Exactly how we will retire with $3.5 million working 9-5 (effortlessly)

About this Video

• Video Title: Exactly how we will retire with $3.5 million working 9-5 (effortlessly)
• Channel: Leon King
• Speakers: Leon King
• Duration: 00:15:34

Introduction

This video outlines a four-pillar plan for achieving $3.5 million net worth by following a strategic approach to personal finance, emphasizing ease and efficiency. Leon King, a former business and economics teacher, shares his methods, developed over a decade, for building wealth while working a 9-to-5 job.

Key Takeaways

1. Family Financial Plan Foundations: Establish a shared "money vision" with your spouse, define clear financial goals (both short and long-term), and assign specific "money roles" to ensure collaborative efforts. Regularly review progress.
2. Cash Flow Clarity: Focus on setting spending targets rather than strict budgeting, evaluating expenses against priorities. Establish savings targets for both spending and investing.
3. Wealth Thesis: Prioritize debt elimination, followed by a reliable long-term investment plan (e.g., ETFs, asset allocation). Understand and utilize tax-advantaged accounts (Roth IRAs, 401Ks, HSAs, RRSPs, TFSAs).
4. Automation: Automate fixed expenses (using credit cards), and create a separate system for managing discretionary spending. Weekly planning is advised over monthly. Automate investments and debt repayments where possible.