The Personal Finance Podcast - 9 Ways to Retire Early (Reach Financial Independence in Your 30’s and 40’s!)

Episode Date: June 23, 2021

59. 9 Ways to Retire Early (Reach Financial Independence in Your 30’s and 40’s!) Got questions? Ask me on Instagram Here. @mastermoneyco This is the fastest way to get a response from me.  Sponsors Thanks to Fundrise for sponsoring this episode of the podcast! Check them out at www.fundrise.com/personalfinance Thanks to Policygenius for sponsoring the show! You can check them out at Policygenius.com Thanks to our sponsor Manscaped (Manscaped.com) for sponsoring this episode of the podcast. Use code PFP20 at checkout for 20% off + Free Shipping! Want to Support the Show? Follow on Spotify or Follow and Leave a 5-Star Review on Apple Podcasts! Today We Discuss:  How to Coast to retirement  How to Retire in your 30’s and 40’s  9 Paths to Fire  How to retire and live a rich life  How to start today  Savings Rate Calculator Michael Kitces on 4% Rule More Episodes You Will Love:  How much you need to save to retire  Why Understanding Your Savings Rate Will Change Your Life (and Allow You To Retire Early) How to Negotiate Your Salary Like a Pro How to Save Your First $100K Check out all the Stuff I Recommend!  M1 Finance Open a Roth IRA Personal Capital Free Wealth Management and Budget App and Fee analyzer!  CIT BANK (Best Savings Account) Best Personal Finance Books  The Simple Path to Wealth - J L Collins  The Millionaire Next Door - Thomas Stanley I Will Teach You To Be Rich - Ramit Sethi  Rich Dad Poor Dad - Robert Kiyosaki ** Some links may be affiliate links and we earn a small commission at no extra cost to you. We only recommend products we truly believe in.  Check us out on social fam!  Twitter Dollar After Dollar Instagram www.thepersonalfinancepodcast.com www.dollarafterdollar.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the personal finance podcast, we're going to talk about the different ways that you can achieve financial independence. Welcome to the personal finance podcast. I'm your host, Andrew, founder of dollar after dollar.com. And today on the personal finance podcast, we're going to talk about a bunch of different ways that you can achieve financial independence. If you have any questions about this episode, hit me up on Instagram. dollar a F-T-R dollar and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to. And please, if you want to help out the show, leave a five-star rating and review on Apple Podcasts. Now today I want to talk about the different ways that you can achieve fire, the different ways that you can achieve financial independence. And the reason why I want to talk about this is I want everybody to understand how flexible you can be with this.

See, when I first learned about fire years back, I thought the only way to achieve financial independence was to go about by spending less and getting extremely aggressive with your savings rate. Meaning you can't have any fun. You just got to commit to this goal for the next 10 years and save as much money as you can and hoard cash and make sure you don't spend money on lattes or avocado toast or go out to eat or any of these things, that you just have to save as much money as you possibly can to achieve financial independence. And that is absolutely not true. But there's a common misconception of people that think that the fire movement are people who are trying to achieve financial independence all just sit in a corner. They don't go out at all. They don't do anything. All they do is sit at home and save their money.

That is just simply not the case. So I'm here to break that myth and help you understand that, hey, you can actually achieve fire. It just may take you a little bit longer, but you can actually enjoy life at the same time. There's so many paths to get to this point that picking the best one that fits your personality and fits the lifestyle you want is going to change your life forever. Because like I said in the last episode, life is way too short to spend 40 years in a cubicle. And there's options for everyone. You don't have to be a high earner to achieve financial independence.

You can be a high earner and achieve financial independence. You can have financial independence and have a large amount in retirement. You can have financial independence and have a small amount in retirement if that makes you happy. There's so many different options with flexibility and chasing your passions and pursuing your dreams that doing this is for everybody. That goes for the teacher or the plumber. That goes for the businessman or the entrepreneur. That goes for the executive at your corporation.

Anybody can pursue this because there's nine different paths that I'm going to show you today on the different routes that you can take to get to financial independence. Some of them are extremely flexible. some of them are based on your earnings. It just depends on how you want to do this. Now, before we dive into this episode, I just want to cover a couple of things because if you did not listen to the last episode,

we talked about how to actually achieve financial independence. We talked about two key things in there. And one of which is the 4% rule. And if you haven't listened to the last episode, go back and listen to it where I explained the 4% rule. We actually have another entire episode where we talk about the 4% rule, which I'll leave a link to that in the show notes.

But to give you a quick overview without going into too much detail, the 4% rule means that you can draw down 4% every single year in retirement and still preserve your wealth and never run out of money. Now, this is based on a study called the Trinity study, but just know this. Every million dollars that you have, you can draw down $40,000 a year in retirement. So if you have a half a million dollars, you can draw down $20,000. If you have $2 million, you can draw down $80,000 a year. If you have $5 million, you can draw down $200,000 a year.

So we're going to make the assumptions that you're using the 4% rule when we talk about all these different ways. So you can figure out how much you spend every single year. And once you understand what that number is, then you have a goal to pursue. Because if you figure, hey, I spend $80,000 a year, well, you need $2 million to retire. Because retirement, like we said, retirement is a number, not an age. Retirement isn't 65, it isn't 59.5. retirement is a number. It's a wealth number. And as soon as you accumulate enough wealth to cover

your expenses, then you're retired if you want to be. Now, our definition here of retired is not sitting at home drinking my tithes on the beach. I mean, you can if you want to do that. But for most people, especially within my audience here, most of you guys are younger and most of you guys want to retire young. You want to retire before the age of 59. And so to do that, you have to accumulate enough wealth to be able to cover your lifestyle. And once you do that, you don't have to work anymore and you can pursue your passions. And we're going to talk about all these different flexible ways that you can retire even earlier than you think you can today. But just understanding that you can draw down 4%. And if you're under the age of 40, I would even tailor it back

potentially to 3.5%. If you want to be extra safe, then you can go ahead and do that. And if you want to do the quick math, the other way, you can just figure out, hey, how much do I spend every single year, multiply that number by 25 and you're going to get the same number. So either way, understanding the 4% rule is the first step in trying to pursue financial independence so that you can figure out what your number is, what is your goal, and then take action steps every single day to pursue that goal. Now, let's get into it. So the first way to do this is to become a steady saver.

Now, what is a steady saver? A steady saver isn't a person who's really trying to pursue financial independence aggressively. it's the person who consistently invests money every single month throughout the course of their career. So maybe you sort of enjoy your career. You can't see yourself not working and you want to work for, say, 30 years. Well, if you invest 20% of your income over the course of those 30 years, eventually your investments will cover your expenses. And so the steady saver isn't in a rush. They're not in a rush to actually get to the point where they need to retire, say, at the age of 40, but they're trying to enjoy life but still consistently invest money. This is where a lot of folks fall into who retire a little bit early, maybe in their early 50s, somewhere around there, is that they figure, hey, I'm going to save X amount of dollars, but I still want to enjoy life. I want to go on all these vacations.

I want to spend money eating out. I want to do the things that bring me joy and bring me value, but I'm going to still invest consistently and just make sure I'm consistent. Maybe they automate their investments and they continuously ensure that they're at least investing 20% of their income. Because consistency is half the battle when it comes to building wealth. If you're consistent over a long period of time, you will build wealth. And understanding that you don't have to have a high income to build wealth, is this is one of the ways to do it. It's just being consistent, just showing up every single day.

Because the folks who show up every single day, every single month, every single year, are the ones who are going to be successful no matter what. Because if you're consistently investing in something, say, that's well diversified like an index fund over the long period of time, historically, you're always going to come out on top. And so being able to do this while having a regular job, making a average income, you can still build wealth upwards of millions of dollars if you're saving 20% of your income. And the beautiful thing about this is, with a savings rate that's consistent over time,

if you say want to retire faster, maybe your job has new ownership and you start to not like the management that's in place, well, all you have to do is accelerate your savings rate and you can retire that much faster. But it gives you options because you started out early on, you have a lump sum of and now you can start to ramp it up if you have to. So there's a bunch of different reasons why I like the steady saver option. But here's a quick overview. That it doesn't require a high income.

It doesn't require extreme frugality, which a lot of people are trying to avoid. They want to enjoy life. They want to have fun with their friends, their family. They want to go on vacations. You can still do all that and be extremely frugal, but they don't want to stress about being extremely frugal. It requires consistency and discipline. And it's a great approach if you want to retire, say, in your early 50s.

and you start in your early 20s. So if you want to retire in 30 years, this is a great approach to go about and make sure that you're at least saving 20% of your income. And that's the bare minimum we always talk about on the personal finance podcast. Save at least 20% of your income

because you have options if you continuously do that. Option two is the high paid professional. Now, like we just talked about number one, the steady saver, you don't have to have a high income. But guess what? If you do have a high income,

you can really accelerate the process. That's why on the personal finance podcast, we always talk about increasing your income, because it's a wealth accelerator. And having a wealth accelerator can tremendously change the trajectory of where you land and how fast you can land in that spot, meaning you can retire 10, 20 years faster if you increase your income. So having a higher income is another path that you can take to financial independence. And this is the most obvious and this is the way most people think you have to achieve financial independence. But as we're going to show you, it's a lot of It's not the only way.

So you could think of high earners like executives at companies, maybe a doctor, a lawyer, a successful entrepreneur. But as we know, this is not the only way that you have to do this. And still, even people who have high incomes, if they don't keep a portion of their income, they're just as broke as a person who makes $15,000 a year. It's about how much money you can keep and invest and how much money you have actually working for you in assets. Now, a lot of high earners, specifically doctors, lawyers, they usually don't want to retire really early.

Some of them do, but some of them don't want to retire really early because they got into that profession because they're passionate about it. So if you're passionate about your profession, you can dial back the amount that you're saving every single month, but still continue to save consistently. And just to understand that the fact of the matter is, if you have a high income and you're spending a high income, you're going to need much more wealth accumulation than the person who only needs one to two million dollars a year. If you spend $200,000 a year, then you're going to need $5 million accumulated. So there's only a specific way to get there, and that's saving and investing. And I know we have a tremendous amount of high earners that listen to this podcast. A lot of you have reached out to me on Instagram. We've talked through some of your situations.

And high earners, it's very simple. If you bump up your savings rate, you have the disposable income to do this. If you bump up your savings rate, you have tremendous wealth-building opportunities beyond your wildest dreams. because what you can do is start to truly accelerate it. And there's different assets that you can get into that not everyone has the opportunity to get into, but it's up to you to be disciplined enough

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Number three. The entrepreneur. Now the way most people think of an entrepreneur is they see Shark Tank and they see Mark Cuban and all these other people investing in venture capital funds and all these different ways to go about it or they see people starting businesses and rising to the top and making millions of dollars but truly the path of most entrepreneurs is they fail within the first five years. So a lot of times becoming an entrepreneur can set you back, especially if you quit your job and then just go all in on your business. Because if your business fails, then you're back to square one.

That's why I never tell people to quit their job until their side hustle or their business is making more money than their day job is. Because there's no reason to eliminate an income unless you literally have no time and you are guaranteed it's going to work. If you're not guaranteed it's going to work, I've seen so many families crumble because they went after their passions as an entrepreneur and failed. Listen, the majority of businesses fail within the first five years. 96% of them to think you're going to be an outlier in that situation is very low probability. That's why we talk about side hustle so much in this podcast. Because if you have a side hustle around your passion or whatever you want to do, then you can test it out while you're still working full time until you get it going enough

to be able to potentially, air quotes, retire and then work on the business that you're passionate about. But to quit your job without any income in your business is not a smart idea. Now, becoming an entrepreneur is amazing, and it's something everybody should try to pursue if you want to increase your income, because doing it on the side is the way that you can test the market to see if it's going to work. And if you start making money, all of a sudden, you're increasing your income. So if you're making $100 grand at your job or $80,000 at your job, or $50,000 at your job, whatever you're doing, and then you make $20,000 on your side hustle, that's amazing. Imagine having a side hustle making money. You're living your life right now. That side hustle is making money.

You can invest all that money. Let's say it makes 20 grand a year. Well, if you invest 20 grand a year, you're going to be a multimillionaire by the time you retire if you do it consistently. And what happens if that side hustle grows? Potentially it can replace your income.

Or maybe your spouse doesn't want to work anymore and you want your spouse to take care of the kids. It can replace their income. And it gives you diversification of income streams, which is what we always want. Because having one income stream is extremely dangerous. So diversifying your income streams is going to tremendously help you.

And the beautiful thing about, the entrepreneurial path, is that as you grow the business, you can eventually sell the business. And selling a business, you can earn five, six, seven, ten times earnings per year, depending on what type of business that you're in. So let's say, for example, you have a business that has $500 worth of revenue every single year. Now maybe you only take home $100,000 a year of that revenue, but it earns $500,000 of revenue. Well, for example, just with a 3x revenue every single year and you sell that business for free X the revenue, all of a sudden you have $1.5 million a lump sum. This is why this approach is powerful if you can figure out how to build the business specifically

on the side when you start out. Because if you sell the business down the line, all of a sudden you have a lump sum of money that potentially you could be able to retire right away. And this is a tremendous accelerator because if you can sell the business, if you can sell that business, let's say it takes you seven years to build it up and you can sell a business for six figures to seven figures, all of a sudden, your timeline to retire has been tremendously accelerated. That's why this is such a beautiful option, is the opportunity of cash flow every single month, and at the same time, you have the opportunity to sell the business. So there's two ways to maneuver through these assets. So the beautiful thing is it's a possibility of a high income.

It's a possibility for additional income. The issue at hand is, if you go full time into it without maintaining your job, it's inconsistent income, which is the risk, but it also makes early retirement very realistic. Number four, the real estate investor. Now, a few episodes back, we talked about 21 different ways to invest in real estate. So if you're interested in real estate, I would highly recommend listening to that episode. But one of the most common paths to financial independence is real estate, because real estate is a true wealth accelerator. There's so many different ways to build wealth in real estate. You can do it through cash flow, appreciation, there's tax benefits, there's all these different things that you can utilize in real

estate to pursue financial independence. Now, one of my favorite ways to think about this is let's say you want to get into rental properties and you figure, I need $7,000 a month to be able to live. Well, all you have to do is figure out, well, how many rental properties do I need to cash flow to $7,000 a month? So let's say you need 20 doors to be able to retire. Well, now you have your goal set in place and you can figure out how fast can I buy these properties with two, three, four hundred dollars cash flow every single month so that I can retire because once the cash flow from these properties replaces my income, I can retire if I want to. Or if you're doing fine and you don't mind working and having that cash flow, now you're tremendously accelerating your wealth building abilities.

Past retirement, you're giving yourself a cushion or you're increasing the amount of income that you can spend in retirement. So there's so many different ways that you can be flexible within in real estate investing, and it's very simple math. It's saying, how many properties do I need to be able to retire, how much cash flow do I want for each property, and then running your numbers through every property, and figuring out how long it's going to take you. There's so many different strategies as a real estate investor on using it for financial independence.

We'll get into a bunch of them on future episodes because we have a lot of real estate content planned, but this is a tremendous way to truly build wealth. The majority of millionaires in this country, a huge number of them did it through. real estate. Number five is extreme frugality. So this is where the fire movement became extremely popular because what was happening was a lot of people who were graduating from college 22, 23, were becoming extremely frugal and living like they were still in college and saving all of their income.

So it would be people who would graduate from college maybe make $80,000 to $100,000 a year. They would save the majority of their income, 60, 70, 80%, because they're living on $20,000, a year, and then they were retiring seven, eight, nine, ten years. A few people that made this really popular where Mr. Money Mustache was one of the first blogs that I ever read about this.

And Mr. Money Mustash is a fantastic writer. If you've never read that blog, go look it up as Mr. Money Mustash.com and read it from the beginning because I don't think he writes very much anymore. But he goes through the extreme frugality approach. He came out of college, had a high income, reduced his spending tremendously,

and would do things like bike to work every day. single day. Spend minimal amount on groceries. But he does show you that there's a bunch of different ways to do it where you're living extremely frugal, but you're still living a fulfilling and happy lifestyle. And that's the way he likes to live his life. But what you're doing here is you're minimizing your expenses, which leads to a bunch of significant benefits. A, it increases the amount that you can invest every single month and allows you to retire sooner because the amount that you need to live off of in retirement is much less than the person who say lives on 80, 90, $100,000 a year.

So extreme frugality, if you enjoy that lifestyle, you can retire much faster because the amount that you need is much less. So people who are extremely frugal, they can retire on, say, $750,000 because all you draw down on $750,000 a year is $30,000. So they can get flexible in that way. Or what you can do, and we'll talk about some of this, is you can add on maybe a side hustle after you retire to make up the difference. But the big thing within the extreme frugality option is you need to reduce your expenses on the big three. Your housing, your transportation, and your food.

You have to reduce those expenses, which is why a lot of them will bike to work because it reduces that transportation cost completely from insurance to maintenance, to repairs, to actually buying the car. So you can see how your wealth building abilities can truly compound if you do this. So if you don't spend a lot of money as it is and you see yourself as extremely fruiting, look at the extreme frugality option because you may be able to retire much faster than you think you can. Number six, the hustler approach. So the hustler approach is a person who has their full-time job, but they build up the side hustle,

which is what we really recommend for the entrepreneur, but most entrepreneurs don't do that. So the hustler approach is someone who has a bunch of side hustles. Maybe they have multiple side hustles. You can think of people who deliver for like Uber Eats. But I've seen people do it on a side hustle like that where they mix extreme free. frugality, they mix extreme frugality with being a hustler, so they'll bike around and deliver for Uber Eats. And you can make a lot of money doing it that way because you reduce your costs down. But people who have a side hustle, eventually, if you're consistent with your side hustle

and it's actually making some money and you're investing that money, you're investing the difference between your income and your side hustle, you have a great chance of tremendously reducing the amount of time it takes to get to retirement. So say, for example, you make $50,000 a year. And then you start a side hustle where you're going to make $1,000 a month every single month on your side hustle. Well, now you have an additional $12,000 a year that you can be investing. And as you go about this, and you realize if I'm spending $50,000 a year, all I need is $1.2 million to retire. So you try to accelerate that side hustle and increase your income on both sides.

And all of a sudden, this starts to compound. It just allows you to double, triple, quadruple the amount you can invest, which reduces the amount of time that you have to wait to retire, and it's just a tremendous accelerator. Number seven, geo-arbitrage. So geo-arbitrage is when you actually move out of the country or move to a lower cost of living area so that you can reduce your living expenses and retire earlier. So let's say you live in New York City, for example, and the cost of living is extremely high. And you're making all this money, maybe you make good money on Wall Street or you make good money at a corporation or in the fashion industry or whatever you do.

And all of a sudden, you realize, hey, I can move to Costa Rica or I can move to Thailand or where I can move to Arkansas because I like to hike and fish and hunt, and I can retire much faster that way. So what happens is you plan on retiring somewhere else where the cost of living is significantly lower, which in turn allows you to retire much faster. So a lot of people have done this in the past. I've seen a lot of blogs go through how they do this. But if you love to travel, you love to move around, this may be a great option for you. It reduces your cost of living. You may be able to retire earlier by moving, but it can involve you moving outside the country to reduce your costs of living. Number eight, the part-time worker. So the part-time worker is kind of what we

talked about last week, but they also call barista fire. But it's where you get to the point where you just work part-time so that you can achieve financial independence. So we just talked about this. For example, let's say you need a million bucks for easy math to retire. And you get to $750,000. So $750,000 means you can draw down $30,000. a year. But this shows you how flexible it is, because if you get the 750 and you start drawing down $30,000 a year but you need an extra 10, maybe you go get a part-time job in something that makes you happy, something that you're passionate about. A couple of examples. Maybe you love sailing so you go do sailing tours or you love fishing so you go do fishing tours. Can you make $10,000 a year extra doing that?

Absolutely. Meaning you can retire five, six, seven years earlier just by doing this and now you're doing something you're passionate every single day. Maybe you're into craft beer and you go work at a brewery. You love fashion. You go work at a boutique or go work for a designer. You love golf so you go work at a golf course. You love yoga so you become a yoga instructor. You love hiking so you host hiking tours. You can think of whatever your passion is, you can get to a point where, hey, I can retire in five years or I can retire right now, draw down my 4% or my 3.5%. Then I'm going to go get a part-time job somewhere that I'm passionate about. And this is how flexible it is, because a lot of people don't think this way.

You have options to be able to do this. There's no book that says that you have to follow the path all the way till you're retired, where you have enough money to you retired. No, if you figure you can go make $15 an hour doing a hiking tour and you love hiking, why would you not do that instead of staying in a cubicle for another five years? So this is a fantastic way to give yourself options. And the last one, number nine, is fire and chill. What do I mean by that? So if you've ever heard of Coast Fire, it's a way that you can actually accumulate a certain amount of money. And then once you get to that point, if you kind of enjoy your job, you don't really feel like retiring yet and you can't see yourself just quitting work right away, you can do what's called Coast Fire. So let me show you how Coast Fire works because it means you get to a certain dollar amount and then say you want to retire another 10 years, then you don't have to invest another dollar to get to that point, especially if you're taking to consideration the historic returns of index funds, which is 8% historically, then you can

run some of these numbers. So if you had $500,000 and did not invest another dollar with an 8% return, in 10 years, you would have $1.1 million. So let's say, for example, that you saved up really aggressively, $500,000, and you did it in 10 years, and you say, I want to retire in another 10 years. You don't have to invest another dollar. You can enjoy life and still get to 1.5,000, $1.1 million just because you accumulated wealth early on. If you had $250,000 and did not invest another dollar with an 8% return, in 20 years, you'd have $1.1 million. If you had a million dollars and did not invest another dollar with an 8% return, in 10 years, you would have $2.1 million. And if you had $750,000 and did not invest another dollar with an 8% return, in 10 years,

you would have $1.7 million. So you see the options you have here. Maybe you want to get really aggressive while you're young, while all your other friends and everybody in your circle is still living frugally because they don't make a lot of money. And then you accumulate all this wealth. And then you can just kind of coast. You can coast at that point if you like your job or you're passionate about what you're doing.

You can coast. And if you do that, you have so many options. Because if something happens where you don't like your job anymore, you don't want to work, then all of a sudden you just get aggressive again. Build up that income and you have the option to retire when you need to. This is the beautiful thing about financial independence of the fire movement. There's so many different options that you can choose what works best for you. You don't have to follow one guideline.

I hope some of this was enlightening for you guys that you have a couple of options that you want to pursue and a couple of different ways to reach financial independence. If you have any questions about this episode, hit me up on Instagram at Dollar A-F-T-R-Dolar and follow us on Spotify, Apple Podcast, or whatever podcast player you love listening to this podcast to and if you want to help out the show, leave a five-star rating and review on Apple Podcasts. Thank you guys so much for listening to this episode. I truly appreciate each and every one of you and we'll see you on the next episode. Thank you guys so much for listening. And if this is your first time listening, consider subscribing so you never miss an episode and share this

episode with a friend. And don't forget to leave a rating and review on iTunes as well because our goal is to bring as much value to you as possible. And we're trying to spread this message that Money can buy freedom. That's what money is there to do, is to buy more freedom. So thank you again so much for listening, and I hope you have a great day. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play.

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