**Can I retire at 30 years of age? ****What kind of bank balance do I need to begin my journey to financial freedom?**

This is a live video recording of Free Financial Self. Follow me on Instagram:

This question is actually related to something called, “Extreme early retirement”.

So, how exactly you do that?

### Here is the full text of the video:

**Hello everybody. Welcome to another live Q&A session about Financial Freedom and Personal Finance. **

**I’m Shlomo **and I’m going to answer questions from followers. So let’s see who’s joining us and if nobody joins I’ll gonna answer this and maybe while I speak still be more people coming in.

So I have a question from Shilpa Amladi. I don’t know where she’s from but if you’re gonna watch this please let me know.

**So, she asked or he asked**.

**“Can I Retire at 30 years of age? What kind of bank balance do I need to begin my journey to financial freedom?**“

**That’s a very very good question.**

**So, I just said what the question is.**

*“Can I Retire at 30 years of age? What kind of bank balance do I need to begin my journey to financial freedom?”*

**That’s a very good question.**

So, Giving a cookie-cutter solution or answer to everybody is very very hard but, we are all of course, we are all different that’s why it’s so hard.

**But these are the questions that you need to answer on:**

**One is:**

*– What’s your net worth goal? What’s the goal that you want to get to at the age of 30 when you want to retire?*

*– What kind of lifestyle you want?*

*– Where you gonna live? *

*– What’s your cash flow right now?*

*– Can you save anything?*

**The thing is that what gets you most of your progress into your financial freedom is how much of the percentage of your salary or income monthly you are able to save. **

**So as example,** I know of people who save around 80% of their salary. So that’s a very nice number with the average about 10 to 15%. So that’s a lot. That’s a large percentage and the thing is that these people are able to get to financial freedom. But they don’t live obviously very luxurious life but they’re happy about this.

It’s not that they’re looking for the** Ferrari’s** or anything expensive.

They’re pretty much okay with this but they’ve decided that they’re going to save a lot at the beginning and then they’re okay – they lived off-off their investments and what they’re doing in their life which is not working or let’s say they’re choosing to work at that part of their lives.

Let me turn the camera and I wanna show you what’s the most important thing is starting early.Okay?

The earlier you start the better. I wanna show you the power of compounding interest. And then make some charts here earlier. I’ll turn the camera.

So this is my computer. Now if you look at this chart, you’ll see that this is a 10 year chart. And you see that the first columns are your deposit. It’s $12,000 dollars. So this is one thousand dollars a month. So let’s say, you’re saving $1,000 every month. So this is $12,000 total every year.

You see that the interest of the first year is $670 dollars right? But the tenth year, you see that the interest is $16,000. And the total that you’ll save in 10 years would be $206,552.02 cents. That would be the total amount. And this is when you only deposited 120,000 dollars

If you see at the bottom the third column.

Now, So this is almost twice as much. Now if you look at the compounding, so the interest rate is growing larger and larger as time goes by and if you’re going to the 20-year table you’ll see something very interesting. It’s the same $12,000 dollars.

If you look at the bottom of the 3rd column, you’ll see that the total deposit is $240,000 dollars. That is $1,000 dollar every month for 20 years. And you’ll see the interest is more than half a million dollars that’s much more than your deposit. That’s 2 times more so the total balance after 20 years would be $765,696 US dollars.

*That’s a huge number and obviously the more you go with the interest, the more you save. The earlier you save means that you actually compounding be larger and larger, would be easier and easier for you to get to financial freedom.*

So this is a very fundamental matter in reaching your financial freedom and reaching your financial goals and personal finance, in general to start as early as possible and really make that compounding work for you.

So the most important thing is starting with the positive cash flow and even start saving a little bit because that little bit 3 years from now would be huge amount of money.

I’m gonna open the talk for any questions that you might have about **personal finance, financial freedom, financial planning** and I’ll try to answer that.

And if not then we’ll end it and then you’ll have it. You can watch it again here.

I’m here every Wednesday live on Instagram. I also have Q&A session on linkedIn.

You can look up my name – that’s **Shlomo Freund** on LinkedIn. And you can also get the sessions on LinkedIn as well.

Okay, thank you very much everyone for joining. I’ll be very very glad to see you next time and I hope you enjoyed it.

Cheers!