The Financial Independence Plan Anyone Can Use to Retire Early
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- Опубликовано: 5 июл 2024
- Episode #542
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Want a personalized financial independence plan that’ll get you closer to early retirement? Well, we’ve got just what you’re looking for! On this second annual “Financial Independence Day,” Mindy and Scott are sharing a new way to get you to financial freedom faster. With so many applications for our “Finance Friday” series, we decided to make a downloadable that allows you to do your own personal finance review AND build a faster path to FIRE!
But before you start filling out your financial independence plan, listen to this episode. We review some common traps and pitfalls that have stopped our Finance Friday guests from achieving financial freedom. We’ll explain exactly what each net worth bracket should focus on, how to get through the saving and investing “grind” to FIRE, and the biggest mistake most people make that will STOP them from ever finding financial independence.
00:00 Intro
01:59 FIRE for DIYers
04:45 Your Financial Snapshot
15:25 Opportunities for FI
23:08 Avoiding the “Middle-Class Trap”
32:58 Getting Through The “Grind”
39:32 You NEED Both of These
44:24 Changing Your Path to FIRE
52:07 Happy FI Day!
I love Scott's breakdown of the Middle Class Trap. I woke up from this a few years back and was able to make the adjustments just in time. It certainly takes a bit of deprogramming but it's doable and worth it when you recognize you want something different. It's the road less traveled.
I have notice a lot of people came over to the show have a big shovel. People with big shovels, it's more easier for them to catch up to FI. I hope to see more people with a lower income from $30k - $80k how they make a comeback to FI from their 40s, 50s or 60s.
Yes I agree! I’d love to see ppl that make 35-50k on here
@@Tpres1420 I think that we will find that for most who do catch up to FI without a big shovel... find a way to get a bigger shovel.
Many people start at $35K per year. But, few end their successful journey to FI there. The MEDIAN pay for someone with 10 years of workplace experience is $54K. Someone who is consciously attempting to become a millionaire has a predisposition to maximize earnings along the way and has a good chance to outpace that.
A great way to think about it is this:
If you accumulate a $1M portfolio in 10 years, or are on track to, that is like managing a $1M budget for a company, or $1M in resources.
Someone capable of accumulating and managing $1M in capital is unlikely to be valued at $35K - $50K per year at their job. They get raises, or find other opportunities, like side hustles and other businesses that materialize for them. I cannot find quality people to manage $1M budgets at BiggerPockets for $35K per year, for example.
So what inevitably happens is even when we talk to people who begin their journey with median or lower incomes, they almost never END a successful money journey with that median income. Then, they get called unrelatable, even when, in the context of any feasible catching up to FIRE journey, theirs is the logical, and likely in the context of that journey, median, outcome.
@@Tpres1420Exactly: People with low salaries starting in their mid forties and reaching FIRE by their mid fifties. That is something that I really would like to see more of.
My wife and I are 4 yrs into our journey and have made around 120 k yr combined.
Read Pathfinders from JL Collins. That book is full of those stories
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
Glad to hear from another buckeye! comfortable retirement depends on your lifestyle...
I would get money management just in case. You’re only 55. I think the average life execting in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends
@@StephenTho42 this is huge! your advsor must be grade A, mind sharing more info pleas? in dire need of proper asset allocation
Can't divulge much, I delegate my excesses to someone of great expertise Katherine Nance Dietz preferably you can look her up on the web, her qualifications speak for itself.
Ugh, with inflation eating away at my savings, I feel like retiring early is becoming a pipe dream!
I hear you. Everything just keeps getting more expensive. FIRE seems less and less realistic.
Don't give up yet! Maybe we just need to tweak our plans a bit. Have you considered ways to increase your income streams?
I've been reading about investing in dividend-paying stocks for more passive income.
Interesting. I've been hesitant about the stock market lately, but maybe with the right strategy...
Exactly, Mark. There are CFPs who can help create a personalized plan based on your risk tolerance and goals.
Love this episode! Will seek to be on finance Fridays
I’m interested in becoming a guest on finance Friday.
❤️you all from Bigger pockets !!
It's ok Mindy, I'm forever 23. I forget that I'm really 52!
Could u do an episode for women retiring alone? 50+?
Love your energy & passion. U guys are one of my fav go to as a new single divorced mom starting over at 52 ❤
Thank u for explaining middle class trap. Got it! Makes sense ❤
How do I become part of finance Friday consult?
What I found to download wasn't a Google Sheet but a fillable pdf. 😡
Scot I have 30k in a HY savings. I’m 52, have 400k in equity, primary home; would u put it in vanguard S&P 500 or buy a property in another state rental income? I’m in unaffordable miami. 😮
2033 and later: The age to begin RMDs will increase to 75 for those who turn 74 after December 31, 2032. For me at age 52 it will be 75
❤❤❤
Second!