PB66: Become Financially Independent and Retire Early (FIRE)

Sep 26, 2017

The Millennials are at it again. Our generation discovered in 20-years what other generations took 40-years to figure out: working your entire life away so maybe you can retire (if you're lucky) is a recipe for suc-sucks! On this episode, we explore #lifehacks and the simple math that can help Millennials hasten their financial independence and retire early enough to actually enjoy our money long before age 67.

• “The History of FIRE” lays the groundwork for our discussion on FI/RE (Financial Independence / Retire Early)
• TheCollegeinvestor.com shares how you can become Financially Independent while still enjoying your money when you're young
• Find motivation and money by maximizing savings on the three expenses where the average household spends over 60-percent of their income: home (33%); transportation (16%); and food (13%)
• The simple formula you can use to calculate the amount of money you need to reach financial independence and why it might be as low as $2,000/mo
• The monthly totals you need to save each starting at ages 20/30/35/40 to retire early

References

• ICYMI - Become a Money Boss with J.D. Roth
• Investopedia - The 4-percent rule for estimating retirement expenses
• Robert Farrington - Fire for Non-frugal People
• Investor.gov - Calculate your monthly savings needed to reach your FI/RE goal
• NerdWallet - Retirement Calculator: estimate your replacement income needs

Announcements

September: Tune in for a LIVE presentation of Paychecks & Balances for #InternationalPodcastDay on Saturday, September 30th 8pm PST / 10pm CST! Click here for more information and the full schedule.

October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert (or boring).