How to Retire in 10 Years (Starting with $0) - According to A.I

In this video, you will learn how you can retire in 10 years starting with $0, according to artificial intelligence. This video will provide you with actionable steps on how to achieve financial freedom so you can retire early, and live your life on your terms. Number One: Establish a target. It is important to have a plan to achieve your freedom figure. The Times 25 Rule is a great way to determine how much you need to have saved to retire at any age. Number Two: Establish Multiple Income Streams If you want to say farewell to your job, you will need to make sure you have enough money coming in to support your current and future needs. Ideally, you will have this income coming in from multiple income streams. More passive income streams would be best for retirement. Some examples of passive income streams include: creating a YouTube channel, owning a passive business, investing in dividend-paying stocks, creating a blog, owning rental properties, creating and selling digital products. It is recommended that you begin building these income streams while you have your current job. Once you feel comfortable with the amount of income you are generating outside of work, that is when you will want to consider making your final exit. As Elon Musk once said, "Work like heck. I mean you just have to put in 80 to 100 hour weeks every week. This improves the odds of success." Number Three: Live below your means. A problem that many of us have with regards to saving is that: “We buy things we don't need with money we don't have to impress people we don't like.” Our financial freedom depends more on how much we save rather than how much we make. For example: someone who is making $50,000 a year but is saving or investing 10% of that amount is going to be far better off in the long run compared to someone making $100,000 a year who is not saving or investing anything. Some practical ways to save include: 1) Eliminating debt, especially high interest debt. 2) Reducing or eliminating unhealthy purchases, including those relating to cigarettes, alcohol, and unhealthy foods. 3) buy reliable used cars instead of a new car which will depreciate significantly. 4) House hack, where you buy a home with more than one unit, live in one unit, and rent out the other(s). This can reduce your living expenses significantly, even to the point where you can live there for free as your tenant pays your mortgage and other expenses with the rent they pay you. Sometimes house hacking can even provide you with income left over at the end of each month. Remember, this isn’t about money. It’s about time and freedom. The more you save now, the less time you will spend working in the future. So next time you buy something, just remember that you’re not just exchanging your money… you are also exchanging your time. So, what should you do with all that saved money you have from lesson number 3? This brings us to lesson number 4. Number Four: Investing wisely. This is where you make your money work for you. To put it another way: “Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you.” George S. Clason, The Richest Man in Babylon. When it comes to investing wisely, there is no greater teacher than Warren Buffet, who is arguably one of the greatest investors of all time. Here are three Key investing lessons from the Oracle of Omaha himself: 1)“Be fearful when others are greedy. Be greedy when others are fearful.” In other words, the best time to invest is when markets are most pessimistic. And make sure you do not get caught up in the euphoria of a hot market when assets are most expensive. 2) “My favorite holding period is forever” – In other words, buy and hold for the long term. This is because the stock market is essentially “a device for transferring money from the impatient to the patient.” 3) “The best investment you can make is in yourself.” Because “the more you learn, the more you earn.” Investing in your education or investing in your business are some of the greatest investments you will ever make. Knowledge compounds, just like interest. As Benjamin Franklin has said: "An investment in knowledge pays the best interest". So don’t forget to like and subscribe for more educational finance content In closing, it’s important to mention that even though money isn’t everything, it is an incredibly important tool to achieving your freedom in this short time we have on this planet. Your focus should be on the freedom that comes with having money, rather than the money itself. Because your freedom, is priceless. Good luck on your journey. 0:00 Intro 0:40 Establish a Target 2:00 Build Multiple Income Streams 3:25 Be a Smart Spender 5:18 Invest Wisely Link to our channel:    / @financialintelligencecreations   #artificialintelligence #ai #finance #financialfreedom #wealth #financialindependence #earlyretirement #financialeducation