Can a 25 Year old be Financially Free by 35?

[Michael Zuber]

I got an interesting question from a 25 Year Old the other day and I thought I would post the topic here to see what others thought of my advice and what I got right /wrong.

My first thought after hearing the question -  it is absolutely possible and in fact likely assuming a few things happen over the next 10 years.

1) You must focus on keeping your expenses low.  Where Baby Boomers and Gen X generations went wrong is we bought houses, cars and had kids in our 20's which meant we increased our expenses by a lot making financial freedom much harder and thus we had to stay in the Rat Race longer. If you can keep your expenses the same or nearly the same at 35 as they are at 25 you have taken a huge step towards financial freedom.

2) You must take action, learn your market and secure solid positive cash flow rentals or other side hustle, that are conservatively financed and allow for easy long term hold through any market cycle.

Frankly I think Millennials have a great chance at producing a record number of 35 Years that retire Financially Free as they are making life choices that for now keep expenses very low and thus allow them to get to financially freedom quicker than other generations.

What do you  think? Did I offer bad advice?

Z

[Steve Vaughan]

To be this different...one has to be different.  Buying a house isn't the problem.  It's  the fancy house with the fancy car payment and not wanting to be inconvenienced by having a rental or roommates with it at first. 

I did it at 31, but nobody was asking me for advice as I drove my beater with my brown-bagged lunch living in a trailer park.

Most won't work and sacrifice enough, not to mention bother to get their phone out of their face long enough to even meet people or do critical thinking of their own.