We RETIRED EARLY. Revealing our INCOME STREAMS for Early Retirement
Summary
TLDRThe video details the journey of Xan and Jan, who were once $60,000 in debt with no retirement plans until at least 60. Fast forward to today, they've created four income streams that have made them financially independent, allowing early retirement at 45 and 51. They share their experiences with a high-interest savings account, YouTube earnings, rental income from a Brazilian condo, and most significantly, dividend income from a substantial investment portfolio. By August 2024, these streams have collectively earned them $49,718.5, demonstrating that with effort and smart financial strategies, anyone can achieve financial freedom.
Takeaways
- 😀 The couple, Xan and Jan, were once in $60,000 of consumer debt with no plans to retire early.
- 💼 They have since created four different streams of income, allowing them to retire early at 45 and 51 respectively.
- 💰 Their first income source is a high-interest savings account, which has earned them $386 in interest since April.
- 🎥 Their second source is YouTube, where they've earned $1,823.74 in 2024, but they emphasize that they create content for enjoyment, not just for income.
- 🏠 The third income stream is rental income from a condo in Brazil, which has generated just over $7,000 Canadian in 2024.
- 📈 The largest income source is dividend income, which has brought in $40,576 Canadian as of July 2024, averaging to about $5,800 per month.
- 💹 They have over a million dollars invested in dividend stocks, which is the primary source of their passive income.
- 🌐 They encourage others to consider these income streams but acknowledge that each person's financial journey will be unique.
- 🏡 They sold their house in Canada and moved to Brazil, where they enjoy a more relaxed lifestyle and have outsourced many tasks.
- 🌐 They emphasize that anyone can achieve financial independence and early retirement with effort, time, and determination.
Q & A
How much consumer debt did the couple have five years ago?
-The couple had about $60,000 worth of consumer debt five years ago.
At what age did the couple retire?
-The husband retired at 45, while the wife, Xan, retired 7 months ago at age 51.
What are the four different streams of income the couple created?
-The four streams of income are: a high-interest savings account, YouTube earnings, rental income from a condo in Brazil, and dividend income from their investments.
How much interest have they earned from their high-interest savings account since April?
-They have earned $386 in interest from their high-interest savings account since April.
What is the couple's YouTube channel's primary purpose according to the script?
-The primary purpose of their YouTube channel is not to make money but to share their journey to financial independence and to help others on a similar path.
How much money have they made from YouTube in 2024?
-They have earned $1,823.74 from YouTube in 2024.
What is the source of their rental income and how much have they made from it in 2024?
-Their rental income comes from a condo in Brazil, which has generated just over $7,000 Canadian in 2024.
How much dividend income have they received by July 2024?
-By July 2024, they have received $40,576 Canadian in dividend income.
What is the total amount of passive income they have earned in 2024 from all sources?
-Their total passive income for 2024 is $49,718.50.
What is the couple's monthly budget from their dividend income?
-Their monthly budget from dividend income is around $5,000 Canadian, with a slight buffer for overages.
How much money did they invest in dividend stocks to achieve their current dividend income?
-They have invested just over a million dollars into dividend stocks to achieve their current dividend income.
Outlines
💼 Journey to Financial Independence and Early Retirement
The speaker shares their personal financial journey, starting with being in $60,000 worth of consumer debt five years ago with no thoughts of retiring before 60. Fast forward to the present, they have created four different streams of income, which have allowed them to become financially independent and retire early. The speaker retired at 45, and their partner retired 7 months prior at age 51. They discuss their intention to cover the sources of their income, how they built them, and how much they have made so far, focusing on the first seven months of 2024. They plan to discuss their income streams from smallest to largest, starting with their high-interest savings account, which serves as an emergency fund and has earned them $386 in interest since April, thanks to a 4.2% interest rate from Wealth Simple.
📺 Earning Through YouTube and Rental Income
The second source of income discussed is YouTube, where they have been creating videos for over four years, amassing more than 300 videos. They earn money through AdSense, with ads appearing before or during their videos. From the beginning of 2024, they have earned $1,823.74, which is not a significant amount but is appreciated. The third source of income is rental income from a condo in Brazil, which they rent out when not in use, generating just over $7,000 Canadian for the year. They have a property management company that takes care of the property, making this income stream relatively passive. The speaker reflects on the differences in managing properties in Canada versus Brazil, where they now outsource maintenance tasks instead of doing them themselves.
💰 Building Wealth Through Dividends and Investments
The fourth and most significant source of income is dividend income from their investments in dividend stocks. They have been investing heavily for four years, and this income stream is their primary means of support during their early retirement, allowing them to travel and spend time with family. As of July 2024, they have received $40,576 Canadian in dividends, averaging about $5,800 per month. They maintain a budget of around $5,000 Canadian per month, with a little buffer for overages. The speaker emphasizes that this income requires a significant investment; they have over a million dollars invested in dividend stocks. They also mention diversifying their investments by buying more dividends and ETFs after retirement and invite viewers to join their community to learn more about their financial strategies.
🌐 Summing Up the Multiple Income Streams
In conclusion, the speaker sums up all four income streams for their retirement year to date in 2024, amounting to $49,718.55. They reflect on how each stream contributes to their financial independence and emphasize that while it didn't happen overnight, learning about finances, budgeting, and investing have been key to their success. They encourage viewers that anyone can achieve this with effort, time, and determination. The video ends with a reminder to check out their budget playlist for more details on how they manage their monthly expenses and a farewell note until their next video.
Mindmap
Keywords
💡Consumer Debt
💡Financial Independence
💡Early Retirement
💡Income Streams
💡High-Interest Savings Account
💡YouTube
💡Rental Income
💡Dividend Income
💡Compound Interest
💡Investment Portfolio
Highlights
Five years ago, the couple was in $60,000 worth of consumer debt with no thoughts of retiring soon.
Today, they have created four different streams of income, allowing them to become financially independent and retire early.
The husband retired at 45, and the wife retired 7 months ago at age 51.
They will cover the sources of income, how they built them, and how much they have made so far in the first seven months of 2024.
Their first income source is a high-interest savings account, which serves as an emergency fund.
They earn 4.5% interest on $20,000 in cash, earning $386 in interest since April.
Their second income source is YouTube, where they have been creating videos for over four years.
They have made $1,823.74 on YouTube in 2024, which is not their primary income but a fun way to share their journey.
Their third income source is rental income from a condo in Brazil, which has generated over $7,000 Canadian in 2024.
They have a property management company that takes care of the condo, making this income stream relatively passive.
Their fourth and main income source is dividend income from a significant portion of their portfolio in dividend stocks.
They have received $40,576 in dividends up to July 2024, which works out to about $5,800 a month.
To achieve this level of dividend income, they have invested over a million dollars into dividend stocks.
They encourage others to consider these income streams but acknowledge that it requires time, effort, and capital.
The total income from all four streams for 2024 so far is $49,718.5, demonstrating the power of diversification.
They emphasize that anyone can achieve this with the right mindset, effort, and financial strategies.
Transcripts
well a little over five years ago xan
and I were in about $60,000 worth of
Consumer Debt and to be honest with you
had no thoughts of retiring anytime soon
probably at least until 60 Flash Forward
to today we have created four different
streams of income that have allowed us
to become financially Independents and
actually retire early I retired this
year at 45 and Jan retired 7 months ago
at age 511 one year later was play to
retire at 50 but I'm so happy with my
decision and here's what we be covering
on today's video what are those sources
of income how we were about to build
them and the most interesting part it's
maybe you might be interested how much
have we made so far we do record this
video in August so we going to be
covering the first seven months of 2024
yeah we're going to just do this year in
2024 to give you guys a bit of an idea
so we're going to go through our income
streams and we're going to start from
the smallest income to the largest
income just to give you guys a bit of
perspective and not all of them are huge
earners but they all generate some
income and the first one that are going
to be sharing with you is our height
interest savings account this account is
basically an emergency fund that we have
in cash for something that comes up so
we would have the money available right
away and it's something that all of you
you I would hope are starting to
generate as well because you never know
what's really going to happen down the
road but this money shouldn't just be
sitting there and depreciating so we put
it into a highin savings account yes we
did do this with well simp and by the
way all the links that we just Shar on
this video are going to be appearing not
only in your screen and also on the
description of this video but the first
one it is actually with weal simple
wealth simple does pay
4.5% interest on this amount that we
have and as Christine said it's not a
lot but money is always money right yeah
so currently we have 20,000 in cash
sitting there as an emergency fund just
for something that may come up and at
42% interest we just put this in in
April by the way but so since April
really we have earned
$386 in interest and that's completely
passive we don't have to do anything to
earn that money except keep the cash
invested in this or sitting in this
highin savings account so really easy
way to earn a little bit of extra money
and that's the far of compound interest
you have not heard about that please go
and take a look join nothing we have
$386 so our second source of income and
our second smallest I guess is YouTube
yes we do make money off of these videos
that we try to put out every week for
all of you however it is not as much
much as many people like to think we
make on these videos yes we have been
creating videos for over four years
there's more than 300 videos that we did
create and every weekend we come up with
a new video that we can take a look and
see how our journey to financial
Independence since it started back in
2020 or 2021 I can't even remember that
until today so more than 300 videos
hours and hours and hours of hard work
sharing our experience to financial
independence with you yeah and the way
we get paid yeah it's through AdSense
every video that you just see on your
screen they might come up with you know
a advertise at the botom or even you
have to watch this before we can see the
content from us and this is how we get
paid we don't get to choose the adverse
type is that you guys see but usually
what happens is there is going to be
something related to what we do right so
drum roll since the beginning of
2024 how much have we earned on YouTube
$1,823
74 can't retire on that one guys no no
but we don't do this honestly we don't
do this for the money uh we do it
because we enjoy it and we want to
hopefully help other people with their
financial Independence Journey too would
we love it if this income stream group
sure yeah um but right now it's just a
little bit of extra income that we can
add into our pool we are not even
discounting the amount of money that we
invested in buying equipment and
everything else so this money is not
even there if you were the amount
received from YouTuber will be on the
negative part of it however if it's
something that you're interested in
doing by all means we would totally
encourage you to start a channel it's a
lot of fun and the people that you get
to meet and interact with are amazing
and you really don't need to put a lot
of money into it to start a channel you
just start recording things and put them
up and wait for people to uh to start
watching yeah it is definitely great so
but not passive no weot of work you have
to work you have to work you have to
create videos if you don't create you
can't earn them no our third source of
income and our second largest uh stream
of income in retirement is actually
rental income uh we did sell our house
in Canada along with everything we own
however we do own a condo in Brazil inan
pesoa Brazil and in fact that's where we
are right now recording this video when
we're not staying at the condo we do
rent it out for vacation rentals um and
how much has that generated for us this
year uh just over
$7,000 Canadian Canadian that's how much
we have received um and this one is
pretty passive as well it I mean it took
a little bit to pick out all the stuff
that goes into it but really there's not
a lot of our own work and sweat that has
to go into this particular stream of
income we have a property management
company that really looks after the
place extremely well for us any issue
even when we're here if there's an issue
that we need fixed with the condo they
help us out and they fix it no problem
so before I going to the fourth one is
it different than in Canada I was even
telling Christine because since we moved
to Brazil now we are spending some time
here I was asking her you miss kind of
fixing things and doing things around
the house and she said yes I do and I
said no I do not because this is how we
are used to uh do things in you thank
God we can you know afford to have this
sort of I don't know is not a privilege
but we can pay and people will do the
work for us rather than us having to pay
yeah and having to do ourselves and this
stream of income does require quite a
bit of capital in order to set this one
up I mean High interest savings account
you put whatever you can in there and it
starts to generate the interest rate
YouTube doesn't require a lot of capital
in order to start that stream of income
but but a rental property is going to
cost you money right and in on average
the condo here in Jan pesoa cost us
about
$140,000 Canadian to buy it new build
and put all of the fixtures and
appliances and furnish it there was
startup Capital but we considered it an
investment into our future and right now
it's doing well I mean for the over the
course of the year if this keeps up
that's going to be another $114,000
worth of income yeah for us yeah and if
you were to actually include the end of
the year with the New Year's Eve and
everything this amount that we have
received it's almost doubled because
it's High season and as a result a lot
more it's a lot more money yeah and then
comes our fourth and final stream of
income and it's one that you guys know
we're passionate about and the main
reason that we have been able to retire
early it is dividend income yep by so
dividend and distributions that we have
been receiving since we started
investing more heavily which is going to
be how many years ago four years ago now
right um and we do have a significant
portion of our portfolio in dividend
stocks so not our entire portfolio is
not dividend stocks but there is a large
portion of it that it is and that's the
money that we use that P that income and
it is passive income that comes in every
month is the money that we use to live
on and do what we're doing now travel
the world spend some time in Brazil with
family um and start seeing some new and
exciting places yeah so how much have we
uh earned so far so far in up to July
2024 we have received
40,576
Canadian dollars it works out to about
$5,800 a month and as many of you know I
think sh will link a playlist but we try
to stay on a $5,000 Canadian budget each
month um but we do have that little bit
of a buffer each month in case there's
some overages here and there and it's
this one is a very stable yeah it's
pretty stable but it it requires quite a
bit of investment and if you're
wondering how much does it cost or how
much do you need to invest in order to
receive this quantity of dividends in s
months we have just over a million doll
invested into dividend stocks yeah so
it's not something that's just going to
happen overnight it's taken us years of
investing and saving and earning to be
able to achieve this as well as selling
a house and bunch of other stuff so yeah
so far so good and even talking about
dividends uh we use it to share the
dividends that you know even the
individual companies that we've had we
kept doing this inside our community so
when by by the way we also after pris
retired we Diversified a little bit more
and we bought more other uh dividends
and ETFs as well if you are interested
you can take a look on our community and
you can join us and we can learn
together yeah so when you add up all of
our passive in or I shouldn't say
they're all passive because they're not
all passive but when you add up our four
income streams for our retirement year
to date in 2024 so far we have earned $
[Music]
49,7
185 yep not bad four different streams
of income bringing in a little bit here
and there it really does add up yeah it
does and this is something that you can
all do as well it's not I mean this
didn't happen overnight for us but
really once we started to learn about
finances we learned how to budget track
our spending control our spending
because it was a little crazy we started
to find more money here and there to
begin the Investments to start investing
into highin savings accounts to start
putting towards rental in properties
abroad right like these are these are
options for people and we're not saying
that they're going to be you know the
best ones or the best fit for everybody
yeah for us they've worked out quite
well we are real people and you can see
that it's working because since 2020 on
this YouTube channel you have seen how
we struggle and how we succeeded and how
we were able to relax early and here we
are yeah real numbers anybody can do it
it's achievable it's just how much
effort and time and grit you're going to
put into it yeah so anyways if we can do
it he can believe me that's true so that
was the video for this week we wanted to
share with you our four streams of
income four retirements and if you're
interested in how we spend that dividend
income you can check out the divid or
our budget playlist where we break down
our monthly budget each and every month
to let you know if we're tracking at
5,000 over or below we hope that you're
safe and we will see you in our next
video take care guys bye
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