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☆ I've made simple changes in my life so that I can retire at 40 and move to the Philippines. There are 3 years left, and I'm on track.
▼ + stars: | 2024-03-19 | by ( Amanda Goh | ) www.businessinsider.com time to read: +6 min

The couple's tiny house and land as seen from above. AdvertisementI don't live in the Philippines full-time yet but the plan is for us to settle into a house that we build there eventually. Leading up to that, I decided to build a tiny house to see what the experience would be like. The exterior of the couple's tiny house. At that point, we'll live in the tiny house as we build our dream bungalow-style home on the main lot.

Persons: —, Brandon Turrell, I'd, it's, Arlene, I've, It's, I'm Organizations: Service, Business, Financial Independence, FIRE Locations: Washington, Philippines, Puyallup , Washington, Tacoma, It's, Southeast Asia, Leyte, Manila, Tanauan

But some smaller, more specialized tax credits and deductions could score you hundreds (or even thousands) of extra dollars back as well. Here's an overview of some overlooked federal and state tax credits that filers often miss. At first glance, this might seem counterintuitive — why wouldn't you deduct state income tax, which is usually a larger sum? AdvertisementEven if your state has an income tax, you may still come ahead by itemizing sales tax instead, depending on your tax profile. The IRS provides tables and tools to calculate if claiming sales tax delivers more savings than claiming income tax.

Persons: You've, filers, it's, you've, doesn't Organizations: IRS, Care Locations: California, Texas, Florida, Nevada

☆ Meet the typical retiree: A married woman in her 70s living on $30,000 a year in Maine or Florida
▼ + stars: | 2024-03-10 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

They're likely married, stopped their education after high school, and are making up a bigger share of the population in states like Maine and Florida. Even when they've been married once, women are still more likely than men to hold no retirement savings. Per Gallup, the average retirement age in the US has been rising. Similarly, Americans' "target" retirement age increased from 60 in 1995 to 66 in 2022. The "full" retirement age to receive maximum Social Security benefits is 67 for those born after 1960.

Persons: —, They're, they've, Gen, That's Organizations: Service, Pew Research, Business, Social Security, Gallup, Security Locations: Maine, Florida, New England, New Hampshire, Hawaii, . Maine

Investing apps that encourage you to invest like the rich are focused on active trading. The wealthiest 10% of US households own nearly 67% of the wealth in our stock market, according to data from the Federal Reserve. Investment apps are made for trading, not savingI put investors into two buckets: traders and savers. Most investment apps are designed to make users act like traders: They encourage you to pick individual stocks, trade them frequently and keep a close eye on their performance. Unless you're investing for the thrill of big wins and losses, stop seeking get-rich investment strategies from people who were already rich.

Persons: —, Michael Jordan, Read, Stephen King, Gary Vee, I'm, Rich Organizations: Service, TikTok, Echo Trade, Federal

☆ I was a 'trad wife' who got married on our 11th date. Influencers make this life look idyllic, but I had no money and no control.
▼ + stars: | 2024-03-07 | by ( Maria Noyen | ) www.businessinsider.com time to read: +9 min

AdvertisementThis as-told-to essay is based on a conversation with Jennie Gage, who used to be what social-media users have dubbed a "trad wife" — slang for "traditional wife." Courtesy of Jennie GageI was 17 when I went to a Mormon college. Being a 'trad wife' involved endless houseworkMy first son was born in 1998; I'd just turned 23. For most of my married life, Jake would give me cash envelopes. AdvertisementDo you identify as a trad wife or former trad wife?

Persons: Jennie Gage, She's, Gage, —, Hannah Neeleman, Jake, I'd, We'd, who's, Money, I'm, TikTok, Maria Noyen Organizations: Service, BI Locations: Arizona , Oregon, Utah, TikTok

☆ I retired from Amazon at 34 and chose to settle in Canada, where I only need $1,000 a month to live well
▼ + stars: | 2024-03-05 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

He saved a lot of his paycheck and earned relocation bonuses for moving from city to city in the US. Lukin has moved to Quebec City, where his rent is about $500 a month and he can afford to go out. Basically, you don't necessarily have to be broke or be "frupid" — when you make stupid decisions just to save money and it backfires. I visited Quebec City to do some apartment hunting and just absolutely fell in love. When my lease in Toronto ended in September 2021, I packed everything up into a U-Haul trailer, sold my car, and moved to Quebec City.

Persons: Grigory Lukin, Lukin, —, It's, Tim Ferriss, Kia, it's Organizations: Quebec City, Service, FIRE, Amazon, Brexit — Locations: Quebec, Russia, Seattle, Lukin, California, Reno, Las Vegas, Fort Worth and Tampa, Fort Worth, Tampa, Brexit, Brexit — Poland, Canada, Australia, Toronto, Quebec City, United States, British Columbia

☆ Retiring early is a dream for many. In reality, some regret it.
▼ + stars: | 2024-03-03 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But when Nupur Dave walked away from corporate life at 40, becoming part of the FIRE (financial independence, retire early) movement, she soon came to regret it . Many of the early retirees who've spoken with BI in the past have shared the challenges that come with quitting work altogether. And there are many more striving to make early retirement a reality .

Persons: —, Nupur Dave, Dave, FIREgret, Dave's, who've, Rebecca Zisser, it's, Jenny Chang, Rodriguez, Alyssa Powell, Steve Pemberton, there's, Pemberton, Robert L, Johnson, America's, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Business, Service, Microsoft, Google, Wall, Getty, Walgreens, Toyota, BET Locations: New York

Lives Ended in Gaza Since the war started, more than 30,000 people have been killed during Israel’s bombardment and invasion. Hamas ruled Gaza and ran a covert military organization, the identity of its fighters unclear, even to other Gazans. She worked with people who had been wounded and displaced by Israeli attacks on Gaza as well as with first responders. She moved to Egypt after the 2014 Gaza war but returned a few months before the current war. He performed complicated operations on Gaza’s war wounded while running Abu Yousef Al-Najjar Hospital in Rafah until his retirement.

Persons: Israel, Marah, Farah, Farah Alkhatib, Kinder, Selena al, Lubna Elian, Yousef Abu Moussa, Abdulhadi, Maram, Youmna Shaqalih, Abdulrahman Abuamara, Ghadeer Mohammed Mansour, Salah, Khaled Jadallah, Doaa Jadallah, Mahmoud Alnaouq, Jannat Iyad Abu Zbeada, Rami Abu Reyaleh, Alhelou, “, ”, —, Faida AlKrunz, Saud AlKrunz, tinker, Ahmed Abu Shaeera, Al Aqsa, Youssef Salama, Hedaya Hamad, Salah Abo Harbed, Jeries Sayegh, Inas, “ Sara ”, ” Sayel, Ai Wei Wei’s, Heba Zagout, Ali, Amneh, Belal Abu Samaan, Israel ”, Abu Yousef Al, Abdallah Shehada, Tarazi, Heba Jourany, Osama Al, Haddad, Riyad Alkhatib, ” Mahmoud Elian Organizations: UNICEF, Oxygen, Al, Awda, F.C, Barcelona, Facebook, Islamic, Palestinian Authority, Palestine Red Crescent Society, Free Gaza Circus, Christian, Officially, American International School, Palestine Athletics Federation, Najjar, United Nations, West Bank Locations: Gaza, Israel, Spain, Norway, Italian, Australia, Egypt, Turkey, Bolivia, Argentina, Panama, Mexico, Qatar, Al Aqsa, Jerusalem, “ Palestine, Palestine, Saudi Arabia, Palestinian, Old City, Mazaj, Gaza City, Manhattan, Chicago, Mecca, Rafah, Libya, Uganda, Ireland

AdvertisementNupur Dave thought her decision to retire at age 40 in 2022 was an easy one. But the reality of retiring early turned out quite different. AdvertisementSavings and financial independenceDave on her last day at a financial services company, where there is an early retirement advertisement. Nupur DaveBy retiring at 40, Dave became part of the FIRE — "Financial Independence, Retire Early" — community. Advertisement"The whole idea of FIREing was possible because I'm in India," Dave said.

Persons: Nupur Dave, wasn't, Dave, Dave Dave, FIREing, Jovan Johnson, Gwendolyn Merz, Merz, Michelle Jackson, you've Organizations: FIRE, Google, Independence, BI Locations: Bangalore, India, Atlanta, San Francisco, Illinois, Asia

☆ A couple that quit their jobs in their 20s explains why the 4% rule of early retirement is overrated — and why they felt comfortable quitting before they reached 'full financial independence'
▼ + stars: | 2024-02-27 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

It can help prospective early retirees figure out how much money they can spend in retirement without running out. When Lauren and Steven Keys set out to achieve financial independence and allow themselves the freedom to quit their 9-to-5s, they kept this formula in mind. But then they did an early retirement "test run" of sorts in 2015: They quit full-time work and traveled to Hawaii for six months. What they realized is that early retirement doesn't necessarily mean they'll never work again. Lauren and Steven Keys quit full-time work in their 20s.

Persons: Lauren, Steven Keys, Steven, Stephen, you'll, We're, I'm, we'll Organizations: Financial Independence, Business, National Parks Locations: Hawaii, United States, It's, Gainesville

☆ 'Super savers' are using a simple 2-pronged approach to save more than half their paycheck and achieve financial independence
▼ + stars: | 2024-02-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Business Insider has spoken to dozens of “super savers” who are setting aside more than half of their paychecks — and they make it sound relatively easy. The couple says they save 100% of their 9-to-5 income , thanks to a low cost of living and various revenue streams. That’s what early retirees Lauren and Steven Keys experienced . Lauren and Steven Keys quit full-time work in their 20s. Their side hustle income more than sustains their lifestyle, meaning they can save 100% of their day job income.

Persons: It’s, doesn't, Josh Lupo, Ali, Josh, Lauren, Steven Keys, Steven, ”, Avery Heilbron, you'll Organizations: Business Locations: San Francisco, hustles

☆ This early retirement strategy is 'delusional thinking,' says multimillionaire who retired at 34
▼ + stars: | 2024-02-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Sam Dogen is one of the pioneers of the FIRE movement — short for financial independence, retire early. "It's having enough in investments and passive income to cover your basic living expenses," Dogen says. By the time he left his investment banking job in 2012 at age 34, Dogen had exactly that — $80,000 a year in passive income, plus a $3 million net worth. If you think you can live on $40,000 a year, multiply by 25, and you need to save $1 million. Under Dogen's model, you haven't achieved FIRE until you've saved the $1 million, built $40,000 in annual passive income, or some combination of the two.

Persons: Sam Dogen, Dogen, you've, haven't Organizations: FIRE

☆ I saved $200,000 by the time I was 27 — but I was miserable
▼ + stars: | 2024-02-15 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

Gwen Merz started saving money early with the goal of financial independence and retiring early. I had opinions on how my partners were spending their money, and people don't really appreciate that. I bought this really nice sewing machine because quilting and hobbies are really important to me. Doing these hobbies is really important to me, and I just didn't have any space to do anything. I’ve reached a point — it’s called “ Coast FIRE ” — where I don't really need to save any more money for retirement at this point because I have saved so much so early.

Persons: Gwen Merz, —, Merz, Gwendolyn Merz, I'm, It's, ”, “, I’ve, it’s Organizations: Service Locations: IT, Australia

☆ A couple that retired early explains the 'sweep away method' that helped them build a $1 million net worth — and why they don't budget or track expenses
▼ + stars: | 2024-02-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

After you’ve paid yourself and the rest of your monthly bills, you’re free to spend any excess however you’d like. When you’re debt-free, you could then sweep your excess into an investment account where your money can compound over time. The Keys hit a seven-figure net worth in 2023. “The reason we like net worth better than anything else is because it captures the whole picture and encourages big-picture actions that affect your total financial situation in a positive way,” said Steven. “If you look at your net worth, you'll see that that's just a transfer of assets from one place to another.

Persons: —, Lauren, Steven Keys, ”, you’ve, ’ ” Steven, Steven, we're, “, ” It’s Organizations: Service, Business, BI Locations: Florida, ”

☆ Founder of $1 billion startup says mom gave her $5,000 after college, then cut her off: ‘It forced me to start hustling’
▼ + stars: | 2024-02-08 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

When Gregg Renfrew was a year out of college and racking up credit card debt, she called her mom for help — only to be told, bluntly, "Well, it's time to get a new job." "Living in fear of not being able to pay my bills — having literally no idea — it forced me to start hustling," she tells CNBC Make It. Less than a year after moving to the city, she "immediately racked up credit card bills," owing more than $1,000 on her American Express card, she says. Instead, her mom instructed her to find a way to make enough money to pay off her own debts. "I was fortunate to have a debt-free education and to receive any money," says Renfrew.

Persons: Gregg Renfrew, Renfrew's, Renfrew Organizations: CNBC, University of Vermont, American Express Locations: Renfrew, New York

☆ Gen Z couples are more likely than older generations to keep finances separate. Here's why
▼ + stars: | 2024-02-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Deciding to combine your finances with your significant other can be a big step in the relationship. Nearly 2 in 5 couples, or 39%, of couples who live together completely combine their finances, whether they're married or not, according to a new report by Bankrate. Gen Z adults, or those between the ages 18 to 27, are the most likely to keep their finances completely separate from their significant other, with 38%. By contrast, baby boomers, or adults age 60 to 78, are the most likely generation to fully combine their finances with their spouse or partner, at 44%. Almost half, or 46%, of people who are in relationships keep their finances separate to avoid losing their financial independence, according to a recent survey from the financial services company.

Persons: they're, Gen, Bankrate, Will, Lindsay Bryan, Podvin, Bryan Organizations: Bankrate, Finance, Bread

☆ A couple in their 30s hit a $1 million net worth by saving and investing most of their 5-figure incomes. They share the strategies that helped them live on $26,000 a year without feeling deprived.
▼ + stars: | 2024-02-07 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

Read previewWhen Lauren and Steven Keys landed their first full-time jobs, they were earning well below the national average. Courtesy of Lauren and Steven KeysBetween 2013 and 2015, the Keys say they saved over $100,000 . Courtesy of Lauren and Steven Keys"It's not just gas," said Steven, who biked to work so Lauren could use the car for her commute. "You don't have to pay for insurance on the second car, you don't have to pay for maintenance or repairs or tires. While they don't work traditional 9-to-5 jobs, they have a variety of revenue streams that more than sustain their lifestyle.

Persons: —, Lauren, Steven Keys, Steven, Lauren didn't, Keys, It's, They've, They're, they've, we're, we've, there's Organizations: Service, Business, BI, University of Florida, Walmart, Costco, Aldi, Sam's, paychecks Locations: Gainesville, Orlando, San Francisco, Publix, Gainesville , Florida, Hawaii

☆ I bought a bigger house, and the buyer's remorse hurts. My family didn't need it, but I still think it'll be worth it.
▼ + stars: | 2024-02-02 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

I didn't want to buy the house in 2024 because I think bidding wars are going to return — because mortgage rates will come down. I don't think about it as trying to make a profit anymore. You want to save as much as possible, invest as much as possible, which creates a more lean and frugal lifestyle so you can retire early. But do you really want to live a lean lifestyle — and then retire early to a very lean and frugal lifestyle? Rental properties were what gave me the courage to retire early, along with negotiating a severance package in 2012.

Persons: —, Sam Dogen, It's, Dogen, I've, I'm, it's, you've Organizations: Service, Business, San Locations: San Francisco

☆ Most parents are still giving money to their young adult kids, survey found
▼ + stars: | 2024-01-27 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The responses were collected via surveys in October and November 2023 of 3,017 adults and 1,495 young adults. Meanwhile among the young adults — those between 18 and 24 — 57% live at home with their parents, an increase from 1993 to 53%. Today's young adults are better educated, more employed, but worse off financially than their parents wereAbout 68% of young adults said they go to their parents for financial advice, Pew found. 67% of young adults ages 25 to 34 are employed full-time, compared to 55% in 1993. Only 9% of young adults reported their parents were too involved, compared to 22% who said they were not involved enough.

Persons: they're, Z, it's, homebuyers, HENRYs, Pew, — Organizations: Service, Business, Pew Research Center, National Association of Realtors

☆ Most Americans want to be financially independent—here's how much money it will take
▼ + stars: | 2024-01-23 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

Financial independence is a common goal for people at many different life stages. In fact, 67% of Americans say achieving that milestone is important to them, according to a recent survey from Empower financial services. But financial independence can have various meanings. Regardless of how they define it, Americans say financial independence is also the most important marker of overall life success, or feeling like you've financially "made it," Empower found. Americans say they'd need to earn about $94,000 a year on average to feel financially independent.

☆ Opinion: Three ways to help millennials overcome the cost of living crisis
▼ + stars: | 2024-01-22 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +11 min

It’s a decline not seen around the rest of the developed world, where higher education is expanding. Provide universal low-cost child careFrom my vantage point, the single highest barrier to Millennial economic stability is child care. The reasons behind that are complex, but cost is certainly among them: The United States has some of the highest child care costs in the world. Affordable, high-quality, universal child care helps mothers, and particularly low-income mothers, to stay in the workforce, which pays dividends for their families. Child care programs help to prepare kids for school and may keep them more active and socially engaged.

Persons: Jill Filipovic, CNN —, haven’t, We’ve, ’, Z, Gen Zers, isn’t, Millennials, — Organizations: Twitter, CNN, Boomers, American Boomers, Ivy League, OECD Locations: New York, Europe, States, tony

☆ The 5 levels of financial freedom, according to married money coaches, who say they've reached level 3
▼ + stars: | 2024-01-13 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

It's not hard to see why people find the concept of FIRE — short for financial independence, retire early — alluring. The Ficks, both age 36, have identified five stages of financial independence, and say they're currently in level three, known as "Coast FI." Debt freedomThe first step toward financial independence: freedom from debt. "The dream is location independence and being able to achieve that well before we reach financial independence," Corey says. Financial independence

Persons: It's, doesn't, Jessica Fick, Corey, Jessica, they're, They've, Here's, you'd, you've Organizations: FIRE, FI, Financial Locations: Boston, Madison

☆ Pershing Square CEO Bill Ackman: Financial independence gives me the wherewithal to speak freely
▼ + stars: | 2024-01-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPershing Square CEO Bill Ackman: Financial independence gives me the wherewithal to speak freelyPershing Square CEO Bill Ackman joins 'Squawk Box' to discuss fighting antisemitism on college campuses, plagiarism accusations against his wife, Ackman's broader concerns about higher education and other issues, his activist approach to tackling these issues, and more.

Persons: Bill Ackman Organizations: Pershing

☆ How a culture of sports betting and fantasy gaming is emerging on college campuses
▼ + stars: | 2024-01-10 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +14 min

Noah, a 19-year-old who goes to college in Illinois, uses sports betting to keep up with his friends from high school. The expansion of legal sports betting in the US has fueled a widespread culture of gambling on college campuses, as savvy students find betting alternatives and workarounds for age limits and state restrictions. Many sports-loving college students like Marcus and Noah casually use fantasy gaming, sweepstakes, and betting to make and maintain friendships. BI spoke with seven college students and three researchers to learn more about what sports betting looks like on campuses. A culture of sports betting sustains friendshipsSince the expansion of legalization, sports betting and gaming have exploded on college campuses largely through word of mouth.

Persons: Marcus didn't, Marcus, Fliff, isn't, it's, — Marcus, they'd, Marcus isn't, Noah, Andrew, they've, Dr, Timothy Fong, Fong, Miles, Chris, hasn't, wasn't, he'd, that's, FanDuel, Jason Miyares, Fliff's, Cash, bettors, I'm, there's, It's, Jeffrey Derevensky, McGill, haven't, Derevensky Organizations: NFL, Business, Sports, ESPN Bet, Super, Sunday, Caesars, ESPN, Iowa State Locations: Virginia, Cancún, Mexico, Illinois, Venmo, Minnesota, California, New York , Florida , Maine, Michigan, Maryland, Florida, New York, Iowa

I never thought FIRE was for someone like me, from a low-income background and with a history of debt. I'm saving 30% of my income, diversifying my investments, and tracking my future net worth to work towards financial independence. I'm almost 29 years old and plan to reach the FI part of FIRE by the time I'm 45. What we're doing to reach financial independenceI used the "multiply by 25" rule to estimate how much we'll need in retirement. My goal is to reach a 50% savings rate or higher, but I'm not willing to cut my lifestyle any more than we already have.

Persons: —, I've, it's, I'm, you'll Organizations: Service, FIRE, Vanguard

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