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Highlights from this episode include:

  • How paying rent your entire life helps you retire at 40 and move to Hawaii (4:51) 
  • Why you should retire long before you decide to own a home (6:29) 
  • Why putting as little into your 401k as possible sets you up for greater long-term returns (even if your company matches everything you put in) (8:50) 
  • How defying conventional advice unlocks more freedom and wealth than you know what to do with (11:02) 

Ready to stop doing what you hate? Go to https://RetireNowRetireWow.com and fill out the Game Changer form to secure your financial future.

Get our 5 Year Countdown to Retirement Guide and make sure you’re on track to retire (no matter where you are in your career). Visit brightfg.info/5yearguide

Read Full Transcript

Do you hate the thought of working past 55 or 60? Do you hate not being able to live the life you deserve today? Do you hate not knowing what your financial future looks like? It's time to stop doing what you hate, here's your host, Mr. Harold Green.

(00:20): Hi everybody. This is Harold Green and it is time to stop doing what you hate. Welcome to the show. I want to start off by giving a shout out and some prompts to some new clients that came on board. Not too long ago. I'm going to say who they are. It's a couple,

The last name of Oka, and they're listening to my show. They know who they are, and they've been referring people in to see me. And I just want to say thank you. And I appreciate that. I want to say thank you to all of my clients who are referring people into me, and I greatly appreciate that because it, it means the world to me. And so recently we've had a lot of new clients come on board. I am super duper excited about that. And I'm just looking forward to helping more and more clients. However, I'm getting to the point and I'll be brutally honest with you guys that I'm not sure how many more people I can take on for this year. So I am contemplating raising my investment minimum from a hundred thousand dollars per account to half a million dollars per account.

(01:31): And so if you want to get in and get started, I would tell you to do so right away, because we are almost reaching our, our maximum capacity. In regards to me, being able to give you the type of service you desire, and because we are working on our infrastructure and we are working on that, so that potentially we can take on a lot more clients, but right now we're having to kind of control the growth so that we don't get out of hand and start doing the wrong thing and not giving people what they need. But I want to talk to you about today's show and the title of the show is flip the script. That's right. Flip the script. You ever heard someone, someone say, you know, I'm about to flip the script. And basically what it means is it means to reverse a situation, especially by doing something unexpected, right?

(02:33): Have you ever done something unexpected and it didn't work out? I'm sure we all have, but have you done something unexpected and it just really took you and put you in a different stratosphere altogether. And so if you guys are ready, one, two, three, let's get it. I want to bring to you an idea that maybe right, for some of you, but may not be right for others. A lot of us have been living a narrative that is not our own. And I want to talk to you about this retirement game. And there's a ton of different strategies out there about retiring early and so on and so forth. But I want to take this narrative and I want to turn it on its head. But first I'm going to talk to you about a good friend of mine that moved away to a different state and his initials are RC.

(03:32): And I'm at RC at the gym and a rural bubbly guy short. I don't even know if he's like six feet, but I know he's like five, five, seven or something. And, you know, I have the tendency to kind of stay away from people that talk a lot. You know, when I see people talking a lot, I just kind of, I want to walk the other way because I, you know, and it's just something that I'm kind of uncomfortable with, but it was something different about Ron, you know, in the gym, he, you know, our C he would talk to, he talked to everybody, everybody that would be willing to listen or would strike up a good conversation with him. And so one day, you know, he was on the elliptical machine and I was on the elliptical machine and it was just kind of like, Hey, how are you doing?

(04:19): You know? And I was like, how are you doing? And, you know, next thing, you know, it, one thing led to the other and now we're golfing buddies and, you know, and, and we're just having a great time. I would take off I think it was like every Monday I would take off and he would go on a golf now or whatever, and just find the cheapest golf deal. And boy we're off golf and somewhere. And just he and I, and just having fun, eating lunch, man, and just, just hanging out and having a good old time. And, and, and he was a non, he didn't drink. So I didn't ever have to worry about like getting drunk at lunch and doing something stupid. But anyway, he retired at the age of 40, okay. He retired at the age of 40 with quite a bit of money.

(05:00): I'm not going to say how much, because he had started off investing and his company's 401k. And at that time, you know, you're allowed to buy, you know, company stock. And so he worked for a great company and, and, and he just kept buying stock and pretty much put in over half of his income and his retirement plan. And from there, he, the stock kept splitting and splitting and splitting and splitting and splitting. And, you know, he, he retired with so much that he moved to Hawaii. Now here's one of the smartest things that I couldn't understand, but as I look back on it, it was one of the smartest things he ever did not do. Based on this situation, he did not buy a house. And the other thing he decided was not to have not to have kids. And so no house, no kids, he rented everywhere.

(05:50): He went, he could be like a nomad, right. And so put all that money in his IRA. And he had some other investments and stuff like that as well. But with the pension that he had and all of these other things that he had, he was able to just to come to Hawaii, him and his wife, and she was able to work part-time and just kind of, you know, do things that she loved. And the only thing he did is he just went to the gym and played golf. And, you know, he was a little bit of a handyman on the side. And that's, that's what he did. Hey, like I think it was like $2,000 a month for rent, had a nice two bedroom apartment, just him and his wife and what I began to think about that. I began to think about what if you could basically put yourself in position to have enough money so that you would never have to work again by not buying a house, but retiring first, and then looking to see if it made sense for you to, to own a home.

(06:52): And of course, people don't like the idea of Austin moving, not getting along with the landlord, not being able to change your place and make it your own. And, but I'll tell you when you have that kind of money, it kind of doesn't matter. And I don't know for myself, at one point I had owned a home or own sold, rented. And at one point what happened was I ended up renting a place that was pretty reasonable or the financial situation I was in. Basically we just begin to sock away, sock away, sock away, sock away money. And what happened was it put me in a position where I could then dump all of that money back into my business, and then just ramp up my marketing again and just begin doing phenomenal things in my business. All because I freed up cashflow that was going into a house.

(07:38): I kind of flipped the script side down for a period of time in my life. Now, again, this is not for everybody, but I'll give you something to think about. If you're 20 years old or 22 years old, and you're starting your first college, instead of investing in your company's IRA, what if you invested outside, right? You got a tax break for investing in your company's 401k. That's important, but when your income is not that great, the tax break maybe is not all that important. Maybe you could forego the tax break and then invest that money outside and maybe do that for 10 or 15 years of your life and maybe not buy a place. Okay. And maybe not do some of the things that you see every one doing now, of course, everybody's situation is different and everyone starts off and their career in different places.

(08:32): Okay? Maybe you start off with a bunch of student debt and now you have to pay student loans back. That's another challenge that we are facing in our country today. $1.6 trillion in student loans, and it's getting worse and worse and worse. But if you are fortunate, I have had the opportunity to get through college without taking on student loans. I get that this question all the time, uncle Harold, how much should I start putting in my 401k? I just graduated. I'm still living at home. I don't have any bills. Parents pay for education. And my response to them is as little as possible. Maybe you want to just put into the 401k up to the match, but you're going to have to look at your long-term financial plan. And this is the funny thing. When, when the kids come in, after they graduate, they tell me, Hey, you know, I want to do this and I want to do this.

(09:18): I want to do that. And I say, yeah, this is all great. However, let's look at living a great life on the way to saving for retirement, versus just packing everything all into the retirement, because that's what your coworkers are doing. That's probably right for their situation, maybe, but it may not be right for yours if you're just starting out. And one of the things we look at is because you are so young and you have so many things that you want to do, you end up stifling your opportunities, because now all of your money is tied up in your IRAs and your 401ks or whatever it may be, and you don't have access to the money. And that's one of the things we talk about on the rapid retard program is having adequate accessible after tax cash reserves that are always there for you to take advantage of opportunities that may come your way.

(10:04): And I've heard it said the other day that we're probably living in a situation that we will never see again in our lifetimes. And it's been one of the greatest tragedies, but it's on the other hand at all. So it has been one of the greatest opportunities for investing in the market. And again, I gotta read this statement to you guys because investments do carry the risk of loss. Past performance is no guarantee of future results, right? So do your own independent investigation and make sure you are not speculating and make making sure you're doing what's right for you. Okay? Because there's a lot of stuff out there on the internet. Now there's YouTube, there's Robin hood. There's all of these things that people do without having a long-term financial plan. And so if that's you and you are a young person just starting out, I'm going to ask you to hit me up. I want you to give me a call. Talk to me, let's sit down, put together a long-term plan that will include all of your goals, all of your dreams and your

(10:59): Plans, and let's see what we can do together. But I wanted to talk to you about flipping the script and not doing the same thing that every body else is doing. Yeah. It's great. When you see your friends buy a new house, or, you know, they got a new car or they get a new this or a new that or whatever. Yeah. That's all great. It's nice doing that. Right. And if you are looking at buying a place, that's great. Maybe, you know, if you haven't talked to me about it already, let's just make sure it's something that is right for you at this time. Okay. Because it may be right for you. It may not be right for you, but I want to talk about putting you in a position to be able to live a great life and to be able to do anything you want, go wherever you want and just live a great life. And so if that's you out there, you're a young person and you want to know a little bit more about rapid retire. Check me out, retire. Now, retire wild.com. Go to my website, download the brochure, take a look at that. And then, you know, just get in contact with the (808) 521-4401. And then let me figure out how to put you in a position for you. All right. So until next time, everybody, one, two, three, let's get it.

(12:10): This is ThePodcastFactory.com.

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