll go through a couple of these, but this is why we talk about your asset allocation or the types of investments that you invest in is a multi-million dollar decision.

Why? Because you can retire way faster. If you have the right asset allocation for your personality, so let's say your savings rate is 10%, that'd be 38 years before you could retire at an 8% rate of return. What about a 15% savings rate? That'd be 32 years before you'd be able to retire. What about a 20%?

Savings rate, that means you'd be able to retire in 28 years at a 20% savings rate. That's where we always want you to start here at the Personal Finance Podcast. The reason why is I don't want you working longer than 30 years if you don't have to. So having that 20% savings rate, and I want you to increase it over time, is gonna be something very powerful here at 25% savings rate you'd be working for 25 years didn't be done.

Now, another caveat here, these numbers are run. If you're starting at zero, if you're not starting at zero. Then you are already ahead of the ball here. If you already have some money in your Roth ira, you're 401k. You are way ahead of the ball here where these numbers are run based on starting at zero, nothing zilch, nada.

So making sure that you understand that too. You can run these numbers and you're probably closer than you actually think you are, which is a very powerful thing, a very freeing thing. Let's say a 30% savings rate, it would take you 22 years before you could retire at an 8% rate of return. Now, at that same level, a 30% savings rate would take you 28 years at a 5% rate of return.

So a six year difference just by changing your asset allocation and making sure you have the right investments in place, 35%, 20 years before you could retire, 40%. 18 years, 45%, 16 years, and 50% 14 years. So if I'm saving 50% of my income, I wanna be retired as fast as I can. 14 years is amazing. So say for example, you're listening to this podcast and you're 22 years old, imagine if you could retire at age 36.

Well, if you've got an 8% rate of return and you save 50% of your income, you could literally be retired at the age of 36. This is why this stuff is so incredibly powerful, and if you keep looking at this, if you have a 55% savings rate, 12 years, if you have a 60% savings rate, 11 years, 65% savings rate, nine years, and it goes all the way down, obviously to zero at a hundred percent savings rate.

So when you think about this and you have these savings rates in place, your savings rate matters so much, and that is the gap. Increasing your income allows you to save more money, and if you put those extra dollars towards wealth building activities, meaning investing your dollars, you can get there even faster.

Now, there's a bunch of different ways to get there. You can get there with real estate, you can get there with index funds and ETFs. These are the things that we love to invest in. You can get there with buying boring businesses. We just had Walker Diebel on this podcast talking about this. You can buy boring businesses and that is another way that you can get there.

So there's so many different ways to get there. But now we're going to even do some more math. How much you need to have saved and invested for fire by decade. Let's talk through some of these next. Alright, so we ran the numbers on three different outcomes here. The first one is if you wanna spend $60,000 per year in retirement.

The second one is if you wanna spend a hundred thousand dollars per year in retirement. And the third one is if you wanna spend $150,000 per year in retirement. Let's start with $60,000 per. If you wanna spend $60,000 per year in retirement, you're gonna need 1.5 million invested. Where do I get that number from?

You take 60,000, multiply by 25, and you could draw nine 4% every single year. That's $1.5 million. So if you're watching on YouTube on the Androgen Cola YouTube channel, you can also see this available visually for these numbers as well. So, If you want to get there in 10 years, meaning if you want to retire in the next 10 years and you wanna spend $60,000 per year, then you would need to save $8,327 and 58 cents to achieve that goal every single month.

The only way to do that is to increase your income. Now, that may sound crazy to you, especially if you're living on a. Middle class income may sound crazy. How do you save $8,000? The only way is to increase your income. It may not be for everyone. We completely understand that here, which is why we did 20 and 30 years also.

We're gonna talk about that here in a second. So let's say you wanted to do it in 20 years. If you wanted to do it in 20 years where you wanted to retire in 20 years and you were investing your dollars to be able to do that, so you can spend $60,000 per year in index funds and ETFs or something along those lines, then you would need to.

Invest $2,636 and 21 cents. Now these are with 8% rate of return. The third one with an 8% rate of return is if you wanted to do it in 30 years, you would need to invest 1060 $4 and 92 cents. Now let's look at a hundred thousand dollars per year if you wanted to. Live on a hundred thousand dollars per year in retirement over the course of 10 years, you would need to contribute $13,879 and 31 cents if you wanted to do it in 10 years or less.

So these are gonna be people who maybe have a business, maybe they're just making a ton of money and killing it in their career, or they have side hustles. They have income coming from all different directions. Very hard to save $13,879 for most people in 20 years. $4,393 and 68 cents in 30 years, you need to save $1,774 and 87 cents per month.

Now let's look at $150,000 at 150,000. Obviously most people can't do this, but $20,818 per month is what you need to save in order to get to 3.7 million is your end goal target because that's how much you need in order to spend $150,000 per year. Now, if you wanted to do it in 20 years, that'd be $6,590 and 92 cents.

And if you wanted to do it in 30 years, $2,662 and 31 cents per month, if over the course of 30 years at an 8% rate of return, we'll get you to that 3.7 million more. So what you have to do is I want you to go and I want you to figure out how much do I wanna live on in retirement? And you're gonna say to yourself, Okay, I wanna spend $60,000 per year in retirement.

How much can I actually save towards that? Is it on track for my goal to be able to be financially independent? If it's not, let's look at our income. Let's see how we can increase our income. Now, I know it's easier said than done. I get it. But if you do some of these things, if you are willing to make these changes and make these adjustments, imagine the freedom that you can have if you start today.

And I want you to look at your savings rate. I want to, I want you to calculate that savings rate and see where it is. Maybe it's much lower than you actually think it is. If you've never done this exercise, for most people, that's what happened, and that's a very important number to understand. This is a pillar of personal finance and know your savings rate and making sure that you can increase it over time is gonna be a very powerful thing.

So look at that savings rate. How can you increase it? How can you earn more income so that you can increase that savings rate so that you can have that freedom that you desperately want? Because I believe every single person in this world, every person who is listening to this podcast can have that freedom, and I want that for you.

That is why we do this. That is why we teach you how to build wealth so that you can have that freedom, because it is the. Best feeling in the world, but you gotta learn this stuff so that you have that goal in place. And once you have that goal in place, set up that target so that you can get to that point in time where you can retire early.

Now listen, you may be thinking, well, I can't retire in my thirties. I can't save X amount of dollars every single month. Even retiring at 55 is early. And trust me, when you get to that point in time where you are in your forties or you're in your fifties, You are going to want to be retired. You're gonna be tired of your job, you're gonna be tired of your day job, you're gonna be tired of working every single day.

You're wanna spend more time with your spouse or your kids, or do everything you want in life that you actually truly value. So this is the time to start is now. It's never too late to start doing this, and I cannot wait to see what you guys do. Listen, I hope you guys learn a ton in this episode. If you guys have any questions, please make sure you reach out to me at Master Money Co on TikTok, Instagram, all those other places.

And if you're enjoying this podcast, make sure you share with family members and friends and spread the wealth because I want people to learn how they can build this generational wealth. You guys can all be free together and do what you want every single day, so it'll be really exciting to see multiple people do that in groups as well.

So really excited for some of these future episodes that we have coming out. Make sure you're subscribed to this podcast so that you can see all these future episodes of this is Something You're into and really appreciate each and every single one of you listening. I cannot thank you guys enough. I hope you guys have a great rest of your week and we'll see ya on the next episode.