HOW TO RETIRE AT 35: THE NEW INVESTMENT MODEL

Today, I'm walking you through how to build passive income, so you no longer have to rely on your day job or 401k. Live now and enjoy life. There's no reason to wait until retirement when there are abundant opportunities you can take advantage of with very little startup cost.

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Transcript:

00:02 Hey guys, welcome back to the Law of Attraction Tribe podcast. I'm your host Stephanie Keith. All right, so I If you guys have like followed me for a while you probably have figured out that with my business and especially with my podcast, I record on the spot. 00:20 I typically don't plan things out because I wait until I'm feeling really inspired and I know that something that everyone is meant to hear will come through. 00:32 And that's the way I've been doing it for three years. And it's true, like every week I get people that message me and they're like, I feel like you were talking directly to me because the thing you were talking about was exactly what I was asking for what I needed to hear. 00:49 And today, same thing, I literally like stopped what I was doing and I'm like, I have to come and record this episode because it's just like right along the lines with what I've been doing. I have done for myself and what I try to help other women do. 01:10 So I was listening to another podcast by I always forget if it's, I think it's called The Morning Wire and they had this guy who's like a real estate investor on. 01:23 And he was talking about how this whole model that we have been taught with, you know, working in a nine to five job for 45 years. 01:37 Having 401k and benefits is the thing that we should do if we want to have a great retirement. And you know, like they paint this picture of like retirement being great and you are out playing golf and going on vacations and he was saying how we have been fed a lie. 01:56 And that made me perk up because I've been saying that for a long time. I think we're really conditioned in our society, in our schooling to have this worker mindset. 02:07 And I don't think it's because it's got our best interests in it. I think it's because the wealthy, the people that write the curriculums and kind of control, you know, what we're seeing need the workers. 02:22 Like they need people to, to be in these jobs rather than more leaders and thinkers and investors. So I've picked up on that, you know, a long time ago and I've talked about that a lot how I really don't buy into the whole 40 hour work week. 02:40 This worker mindset and how it's so vastly different from what the wealthy teach their kids. They teach their kids, you know, don't think about graduating and working really hard to become a worker, you think about how you're going to be the employer and you're going to create businesses that hire 03:00 workers, right? It's like totally flips this whole narrative on its head. And so this guy was talking about how the reality is that the average 65 year old retires with $170,000 saved after 45 years of working. 03:19 Now, if you like have been paying attention at all to the inflation and how much everything costs, that's not going very far in today's world. 03:31 I mean, you could be making six figures and still living paycheck to paycheck. Everything just is, is really out of control right now and it's just gonna keep getting, getting worse for the time being, unfortunately. 03:45 So most people end up living their retirement years very frugally. Like, they're not playing golf every day and going on vacation. 03:55 They're saving and praying that they don't run out of money before they die. That does not sound like a fun way to spend the final years of your life when you've always been promised, you know, work really hard and then you can just retire and enjoy life and then you get there and it's not all rainbows 04:13 and butterflies. It's, you know, having to save. Every single penny and many times they do run out of out of money and they have to get a job. 04:23 They have to go back into the workforce or they become a burden on the government or their kids and so we have to. 04:32 To rethink this model that we're teaching our kids and that we're completing for ourselves and come up with a better way. 04:43 And so, you know, I love looking at the wealthy people and seeing what are they doing. What philosophies are they following? 04:52 What plans are they following? And guess what? None of them are getting a job with a great company and have a 401k. 05:00 They all have multiple businesses. And it's Warren Buffett that said never depend on a sole source of income. Always invest in a second stream of income. 05:13 And that is so true. That should be the goal is to create multiple sources of passive income. Rather than spending all of your time and energy and focus on what's going on in the world. Focus on a nine to five job that's giving you just enough money to get by. 05:28 What if you shifted and started thinking how can I create my own income so that I have money coming in regardless of what happens with my job, regardless if I get laid off or decide to retire. 05:46 So the wealthy pick something, whether it's real estate or building certain businesses, and they become experts. They spend their time and their energy learning about it. 05:58 They invest in it. They pay experts. They join country clubs or organizations to network. They take courses. They go to seminars. 06:07 They become and expert in the thing that they're investing in and they go all in on it. And then when they make a profit, they don't just say like, wow, I did great. 06:17 I'm done. I'm gonna retire. They take that profit and they invest it back into another stream. Of income and they just keep doing that over and over and over again. 06:27 And that is how they truly build, not just wealth for them, but generational wealth. So back to when I was in college, I remember in my finance class, they said that you want to build your 401k to two. 06:50 And you know, you think about people are living much longer and costs are growing up dramatically. So it's going to require a lot more money than, you know, what we were initially told. 07:02 But imagine having that money saved, but not having to rely on it to live. Imagine we're time. You're retiring, but still having an endless flow of income. 07:16 Passive income. So you can enjoy life while you retire. You can go on vacation or play golf or do the things that you really want to do, but you still have a stream of income coming in every single month. 07:30 So if you're 65 or 35, you're not having to survive off of your savings praying that it won't run out before you die. 07:39 Instead, you're continually growing your income because you're making a profit and reinvesting that and adding multiple streams of income. Thanks for watching. 07:48 And many people invest in real estate. Like, I'm sure you guys have all heard of the book Rich Dad, Poor Dad and my parents do that. 07:57 They invest in real estate and I'm grateful they do because I feel like they'll always be taken care of. No matter what happens with the stock market, like they can still have their monthly income coming in from rent. 08:10 They call it like a cash cow. But that requires a lot of money that you're putting into it. So if you have that and you can go and buy an apartment or condo or something and rent it out, great. 08:28 But that's going to require some money upfront. And I've decided that I would rather create the same type of income, but doing it in a way that requires very little in upfront investment. 08:46 And so the way to do that is by monetizing your knowledge and your gifts. So whatever you have an interest in, whatever you're good at, whatever you have a little more knowledge in than the average person, you can monetize that through courses, through coaching, or my favorite, which is creating your 09:03 own app. And luckily, we live at a time now where technology has made it super simple. So you don't have to go back to school to learn how to code. 09:14 You don't have to pay a developer 50 grand, which was the case just a few years ago. Now you can build an entire app from start to finish. 09:24 For under a thousand dollars. And now that I'm doing that and I'm making stable income from it, I can take that profit and reinvest it. 09:34 And I run Pinterest ads, which make more money because they get more people downloading the app. And this is all on my app course. 09:42 By the way, I share my ad strategy, my content strategy, like all the behind the scenes. And honestly, like it's, it's not a lot because it's a business model that doesn't require much of my time. 09:57 Like you build it up front and that's it. Then it's just maintaining it. You don't have to be on social media. 10:05 I literally do social media for fun. I'm really not getting people from social media. I get people from Pinterest and I get people from my podcast. 10:13 My podcast is my biggest marketing source next to paid ads. Of course you get people organically. I get people that find you through keywords on Apple and Google. 10:26 Those are massive search engines and so people that may have never otherwise seen you, see you when you have an app. 10:35 And so I get to enjoy my days with my kids. Thanks for watching. I get to be a very hands-on mom and in a way like I feel like I'm retired now even though I'm not and even though I still have income coming in and of course like I do live calls sometimes and things like that but for the most part 10:56 I feel like I'm retired. Like the other day we went to Disney for my daughter's birthday on Friday just because, just because it would be fun. 11:04 I never would have been able to do that in my nine-to-five job. My vacation days were used for like going to doctor's appointments and school functions and things like that but now that I have created this stream of passive income, I'm trying to teach other people how to do this as well because we all 11:25 deserve abundance and I was stuck in a stressful nine-to-five job for 12 years and it took a toll on my family, on my mental health. 11:35 It even made me a little jaded. Like, I went from being, you know, like sweet, shy, Stephanie and to someone who was always just like b***** and anxious and negative. 11:47 I had mom guilt every single day which nearly broke me. It was really, really hard for me to deal with that and I don't wish that on anyone and it's just not necessary anymore. 12:00 Like thanks Thanks to technology, we live in a time where anyone can be a business owner. Anyone can create multiple streams of income, but you have to want it and you have to be willing to put the energy into it. 12:13 And if you can do those two things and get it up and running, then you're in a scenario where you don't have to rely on a boss, on a job, on a 401k, on your savings because you consistently have that income. 12:31 And once you learn how to do it, you can duplicate it. You can reinvest it in ads or you can build a second app or you can teach other people how to build an app or so on and so forth. 12:41 You could just continually grow it and scale it. We need to rethink this model that's been so ingrained in us throughout our entire lives and know that we're not going to save our way to wealth. 12:57 And if we want to really start enjoying life now, and certainly when we retire, then we need to have a better model to follow. 13:05 We need to have a better plan. And I wasn't planning on opening the app course back up so soon, but a lot of you have reached out asking when it's going to open again. 13:15 And again, I fly by the seat of my pants. I literally decided today after listening to that other podcast about how everyone's so screwed with this old model of working a full-time job with a 401k. 13:28 And so I decided I'm going to open it up for Labor Day. So just the week of Labor Day, I'm opening it up and teaching you exactly from point A to point Z how you can do this. 13:44 Okay, Amelia, in just a second. And like life is meant to be lived. It's not meant to work, work, work, and then hope that someday you can finally enjoy it when you retire. 13:58 That is such a lie we've bought into and it's so ridiculous and it's so not necessary anymore with the technology we have available. 14:07 So I basically will ask you to throw everything you've been told out the window and make a new plan. Keep an open mind and change the mindset from being a worker and relying on external things and external people to being an entrepreneur and creating your own passive income that you control and that 14:30 you can build and grow and scale. And if you can do that, then you don't have to wait until you're 65 to retire. 14:37 You could retire in a few months. You could tell your boss, huh? You can do whatever you want. You can stay in your job and like have a side hustle and at least you know you've got that extra income coming in. 14:49 So I'm going to be giving my podcast listeners a special Labor Day discount and I'll keep it open for just a few days. 14:56 So get in while you can if you're interested in doing that. You can reach out if you have questions and also this week on Thursday and Friday I have the Back to School Boot Camp where we're going to be doing EFT tapping to regulate our nervous system. 15:11 We have a goal setting workshop so it's really going to help get back into that motivated, inspired state where you're in a place where you can take action and you can actually manifest your goals this year rather than continually putting them off. 15:27 And then next thing you know, it's Thanksgiving and Christmas and New Year's and you've gotten nothing done. So I will link all of you. All of that up in the show notes. 15:36 You can also find it on Instagram at lawofattractiontribe. Thank you guys so much for tuning in. If you have any questions about the app course, let me know and I'll see you back here next week.