About this video

• Video Title: How I Plan to Retire at 40 as a Small Business Owner 💸 investments, savings & budgeting
• Channel: from, kayla;
• Speakers: Kayla
• Duration: 00:21:50

Overview

Kayla shares her strategy for retiring at age 40, detailing her background, health-related reasons for early retirement, and her plan involving investments, savings, and expense minimization. She also discusses her future aspirations post-retirement and her current financial management as a small business owner and part-time healthcare worker.

Key takeaways

• Early Retirement Goal: Kayla aims to retire at 40 due to health issues and the demanding nature of her small business and healthcare career.
• Financial Strategy: Her plan includes investing in index funds (VFV and VEQT), utilizing tax-advantaged accounts like TFSA, RRSP, and FHSA, consistent savings, and diligent budgeting.
• Background and Motivation: Graduating debt-free and a history of saving since high school, combined with recent health challenges (scoliosis) impacting her physical ability to work in healthcare and the scalability of her handmade business, are key motivators.
• Savings and Budgeting Tips: Emphasizes tracking expenses, cutting unnecessary costs (like daily coffees), living within means, utilizing roommates to split living expenses, and setting aside "fun money."
• Post-Retirement Vision: Kayla envisions "financial freedom" rather than complete retirement, allowing her the choice to work, potentially continuing in healthcare for fulfillment, pursuing her business, or exploring new passions. She also notes that not having children contributes to her financial flexibility.