WE QUIT FIRE | Our Top 5 Financial Independence Retire Early Challenges

We break down the top 5 challenges we face during our FIRE movement (Financial Independence Retire Early)! Amber and I first started our journey to financial freedom 9 years and retired early at ages 38 and 35! During that time, our average combined income was $75,000, we have 3 children under 5, and we have not inherited any money!

In this video we’re going to break down the top  amber and i started our fire journey nine years  ago and we retired last year at ages 38 for me   and 35 for amber. during that time, our average  combined income was $75,000. we had three children   under five and we didn’t inherit any money. so  one of the first challenges that we faced

Was   care that we had when jerad was employed   on medicare younger retirees like ourselves   are on our own when it comes to paying for health  care workplace health plans tend to offer more   by employers about half of americans get their   health insurance through their jobs last year  we were able to get a blue

Cross blue shield   no longer employed and we had an income under   $75,000 with three children under five but this  year we sadly won’t qualify for that plan again   for a $300,000 profit in seven months which will   lead itself to capital gains taxes online also  with us being pregnant which we just found out  

A few weeks ago that amber is officially pregnant  that’s our fourth child and we know that that’s   associated with it so we needed to make sure   we had a good plan so we looked into a lot of  different healthcare plans and different options   and we ended up deciding to go with medishare and  that’s a christian health sharing

Ministry that we   we hadn’t found we hadn’t looked at that before  but it seemed like that was the best option all   things considered right and so we decided to get  their highest level of coverage and we pay over   600 per month which is uh more than twice what we  were paying before when i was previously employed  

Which is less than my employer’s plan right uh but   that’s definitely something that we expect to go  over quickly since like we said amber’s pregnant   and there’s going to be a lot of hospital doctor  visits and eventually the hospital visit all   within this year yeah again given that we’ll be  having our fourth child this

Year that plan worked   out for us best financially even though it sounds  like a lot with that premium per month but we did   all the calculations and ran the numbers and it  just the total at the end was a much better price   previous children ends up costing us about ten   thousand dollars about 10 years medical costs 

Per child and that’s even like even prior to   this we had a high deductible plan so we had a  fairly low premium but our deductible was like 13   pretty much paid for that through our hsa   account or out of pocket yeah if you guys have any  questions about the health care plan that we chose   coverage or advice please let us

Know in the   comments or reach out to us directly another major  challenge that we are facing is that the stock   market is experiencing high volatility with the s  p 500 down over 15 percent from all-time highs and   the nasdaq is down 24 the nasdaq just suffered its  worst month since 2008 during the great recession  

Particularly rough since our portfolio is   invested in a combination of etfs and individual  stocks over the past 12 months we have some stocks   like tesla which is up 31 berkshire hathaway which  is up 15 and microsoft up 11 we have more stocks   though that are down like netflix which is down  62 meta platforms or facebook is

Down over 35   and corsair gaming which is down 52 okay so total  transparency here guys our portfolio is down   30 and for us that equals about 300 so for us  that was equal to like several years salary is   how much our portfolio is down right now so that  has been tough stressful enough needless to say   yes we have

Learned a number of lessons that the  stock market has taught us since we retired last   year number one is to it’s probably just best  to stay away from ipos in general uh we knew   that that was going to be a risk and we wanted  to take it but it just so happened that that was   probably one of the worst times to do it with

The  fed increasing interest rates and inflation and   things like that so moving forward that’s not  something we recommend and not something that   we’re probably gonna do also invest your money via  dollar cost averaging over a long period of time   last september when we retired and for the   first time we were able

To invest that money in  individual stocks and not just this handful of   we had that opportunity we started to invest it   but in retrospect we wish we had done that more  slowly over the course of like one to two years   and done it in set amounts consistently over you  know maybe like a monthly basis or buying every  

Couple weeks over like a one to two year period  instead i think we did it over a couple months   helped us out with this volatility and this down  market right now and potentially any more downside   yet to come another lesson that we learned is  that when inflation is high which which it was   and the fed is looking at increasing

Rates limit  your exposure to companies like ipos to growth   stocks and things that are on the higher risk  side we didn’t anticipate that kind of drop you   know to see a company like the honest company drop  what was it 81 and other ipos had similar crashes   like that we just didn’t anticipate that much  volatility

And so i think we were pretty unlucky   unfortunately on the timing so when the stock  market recovers we do plan to adjust our portfolio   to have a little bit less risk and more stability  another challenge that we face is social media   and with this we’re talking about social media  that’s consuming for us another part of

Our fire   plan was to start up a business allowing us to  withdraw less money out of our investments our   goal was to do this over the course of one to  two years and eventually start making 50 000   a year we hope that this would require less of our  time than a typical 40 hour work week which would   be a nine to

Five job however what we’ve found is  that creating a youtube and an instagram channel   is extremely time consuming if you’re doing it  the right way and more difficult than we were   in just a few months which is a rare thing   significant money off of monetized ads researching   ideas for content writing video scripts

Filming  and video editing also eats up a lot of time for   us it’s like two to three days depending on the  video that we’re filming so another big downside   that we’ve been facing on this is that we feel  amber and i feel like we’ve been just glued to   our devices much more so than when i was working  my nine-to-five job

And we just hate setting this   example for the kids for us for them to see us  looking at our devices that often another thing   is that we have to compete with channels that  use click bait thumbnails and titles like these   about that that topic in their video once   from graham stefan for example the title is  

Recession alert the fed just crashed the stock  market and that had 385 000 views in the last   four days it’s over the housing bubble just popped  532 000 views another youtube channel called andre   is the recession just started 268 000 views   and the title of some of his thumbnails are the  stock market is collapsing right

Now 73 000 views   the worst stock market collapse since 2008 77 000  views all right now this one’s my favorite i mean   that sarcastically but look at these from meet  kevin that’s a really popular channel out there   stock market annihilation how much more stocks  will fail 22 000 views in one hour and then the  

Next title is i’m leaving 66 000 views in four  hours just a lot of clickbait yeah and these   are all clickbait and you can tell if you just  go and look at any of these channels and you   look at the last 50 videos they’ve done they’re  all like similar iterations of the same thing   if we want our videos to get views do

We have  to resort to clickbait titles like these or   do we stand our moral ground that’s kind of our  question that we’re trying to ask ourselves our   plan for social media is to try to simplify our  process use block scheduling to be more efficient   limit time on our devices focus on quality content  instead of just

The quantity and give social media   some more time to see how things progress another  one of our major goals for fire was to have time   to spend with our kids while they’re young we  have three under five and we also have one on   the way like we talked about and because of that  we’re choosing to have amber homeschool our

Kids   to give them the best education possible and so  they can focus on learning not peer pressure not   unfortunately in schools today i also found   that when i was working my 9 to 5 job my time  stress from leadership teams and clients  so even when i wasn’t working it was really hard  to disengage from that work mode

And then focus on   the kids and be present and be patient with the  kids the challenge that we are facing now that   we’re both retired early is that we are still  focusing on the stock market and building up   our side businesses for additional income we’re  not sure if our early retirement is really giving   us more

Time to be present and enjoy our young  children if it’s not a significant difference   should we have actually given up the income from  our nine to five jobs that’s a big question yeah   now our main goal in achieving financial freedom  was to have well freedom obviously and just to   be candid when i retired last year i did

Feel  more freedom immediately but honestly as time   has gone on and these challenges that we just  walked through have really been chipping away   at that freedom and it makes us wonder if our  sacrifices have really been worth it or not as   we’ve looked into building a new house the costs  and timelines have exceeded

Our expectations   due to inflation and a lack of building material  supply without income from a nine to five type job   if we pay cash we have less money to invest   and less money available to invest if we decide  to buy an existing home the housing market in   the charlotte area is extremely competitive most 

Houses sell within a few days with multiple cash   that home values are massively inflated   so all these different housing factors combined  make us honestly feel like we have less freedom   than we did before without a 9 to 5 income and  not more freedom this is not the feeling that we   wanted to have or what we were

Aiming for in this  fire journey for us so in order to increase our   freedom we want to look at making some different  changes so here’s what we’re thinking about   we’re planning to create online courses to offer  one-on-one money coaching sessions and to create a   monetized blog we’re also exploring part-time jobs  and

Side hustles that might be less time intensive   and offer a more reliable stream of income for us  so do you or did you have any challenges that you   faced on your fire journey make sure to leave them  in the comments below for us and for anyone else   we’d love to build a community here that we can  share our struggles and

Find solutions together   to help our channel grow please do three things  for us make sure to hit the thumbs up button and   hit that little notification bell so you get   check out this video where we break down   how we became millionaires at 35 and also watch  our video where we talk about our fire journey  

And how we retired early at the age of 38. so we  wanted to sincerely thank you guys for watching   thank you for supporting us on this journey and  we look forward to seeing you in the next video

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WE QUIT FIRE | Our Top 5 Financial Independence Retire Early Challenges By Our Money Quest