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- Herausgeber: Youcanprint
- Kategorie: Fachliteratur
- Sprache: Englisch
- Veröffentlichungsjahr: 2021
Guy and Tom are two friends who work together in a similar capacity under the same company. They both are alike and different, alike in the sense that they share the same responsibilities and duties, but different in their reactions and willingness to perform these duties. Guy is always ready to perform them, even when unforeseen circumstances arise; he is simply always prepared. However, Tom is the direct opposite; he is in a constant state of panic and crisis based on the complaint that he does not have enough funds to support these situations.
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Retire Early with ETF
Investing Strategy:
How to Retire Rich with ETF
Stock Investing Passive Income
Nathan Bell
Copyright by Nathan Bell - All rights reserved.
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Introduction
First, I would like to thank you for choosing Retire Early withETF Investing Strategy and congratulate you for taking the first step to securing your future. Choosing an “out of the box” way to retire can be a scary step to take, but you are serious about your future and are willing to look at different options.
Choosing a retirement strategy that’s not mainstream doesn’t come without risk or worries. It’s understandable since there isn’t always a lot of easy information about it, but this book is here to help. Here you will find everything you need to know about planning for early retirement and investing in a little know thing called EFTs.
Together we will go through the information you need to know to successfully retire early, starting at the fact that you can retire sooner than you think. This will also help to convince you that retiring early can be a good thing. Then we’ll move into the logical next step, and that’s figuring out the money that you are going to need in retirement. There are a lot of people who get to retirement and discover they don’t have enough money to live how they were before retirement. This is what scares a lot of people. But if you sit down and figure out what you are going to need, then you won’t be hit by that unfortunate situation.
Then we’ll move into looking at developing six income streams.
That may sound like a lot of work, but not all of these are active income sources. Most will be passive income and things that you can continue even after retirement. This will ensure that you have the money you need to retire when you want, and the more money you have to invest, the more money you will have to live on.
Then we’ll move into talking about investing, which is likely why you came here. We’ll discuss what it means to be an income investor and how to figure out how much risk you are willing to take. Risk is a big player in investing and something that gets overlooked by inexperienced investors. If you risk more than you can afford, you are placing yourself in a bad situation that can’t be easily undone. You have to know exactly what your risk is.
After that, we’ll move into look at ETFs. ETFs aren’t quite mainstream in the investing world. Most people choose the obvious investing choices, but those can get quite expensive, and some come with greater risk. This is why “thinking outside of the box” is a good idea with investing.
Once you understand ETFs, we’ll come up with an accumulation plan for your ETFs and then the best ETFs to invest in.
Ultimately, what you choose to invest in will be up to you and your risk, so you might do some more research and find other
ETFs that fit your profile better than the ones we discuss, and that is perfectly okay. It is your money and not mine.
Then we’ll move into deciding if you want to live off of dividends or sell your investments when the time is right. You could also choose to do both, but will look at that later on. Then we’ll wrap things up with how you get to enjoy the rest of your life as a rich person. This will discuss the best practices for investing and retirement, as well as some frequent questions about ETFs to help improve your decision-making process.
While you may learn a lot of new terms and such in this book, some of which may be intimidating, you can retire early with this plan. If you trust my information and you take the time to budget, you will find success in ETFs and early retirement.
Chapter 1:Can I Really Retire SoonerThan I Think?
Early retirement seems like a fantasy to many, but it is possible to retire earlier than most. Most people retire between age 66
and 70, but there are some who continue working. Then you have some people who have decided to take their lives into their own hands and retire before the age of 60. Early retirement has changed in meaning over the years.
Retiring early is no longer defined as the time when you choose to quit working forever. Instead, it is the moment when you don’t have to actively work to earn money. But you are also free to continue working if you do something that you really enjoy.
There is a huge difference in doing a job you love or job that you can easily leave once you are tired of it because you have the flexibility and freedom of a person who planned and saved money.
There is scientific proof that working is good for a person, and most people who completely stop working begin to lose their mental faculties. It is even possible people who quit working altogether at an early age could die sooner. That means it might be best to see early retirement as a time when you choose to work because you want to and not because you have to.
We no longer have to live by the old school idea of once you retire you are done working. You can choose to do whatever you want when you retire, as long as it makes you happy.
You may still be wondering if it is worth the risk to retire early. I mean, with the lowered mental function if you do stop working completely, to possibly running out of money, who wouldn’t question it. Let’s look at five reasons why retiring early is a smart decision, and isn’t as risky as people like to make it out.
1. Putting retirement off could end up being risky.
The first thing to think about when it comes to retiring early is that we don’t know how long we are going to live, or how long we’ll stay active and healthy. A lot of people end up hitting early retirement, not because they want to, but because they didn’t have any other choice. They were either laid off, had a serious health problem, or had to start caring for somebody else. For this reason, along, it is a good idea to be more aggressive in saving up for your retirement so that you can get there on your own terms.
2. You completely despise your job.
If you really don’t like your job, it might just be worth it to retire earlier than you had planned. Hating your job has a lot of implications for your mental and physical health, so it’s not good to stick with something you hate. According to various studies, 20 to 40 percent of workers aren’t happy with their jobs. When
you don’t like your job, you can end up suffering from sleep problems, weight gain, stress, and depression.
These same problems can also end up leading to irritability and fatigue. Not only that, but that unhappiness at work can spill over into your home life, causing you to be less happy in your marriage and create dysfunction within your family.
You should also know that retiring from the job that you hate doesn’t mean that you have to give up work altogether. It could mean that you could go after a passion that you have always wanted to follow but weren’t able to.
3. It is possible to be very productive during your retirement.
If you are worried that you are going to be unproductive and bored during your retirement, know that you can still do things even when retired. When you take a look at your retirement goals and savings, you may find that you can’t quit working completely, but you could still be able to retire earlier than you thought and continue to work a bit, part-time.
If that’s the case, you should look at finding something to do that is less stressful and more enjoyable. By generating some extra money this way will help your nest egg to last longer. If you like the job you currently have, you may be able to cut down to part-time can continue working there for a few more years. If
you continue to work, if you only work 10 hours each week and make $12 an hour, you will still bring in an extra $500 each month. That little extra income each month will be able to cover some major expenses like food or utilities.
It’s actually a good idea for a lot of people to continue to work some during retirement because jobs provide you with structure and gives you a chance to socialize.
If you don’t want to continue working, you can be productive in other ways, as well. If you have made sure you will be financially secure, you can volunteer your time to organizations that you find important. If you are good at a trade or have a skill, you can offer lessons, such as language lessons or music. You could also start selling baked goods or crafts, or you can do some freelance work.
You can use all of your free time during retirement to improve your health as well. You won’t be rushed anymore, so you can focus on fixing nutritious meals and take bike rides or long walks, or simply go to the gym on a regular basis. By getting healthier, you can enjoy your retirement years doing fun things.
You may even notice that your sleep has started to improve because you won’t be faced with the stress of your job, and you also might not have to wake up as early.
4. You can easily prevent yourself from running out of money using annuities.
A lot of people steer clear of early retirement because they believe they have to have a stockpile of money to make sure they don’t run out. There are several ways to prevent this, but one way is to spend some of your retirement money on some fixed annuities. This is like buying yourself a pension income that you can depend on. It gives you the ability to set yourself up to get a monthly check and even some that you adjusted for inflation.
5. It isn’t worth delaying your Social Security.
Lastly, you could be putting off retiring because you know that each year past the full retirement age that you delay collecting your benefits, they will go up by around eight percent. You also may be aware that collecting early, which you can start at 62, creates a smaller check.
What you might not know is that delaying isn’t that easy of a decision. Even the Social Security Administration explained this by stating that if a person were to live to the average life expectancy, you are still going to get the same about of money no matter if you start receiving at 62 or at the age of 70. While you may get smaller checks when you collect early, you will receive more of them. You can use that money to invest in stocks as well.
This means that retiring early could be more within your grasp than you may have thought. At the very least, you could retire a few years earlier than previously believed.
The best way to make sure you can retire early is to come up with a retirement strategy. Any good investment strategy should be a simple one that focuses on real estate, bonds, and stock, and to make sure it is executed consistently. You need to have short-term investments, which is money you will want to have within five years, and long-term investments, which last ten years or more.
While you are free to invest in whatever you want to, you should only invest in things that you understand and stick with assets that have done well historically. You also want to make sure that your money is working as hard as it can by making sure it is invested in a tax-efficient way. And all that means is that you invest in your accounts correctly. Throughout the rest of the book, you will learn about these things to ensure you get the most from your investments and retirement.
Chapter 2:Determine What YouWant and Need Your Retirement
Money For
You have made the decision to retire early, so the first thing you have to do is to plan for retirement. One part of that is figuring out how much money you are going to need. The road to retiring early takes discipline to invest, save, and earn all you can.
Early retirement is different for everybody, so what yours is going to look like is going to be determined by what you need.
We will look at the general steps you are going to need to take to reach early retirement, and then you can change them up to make them work for you.
Take An Inventory
The first thing you need to do is to take an inventory of your finances right now. There are two things that you must figure out, and that is your net worth and your annual spending. Both can be figured out with a little math. For the annual spending, you can get a good guesstimate by looking at your credit card statements and all of your checking account habits. It would probably be in your best interest to start semi-automated tracking using an app to keep up with the amount of money that you spend each year.
To figure out what your net worth is, because everybody has one, all you have to do is subtract your liabilities, the things you owe, from your assets, the things you own. Don’t confuse your net worth with your income. Your net worth is one figure that represents what your financial standing its. This figure could be positive or negative, big or small. While a lot of people love the sound a $1 million net worth, there isn’t a right number. Most people will find that their net worth increases as they age.
More importantly, having a high income doesn’t necessarily mean that you are going to have a high net worth. In 2016, it was found that the typical American family had a net worth of $97,290.
The first thing you need to do is list out all of your assets. Write down whatever you have that is of substantial value. While you do need to include intangible things, like investments, you do not put your salary here. Income is cash flow and not net worth.
Assets you would include are the value of your home, vehicles, cash value of a life insurance policy, balance in retirement accounts, investment accounts, savings accounts, and checking accounts. You could also include cash value of things like expensive clothing, furniture, art, and jewelry, as well as business interests.
Then you will list out all of your debts. This is everything you own to lenders and creditors like mortgages, loans, credit cards, and tax liability. Then you will take your liabilities and subtract
them from your assets. Now you have your net worth, but that is simply a snapshot. If you are making payments on your debts or adding to a savings account, this number is going to increase. It can also decrease as well, so be careful.
As far as annual spending is concerned, all you can do is looking through your bank statements to see how much money you spend each year. And it is a good idea to save up about 25 times your annual spending.
Figure Out Your Target Number
Once you have an outline of your early retirement, you have to figure out how much money you are going to need to make it happen. As mentioned above, most early retirees say it is a good idea to have 25 to 30 times your expected annual expenses invested or saved. Once you figure out your target number, you can then break it down into monthly, weekly, and daily savings goals.
This is part of the process that you might find a bit difficult to do on your own, especially when you are looking at multiple scenarios, such as a recession could affect investments. Finding a good financial planner to help you crunch your numbers and provide you with an actionable plant can help you to reach your goals. They can also keep you accountable if you want them to.
Hopefully, you will be close to paying off all of your debts by the time you do retire, so that would mean that you have more money to use just for living.
To start figuring out your target number, look at your current monthly spending and think about what numbers will lower, what might increase, and what you may add or eliminate. Once you have figured out your final monthly expense, multiply that number by 12, and now you have your annual retirement needs.
To make that number even better, I would recommend increasing that number by 10 to 20 percent. This will ensure some wiggle room.
There are two things that people tend to overlook when coming up with this number, and that is health care and taxes. Both of these can end up bringing your early retirement to an early end.
Health coverage will be covered later, so we get to talk about taxes. Your goal should always be to minimize them. In order for that to happen, you are going to want to strategize about how and when you pull income from investment accounts.
Alright, now you need to figure out your savings needs. Let’s say that you figure out that you spend about $60,000 a year, and that’s factoring is some wiggle room. To make sure you are well prepared, you will want to make sure you have at least $1,500,000 saved. That is 25 times your annual needs, which is what I mentioned earlier. This rule also assumes that your retirement nest egg has also been invested so that it will
continue to grow. If it’s not, then you will likely be out of money in 25 years.
That also brings us to a second rule. The four percent rule. This means that you are allowed to withdraw four percent of your invested savings the first year of your retirement. The following years, you will draw out that same amount once it has been adjusted for inflation.
The rule comes from research done in the 1990s that tested various withdrawal strategies against historical information.
You may decide to take a more or less conservative approach, depending on the investments you make, risk tolerance, and the way the market is performing.
Change The Way You Are Spending Now
You will find it hard to build long-term wealth if you are constantly spending more money than you are making. If you want to retire early, it is very important that you start to live below your means as this is the best way to invest and save aggressively.
The main places you need to look when it comes to reducing your expenses are food, transportation, and housing. This can go quite a long way to increase your savings. Depending on the amount of money that you spend, you will want to aim for one of three types of early retirement: fatFIRE, leanFIRE, and FIRE.
FIRE stands for financial independence, retire early, and it is a numbers game.
LeanFIRE would be a person who has saved 25 times their annual expenses, which means that they have lived off of a
“lean” budget, and will spend less than average Americans. But, a person who reaches fatFIRE will spend more than most.
Regular FIRE would be a person who is spending in line with the average of Americans.
According to Census data, the average American household spends around $61,000 each year. For the regular FIRE person, they will continue to spend that amount after retirement.
LeanFIRE would spend less than that after retirement and fatFIRE, would spend more. If you don’t plan on embracing frugality in retirement, then you are would fall under fatFIRE.
But if you are a simple Midwestern couple, then you would likely be considered a leanFIRE. All of this will play a part in the previous step of figuring out your numbers.
Leverage The Income Your Make
It is very important that you keep all of your spending in check, but you will only be able to cut costs to a certain extent. A bigger difference can be made by increasing the income you are currently making. To cut your daily spending and expenses takes a constant and consistent effort, and is a short-term solution, but increasing your flow of cash is a long-term solution.
It is a good idea to start a side hustle to help diversify all of your income. The most lucrative ones tend to be passive incomes, like real estate. Coming up with a passive income source to cover your monthly expenses will provide you with more flexibility.
We will discuss these sources in the next chapter.
Max Your Retirement Accounts
In nearly every story about financial independence, you will hear a common strategy: frequent and early savings. Typically, one of the best ways to improve your savings is to have retirement accounts.
IRAs and employer-sponsored retirement plans will provide you with unparalleled investment growth and tax advantages. Right now, you can add $6000 to a traditional IRA and $19000 pretax to a 401(k) that you can get a tax deduction.
There is a caveat to stuffing retirement accounts as full as you can when you are planning on retirement, and that is the restrictions on withdrawals. You aren’t allowed to remove money from your 401(k) before the age of 59 and a half without a penalty. However, you are able to dip into your Roth IRA, which you fund with after-tax money and take out your contributions tax-free whenever you want.
Invest What You Have Left Over
Once you have maxed out your retirement accounts, you should move over to brokerage accounts. This money you will invest directly into the stock market, and then you can cash out whenever you need to. We’ll talk about investing in ETFs later on.
Work To Pay Off Your Mortgage
When you are preparing to retire early, an obvious move is to eliminate high-interest consumer debts, but paying off a mortgage early isn’t always so cut-and-dry. Some people see being liability-free is a good idea, but others see the money saved in interest payments pale to the possible investment returns.
Look At Your Health Insurance Options
When you leave your full-time employer, it means you are also saying goodbye to employer health insurance. If you plan on waiting for 65 to roll around to get Medicare, typically, the best option would be to join a working spouse’s employer plan, if that option is available to you.
Otherwise, you should look at getting continued coverage through your former employer under COBRA, through possible subsidies with the Affordable Care Act, health-sharing plans, or having a part-time job.
Come Up With A Backup Plan
No matter how much planning you put into place or how foolproof the plan may be, you still need to think about what could go wrong. What if you discover that you don’t like the unstructured days of retirement, would you decide to go back to work? What would happen if the economy tanked and it takes your net worth, would you be able to cut expenses? Going through some worst-case scenarios is a good way to make sure you are ready for anything.
Once you have your plan figured out, it is time to start putting that plan A into action. But as you are doing that, you have to make sure that you continue to enjoy your life right now. You need to make sure you save and invest, but you can’t forget how to live in the present.
Chapter 3:Develop and IncomeStream From 6 Sources, Not Just One
The next thing you need to do is to start diversifying your income. I know hearing the number six for how many income sources you should have sounds big, but I’m not asking you to have six jobs you have to split your time between. Instead, a lot of what diversifying your income involves are passive income sources, which are things you aren’t actively working on each day. Some researchers have found that millionaires, on average, have seven income streams.
You may be wondering if the extra income streams are what made the millionaire or if it was the other way around. While seven may not be a magical number, it does seem that these two concepts on two sides of a coin. It could be that multiple income streams made the millionaire, but it is also true that millionaires simply understand how important it is to have multiple income streams.
The goal of coming up with several income streams is to maximize potential in the different categories you have available. Since you are just starting out, you can’t really expect that you are going to generate a bunch of income. However, if you make sure that you are maximizing your income potential
through your main salary, you will discover that you have excess income that you will be able to reinvest in other income streams so that you can earn even more money.
We looked at net worth earlier, and that is another goal of these income streams. You want to increase your net worth as much as you can while you are still actively working. The more your net worth is, the better your retirement is going to be.
I mentioned that most of these are passive income streams. I want to take a moment and explain what that means. Active income is the money you make from jobs you have to actively go to and work, such as your office job. If you don’t do anything at that job, then you won’t get paid.
Passive income is making money from something that isn’t directly related to active work. Dividends and interests are two examples of passive income. Most of these passive income sources will require active work at first that you make a little bit of money for, while most of your income will come later.
You shouldn’t think that passive income doesn’t require any work. You will still have to do some work. It just means that the income you make isn’t directly tied to hour many hours of work you put in.
We are going to look at some of the most common income streams that you can get started in. Of those, you simply need to
pick at least five to start, since you already have your primary income source. While it may sound like a lot of work, having these extra income sources will allow you to save up more money faster than if you simply had your main source of income.
There are a few things you want your other streams of income to be. First, you want it to be flexible. Ideally, you want to be able to call the shots when it comes to time, especially if you a full-time job. Second, you want it to be scalable. You want to find income sources that have, at the very least, the chance of creating a lot of income. Third, you want it to be sustainable.
You want your secondary money sources to be able to generate money for you even when you are aren’t actively working. Lastly, you want them to be enjoyable and inexpensive. You don’t want your secondary sources of income to cost you money or create more stress for you. The goal is to ease your financial woes and not to make them worse.
Primary Salary
Your primary salary is likely your main income stream. This is where everybody starts, and it is most likely your full-time job.
The goal here is to try and maximize this salary so that you can start generating the free cash you need to invest it into other income streams.
How is this done? Well, you will want to try to get as high of a paying job as you are able to. Ask your boss for a raise. Use sites like glassdoor.com to see if your salary competes with the same job at other companies. There are some companies that force their workers to leave just to get a raise and then return for another raise. This is a very common strategy, and it just might work for you.
There is also another theory about this primary salary. You could try to generate enough to have a little bit of extra cash flow, but you work at a place that is stress-free and have some time to dabble in different projects. If you have the means to do so, having a startup is one way to do this.
Either way, the main perk of this primary salary is that it normally provides you with benefits like insurance, which can help to protect you as you are pursuing your other income streams.
Secondary/Spouse Salary
I don’t count this as another income stream for you. Instead, this is secondary to your primary. No matter what you plan on undertaking, it is important to have a team. Teamwork can help you in a variety of ways, even if it is simply bouncing new ideas off of somebody else. For most people, this is going to be your spouse. If you have a spouse, then the two of you should bring your primary incomes together and maximize them.
Investment
The first option you have, after employment, is to find diversification through investing, which is a logical step that most people take. It is very important that you look at the reasons why you want to invest because, at some point, you are going to be using that money for something. In this case, your reason is likely for early retirement. But when it comes to investing, it isn’t all about storing money away for a rainy day, that’s what having an emergency fund is for. Investing means you have the capital to generate income.
Look at it this way, when you’re saving for retirement, you want to save enough in your investments to create enough income to replace your main salary. Let’s say your primary salary makes you $50,000 each year. To be able to create $50,000, you are going to need nearly $1,700,000 saved up, and then be able to create three percent cash flow on that.
If needed, you can also draw down on your principal, but this is a return of the invested capital, and if you were to continue doing this over a long period of time, you could end up using up all of your resources.
Rental Property
Another very common way for a person to make extra money is to purchase a rental property. This is a lot like investing in that you will need a sum of money to purchase another piece of
property, and then that property gives you money through rent.
There are expenses that you will have to take care of, which are different from investing, and these include things like taxes, utilities, mortgage, and so on. This will all have to be considered when you calculate the return on the rental property.
There are tax advantages to having rental properties that you don’t get with investing. The main problem with having rental property is that that initial capital that you need to get started.
Most people that are starting to diversify their income aren’t going to have a 20% down payment in order to buy property.
This is typically why this is done later on.
However, you have some options to doing this earlier, like looking into real estate crowdfunding. Real estate crowdfunding gives you the chance to become a limited owner in real estate, and you don’t need as much money to start. This is a good option for getting started in real estate.
The site RealtyMogul gives you the chance to get started in real estate for as little as $5,000. You will have the option of commercial and multi-family properties to invest in. FundRise is another platform you can try. You only need $500 to get started, and they offer several different options.
If have a little more money than that, you could try Roofstock.
They give you the chance to buy a single-family turnkey investment online.
Some people like to try out house flipping, but this can be very risky. You are going to not only need the money to buy the house, and the credit to do so, but you will need funds to fix the house before you can try to sell it. That’s the thing with house flipping is that you sell the house once you are done, and don’t rent it out.
House hacking is also another option. This is similar to owning rental properties. This is simply where you leverage the house you currently live in as a rental. This could mean renting a room or setting up an Airbnb listing.
Hobby or Online Business
Another common income stream is to create a side business.
You could make this business offline or online, and I like to refer to them as a “hobby business” because it typically gets created from a person’s hobby. For example, if you are a techie person or like working online, you could sell things on eBay or simply create your own website. You can also promote your own services online with sites like Fiverr.
If you would to work offline, you could start working with something like Partylite Candles, Avon, or any other various jewelry and clothing lines.
Some people will also choose to write an eBook since anybody can be an author on Amazon nowadays. Writing the book is the
simple part, making actual sales in a different story and takes a lot of work.
If you are good at photography, you can also sell stock photos.
There are a lot of different websites where you can do this.
Fredigitalphotos.net and 123rf.com are a couple of options.
You can also choose to offer a service instead of an actual product. If you have a skill set that people could pay you for, then this a good option. Some common things people pay for are lessons in music or language, writing, social media management, babysitting, tutoring, consulting, coaching, and resume help. This is a great option because you get to set your own hours and price, but it can also take a while to create a client list.
Be A Micro-Entrepreneur
I think this is different than selling a service or product. This is a side hustle, but you have the freedom to choose when you want to do it, but you aren’t faced with having to start your own business. The first option would be to start driving for Uber or Lyft.Ride-sharing is one of the side hustles that you are able to do, truly, 100% on your own. You get to choose when you drive.
The only thing you will need is a new-ish car and some spare time.
Another option is to deliver for Uber Eats or DoorDash. If you don’t like the thoughts of having strangers in your car, then you could simply deliver food to stranger’s houses. Again, you are free to choose when you do this during the day.
Coming Up With Several Income Streams
The point is that you need to diversify your income in several different ways to help you retire early. You don’t have to get all of your income streams up and going at once. Pick the first one you think you can start right now, and begin with that one. Then continue to add another income stream as you can.
There a some of these options that doesn’t require you to have a bunch of money to start with. All of them will require some time to get started, though. You can simply continue to work, invest excess income, save up a bit to get a rental property or rent out a room in your house, and then start an online job without having to break a sweat.
