#Early Retirement Strategies

[retireyoungtravelsmart]

How to Unlock Early Retirement: 5 Smart Ways to Bridge the Gap Before 59 1/2

Dreaming of early retirement and escaping the 9-to-5 grind to embark on a life of adventure before you hit the traditional retirement age? You’re not alone! Many people, like us at Retire Young Travel Smart, are increasingly drawn to the idea of early retirement. But a common question arises, especially for those of us in the U.S.: How do you fund early retirement before 59 1/2 when most of your…

[captainjonnitkessler]

Me when I am definitely not in a cult

[sportsallover]

To give a bit of context, Émilien feels that when he slows his shooting down (which he did all of last year), he starts thinking too much and misses. Whereas when he doesn't think and shoots instinctively he feels he misses less. I think a big factor is also that he has less fun when he slows down his shooting, to the point that he almost retired last year.

He is working on it, but he is working on perfecting his instinctive shooting, rather than spending more time on the shooting range

[talabib]

How to Work Less to Achieve More

Key Point:

keep your attention on an important task by adopting hyperfocus. When you hyperfocus, you rid your environment of distractions, and become aware of what’s occupying your mind. What’s more, every time your attention strays, redirect it. Remember is that scatterfocus can help you with tricky problems that require creative solutions. With scatterfocus, you allow the mind to wander and make unusual connections. You can help create scatterfocus by nourishing your mind and allowing time to reflect.

In our fast-paced world, working long hours has become the norm. However, the key to achieving more is not simply working harder or longer—it's about working smarter. In this article, we will explore strategies to help you work less while accomplishing more. By training yourself to enjoy hyperfocus, cultivating meta-awareness and intentional focus, eliminating distractions, harnessing the power of scatterfocus for creative thinking, connecting seemingly unrelated information, and nourishing your mind, you can optimize your productivity and achieve greater success.

Train yourself to enjoy hyperfocus more.

Hyperfocus is a state of intense concentration where you become fully immersed in a task or activity. To work less and achieve more, it's important to train yourself to enjoy and leverage hyperfocus. Set clear goals, break tasks into manageable chunks, and eliminate distractions. Engage in activities that naturally captivate your attention and give you a sense of fulfillment. By training yourself to enjoy hyperfocus, you can maximize productivity and accomplish more in less time.

Meta-awareness and intentional focus are key to managing your attention.

Meta-awareness refers to being aware of your own thoughts and mental processes. Intentional focus involves directing your attention consciously and purposefully. Cultivating these skills is essential for effective attention management. Develop the ability to notice when your mind starts to wander and gently bring your focus back to the task at hand. By practicing meta-awareness and intentional focus, you can reduce time wasted on distractions and stay on track to achieve your goals.

Achieve hyperfocus by ridding your environment of distractions.

Distractions can significantly impact productivity and hinder your ability to work efficiently. Create a conducive work environment by minimizing distractions. Turn off notifications on your phone, close unnecessary browser tabs, and create a physical workspace that promotes focus. Consider using productivity tools or apps that block or limit access to distracting websites or applications. By eliminating external distractions, you can enter a state of hyperfocus and accomplish more in less time.

Scatterfocus helps you plan and think creatively.

Scatterfocus is the practice of intentionally allowing your mind to wander and explore different ideas, without a specific goal or objective. This mental state can be beneficial for planning and creative thinking. Set aside dedicated time for scatterfocus, allowing your mind to freely explore different thoughts and possibilities. Embrace daydreaming, engage in activities that stimulate your imagination, and give yourself permission to think outside the box. By incorporating scatterfocus into your work routine, you can generate fresh ideas and enhance your problem-solving skills.

Use scatterfocus to connect the dots between seemingly unrelated bits of information.

One of the unique benefits of scatterfocus is its ability to facilitate connections between seemingly unrelated information. During moments of scatterfocus, your mind can make unexpected connections and insights. Capture these ideas by carrying a notebook or using a note-taking app to jot down your thoughts. When you revisit these notes later, you may discover valuable connections and insights that can fuel your productivity and lead to innovative solutions.

Nourish your mind to make the most of scatterfocus.

To optimize scatterfocus and enhance your overall productivity, it's important to nourish your mind. Engage in activities that promote mental well-being, such as regular exercise, quality sleep, and mindfulness practices. Take breaks throughout the day to recharge and refresh your mind. Additionally, fuel your brain with nutritious foods that support cognitive function, such as fruits, vegetables, whole grains, and omega-3 fatty acids. By prioritizing self-care and nourishing your mind, you can maximize the benefits of scatterfocus and achieve more with less effort.

Working less while achieving more is within your reach. By training yourself to enjoy hyperfocus, cultivating meta-awareness and intentional focus, eliminating distractions, harnessing the power of scatterfocus for creative thinking, connecting seemingly unrelated information, and nourishing your mind, you can optimize your productivity and achieve greater success. Remember, it's not about working longer hours, but about working smarter. Embrace these strategies, experiment with different techniques, and find the balance that works best for you. As you implement these practices, you'll discover the power of effective attention management and witness your productivity soar.

Action Plan:  Have a cup of coffee to help you hyperfocus.

Caffeine and hyperfocus are a match made in heaven. Caffeine keeps you alert and focused. It helps you persevere when work gets boring. And perhaps most importantly, it can improve your performance on a number of cognitive tasks. So the next time you need a burst of intense concentration, make sure you’ve got a cup of coffee to hand – if nothing else, it tastes wonderful.

[my-financials]

The FIRE Movement: A Comprehensive Guide to Financial Independence and Early Retirement

Introduction In recent years, a revolutionary concept has emerged in the realm of personal finance, captivating the imagination of young adults worldwide. Known as the FIRE movement, which stands for Financial Independence, Retire Early, this philosophy offers more than just financial advice—it proposes a radical shift in lifestyle. This in-depth guide explores the intricacies of the FIRE…

[financeguruadvice]

Retirement Planning Strategies : A must read guide 💰

[unitedstatesrei]

The Bold FIRE-Movement Journey of Realization to True Financial Freedom with Jessie Dillon

Key Takeaways Burnout can be a powerful catalyst for building a life of freedom through intentional investing. Long-distance real estate investing works when you let go of control and build a solid team. The FIRE movement empowers individuals to pursue time wealth, not just financial wealth. United States Real Estate Investor The REI Agent with Jessie Dillon https://youtu.be/rvV8_vfpsIg Follow and subscribe to The REI Agent on social Facebook Instagram Youtube .cls-1fill:#fff; Linkedin X-twitter United States Real Estate Investor It's time to have an investor-friendly agent on your team! It's time to have an investor-friendly agent on your team! United States Real Estate Investor How One Woman Used Real Estate to Escape Burnout and Build a Life She Loves On this episode of The REI Agent Podcast, Mattias sits down with powerhouse investor and beauty industry entrepreneur Jessie Dillon, a woman who transformed exhaustion into empowerment. What started as burnout in her successful permanent makeup business turned into a life-altering journey toward FIRE—Financial Independence, Retire Early. Jessie’s story is one of raw honesty, grit, and relentless focus. It’s the kind of episode that leaves you inspired to audit your own life and start crafting a future on your terms. When Burnout Becomes the Breaking Point Jessie’s journey began not with real estate, but with exhaustion. After building a booming beauty business, she realized she was completely burnt out, both physically and emotionally. She told Mattias: “My business was me. I was my business. I feel like I was working twenty-four-seven.” The nonstop hustle forced Jessie to confront a painful reality: success doesn’t always feel like freedom. That’s when she stumbled upon a Facebook article about the FIRE movement. It clicked immediately. “I read it and I actually messaged her on Instagram. She recommended some books and podcasts.” That message sparked a fire that would change Jessie’s trajectory forever. How Real Estate Became the Escape Route While initially focusing on extreme savings and index funds, Jessie soon realized she couldn’t sustain the 70% savings rate needed to retire early through traditional methods alone. That’s when real estate became the beacon. “I was like, I’ve already figured out this business thing. I guarantee I can figure this out too.” She closed on her first rental property in January 2022—and hasn’t looked back. From house hacks to multifamily deals to long-distance investing in Illinois, Jessie has built a portfolio with one goal in mind: becoming work optional. Her formula? Strategic partnerships, value-add deals, and laser focus. “You ultimately get paid to be on this emotional roller coaster.” Letting Go of Control and Building a Team One of Jessie’s biggest mental shifts came when she realized she didn’t want to manage everything herself. “Giving myself permission to hire it out just because I don’t want to do that was huge.” Even local properties are now under professional management, allowing Jessie to stay emotionally balanced and focused on scaling. Her philosophy is simple: treat every property like a business, and make decisions that support the life you want, not just the income you earn. The Freedom to Explore New Frontiers Jessie hasn’t stopped with rentals. She recently completed a self-storage investing course and has her eyes set on new asset classes for the future. “I didn’t do it immediately because value-add multifamily is just my comfort area. But I’m looking forward to doing that.” It’s this blend of discipline and curiosity that makes Jessie’s story so powerful. She’s not just chasing numbers—she’s building a lifestyle. The Power of Partnership, Purpose, and Perspective Throughout the episode, Jessie and Mattias dive deep into the power of surrounding yourself with the right people, whether it’s a CPA, attorney, or a trusted investing partner. “Only take advice from people who are doing exactly what you want to be doing.”

Jessie’s favorite book, The Millionaire Next Door, shaped her perspective on wealth. Not flashy. Not loud. But intentional, efficient, and strategic. “I’m so rich with time now.” She’s even passing the FIRE torch to her daughter, who has committed to investing half of her income in pursuit of retiring at 38. That’s not just legacy—it’s leadership. Build a Life You Don’t Need a Vacation From Jessie Dillon’s story isn’t just about real estate. It’s about self-awareness, courage, and rewriting the script. Whether you’re a burned-out entrepreneur or an aspiring investor wondering if you have what it takes, this episode reminds you: “Pick a strategy and laser focus on it. They all work.” Jessie didn’t just build a portfolio. She built a purpose. And it all started with asking: “Is this the life I want?” If the answer for you is “not yet,” maybe this episode is your wake-up call. Because real estate is more than investing—it’s your vehicle to live boldly, fulfilled, and free. Are you ready to start driving? Stay tuned for more inspiring stories on The REI Agent podcast, your go-to source for insights, inspiration, and strategies from top agents and investors who are living their best lives through real estate. For more content and episodes, visit reiagent.com. United States Real Estate Investor Create healing and connection within yourself, your family, and your community. Create healing and connection within yourself, your family, and your community. United States Real Estate Investor Contact Jessie Dillon Linktree United States Real Estate Investor Mentioned References The Millionaire Next Door by Thomas J. Stanley and William D. Danko Playing with FIRE (documentary) Dave Ramsey Podcast Mr. Money Mustache Self-storage investing course by Bree the Investor United States Real Estate Investor Transcript Welcome to the REI Agent, a holistic approach to life through real estate. I'm Mattias, an agent and investor. And I'm Erica, a licensed therapist. Join us as we interview guests that also strive to live bold and fulfilled lives through business and real estate investing. Tune in every week for interviews with real estate agents and investors. Ready to level up? Let's do it. Welcome back to the REI agent. Your host here, Mattias. Erica is enrolling our male child into preschool, which is crazy. Yeah. Our kids are growing up. That daughter gave me this beautiful mug. It's rainbow colored. I don't know if you can see it. And it says low key thriving on it. And I don't know if she read that, but that is just the sweetest mug ever. I hope this thing never breaks because I love it. Today, we have, Jesse Dillon on the podcast. She is a a business owner that wanted got really into the fire community and, just went after rentals as a as a route to, yeah, becoming financial financially independent. So FIRE, if you're not familiar with it, is financially independent, retire early. And I've been I've I've read different blogs throughout the years and been kind of part of those kind of communities, that kind of mindset. And I, you know, part of me, enjoys enjoying life, and I think living as frugally as possible, isn't always the way I want to live. I think there's a bit of a balance there. And I also am like a a busy person, so I like to get after it a little bit. And I think, you know, enjoying some of the fruits of of what, you know, the business that I've created, is okay. But, you know, living that balanced life, is certainly good. But what I really wanted to talk about with that is just kind of having this intentionality with what you put into your brain makes such a big difference as to how you see the world and how, you you behave ultimately. You know, when we were in the debt payoff phase, my wife and I, we, you know, I would listen to Dave Ramsey, you know, a lot. And it was just to have that community, because we we kind of got ostracized a little bit from some of Erica's friends.

And I couldn't see many of my friends as much as I like to. You know, whenever they were wanting to go out, we just didn't for the most part. And or we would be, like, trying to do things that would be, you know, a lot cheaper since we were just so focused on that debt payoff. And I just don't know if that would have been possible, if we didn't have that kinda, like, constant input from, from the podcast, Dave Ramsey podcast. And and so I think that's that's just kind of, you call it brainwashing if you want. And I've mentioned before on the show that, you know, I've kind of you know, I'm not a huge Dave Ramsey fan necessarily. I think it played a really good key role in our life, so I'm not a hater. But I certainly I'm not subscribed to his plan or his baby steps at this time. I'm I'm trying to leverage real estate as much as I can. But all that to say is, you know, I just think it's it's really important to to just be intentional about how you are filling your brain with with things. And and if you are, you know, constantly watching, like, you know, the, I don't know, celebrities or, like, the the Real Housewives. I actually never seen that show. I don't even know what it's about. But, like, you know, you're if you're if you're, like, having this glamorous, inundation of glamorous living in your in your brain, that's what that's what you're gonna want. And you're gonna have your lifestyle creep up. And if if, you know, wanting to become a real estate agent is because you are wanting to live a glamorous life, and all you want is the fancy things and to show up, to a a listing appointment in a Porsche and be, you know, wearing the the a fancy suit, with Rolex watches or whatever. You can do that kind of stuff too, but, you know, that's just gonna make your lifestyle a lot more expensive. And if you gotta just think through, is that what you want over having more freedom of time, etcetera? So, yeah, just being intentional about what you put in your brain, I think, is is just really, really important. And, surrounding yourself with the community of people that, are like minded, that are where you wanna be, I think is also important for that. So you can do listen to podcasts. You can you can read books, that will help you get there. And just, you know, again, having those friends that are, you know, kind of on the same journey, having maybe a few that are far ahead of you, and and where you wanna be. I think those are all great ways of kinda just keeping yourself in in the right path. And, you know, one of the things that we just talk about all the time is, you know, trying to live intentionally. And if you don't, you know, life will just happen to you. So pick up a book, find a new podcast that, fits kind of the life that you wanna be living, that you feel like you should be living, and just start brainwashing yourself. Use it as a trick. You know? Brainwash yourself for good for the good. Anyway, without further ado, today on the show, we have Jessie Dillon. She's coming out of Massachusetts. And like I said, she's, into the fire movement and wanting to, retire early, through real estate mainly as her, vehicle of choice. So without further ado, here's Jesse. Welcome back to the REI Agent podcast. I'm here with Jesse Dillon. Jesse, thanks so much for joining us. Hey. Thank you for having me. Jesse, you are in the Massachusetts area. You're, an investor and a business owner. Can you tell us a little bit about your story and how you got into real estate investing? Yeah. Of course. So I've always been in the beauty industry since, like, 2011. And in 2017, I went off on my own, started my own business. And, right away, I fell in love with business and social media marketing, and my business really did take off right away. It's a small permanent makeup studio, so we tattoo brows, lips, and eyeliner and do a couple accessory services. But it took off really, really well, a little too well.

And 2020 came, and I realized just how burnt out I was getting. I think a lot of small business owners could relate. My business was me. I was my business. I feel like I was working twenty four seven. I could never stop thinking about it, and it also really was taking a toll on my body physically. Mhmm. It's a lot of repetitive movements and being hunched over. So I started looking into this whole fire thing and just I think it was a Facebook clickbait article where I first heard that term. And it was about a girl in her late twenties who was going to be retiring by the time she was 30. And I was like, I have to figure out whatever she's doing. So I read it and I actually messaged her on Instagram, and we talked a bit. And she recommended some books and podcasts. And first, I went hard with investing the highest percentage of my income I could in index funds. And I was fortunate to be able to achieve a 70% savings rate, but I realized I was gonna have to do this for eleven years to actually retire that way, and I just knew I couldn't keep that pace up for that long. So I continued diving into all these fire podcasts, and there was a real estate investor on one of them. And he was saying, you know, it's really more doable to retire in a couple years if you really play it right with real estate investing. I'm not a % bought into that idea now that I'm, you know, down this path, but that sounded a lot better to me. So I was like, I've already figured out this business thing. I guarantee I can figure this out too. And this was fall two thousand twenty one. Okay. I just started listening to every single podcast, reading all the books. All day while I was with my clients at the studio, I was listening to a real estate podcast, so my clients are kinda learning alongside me. And, the following January 2022 is when I closed on my first rental. So for me, real estate is an avenue to eventually become work optional in my salon, which I foresee being maybe a year and a half away now. Okay. Wow. That's amazing. And I guess one of the questions I have for you right off the bat is, did did that new goal, that new that new target make the grind less bad? Like, it had a had a more of a purpose or you had, like, you know, okay. I'm gonna do this grind in the in the beauty salon. Even though I was burnout, now I have, like, a renewed sense of purpose. Did you feel that at all? I think it was more so almost like a light at the end of the tunnel that made it more tolerable. Like, in the beauty industry, no one has a retirement plan. No one has a four zero one k. Like, it's very, very rare to have a job within the beauty world where you have that, and no one's really talking about it or teaching about it either. So this kind of no end in sight. And I do really, really enjoy my work in the beauty industry. Like, I don't want to come off as if I don't enjoy what I do, but I do also really value the concept of working just because you want to and not because you physically have to to pay your bills, and that's really what I'm chasing. I probably honestly will continue doing what I do in the beauty world, but just on a, you know, like, less frequent basis. Sure. No. I think, I mean, that's very common, I think, with, like, you know, small businesses in general. You know, there's, in the in the real estate sales world, there's often the, like, you know, the people that just simply can't retire. They're still, showing houses into their eighties or whatever and, honestly, are just working until they die. And it's some of them just, you know, love it and wanna keep going, and others, know, just had didn't plan maybe the best and and, are are just kinda stuck having to keep the bills going. One of the things we, you know, talk about as a lofty goal is to be, like, a % passive. Sounds like that's what you're aiming for, so that you can, you know, build up your rental portfolio as you build up your real estate sales business or whatever other what other what other business you're in.

And, yeah, just trying to get all your bills covered with a passive income and so you can then choose, you know, how to increase your lifestyle at that point because that's a big factor. Right? Obviously, if you're, getting new cash flow and you're spending it right away with a new lease or or whatever, it's just not really gonna replace your, needed income. But, yeah, that % goal, it sounds like is you said a year and a half away already. Yeah. I think I'm about a year and a half away. Amazing. Right now, I'm closing on two deals that, you know, so long as these make it to the finish line, which I think commercial size multifamily has been kinda difficult to close for everyone lately. So long as these two make it to the finish line, that will actually, in theory, complete my portfolio. It'll get me to where I have been wanting to go this whole time. And since I really only do value add multifamily, you know, it then takes a little bit of time to ramp up and get to where I want it to be as far as cash flow goes, but that's why I say about a year and a half out even if I was to close on these two next month. Well, let's let's dive into that a little bit. So was that the first deal that you did was a multifamily value add? It was a two unit. It was not value add. It actually was I don't wanna say turnkey. So it was two units. The unit that was owner occupied was in perfect condition. The house was really, really well kept, and then there was, an addition built onto it that was a two level, two bedroom with a bonus room, but the tenant in there had been there for, like, something like thirty years. So it hadn't been touched and needed a lot of love when they moved out, but I do still own that property today. Yeah. I was gonna say if you jumped if you jumped fully into, like, a, like, your first deal was, like, a a 30 plex or something. I was like, what's it was. You what what podcast did you did you listen to? Because that's impressive. So what have you bought since then? Did you did you go into bigger, multifamily from there? Or So that first year, I bought the two unit, and then a few months later, I really wanted to try my hand at short term rentals because, you know, coming from beauty, customer service is so huge for me. And, I saw how that was gonna translate to being a Airbnb host. Sure. So I bought a single family home up in New Hampshire. I have actually since sold that creatively. And then summer twenty twenty two, I bought my two family house hack, and then I also midterm rent my guest room in that property. I'm sitting in that property right now. And then I had didn't close on anything for a year, and I sort of felt like I had done something wrong because I was tapped out of down payments. And I could I had the time and knowledge to buy faster than I could build up those down payments, especially, you know, I'm in a high, a high ticket area, like, buying in Mass, New Hampshire. So that's when I kind of opened my mind to partnerships. And almost a year after I opened my mind to partnerships, which it was actually BPcon that year that made me reconsider partnering. I closed on a 13 unit value add multifamily in Illinois with a partner. Since then, a few months ago, I closed on another eight unit value add multifamily out there, and the two deals that I'm under contract on right now are also with partners, a 12 unit and a 13 unit also in Illinois. Okay. Now how was the Illinois purchases based on the partner you found, or was that based on the market, that you, like, you did research market research and found that that was the best market to be in? Market research. So, my first partner and I, we were originally looking for something local, but the deals that we were looking at with the amount of capital that we had to play with, nothing was penciling out unless we were going to get it creatively. But we really didn't want to spend the time that it might take to try to find something off market where I feel like you're more likely to get a creative offer accepted.

And I was making these creative offers on on market deals anyways, but there was 10 people in line behind me offering with traditional financing who were happy to just get a base hit while I was trying to make everything a home run. So that that went on for about six months, and then we decided together, you know, clearly, that is not working. But if we're doing deals around this size, we're going to have to use a property management company anyways. Like, the lender will require it. So is there really a purpose in staying local if we could find something that's just a better ROI long distance? And I'm happy that I have the flexibility to travel a lot. And my partner, she actually also visited Chicago a lot for work, and that was one of the cities that we had started looking into. It seems like just basically the farther away from the coast you get, the more the numbers work as a very, very broad rule of thumb. But the more we looked into it, we loved Chicago, and I think a lot of long distance investors would not pick Illinois because it is a tenant friendly state and that comes with challenges. But we were gonna buy in MAS anyways, which also is. So that's kind of the lens that I'm used to operating through anyways. Okay. Yeah. It can be really hard if you are in an area that is, just, you know, an appreciation heavy market. That's where we are as well. We're we're Virginia, so we're also, East Coast. I think there's just people that, you know, they're maybe they're ten thirty wanting, money into something else, and they're just happy to park it. And it's just like, this doesn't pencil out. Like, how is the the cap rates worse than the interest rate that we're paying? I guess this isn't gonna Mhmm. This isn't gonna work. So, yeah, that that's awesome. I mean, did did it did it take, was it nerve wracking at all to start going into a a market that you weren't as familiar with, that you maybe weren't able to just drive by the property you're looking to buy? Did did, you know, investing in a in a different market, did that pose any kind of mental challenge that you had to overcome? Not really, honestly. But I hear so many people say, you know, I would never buy an investment property that I can't drive by on a Saturday. And it's interesting to play that through in your mind. Like, well, why do you need to drive by it? Does it matter if you drive by it or if someone else drives drives by and sends you a video? And I think it's just you you know, you don't wanna, like, let go of control of your investment. But, I mean, with business in general, I have learned to delegate and let go of control a bit and understand that if I wanna save my time doing something, I have to be okay with someone else doing it at, like, maybe 90%, like, accuracy versus me having to do it the exact way that I would wanna do it. So I feel like coming from an entrepreneurial background really helped me be okay with investing long distance. Yeah. Yeah. That makes sense. And and to your point, I mean, like, if it's kinda forces your hand to get the the professionals in in place, you said you might have needed it anyway with a loan, but I think that's another challenge some people might have is that they they feel like they're gonna do a better job, running it out themselves and they won't have that control. And, you know, when you think about it, can kinda comparing it to, like, stocks, if you will. Like, I mean, that's one of the benefits of real estate, that can be an argument can be made for is that you, yeah, you can you can go see it. You can go, like, you know, feel it. You you know the market. You you have much more understanding of the actual fit product that you have, the business you have, as opposed to if you invest in the index 500, you don't know crap probably about what you're invested in really other than it historically has done well. So so, you know, in that sense, you know, I can see why some people have a little bit, you know, more comfort with, having something around them.

But, to your point, like, if if you are chasing freedom, you know, delegating that stuff out, and and growing in that way so you can get the the numbers to work better, in a in a better market for rentals makes a ton of sense. Mhmm. And I will also say, you know, even if you do have all the right people in place and you're delegating and you have a property management company, you do still have to be the asset manager. You can't be completely hands off and never think about it or worry about it or ask about it at that point. I have heard of a lot of people having a really bad experience in real estate investing because they ultimately expected their property manager to care about the performance as much as they do. And you can't really completely take your hand off the pulse. You know? Like, you still have to be overseeing and tapped into, like, what's going on. I mean, can you describe that a little bit, in more detail? Are you looking at, like, you know, comparable property rents? Like, what are what how do you do that to kind of help make sure it performs well? Yeah. So for example, like, with my properties in Chicago, once everything is once the dust kind of settles after closing, I'll go to monthly check ins. But my property manager has a really good pulse on, like, what I want to be involved in or included in. So we'll often end up talking a couple times in between those check ins. But every month, I'll send an email kind of, like, touching base on different things that we were talking about the previous month. So what's going on with lease renewals? Like, for each one, what are we asking for? Did they sign yet? What are the what are the comps that we were basing that on for vacant units? Where are they at, for certain repairs or maintenance or CapEx items that we kind of had on the back burner, like, where are we at with getting those done? They helped me along with appealing the new assessed value recently. So I'll touch base every month, and I have a pretty good pulse of what's going on in these buildings. Sure. No. That makes sense. Do you have it set up so that that if there's a maintenance item, below a certain dollar amount that they'll just take care of it, that kind of thing as well? Or Mhmm. Yep. Absolutely. And then they also loop me in on anything bigger. So for example, there was, a toilet had leaked and it caused, like, a, a lot of water damage in the unit below it. Mhmm. And there was, like, a 4AM emergency call about it. So once everything was completely taken care of and resolved and fixed, they forwarded me the emergency call email and just let me know what happened, how they fixed it, and that it's all good. Okay. That's nice. I was, you know, recently camping last year, and I didn't when I went camping, I didn't know if I would had service or not. I did. But I got, like, three calls from a tenant at at, like, 4AM in the morning. Like, why why are you bothering me? And it was a hot water heater had leaked, above and and was pouring water down, in his unit. So it was good he called me, but it could have been nicer if that was the property manager handling that Mhmm. Well, I'm keeping. Yeah. And, honestly, I worry about my long distance properties less than I worry about my local properties because I'm not a professional property manager. And now I actually did hire out management for even my local properties because that just is not a task that I enjoy doing, and I don't picture that to be part of my ultimate goal where I'm still the person taking calls. And I did have to kind of get over mental blocks around that, like hiring property management for local properties. Like, I could easily be doing that, but I just don't want to. And giving myself permission to hire it out just because I don't want to do that was huge. I did that this past December, and I joked that it was, like, my best Christmas gift to myself to just take that off my plate. Because I get really anxious about, like, emergency issues and, Yeah.

You know, getting calls at all hours and stuff. Like, I actually feel too emotionally up and down about properties that are local to me and properties that are long distance. I really see them more as, like, a business. So I just think about it differently, and I I enjoy how I think about the long distance properties a lot more. I mean, that's what it is. They they are their businesses, and each each property you consider a a different business that you own, and I think that's a really good lens to have. And at the end of the day, again, if you are if your goal is to free up your time, and to to have more freedom, like, learning to to pass on the buck. I I'm kinda talking to myself right now. I'm not I haven't done it yet. I am a real estate agent, so, like, I kind of am on call anyway all the time. So it hasn't been too different, but it is a different type of and there's liability involved too, especially as a licensee. Like, you, you know, if somebody were to find you liable for, you know, fair housing that could that a violation there that you could, you know, lose your license and and that would impact your your whole livelihood. So there's there's definitely a reason to and that's probably honestly the biggest reason for me to get it off my plate would be just the liability end, because, you know, if I lose my license, that's, that's a big deal. Yeah. Definitely. Have you had, the have you ever have you had, like, any, like, falls or accidents in your property too? That's another thing that just came to mind with liability is I had somebody slip on some ice, this past year, this past winter. And, you know, again, another headache that disrupted my day that I, you know, would have need to have if if I had that, you know, property managed? I have not had that. The only thing that comes to mind, which I feel like a lot of investors probably would also be as scared as I was when this happened. I did have a tenant who had a couple young kids, and, she had told me once that one of her kids tested positive for lead. Wow. And, yeah, and the unit was certified lead compliant. In mass, if there's a child living in the unit under a certain age, it has to be, and it it was. So but still, I was immediately panicked. And I may be panicked about it more than I had to, and that's just an example of why, like, maybe I'm not the best property manager because I just, you know, go straight to panicking about things like this. But my first call was the attorney that I used to close on that property because he's been such an amazing resource for me. Like, it's so rare to find an attorney who, you know, when I have a quick question, I can text him. I can email him. I can call him, and he'll get on the phone and explain the answer to me for twenty minutes, and I now get a bill afterwards. But I refer a lot of business to him, and I always go to him for my local transactions. And, you know, he explained to me how all of that works, where I can learn more about it on mass.gov. I actually ended up getting on a call too with a woman who works for the state of mass who that's all she handles, and I learned so much on that call. I wrote a whole note in my phone about it, and I regularly share that with other investors. And, you know, it ended up being completely unrelated to the house, but, it was a great learning experience. Yeah. Yeah. And I think it's just different when it's your property, right, versus, like so I think, like, you know, problems can cause you, you know, headaches and anxiety and and all that stuff. If you're a property management manager, you probably get a little bit numb to to dealing with these things, but it's just different too when it's not yours. And it's it's kind of like you're you're helping people through it. It's just a little bit more removed. So, yeah, there's there's definitely benefits to that. Mhmm. When you, as you go forward, once you hit that, you know, %, do you think you'll continue to invest, in real estate?

Or you do you think you're just gonna retire on a beach and drink, mojitos all day? I've been thinking about that a lot lately because it feels like something that's getting closer. And I do think that, you know, regardless of how these two deals in progress go, I would be open to doing another deal in the future with an existing partnership. I have four partners, and I'd be totally happy to do another deal with someone I'm already established with. And then also I'd like to do another house hack probably next year. I don't really see myself wanting to completely stop trying with real estate because I actually do enjoy it. And I think once I'm past my finish line, it it's gonna become even more enjoyable because I won't feel like I'm chasing after something. I'll feel like I'm doing it just because I I love the game of it. Like, it's like fitting these puzzle pieces together. You know what I mean? Like, I I do really like it, and I have this skill set with, like, finding and analyzing deals and then operating these deals. So, Yeah. I think I'll probably still be open to it, but I won't be chasing after new deals, new partnerships. You know? Similarly to with permanent makeup, like, I'll probably continue doing it, but it'll most likely be more of my returning clients. I'm not gonna put as much into trying to attract those new clients all the time. But it'll just be so nice to have the flexibility to say, you know what? I'm gonna take three months off, or I'm gonna take the whole summer off and travel or do whatever. Like, that's really what I'm going for, but I'll still probably work by choice. Totally. No. That's that's, yeah, that's the dream. I mean, I think it's you can, take different risks too. Like, I I think there's, something to be said for, having the freedom to explore something new that you may not have had the courage to or felt like you could, because you're financially strapped before. And, like, you know so yeah. I I right now, I'm building a sales team, to free up some of my time, ideally, because I also want to take my family to, Spain for a year. And, you know, without investing, without building that team, I don't know. Yeah. All those things wouldn't have happened if if I wasn't building this stuff, you know, if I wasn't taking these risks and chances. So it's just cool how you can kind of open more doors with, by by grinding through these deals. For sure. And to your point about being able to take on just projects or the different risks, I actually this past fall, I took a course on self storage. And I actually really loved it. Like, if anyone listening is interested, the course was with Bree the investor on Instagram. I loved the course. I really feel totally prepared to go look for a self storage facility, but I didn't do it immediately because I was like, value add multifamily is just my comfort area. I know I can find a great deal quickly for these two partners that I have who want to find something now. So I was like, I'll kinda circle back to self storage once I accomplish what I wanted to accomplish. So I'm looking forward to doing that. Yeah. Yeah. Totally. I mean, that's there's some some beauty in in that for sure, that that model. You don't have toilets. You don't have a different kind of, tenant, that you can, you know and I I would imagine there's some pretty good, write offs as well. Have you gotten, into the rep status now with your investing, and you now are you doing accelerated appreciation with your, properties you you are buying? I am in rep status. I honestly don't drive myself insane trying to understand all the different things when it comes to taxes. Like, that's something that I have tried to learn a lot about, and I just have maybe a mental block around it. Like, I can't retain too much of it, but I work really closely with my CPA. Maybe, like, two or three times a year, we'll have strategy calls. And she works with all investors, and she herself is an investor, which is why I feel like she's so good.

So, honestly, like, I live and die by whatever she tells me to do, and I don't drive myself crazy trying to understand the why. Yeah. But that has also made a huge difference for me, like, working with someone who specializes in real estate. I had previously worked with a CPA who, specialized in small business, and that's why I was with him because when the salon was, like, my main thing. Mhmm. And I had learned enough to know that I felt like the projections that he had for my taxes that year were off. And when I had consulted, my now CPA on it, she was like, yeah. It's like a $40,000 difference. So I'm surprised. That was huge. So it's like, well, good thing I listened to enough podcast to know that something was off, like, to know to look into it. You know? Yeah. Yeah. That's I mean, you're you're you're talking about your team. And I think it's just there's it's so valuable. It's so valuable to have. And I have, an attorney like you described as well that I can text, that I can call. It's been so huge, and and that was, you know, the reason I could, with that that fall on the ice, I I could kinda resume normal activities and not just be focused on this, possible problem, because he was like, yeah. You're you're fine. He's not gonna be able to do anything. It's just it's just nice to have those people. And, obviously, like, one of the best ways you can give yourself a pay raise is is, you know, maximizing your taxes, from what you already earn. So having a really good CPA is great. Sounds like you maybe get some strategy from the CPA as well. Yeah. So I'm not sure that she would call herself a tax strategist, but, it seems like CPAs often don't want to use that term. Mhmm. But, you know, it's helpful that she can just say, you know, based on her experience as an investor, this is something I might wanna look into doing. And yeah. So she does give me some guidance. And it has been really, really helpful for me and also just alleviated some of the stress around taxes to have those, like, meetings with her throughout the year to kind of make sure I know what's coming the next tax season. Sure. Another question for you is as you, like, think about maybe some new opportunities and exploring some new, ventures, has the thought of syndications at all come up come to you, like, as far as leading them or even just investing them? I think that you would obviously have a pretty good, ability to analyze a deal even just as a limited partner to, you know, see if it's it makes sense, etcetera. Is that been something you've considered at all? I've thought a lot about syndications. I think down the line, I would probably passively invest in the syndication, depending on the operator, like, if it was someone I really knew well and trusted. Yeah. I don't really foresee myself being, you know, part of a group that runs a syndication. I honestly kind of have, and this might be controversial, but I have always kind of had, like, a bad taste in my mouth about syndications because I just feel like there's been this boom of a lot of people running syndications who really don't have as much experience as I would want them to have if I was passively investing in it. Yeah. So it's kinda put a bad taste in my mouth about it. But there are also people who what's that? Sorry. Keep keep going. I I didn't mean to interrupt. Yeah. There are also people who I know, like, my mentors who, you know, debate on starting a syndication, and I would absolutely invest in theirs. Yeah. It's all I mean, the operator is huge, for sure. And, there I was just gonna say to your point too, like, there's been some messy ones, as of late with, you know, short term debt and project not projecting it that the interest rates would go as high as they did, cause a lot of problems, especially in the multifamily space. So it's, yeah, it's, it's not something to do lightly, but, talk about passive. Talk about, being able to kind of not stress about the day to day.

It's a pretty limited, worry kind of thing. If you if you get a good deal, get a good operator. Mhmm. I think I'd be more likely to be a private lender than to passively invest in a syndication. But, I think down the line, I could see myself doing, you know, a mix of both. Well, you know, you probably would not get the tax benefits from the private lending. I'm just thinking out loud that would be the one downside. Yeah. Because we're we're actually I'm projecting it to have a pretty good sales year this year. And so, therefore, we are committing to another syndication, simply to get the tax benefits from it. The the last one we did was, did did extremely well. So we we invested $50,000. The first year, we got $66,000 off of our our taxable income, and then the second year was another 23. So, like, you know, year three will have doubled the amount we invested in in in write offs. So we're thinking, you know, that would be maybe another great, opportunity for, you know, a high volume sales year, to to get into something like that again. And it's Got it. The return, was, like, 10 or 10 or 11%, so it was pretty good as well. And then the exit strategy would they would refinance the money back, and we would, re retain, like, a, like, a 1% interest, ownership of the park until they ever sold if they ever sold. So for us, it was yeah. Doing it again now is mainly a play for, the tax benefits of it. And then the thought of, you know, having that either sale or or cash out refinance, having that money come back, being able to recycle that into another deal, is also kind of exciting, if that were to ever happen. So, it's a it's a interesting space though because there I've I've heard some horror stories and some pretty big names even that, people have invested in and and hasn't gone quite right. And there's been capital calls and there's, you know, that's that's definitely something to to tread lightly on. Be careful. And I would think that maybe this is totally wrong, but I would think that most people who passively invest in a syndication are doing it because they don't really have the time or interest in learning how to DIY as an investor. So it's like if you don't really have enough knowledge to invest on your own, do you have enough knowledge to bet the operator? And that's where I worry, like, is it you know, are a lot of people getting in trouble investing in syndications? And that could be totally off. It could be just the lens that I'm looking at it through, but I can't imagine that that's, like, a super rare occurrence. Yeah. I think they're you know, and I think there's also a lot of, like, marketing to get attract people that, you know, you might feel like you're comfortable with this person, but do you really know them? Are they they're doing so much marketing for these things that are they even aware of what's going on in these deals? Yeah. For example, where are they spending their time? But, in in our circumstance, it was a really good friend, and and business partner in different investments that, has been in a mobile home, space for a while that, started joining up with other people. And and in this circumstance, they, put an incredible amount of energy, money, and resources. They have VAs, etcetera, finding off market, mobile home park deals that I don't think I would I mean, you know, it's possible I could I could do it myself as well, but, the deals are are good enough, that it just it's it's just easy, and it's, like, it's a it's a total win win. I mean, they're gonna, you know, make out great too at the end when they do the capital event. You know, they're gonna have 50% ownership of this park, and I you know, I understand that. I understand the benefits of being on the other side of that deal, but I also see how much work and that that they they put into it and the the whole team. And and and at the end of the day, again, do I want freedom? If it's a really good deal to

invest in on on the passive side, do I wanna build the whole team, to to go out and be on the GP side? So, yeah, it's Right. It's not for everybody. It's it's something that we've gotten into more recently, but I was hesitant at first for sure when I was, exploring those. Mhmm. And isn't it funny to say, like, even you, like, you have so much knowledge on real estate investing, and even you're a little hesitant. So Yeah. And I don't know if I would have. The first one was partly just I wanted experience in the space. And I was like, I'm gonna the numbers all look good, but I know there's risk. I'm gonna throw in $50,000 partly because I want experience in the space, and I wanna feel what it feels like. And so yeah. Yeah. No. Totally. I mean, it's it's, nothing's without risk. And, you again are putting your all the money into other people's hands, that they could, you know, they could operate poorly, and they could be totally wrong, and they could be straight lying about their projections, etcetera. So it's you know, there's definitely risk involved. But Yeah. Yeah. I have to ask if you have any, golden nuggets you wanted to share, with listeners about, you know, if they're looking to get into investing, or yeah. If you have anything you wanna share. I do. So there's a couple that I always try and work into every interview, every podcast that have been so impactful to me, and I wrote them down. And I'm gonna list them off, and then if you wanna, like, dig into one of them. So number one is only take advice from people who are doing exactly what you wanna be doing. And then number two is to pick a strategy and laser focus on it. They all work. And when you chase, you know, all these different rabbits, you catch none. Number three, it won't go exactly according to the spreadsheet. And number four, you ultimately get paid to be on this emotional roller coaster. Those are great. Those are great. And and, yeah, investing, there are so many different angles and strategies, that you can go down. And, I think it's it's good and if creative financing sense to have, like, an understanding of all the different ways you could make a deal work, and have different exit strategies. But, like, you know, at the same time, like, really getting into a niche, and understanding it, maximizing it is is huge for sure. Mhmm. Yeah. Like, right now, I co host the beginner cohort in the wire community. And what me and my cohost, Jamie, see so often is so many people will say, like, you know, I I think I wanna do, like, long term rental multifamily, but I I also kind of wanna try a vacation rental. And I'm seeing so much about midterm rentals. And I'm thinking about this market, but I'm also thinking about that market. And just having your attention spread out so much, I can almost guarantee that you're not gonna buy anything. Like, you're not gonna take action on any of it. Whereas if you just laser focus on one market, one strategy, one buy box, you're so much more likely to take action now. And you don't have to have FOMO about all the other things that you're thinking of trying. You can do those later, but one thing at a time. Yeah. I love it. And I I think, you know, just house hacking to start. Like, that's just such a, you know, easy way to just get some property, get some equity, and not that you have to be a starter beginning investor to do it. You're you're saying you're doing it as well, looking at it to to do it again. But, yeah, just to, like, start start that process off and, like, you know, it's it's different. You're gonna, like, be emotionally invested as well, which may be good or bad, but you'll probably be more likely to pull the trigger. I would imagine, like, okay. I can live here. I can make this work. Yeah. And especially if you don't have a lot of money. Right? Yeah. I honestly think that everyone should be house hacking. Like, whether you were intending to be a real

estate investor or not, I feel like everyone should be house hacking at the very least to just subsidize your personal cost of living or maybe reduce it to nothing. And even, you know, I I definitely plan on making sure I'm always capitalizing on FHA loans. Like, am I, as often as possible, buying property with as little money down as possible, investments that really make sense? And, yeah, like you said, I I plan on doing another house hack. I just feel like it's such a wasted opportunity to not Yeah. No. Seriously. I mean, yeah, where else can you, you know, buy like, I mean, can you buy a portfolio of stocks, for three and a half percent down? Right. Right. Exactly. Cool. I I love that. Those are really great tips. What about a book? Do you have any, fundamental books that you think everybody should read or maybe just a current favorite one? Current favorite is actually The Millionaire Next Door. I love a book with just, like, really impactful facts in it. Like, facts that you read and you're, like, like, woah, that's insane, and you wanna, like, share them with everyone around you. I mean, unfortunately, no one around me cares about any of the facts in this book, but I share them anyways. But I thought that book really shifted how I thought about wealth and millionaire status, which Mhmm. Sadly, I think, you know, when I was in maybe high school, I thought that that was worth so much more. And now just with what inflation has done, I'm like, is being a millionaire really as impactful as it once was? The answer is obviously no. But, yeah, that book really shifted how I thought about entrepreneurship, wealth. Yeah. It was really good. Yeah. It is good. I actually, used to work. I was doing behavior management kinda stuff in a high school. Kinda actually when I got my license and started selling as well. And, that I think I read that book around that time. And, we I would I would talk to the kids there. You know, they're all, like, wanna be flashy and stuff and, like, talking about, you know, what what do you think a millionaire looks like? What what what and, you know, they would go through all these different things. Like, you know, they'd be driving a Lamborghini and all this kind of stuff, and then just kind of explained how, no. Most of them are gonna be driving the the oldest car in the lot or whatever, and and they're not, you know, spending money on Rolexes and stuff like that because, their their money is working for them. So it's a great resource. Have you have you heard of, Mr. Money Mustache? Mhmm. I was you seem like a kind of person that's all about that, the efficiency of life as well as, like, the building of the the investments to I mean, to get to that number faster, like, obviously, the less you spend, the the easier it is to be a % passive. Yeah. So him and a few members of his community were in this documentary that I love playing with fire, which is on Amazon Prime. It's so good. It's, you know, all about the fire community, and there's a lot of, like, heavy hitters in the fire community, like influencer type people who are in it. And it follows this couple who is discovering fire and on the path towards fire. And, yeah, I'm very much about lowering your personal cost of living as much as you can so that you can become work optional or find financial freedom faster. Am I perfect at it? Absolutely not. And I feel like living in New England, you know, my cost of living kind of is what it is. But I do think it's just this really, like, exciting concept to lower your cost of living as much as you can. And then, you know, ultimately, from whatever investment vehicle you have, be bringing in one and a half to two times that so you truly can just not work and not worry about it. I mean, I think I'm someone who's always gonna worry about money to a degree. I feel like I'm just conditioned that way, but, I'm always looking at my personal cost of living and trying to figure out where there's room for improvement.

Yeah. I mean, mister Money Mustache is, like, just such a he's I don't know what the word is. He's obsessive with it. I remember reading, he got, like, a special, like, fuel gauge monitor or something like that so that when he was driving you know, the rare times that he was not just biking, he was driving and spending money on gas. He would, like, figure out exactly, like, how to, like, get the best possible fuel, economy that he could to, like, you know, not speeding up, obviously, all these things, but he he was able to really maximize that as well. It's just he's, obsessive on on the efficiency of everything, and I I I don't think I could be quite that way. And I I do enjoy, working as well. So, but it's it's really good to have those kind of, voices in your head, if you will, like, to have to have that community, in your head instead of the, you know, the I don't know. Like, trying to look and press the neighbors, kind of voices that, make make the opposite problem. You you have that lifestyle creep. Yeah. And, like, of course, you know, like you said, he's pretty extreme, but I think it's so cool to just be that passionate about something. Like, I'm probably not gonna be that passionate about that in particular. You know, it's hard to say that I'm so committed to fire because I get, like, Botox and filler and stuff. So, obviously, I'm not that passionate about it. But, and to your point too, it's so funny to think, like, what kids think of as, like, you know, what does a wealthy person look like? Like, while you were saying that I was thinking about my daughter because we, have, like, a candy dish now, like, on the coffee table, and there's a bowl with, like, always candy in it. And when I first put it out, she was like, oh, this is like a rich person thing having a candy bowl. And previously, like, there was a time where she went over a new friend's house and she was like, they have a pool. Like, they're rich, rich because they have a pool. And I was like, do you have any idea how much it costs to have a pool? Like, just the utility bills are crazy. Like, it's such a money sucker. And I'm like, I'm thinking in my head, like your, your mother, like, barely goes to work. Shouldn't that give you some indication that, like, we're doing okay too. Like, we don't have a pool, but, but, yeah, it was just so funny, like the pool of the candy dish, but to me, I'm like, you know, most days I'm home, and I'm not punching a clock. I'm not really working remotely. Mhmm. So to me, that's like, I'm so rich with time now. What an awesome lesson So funny. To give to your to your kids too. I mean, I think that that stuff, whether or not I mean, you probably talk about now too. You said your daughter is 17. So, but I I think even if you don't, I think they just they will soak up that. They'll they'll think back and they'll they'll realize where your priorities were and and kind of where your choices were, to it's it's a really great lesson. Mhmm. And I look forward to her being work optional early in life too because we've already kind of instilled the Oh, that's cool. You know, we've made the agreement that she invests 50% of her income. So she already has more in her retirement account than I think a lot of adults do. I showed her a timeline of the average lifespan and different milestones, and I was like, when on this timeline do you want to not have to work anymore? And she chose 38. So she committed to investing half of her paycheck until that time, and then we can go retire together. That's awesome. That's so cool. I had a a friend that, he his dad, Nick, made him max out a Roth IRA as soon as he could, as soon as he I guess, he had to I guess, he had to work to be able to do that. But I think he, you know, he helped subsidize it or whatever, but they he did all the way through, his college and, whatever he could in high school, maxed it out. And then when he got out of college, he used that as a down payment to, buy a house.

He house hacked that for, through grad school, through, you know, for a long time and and never had a mortgage. And it's just That's awesome. What a what a gift. So that's really cool that your daughter's doing stuff like that too. Jesse, where could people find you if they wanted to follow you on Instagram or, you know, where where where are you at? Where where people reach out? Instagram's definitely best. So I'm @jessedylan_ with an underscore at the end. And in my bio, there's a link to join my email newsletter. That's where I mostly talk about all my real estate ventures. Cool. Well, thanks so much for being on the show. It's been a great conversation. Yeah. Thank you for having me. I'm motivated now to stop spending money. Good. Thanks for listening to the REI agent. If you enjoyed this episode, hit subscribe to catch new shows every week. Visit REIagent.com for more content. Until next time, keep building the life you want. All content in the show is not investment advice or mental health therapy. It is intended for entertainment purposes only.

[financialedge360]

The FIRE Movement: How to Achieve Financial Independence and Retire Early

In today’s fast-paced world, many people dream of escaping the traditional 9-to-5 grind and achieving financial freedom. The FIRE Movement (Financial Independence, Retire Early) has gained significant traction as a roadmap to this goal. This movement is designed to help individuals achieve financial independence. If desired, they can retire much earlier than the conventional retirement age of…

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8 smart strategies to retire early and build lasting wealth

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The Power of Compound Interest: How Your Money Can Work for You

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Winning Strategies To Make Your Money Last A Lifetime

Key Point:

Planning your retirement is more complicated than it was in the days of company pensions. That means you’ll have to be proactive if you want to enjoy your sunset years in comfort. Save money now by driving an older car and moving to a smaller house, and you’ll be well on your way. Once you’ve retired, you’ll want to stay invested in the stock market to generate inflation-busting yields while covering living expenses from a guaranteed income like an annuity. After taking care of your finances, you’ll need to ensure your heirs are taken care of by creating two must-have documents – a will and a trust. 

Planning for retirement and ensuring your money lasts a lifetime is a complex and crucial endeavor. With changing dynamics in retirement planning, it's essential to adopt winning strategies that can secure your financial future. In this article, we will explore key strategies to help you maximize your retirement savings, protect your assets, and make informed decisions. From setting ground rules for financially dependent children to optimizing housing and investments, these strategies will empower you to make your money last a lifetime.

Planning for retirement is a lot more complicated than it was in the past.

Retirement planning has become increasingly complex due to factors such as longer life expectancy, changing economic conditions, and evolving retirement structures. It's important to recognize that a one-size-fits-all approach no longer suffices. Engage in comprehensive retirement planning that takes into account your individual circumstances, financial goals, and risk tolerance. Consider seeking professional guidance to navigate the intricacies of retirement planning effectively.

Retirees with financially dependent children need to set ground rules to guarantee their financial security.

If you have financially dependent children, establishing clear ground rules is essential to safeguard your own financial security. Set boundaries and expectations, ensuring that your children understand the level of support you can provide without compromising your retirement savings. Encourage their financial independence and educate them about responsible money management. By setting ground rules, you can strike a balance between supporting your children and securing your own financial well-being.

You can save a lot of money by making smart decisions about the car you drive.

Transportation expenses can have a significant impact on your retirement budget. Making smart decisions about the car you drive can lead to substantial savings. Consider factors such as fuel efficiency, maintenance costs, and depreciation when purchasing a vehicle. Opt for a reliable and cost-effective option that aligns with your needs rather than succumbing to unnecessary expenses associated with luxury or high-performance vehicles.

Reducing housing costs allows you to turbocharge your retirement savings.

Housing costs often constitute a significant portion of retirement expenses. Finding ways to reduce these costs can have a profound impact on your retirement savings. Consider downsizing to a smaller home, relocating to a more affordable area, or exploring alternative housing options such as renting or co-living arrangements. By reducing housing expenses, you can allocate more funds towards your retirement savings, ensuring a stronger financial foundation.

Patience pays in turbulent markets even when you're retired

Turbulent markets can be unsettling, especially for retirees who rely on their investments for income. However, it's crucial to exercise patience and avoid making impulsive decisions during market downturns. Maintain a well-diversified investment portfolio and stick to your long-term financial plan. Additionally, establish an emergency fund to cover unexpected expenses and supplement your income during market volatility. By remaining patient and having a contingency plan in place, you can navigate turbulent markets while protecting your retirement savings.

To avoid running out of money, take inflation into account when you plan for retirement.

Longevity and inflation are key considerations when planning for retirement. It's prudent to assume a longer life expectancy and account for the impact of inflation on your future expenses. Work with a financial advisor to calculate the projected costs of healthcare, living expenses, and leisure activities throughout your retirement years. By incorporating these factors into your retirement plan, you can mitigate the risk of outliving your savings and maintain your financial stability.

An income annuity provides a guaranteed income

An income annuity can be a valuable tool for retirees seeking a guaranteed income stream. By purchasing an annuity, you receive regular payments for a specific period or for the rest of your life. This provides a sense of security and stability, offsetting the demands of investing in the potentially volatile stock market. Consult with a financial professional to explore suitable annuity options that align with your retirement goals and risk tolerance.

Protect yourself and those you love by creating a will and a living revocable trust.

Estate planning is essential for ensuring the protection and distribution of your assets according to your wishes. Two vital documents to consider are a will and a living revocable trust. A will specifies how your assets should be distributed upon your passing, while a living revocable trust allows you to manage your assets during your lifetime and provides for the smooth transfer of assets upon death. Work with an attorney who specializes in estate planning to create these important documents and ensure your financial legacy is secure.

Achieving financial security throughout retirement requires careful planning, strategic decision-making, and a focus on long-term goals. By implementing winning strategies such as setting ground rules for financially dependent children, making smart financial choices, reducing housing costs, staying patient during market fluctuations, accounting for longevity and inflation, considering income annuities, and prioritizing estate planning, you can make your money last a lifetime. Remember, a comprehensive and adaptable approach is key to navigating the complexities of retirement and securing your financial future.

Action Plan: Consider saving online. 

Brick-and-mortar banks are great when it comes to convenient access to cash and ATMs, but they don’t usually have the best interest rates on savings accounts. If you want a better deal, it’s a good idea to move your savings to an online bank or credit union. They can afford to pay higher yields because they don’t have physical branches with rent and overhead. So how big is the difference? Well, as of late 2019, traditional banks were paying around 0.25 percent on savings accounts while their online counterparts had yields of around 2 percent!

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The FIRE (Financial Independence, Retire Early) movement is gaining traction in India. This comprehensive guide explores the FIRE principles, how they can be adapted to the Indian context, and real-life examples of Indians achieving financial independence and early retirement. Learn how to calculate your FIRE number, create a budget, and invest wisely to achieve your financial goals and live life on your own terms.

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Old age is one of the biggest milestones of a person’s life. After all, not everyone gets to reach it. Reaching senior age isn’t something to be embarrassed about. Instead, it is something to be proud of.