How I Retired Early At 41 With $850K In Tennessee

When Lakisha Simmons retired in May 2021, it wasn't just the end of her professorial career, it was also the first time she had stopped working since she was 14. The 41-year-old mother of two says she always considered having a job to be a matter of financial security. Watching family members work with their hands doing "cleaning jobs, janitorial jobs, nanny jobs" instilled in her a strong work ethic, she says. Simmons is a member of the FIRE — or “Financially Independent, Retire Early” — movement living in Nashville, Tennessee.

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How I Retired Early At 41 With $850K In Tennessee

[Hannahbenowitz]

working for 38 years as a skilled person will get me a pension of $1800 a month, but being involved in the stock market, I am able to add $7200 a month to that income. Taxes paid on that income, $3575. The secret ? Dividend income ! YOU have to learn how to play the game. Nobody will play it for you.

[HectorSnipes]

I'm preparing to retire at 68 and seeking advice on managing my 401k distributions. I'm concerned about whether my savings will suffice for retirement, given that my current contributions are lower. Should I consider taking a lump sum payment and paying the upfront 20% tax, or would it be wiser to opt for periodic distributions and spread out the tax payments over several years? I'm looking for guidance on the most tax-efficient and beneficial option for my long-term financial situation.

[ginnailenoraw.]

She was my business professor in college! Incredibly kind & thoughtful woman :)

[DemandLachlane-nslj]

Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.

[Raymondjohn]

40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

[tati_wm]

There’s something about seeing Black women living well & being successful that warms my heart ❤️🙌🏽✨

[rikuneo]

One of her strengths was not trying to keep up with the Joneses. No mansion style home or super sports car that she could barely finance with high fashion clothing brands. Just nice things and using wisdom. Good job Dr. Simmons/ Mrs. Simmons/ Lakisha Simmons!

[FreeToBe_Me]

She said she is able to stop working full-time, not stop working all together. She still has other streams of income in addition to her nest egg.

[typered]

This woman is the definition of class, beauty and success, absolutely amazing personality God bless.

[kk_trinese]

I wish they would have mentioned whether her husband is retired or not or if he is still bringing in an income, that makes a difference especially in terms of medical insurance/expenses for a whole family.

[Aziz__]

Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. Compounding is the process of earning interest on your initial investment, as well as on the interest that investment earns. This means that over time, your investment can grow exponentially. So the earlier you start investing, the more time your investment has to grow through compounding

[PatrickLloyd-]

Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?

[NursesToRiches]

Total stock market index funds and S&P 500 index funds—you can't go wrong with either. Just set it and forget. She's doing it right.

[giuseppesmith]

Great! I retired at 47 in 2014….it’s great to have so much mental freedom and lower anxieties!

[SophiaChristian-soof]

Impressive video. I started a bit late (graduated from my doctorate program at age 30 in 2016 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable with investing, so I have all my capital currently vested in index funds but considering the dollar dumping and current inflation crisis. How optimal would this be beneficial long term?

[charletfoster]

Her story is so inspiring, she flipped the script n she is now living her best life. 👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿

[velayuthman]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

[dineom]

I like her authenticity. In point about living a simple life. Thanks for sharing your story.

[sunnyrays]

She is so radiant! Love this episode. I’m glad she has financial freedom so she has more flexibility to share her knowledge and gifts with the world. Inspiring for sure.

[cupcakebuttercups]

She did it her way people! Please dont get caught up in thinking how YOU went wrong!!!! She basically created a NEW job for herself! she's working for HERSELF! each and everyone of us can find was to make money "on the side" and grow a business from it! EVERYONES journey is NOT the same! take your time and be at peace