According to the United States Social Security Administration office, in 2021, the maximum SSI benefits that a fully retired person can receive is $3,148 per month. However, adjusting the 1.3 % cost of living leaves the fully retired person with $1,543 per month. The amount after the living cost is not enough to live off it. After Running these numbers, I started asking myself many questions: Is the American dream a scam? Is it worth working until I drop dead so I can have the privilege of living off of $3,148 monthly with the US Dollar inflation rocketing?
I Could not believe how people think it is normal to work for someone and get almost nothing in the golden age. These pension numbers reminded me of a Lyft driver I met. The Driver picked up from Dayton, Ohio, to Cincinnati airport (CVG). It was about 1.5 hours of Driving due to the morning traffic. He was a lovely guy in the late '60s. As we were talking, he mentioned that he had back surgery about a month ago, but he had to drive because he enjoys working for Lyft. After I did the math in my head, it did not add up. There is no way he could drive a 5-hour shift sitting in the same place with very recent back surgery. So, I started asking questions about whom he worked for? How long did he work there? How much was he making by the time he retired.?
The Lyft Driver was very friendly, and he answered all my questions. He told me that he worked for a restaurant from 1993 to 2020. He enjoyed cooking, so he was in the food industry for that long. However, in 2020 when everything shut down, he had to quit because the company was paying him $12.5 hourly while the newbies were making $15 per hour to start.
After the Lyft driver answered the questions above, I asked him what he does for a living other than driving for Lyft? He answers that he drives for Lyft only. Lyft gives him the freedom of working on his terms, and he does not have to report to anyone. At the end of our early morning conversation at the Cincinnati airport, I asked him what he could do if he could have, lived all over again? He responded that if he could have his life start all over again, he would make sure that he has enough money to live the life he wants without having to drive with fresh back surgery. Whether he likes it or not, he still has to pay bills somehow. Since he has retired, he cannot make much money driving for Lyft unless he does not mind losing his Social Security benefits.
After a long conversation with the Lyft driver, I thought about my uncles, parents, and other 40 years old and above people. What can they do to retire early or comfortably? I have witnessed the beauty of being financially free because I worked away from my job and started BAKO INVEST LLC. It is enough for my lifestyle because it pays my bills. I want to see Bako Invest LLC go beyond my expectations. Here is a list of things people above 40 years old can do to become financially free.
Educate yourself about personal finance
In most of my articles, I always acknowledge the importance of learning the basics of personal finance. You cannot be financially free without understanding how money work. I strongly advise you to read and watch videos about personal finance. It will pay off in the future.
Pay off Debts
As I mentioned in my other articles, I am not a fan of paying off debts early. People should invest aggressively until they have more money than their debts. Then they can pay them off at once. However, if you take the route of paying dates first and then investing later, that would work too. Although, it will take you a little longer to become financially free.
Make the most out of your job
I strongly advise you to get a job with full benefits, including a medical, 401k, good pay and gives you other benefits that will help you retire comfortably. You Can also start your 401k on the side using third-party robotic investing apps. I use Acorns, and I like that everything is on auto-invest. This means all you have to do is open an account with Acorn and see your money grow without doing anything else. Use the following link to learn more.! https://share.acorns.com/Silivere?
Create a different source of passive income
For those who do not know what passive income is, you buy or start something that pays you for the rest of your life for long as you do not sell the asset. The most popular passive income that people know are rental income, stock dividends, starting a business, and cryptocurrency staking interest. If you want to learn more, check out the links at the bottom of this article, get free stocks and bitcoin, and start your investing journey. The best time to start your financial journey was ten years ago, and the second-best time is now. So, if you want to be financially free, always think about creating more income than focusing on getting raise from your traditional job. It is ok to be an employee, but it is not ok to think like one. That is how you set yourself up for failure.
Increase your investment
sometimes, you will hear in the news, "Jeff Bezos made $10 billion today, or Alon Musk is now the wealthiest person in the world". Billionaires make that much money by focusing on investing more in their companies' stocks (like Warren Buffet) and investing in education and talents. I am not telling you that you should make billions of dollars like multibillionaires. Nevertheless, you can make at least thousands of dollars if you focus on growing your investment portfolio. You do not have to be a financial guru; all you need is a phone, internet, and brokerage account.
If you do not want to go through the stress of learning new technologies, you can use an auto-invest App like Acorn. It will do everything for you. It charges $1-3 every month for the service (Fees changes).
Take Some risks
I know exactly what is running through your head after reading the word risk because nobody likes to take risks. However, it is ok to take some minor risks like buying $100 of dogecoin, Shiba Inu, GameStop, and another risky asset that can give a significant return in a short amount of time. On the other hand, if the investment goes wrong, the worst is that you lose $100. For example, in December of 2020, I bought $1,832 worth of Dogecoin on Robinhood; 3 months later, I cashed out a whooping of $151,000. It was a very risky move, but it paid off, and the worse that could have happened was to lose $1,832. It is ok to take a few small risks to increase the chances of becoming financially free before 65.
Make your family happy
I have heard that a happy family equals a happy man. I am a family-oriented person. You might ask yourself what financial freedom has to do with having a happy family. I believe that it is ok to be a go-getter. However, people misinterpret this word and think that being a go-getter means getting that money without caring about anyone's feelings. I believe that some feelings must be protected at all costs. I like to protect my family because people can hate me, but my family will not give up on me. Even if they do, it is just temporary. Eventually, they will come around, and they will always be my number one fans even when they do not believe in my dreams.
Conclusion
Financial freedom is on everyone's wish list. However, the important thing is what you are doing to help you become financially free. Just remember to learn about personal finance, increase your streams of income, focus on creating passive income, invest more than you spend, and you will become financially free in a small amount of time. Just remember that life is not complicated; we complicate it.
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Disclaimer
Bako Invest LLC is not a financial advisory firm which is why I strongly advise that you do more research before you invest your hard-earned money.
FREE MONEY
Feel Free to use the links below and get free stocks and cryptocurrencies such as bitcoin and CRO. The only way to get these free stocks and bitcoin is to use the links below. We are happy to be on this financial freedom journey with you.
Join Robinhood with my link and we'll both get a free stock https://join.robinhood.com/siliveb
Sign up for Coinbase using my link and we can each get $10 in Bitcoin https://www.coinbase.com/join/bakome_8?src=ios-link
Use my referral link https://crypto.com/app/nnh5tuxpuk to sign up for Crypto.com and we both get $25 USD :)
I'm using Acorns and I love how easy it is to save and invest for my future. Join me and you'll get a free $5 investment! https://share.acorns.com/Silivere?
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