How To Retire Early Making WAY LESS Than $75K/Year Salary

Having a lower level of income doesn't mean you can't retire early. Some people believe you need a 6 figure income to do this. You don't. I did it. Here are 8 steps to take in order to achieve that.
Note: Forgot my pre-video ChapStick. Please ignore the lizard like lip licking :)

Hi, my name is Duane. After a career in the music industry, I retired early at 59 in 2021 with just over $500K. Soon thereafter, the stock market (and my investment portfolio) tanked. This is my early retirement journey.

***I AM NOT A LICENSED FINANCIAL ADVISOR OR RETIREMENT PLANNER. THIS CHANNEL IS MEANT TO PROVIDE GENERAL INFORMATION ONLY THAT MAY INTEREST YOU. PLEASE CHECK WITH A PROFESSIONAL BEFORE ACTING ON ANY OF THE OPINIONS STATED ON THIS CHANNEL OR IN THE COMMENT SECTION OF THIS CHANNEL***

If you received some good info from this video, feel free to buy me a coffee!

[FIRE_DrNinjaTurtle]

I retired with same
Low income. I started at 35 with a negative net worth. I am frugal and I am now retired early and financially free.

[loulav]

I couldn't agree more! It's absolutely not necessary to have a high income to be able to have a successful retirement. I've never been a "ladder climber" or a job hopper, never cared about promotions or trying to make the most money possible. I always made average to below average income, yet I achieved millionaire status at the age of 58. I'm not a teacher, but Ramsey Solutions did a study of millionaires a while back and found that teachers, with their modest salaries, are the third most likely occupation to become millionaires (Engineers and Accountants were 1 and 2, respectively)

[michem]

I'm 48 and an average earner, planning to retire between 63 & 65. I regularly listen/watch retirement content so I know what I'm working towards. So many people don't think about it, I think they are avoiding it.

[bernaclischurchill]

A good idea that some people do, is to live on their retirement budget a year or two before they actually retire, so that they can see if there are changes that need to be made.

[JTW]

Its nice to hear someone who is more realistic than the rest who say you need millions. Im gonna try to retire in 10 yrs at 56 on average income

[jonathanfoster]

Never made over 70K in my life, retiring in 2 months at 60 and have $670, 000 for retirement now. My biggest secret is keep putting it away in the 401K and NEVER TOUCH IT!

[shelton]

I had an old timer advise me to live on half your raise and invest the other half. It’s painless and easy to do.

[kenpace]

Employee match 100%!! Start as early as possible
And start plan early like you said

[anthonyramos]

Yes. Duane is right….save save save. I have been saving over 30% of my gross x year. … 18 months away from retirement

[ZZ-ougp]

Another awesome backdrop and lovely words of wisdom from Duane 🙏

[heidilevens]

As always a great post and very true. I got serious at 35 and now will retire at about 55. It can be done 👍🏻

[Rigs_]

Hi Duane, I like the channel and the knowledge. This is very practical and easy to follow. I have been following this strategy for some years. I manage my own money. Plant seeds now for shade in the future.

[arthurthomasware]

It can be done, Dwayne. I did it. Also retired at 59. Have now been retired for 29 years. I left work on what is probably now - with inflation - the equivalent of 430 K Australian. Big thing, though: NO DEBTS. Also, No big 'Bucket list' items. Those two dealt with, it's far better to be retired than to give the best years of your life to an employer.

[MoneyVikings]

Thank you Duane. This is very inspiring for folks like me that make an average salary. We too can build wealth and some security. Go Bruins!!!!

[MidlifeCrisisManagement]

thanks for another great video, Duane.
you hit the main points. live within your means, educate yourself, ask a pro to check your plan, get your expenses down, and be disciplined with budgeting and 401k/IRA contributions, especially when there's a match.

[tofineone]

I started working when I was 13 and paying into SSI, because of that at 62 my pay is about 2700.00 a month, my 401k/IRA is 1 million even though I had to start over at 40, because I hit a ruff patch in employment 2 time in my career and liquidated my 401k, if you are behind you can make up if you want to, it not easy!!! I have decided to live on $50, 000 a year take SSI at 62 and only withdraw 3.5% from IRA which will cause it to grow. When I hit 73 I will open an 20 year annuity to defer some of the taxes from the RMD

[loborocket]

The compounding really does add up, it just takes time. When I turned 50 was the first time my compounding growth/increase in savings SURPASSED my salary. Now it is kind of like there are 2 of me working every year I stay working. 1 of me pays to live, the other “me” works and saves every dollar for when I retire.

[toddplace]

You just keep getting better & better !
This one really hit home and you are absolutely right. I just look at being frugal and saving as a game. I basically want for nothing. I receive great pleasure knowing I could buy it (some material item etc.) if I wanted to, but I would rather be satisfied keeping and growing the money. Money is not everything, but without it you have extremely narrowed your options.
Give yourself a raise……need less. And stay the phuck out of consumer debt. CC interests rates are “loan sharking” and will eat you up like an alligator, every month.

[daralynx]

Love this. You and Happy On Monday are the best moderate income maniacs out there👍

[wildfoodietours]

This video is GREAT motivation for people with a modest salary. Thank you so much Duane!