Roaming Returns

004 - How to Cut Your Retirement Goal in Half

• Tim & Carmela • Episode 4

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Does seeing a huge financial goal leave you feeling defeated? You're not alone. 

Seeing $1Million as a retirement target often stops people from even starting to invest in the first place. 

This number doesn't have to be that high. In fact, you can actually slash it in half and shorten the time it takes to retire by using an income investing strategy. 

Income investing also creates consistent monthly cash flow without the need to sell off any assets.  

Drop your comments or questions for this episode on one of our posts.    


Use the calculation on our Instagram post to determine your new realistic retirement target.

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Welcome to Roaming Returns, a podcast about generating a passive income through investing, so that you don't have to wait till retirement to Live Your Passions. In today's episode, Tim and Carmela talk about how ginormous retirement goals can completely hijack your progress and how we can actually cut that number in half. Let's get started.
Welcome back my little minions. We didn't even say hello.
Oh yeah, we probably should say hello. We suck at introductions. So bad, straight to the meat and potatoes. So we like typically people have a really large lump sum target when they're thinking about their financial goals. This is pretty standard traditional thinking.
Maybe you can do a cursory Google search just like retirement or income goals. And they all have just a strong word. A strong, no astronomical. astronomical. That's the word astronomical figure. It's early. Sorry. It's like It's like 1,000,002 million, 5 million like it's ridiculous. The figures you can come up with a video on Google search. So that's if you've done that, you know what we're talking about if you haven't done that, you will and then you'll know we're talking
about well if you do any just searching Google and you come up with how much do I need to retire like the magic number for? I guess people in the lower income area tends to be the million dollar, sometimes two depending if it's you expect to live and have good quality of yours in your retirement. Let's go over like three different things that can happen when you have a huge number as a target goal. Number one, it can really feel defeating. If you have a huge number you're striving for like most people a million dollars seems extremely unattainable in their life, especially if you're later in your if you're not starting out at the age of 20 right now and with like setting up for retirement. Well, I think
what most people will do those they will take the estimate the figure they come up with and they'll like use their personal data. So like say it's a million dollars. Well, they'll take what they're currently making no divided per year and that will take like, oh, I have to work like 26 years and not spend any money to reach that figure. That's that's
the feeding and that's the problem. The thing with pain and withholding that can really hijack a different episode we're going to actually go over the psychological impacts of withholding money like trying to save. Like if you're taking things out of your life that can really hijack your motivation and sabotage you to do things there's a better way to actually focus on that that adds things in instead of like thinking about in reverse, cool mental hacks you can do. So like when when people have that big number and they feel defeated, they get depressed they think it'll never happened and some people just don't even get started investing at all. So what they'll do is they'll just kind of like hold on and hope or hope they die before they need to retire.
Well like what what that is from my readings is people just don't like what's the point in starting if you can't reach the number if
you can't reach the number it's like you're, you know, you're gonna fail. So I try
on TVs and cars and vacations because there's
no point although the second thing that happens is that people will just accept that number and they'll stick their nose to the grindstone. But the problem with that approach is you kind of miss out on the whole point of living, you're not you're just become a workaholic, life's not really fun. You may not want to work that long, but you feel like you have to to even live that comfortable life. And the problem that we have with that whole mentality is like what if you don't make it that
we were just we got dinner yesterday and like the waitress brought that up and like that was like I turned to Carmela and said I hate that like if you ask anyone like whoa they want to travel if they want to see their grandkids they want to bike across the country whatever their retire well wait till retirement. So like they have this this twofold problem. They have this astronomical number that need to reach and they're putting off all the fun stuff in life that makes life worth living until they're old and perhaps can't even do the things they're putting off.
And that's the thing with our focus on this like a lot of other financial channels and stuff talk about waiting to retirement setting up for a good retirement. We're trying to create early retirement and change your mindset and like start to live by your principles and values like we wanted to travel much, much earlier. And we figured out how to make that happen and we want the same thing for everybody else like we shouldn't have a deferred life plan. I absolutely love Tim Ferriss coin thing for that deferred life just doesn't to me doesn't make any sense. I said
that in college, we were doing a paper on anything we really wanted in the statistics class and my paper was on retiring like for 10 years in your 20s and then just work into your 75 and the professor basically ridiculed me and told me to leave the class until I was ready to take the class serious
cuz you didn't fit the narrative that everybody's supposed to
like it made sense to me at the time like I'm in my prime in my 20s Why would I not just defer my retirement till I'm 75 the later the later years don't really matter. I guess I don't know. But like when I can do like rock climbing I can do like hang gliding I can do skydiving and all that stuff is a mountain climb. I know older people can do that. But I'm just saying in the prime of my life, it made more sense to me to just take 10 years off in my 20s and do that and then 75 Yeah, and like that. So I've always had like the thought bouncing around in my head about retirement ages ludicrous. How do I how do I avoid that? And that's what we're doing. That's that sort of thing. So it's interesting that I'm here.
Well in that whole train of thought, and that's kind of why we ended up in the third category. Here were number three when you have a large target some because we kind of had that same mentality so we're like, how do we make that some sooner, we took on a lot of unnecessary risks to try to expedite things because we were so I actually would put the word desperate out there to live a higher quality life sooner than later. And that's where we ended up in Ponzi schemes. We tried to get into the real estate thing. We lost a lot of money with with trading growth stocks.
We lost we lost a lot on cryptocurrencies we lost a lot
of money, a lot of money, a lot of money and the problem is when you have those, those huge setbacks, some people can then go back and fall into category one where they feel defeated and they don't want to try anymore. I will mention
that generally, when you're in the third category, you have to kind of rein yourself in if something sounds too good to be true to be true. It generally is too good to be true. And that's exactly what we invested in a online toy company they were selling. So what they did a Gonzo or whatever I found
them through Amazon FBA selling. I don't know if you guys know about that. But most of the stuff that's on Amazon or like or maybe before it was more of the stuff since Amazon's done a lot more private labeling, but most of the stuff on Amazon is actually sold through third party people. So a lot of people will go out to stores find sales. on things and ship them into Amazon's warehouses then Amazon will fulfill online orders. Well, this toy company was ranked number one in toys and I found them through the FBA group I was part of and they were offering like investment opportunities to like help give them money to grow so they could like produce and have more money for products. And since they were ranked so high, and it was part of this like 100,000 people community I was like, Well, this sounds like an interesting option. And I think they were offering like 40% return on investment and to be honest, the numbers they ran, because they were making significantly higher profits. That really didn't seem like a lot of money in comparison to like the 40% sounded reasonable to me, but we we kind of the first year we got our 40% back and then I was like man if we put a lot more money into this and this is a cautionary don't don't put your eggs in one basket type thing. I was working so much so I wanted something easy eggs in one basket and that's a huge risk and we
rolled the money back into it and then like the next year, I went to check on our return so we could either take our cash and put it towards another investment or roll back end. And I couldn't find anything like nothing and I was like What the hell's going on? So I did a little bit more research and then I found like, an email on this defunct website and I email it and the person emailed me back saying oh, we're currently in a court proceeding against the whatsit, whatever his name was key basically took millions of dollars in like just last. So basically, there was a Ponzi scheme. So they were they were pulling in new investors who were desperate taking the new investors money and paying out the 40% to the older investors. In all the while the guy was taking he was skimming off the top, and then the have the house of cards came down and he got like, I think it was like six or $7 million that he had in his personal funds that they were suing him for. I don't know how much prison time he got, but it was interesting, so interesting.
In honestly, by the end of it, I literally worked an entire year for free, which sucks, although we can claim it on our tax return. So it's not a complete loss. It was a big learning lesson. The desperation leads to poor decisions. Definitely that emotional aspect that poor decisions and a lot of people fall into that whole day trading thing. We did that too. And that leads to bad decisions. Money losses
can be good. There's people out there that excel at it, but really, so you can
learn it. It takes a lot of time, but markets change. And our idea is like we're trying to set something up to be more free and with day trading you really do have to be glued to the screen until you're like having another go until your charts and stuff line up with all the indicators to pull the trigger and then you have to once you're in you have to get out at the right time if you even step away of a news article drops like you're so there's really no control you're at the mercy of like the emotional whims of other investors,
you can actually ferret out possible publications to avoid through like, like if they do like buy these penny stocks now. Generally, probably nine out of 10 of those are they're playing on your desperation to basically they say get into penny stock egg. You're like Oh, I'm so desperate I can make 200% on this I'll put my money into penny stock aids but what they're doing is they're selling they put a sell order and so they sell and they make a shit ton of money. Yeah, they're
using the audience to leverage their AI
and you're left holding a stock that's worth nothing because once they put their sell order in the prices could plummet because they have majority of the shares in their in their account. So like you got to be very, very wary of penny stocks.
Well honestly any publication that does stock picks and then doesn't follow up and tell you like when to get in when to get out. To be honest, you end up incurring a lot more money with with fees and capital gains and all this other stuff. It's probably not worth that that's not as good of a strategy as what we have figured out through all of our trial and error.
That was not to say penny stocks are bad. I've made money on penny stocks like it'd be you basically don't trust anyone if they give you an idea. Go do your own research.
I was gonna say don't take somebody else's word for it. And if you have any feeling or inkling that you're doing something or making a decision based on a desperation, emotion, that is a red flag for yourself to stop, take a breath, reassess and ask a better question. I
mean, even It even applies to our picks like if I give a pick out like say like medical property for example, it just plummeted like 40% If you do your due diligence, and you research and say, well, that's not for me, man, that's not for you then don't get into it. I'm just offering suggestions of stuff that has a high yield that has potential for growth that
meets our criteria, but it might not meet yours. I want to talk about the like how do we come up with these target numbers. So Tim reads a ton of articles in the media about like the million dollar need for retirement. Can you go over
the basically if you type in into Google, like I said earlier, retirement and income are what do I need to retire like you'll see a just a plethora of articles pop up, generally I'm saying probably 100,000 would be a conservative estimate of how many articles pop up. And they all have a similar narrative, similar narrative where you need a lot of money. And to do that, why you need to invest in x, y and z which are generally Apple Tesla, you know, the stuff that everybody has all the all the institutional investors are valued and that you're going to need to work until you're 65. So they're basically setting you up to invest in small yielding investments while you work for 30 years. And like I'm pretty sure that there's a ploy going on there where I don't know if they make money off it. I don't know. Do
you ever talk about mutual funds?
We're talking about mutual
funds. We're gonna we need an entire episode to talk about that. I just read an investing book that talks about the the hidden fees with mutual funds. I am rolling with fury up just about how many how much money people are losing in their 401 K's by being sold these like spamming mutual funds and there's so many hidden costs like it's
we're talking about mutual funds, they talk about ETFs they talk about Blue choose blue chip stocks every now and then I'll come across one that mentions like alternative assets like artwork cheese, wine, and that's pretty good stuff to get into. There's a really good company out of Canada called yield street if you're interested in alternative investments reach just yield street.com Just read street research that it generates a pretty good return and you actually are diversifying your portfolio into stuff that you are interested in. But getting back to the point the media, they control the narrative, and they basically never tell you how to actually get there. They just say you have to work till you're 65 and invest whatever
their strategy for taking advantage of that money in retirement is the whole reason that number is so big it's because you have to estimate your lifespan and now with like medical interventions, a lot of people are living longer.
That's one thing they never mentioned, like living beyond like 80. So generally, most of these articles, they're just talking from 65 to 80. Maybe 85 says maybe 20 years is all they're really talking about. They don't take into account like your personal housing situation, your personal medical situation. So like we came up with some figures about that, that we'll get into in a few minutes, but I do believe they're driving the narrative for clicks and I do believe they're driving the narrative because they have I don't know if they have the overlords and institutional investors directing were they were they poor people i don't know but like their their investment strategy is flawed for numerous reasons. I
really do think that they're trying to keep you in mutual funds as long as possible to keep making them money for things
infuriating because it's just like they're like if if I was going to personally if I was going to do an article, I would do one if I was doing one similar to what they're doing well, you need to work till you're 65 and put this much away. I would come up with like alternatives that like or you could invest in this type of portfolio which generate more passive income, and you don't have to work to 55 or you can do that I would just I would present more than just one narrative. That's why I do believe they're full of crap.
Well, and then they tell you to estimate how long you expect to live. Well, who the hell knows that other than God, like, you have no idea if you're gonna live two years into retirement or 20 years into retirement, you have no idea if you're going to be one of those lucky people by hits 97 And then that million dollar nest egg like will not go as far as you think for the amount of money that you'd need to have per month. And the other crazy part about that whole thing is if you leave your money invested in the stock market, you are then having that principle susceptible to like market fluctuations. And we saw back in 2008 with all that huge crash that we just hit and even this instance with COVID There was a huge huge spike down where it's like if you decided to go into retirement and one of those pullback years was in your early years. It severely compromises your ability to hit your monthly thresholds. And
the very, very few times laid mentioned income investing, living off of your principal. Well, so here's the very, very few times they actually mentioned the tax implications of their strategy.
Yeah, and that is another one again, that's a whole nother episode that we're gonna have to get into for the tax like that's one of the ways to increase your nest egg is by being tax efficient generally
say is you have to have 7075 or 80% of the income you had going into retirement. That's like a huge one that you'll come across like so. Say you made $100,000 You would need 7075 80,000 per year and your retirement that's how they come up with the figure these ridiculous figures. I mean, that's ridiculous. Well, so let's
think about that though. So when you do hit your retirement age, your your ultimate goal isn't that big number. It's actually to use that number. Use that nest egg to then create a consistent monthly income. That's why most people think they need such a big number to then divide it out evenly among that time. But then the other question is like do you really do leave it in the stock market? Do you put it into another portfolio like you really are focused on conserving the value of your your money and you're protecting it and you're trying to figure out how the heck to set up that monthly income now some people will roll that into like an annuity and annuities can be really good if they're the right ones. Again, we'll talk about that in another episode, but there's a lot of pitfall ones that can be really really bad and you do not make out a benefit but that can be a great option if used in a proper way. So the thing is, again, if you're trying to generate a monthly income, why not start right now with that as your focus, because if you do that, you might very well be able to take that million dollars and cut it in half, if not even less than that. That's
my general thought on this. After doing the readings is you take the number that they give you and cut it in half. That's how much you actually
if you have like 10 years before you hit retirement, you can actually make it even smaller. So we ran some numbers so we just pulled some data from like the average databases of the average person needs 52,000 $144 a year which comes out to be 43 $45 needed per month to cover their expenses. Now since this is a nomadic community and like we're living an alternative lifestyle, we don't we are not going to have the mortgage and like the rent or expenses, apply this to your situation you might be different but you might be able to cut all their expenses out. So the average housing costs for these people which to be honest, I'm not entirely sure why they still have a mortgage in retirement. That seems kind of like what
I'm reading is it's not really the mortgage as much a portion of it they stop a mortgage or they took out you know, they did that or they refinance or everybody it's taxes. People always forget about property taxes. You have to pay those no matter if you own the house or not for us,
we won't have a house so it won't matter. So we took out the like the average housing costs, which is going to drop that 4345 number per month down to 200 to that $2,773. Now then, so for our strategy, what you do is you take instead of figuring out how many years you're going to live, coming up with a huge astronomical number multiplying it by years all you have to do is figure out what are your monthly expenses right now to cover everything that you need. So if that 2773 was the number, if you put that into the calculator or into this equation, you take that monthly income times 1200 divided by 10. What that does is we're making 10% a little bit more so this is a conservative number on the way that we invest per year, and that'll give you your right now needed money to quit today and generate that level of passive income per month going forward. So that number comes out to be $332,760. That is well below. We'll even call it half a million since we took out the housing costs thing that's well below that number. Now what's really cool is if you actually don't either have that amount of money right now or you have several years to like contribute to that fund, you can actually cut that number down a lot more because of the compounding factor and the interest that gets rolled back in and it grows and it grows and it grows. So like over a 10 year period, you can actually increase your monthly income produced from this investing strategy. Like you can double it or more every 10 years. It's pretty freakin cool. I
would say that the 332,000 numbers a bit high, but that's what we came up with.
Well for our needs like us specifically, we really only need $1,500 A month so we only need what is it 180,000 I think again, right now, I had a significant amount of money. I think we started with 70,000
Just on I think it was just under 70,000 Yeah. And when Tim was trying
to figure stuff out the first year, we weren't making as much as much money but I think we went from I think was like $5,400 for the year in income up to 13,000 like we jumped significantly the second year once he got more comfortable with like the risks and how everything works and how to mitigate stuff. And so now we're allowing things to compound as the markets pulled back at our growing ironically
like the first year I actually had a couple CDs. I mean, like I guess I guess the philosophy was always there. Like I was like, Well, I'm not going to put all my money into growth stocks because there's a possibility that the market takes a shit. So then I put like I put like 25% and CDs and bonds and that's where that 5000 came from.
Well so what's interesting about that whole thing is if as you've seen with Aug and then the last podcast we did with talking about the benefits of like a market pullback. The markets went down six 7% In this first few weeks, our portfolio dropped like dropped 11% And I think that's because that's the market overall includes the blue chips and typically when there's pullbacks the little companies are the ones that have the significant drops first, and until the blue chips pulled down, their home market doesn't come down as much. So because of the types of things that were invested in because we do not focus on the blue chip, we focus on stuff with better yield better growth.
I mean, we have a few funds that we invest in that actually hold the blue chips, but but
they don't hold them and like them spy themselves. They have a bunch of other stuff in there. So there's ways to own parts of those bigger companies without overpaying and that's kind of the whole point of our strategy, back to the example of the amount of money you need per month. So that is a significantly lower number than what all of these media publications and the general people are going to tell you. You're going to need to retire. So think about this. Do you think it's easier to attain the $332,000 number or a million dollar number? Like I get kind of excited thinking about that lower number. I'm like, this is possible. I can do some math. I can, you know,
to me it says 10 years as opposed to 40
Yeah, and that to me says Hekia I'm motivated let's do this. But then what
happens like if you go back up to one of our previous points about the you get deflated or whatever, defeated if you think about that, in reverse, like you get defeated with the million dollar number but if you come up with a say $250,000 number you actually are like well how can I save money I can sell this I can I can stop doing this. I can stop consuming coffee or Coke or whatever you use, you'll find ways to actually you get creative you get excited about that more so that 10 years then becomes like seven years and the
really cool thing is like even though your portfolio might be going down if you see your monthly income going up you're like oh my gosh, like how much other money can I cut like one of the biggest like Tim's basically he has an addiction personality and he has now become addicted to like, what can I cut out to like stick money into my investments. He's like, I want to see this number go up and up and up. It kind of becomes addictive addictive as itself because it's like you're not actually withholding and taking things away from yourself. You're investing in yourself and you're able to actually tap on that instead of waiting and having an inner retirement account that you can't touch until a specific age without penalty.
That takes me back to like when I was saying the media's corrupt basically corrupted us in a corrupt like I firmly believe they don't want to present articles that would give people joy or happiness or hope so they crap on everything all you need like $2 million. If they came up article said, you only need $250,000 to retire now people be like, Whoa, wait a minute. I don't know why they don't. I think it's to keep people working to keep people buying to keep people consuming but it's a key part of the consumers
machine. That's like again here if your travel focus, like we're more focused about experiences I don't have an issue spending money on things that are like I remember the experiences I don't remember the like trinkets and stuff that I purchased on trips like I don't really care they end up in the bottom of a closet you don't even remember you had them until you go cleaning one day
It’s like for me, we have such fond memories when we go back to like when we were in the smokies when I was dying of hypothermia and even just we were just out at a big bend and that that's a really hard to get to or hard to make happen trip for a lot of people but we ended up seeing two full weeks there. It was an incredible experience. We actually got to see not only about mine, we actually got to see a bait like a smaller mountain line. It was just chillin beside the road was like we got to see the hub. Alina is a little pig things, very biodiverse. We had a major rain day and had you been on a shorter trip like you could have had your entire time. We
have multiple windows. We're like we're not even shitting like the wind was blowing like 60 7080 miles an hour. So
down in that area. They actually have it I think it's February. I think it says it starts in February. I don't know how many but they basically said that they have they call it the 4040 the 40 days a 40 mile an hour winds or higher. It was insane. Like we actually had to take wind days the one day was like 65 mile an hour winds that are just like sitting in the van and his rocket and the cats are like yeah,
I've never seen anything like it. It was it was like to follow up her point like if you think back to your life, all the good memories that you'd like tell stories about like when you're at a cocktail party or experience experience. It's not about hey, I was in Ocean City and I bought this really cool t shirt. I've never heard a story begin like that. I'm Hey, I was in Ocean City and we hopped a fence and played illegal miniature golf now see that's a story that you could read with at a party not I bought this cool t shirt. Absolutely.
So it's like traveling. So glad you guys are going to be into that and like hopefully if you're here you have that same value as we do like traveling is a huge priority for us. So if you can retire a lot sooner than you think using this strategy, think of how excited you're going to be and how motivated you're going to be to really get into contributing to your own future. One of the other things they talk about with the retirement stuff is they're always warning about inflation. So so that's another reason they like keep upping that number for what you need to retire or like Don't you have to incorporate inflation you have to worry about inflation increasing that number you have to worry about future this future taxes Baba Baba Baba Baba blah
most people should be familiar with inflation because it's stuff they use everyday anyways, like food and gas. And so what
we suggest is when you are calculating your number, you should try to do like a 25 or and 75 split or a 2080 split because normal people are contributing between like 10 to 25% to their retirement out of their normal paycheck. So if you're treating your dividend and interest as your normal paycheck and you're still contributing technically to your future freedom fund, essentially. So use that that number of the 332 760 number. So what we did was instead of taking the 27 $73 a month, you would take only 75% of that out and you'd allow that 693 difference to reinvest doing that. So you'd have your passive income, you'd be able to go out and live you would be growing that amount of money, which means that your monthly then income would go up. So if you do something like this, like you kind of get the best of both
worlds. Yes. So to simplify you, whatever you get per month, don't take the whole thing out, you turn you turn the drip off on 80% of it and leave the 25% and reinvesting then obviously you'll switch that up after like couple months you'll take the drip off of the ones you invested 25% And then you put it on the ones that you were taking the cash for, but it's it's quite simple.
And you can kind of do something similar to what we've we've decided to do like right now, things kind of gone on sale. So it really doesn't make sense for us to tap our investments. So we actually picked up like a side job right now to have our monthly income to allow those reinvestments to really compound and like we suspect we're going to be able to jump from the $1,500 a month up to $2,000 a month like in a pretty short period.
of time. It's going to be like less than probably less than 18 months we'll be able to get that additional $500 and Mari making plans on how I can let that stuff compound for like a year or two or three when we're on the road with that means saving up more before I leave or if it means working like I don't know a summer job at like an orchard or something like that while we're on the road, whatever it might be. Once you start to see the numbers and you do like future projections, you'd be like, Well, I don't really want to take the income out for a couple years. Yeah, so you start coming up with the different ways to and
we're gonna do an entire episode about how to actually be able to travel through really creative ways to try to like allow those compounds to happen, but you're still living a life sooner than later. That's really in line with your principles and values. There's definitely a whole bunch of options that you can live on way less than you realize for a couple of years versus 30 years of pain, suffering and like contributing to your stuff like to me like I can hit any a year or two.
What I came up with is I take what I would normally put into investments I keep investing it but then I take stuff that I would normally be spending on say I don't know like Chipotle or ons or whatever Tim kind of has a Chipotle and nicotine and I put that into another account that I'm growing at 6% That's the word they were talking about. So if I can get like, I don't know if I can get that up to like 15,000 That's like over a year living on the road that my stuff can continue to compound while I'm not touching it but I'm using money that's actually making money.
So we're kind of like living on our emergency fund pretty much. And then if we really did have a legit emergency, we could tap our accounts but I
don't have multiple Yeah, we do have multiple emergency funds. We do have backups as the type of person that I am personality wise. really
risky. We actually do have a lot of backup plans. And stuff and all you
learn that after losing 60,000 and toys and like 40,000 in the market and you'll see you learn to have
you learned and that's honestly the beauty of screwing up like a lot of people are afraid of failure but honestly I'll never
like it if you read all the publications I read it very seldom did they say hey, I messed up. Here's how I messed up here's how much it cost me I'm like I'm full. I'm like forthrightly with that. I'm like, here's I messed up pretty bad on this one
here and exactly how to avoid these mistakes like
I think you need to mess up teaches you what she was taught to
do. It may definitely teaches you what to do what not to do. And how to actually succeed. So
we'll be back next week with something more profound and exciting. Yay. Tim
kind of wants to talk about security and freedom, the ideas behind security and freedom. We'll see how that goes. I don't know if we'll do that next week or we'll do it in another episode.
Security is a myth and it's part of freedom. You got there's there's there's a spoiler.
In this episode, we went over how having a big lump target thumb can actually cause three different things either feeling defeated, accepting and putting your nose to the grindstone, but you're not really living. You're working way longer than you want to, or it might make you take on unnecessary risks which just gonna lead to massive disaster and setbacks. We talked about how the media really so
even I would actually even added a point there that I forgotten we're bringing it up. You could be working at a job that you love and implement the strategy and still work at the job that you love. Most of the time. You just want to travel though, so you don't want to be working that job. But I'm saying that it's like say like you're a nomad that does like summer travels or like you're a teacher for example. You love teaching and you get the summers off need to do to do the Nomad experience over the summer. When you can still have the strategy keep the job that you love or not by no means am I saying hey, everybody should quit their job and
no and the episode that we're going to talk about different strategies that's going to be one of them actually having a job that you like and just taking more time to vacation or giving yourself permission to increase
as you were my were my internal compasses were head butting was I sometimes like the job I was working but I love to travel and I like to love to travel. Usually Trump's Trump's the job no matter how much I loved it. So what my solution to that is on the road I'm going to work jobs I think I'll have like a blacksmith or like an orchard picker or like a donkey. I don't know washer or walker or whatever the hell they appear. shoveler shoveling donkey payroll jobs that I really love are like a goat herder. That'd be fun as hell. It's just this grease is full of goats. Awesome.
I don't know. It's weird. And then we talked about where you get that target number. We've talked about how the media tends to spin these like the same narrative it's just like how there's there have to be other options for things. We talk about the faultiness of the lifespan mentality, you really can't calculate how many years you're going to live and if your money is going to last that long. And we'd like where you're going to put that money to to secure the value of it or how you're going to actually create that monthly income. They don't really talk about that too much and most of the stuff that's out there just like ways to take more money from you through like really sketchy annuities and stuff and go back like seriously rewind, go back to that example we talked about with being able to cut that number in half. That that is just golden. If you want that that calculation, it's on our Instagram account. It's one of the posts I did a couple of weeks ago. Our tag is income investing for nomads, so you can find that it's basically just your monthly income times 1200 divided by if you have
any questions about the specific specific investments that you're in or that you possibly could get in you considered an email like Will I generally will do the emails back and that's good or and it's not
a he keeps getting emails from our one friend about bond choices. He
was like he was really excited. I felt bad. He was really super excited about this bond. He's like, look at this bond I found he's like, tell me what you think I was like, Oh, that's nice. par value. You're paying $1.12 for $1 worth of Vaughn and so basically your your your 8% Yield is a minus. You're losing 4% for holding that bond. We'll
get into that when we talk like heavy heavy duty in the bonds and we will get there because they're not all bad.
I'll be I'll be honest with you, if you have questions. That's what I do. I'm honest. I don't know how to sugarcoat things. Yeah, I'm sorry, I'm sorry ahead of time.
And we're just here to help you guys like we really want you to have a better life and a way to just make this possible without having to worry and having the anxiety of money.
All the worrying does is lead to health complications within which then lead to a shorter lifespan. So it's this vicious, vicious cycle that actually cut years off your life and your quote, I can do what I want and now that I'm retired era, and you'd like instead of living to 75 you live to like 72 Because you worried for like 20 years, killed your heart or your mind or whatever. Yeah, so
thank you guys for tuning in. If you guys have any ideas on other episodes or topics you'd like to hear about, get onto our Instagram go onto our Facebook send an email to Tim at income investing for nomads.com Let us know what you want to hear. Absolutely make content around what we're interested in. Thanks for tuning in.