The Personal Finance Podcast - How to Achieve Financial Independence! (The FIRE Movement)

Episode Date: June 16, 2021

58. How to Achieve Financial Independence! (The FIRE Movement) 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 Ladder for sponsoring this episode of the podcast! Check them out at www.ladderlife.com/pfp,  Thanks to Manscaped for sponsoring this episode of the podcast! Check them out at www.manscaped.com and use code PFP for 20% off! Want to Support the Show? Follow on Spotify or Follow and Leave a 5-Star Review on Apple Podcasts! Today We Discuss:  What is Financial Independence  How Much do you need to save to retire early  The 4 paths of FIRE What is the FIRE Movement  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 how you can achieve financial independence. What's up, everybody, and 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 be talking about how you can achieve financial independence. If you have any questions about this episode, hit me up on Instagram at Dollar A-F-T-R-A-F-R-

and follow us on Spotify, Apple Podcasts, or whatever podcast player you love listening to this podcast to. And if you want to help out the show, please leave a five-star rating and review on Apple Podcasts. So if you are tired of your job, this episode is for you.

Because what I'm going to do today is I'm going to show you how you can create true freedom. Imagine waking up every single day and being able to do whatever you want with your time, having freedom with your time and your energy each and every single day. Because what I'm going to show you, is that you do not have to spend 40 years in a cubicle.

You don't have to work your entire life. Money is there to create freedom for you. And as soon as you realize this, your entire life can change. Because the beautiful thing about retirement is that it's not an age. Retirement is a number. Let me say that again, because if that didn't sink in, you have to realize this when it comes to your wealth building abilities with your personal finance.

Retirement is a number. It is not an age. What that means is, as soon as you, as your investments replace your income, you're retired. It has nothing to do with turning 59.5 or 65 in collecting social security. That has nothing to do with being retired. Being retired, our definition here at the personal finance podcast is to be able to pursue your passions or go after the causes that bring value to you or be able to pursue the business you always want to go after. It has nothing to do with your age. And people who tell you that retirement is at

65 when you can start collecting social security, they're absolutely wrong. Tell them to get a vest with a bunch of pockets in it and take a hike because that's not how money works. You don't have to wait 40 years. You don't have to work in that toxic environment that you hate if you don't like your job. Now if you like your job, you don't have to retire early. You can continuously working, but you can still create financial independence so that if all of a sudden situations arise and you don't like your job anymore, you have the freedom to walk away. Do you know how powerful it is to have the freedom to walk away. There's nothing that your money can do that's more powerful than having that freedom.

This is why we teach you how to build wealth. This is why we go through this. This is why you listen to this podcast. So you have the ability to create these skills so that you can go about your life with freedom. You don't have to continue missing time with your family, with your friends, because you have to be at work all day. You have the choice to create freedom for yourself.

You can live on your terms and you can use your money to take back your most valuable asset, which is time. Because that is what money's there to do. Money is to create freedom and bring you value. There's only two things that it's there to do. It's to create freedom and it's to bring you value. And if time flexibility is what you value, then this is perfect for you. Because in this episode, I'm going to get into exactly how to start building freedom

and how fire works. And I'm going to get into the types of financial independence and the math behind early retirement. And I'm going to give you some steps to get started today. And then next week, what we're going to talk about is all the different paths that you can take to get to early retirement. Because there's a number of different ways you can do this. There's not one way to do this. So why would you want to do this?

The first reason is it reduces your stress. Most people within their jobs is the number one reason they're stressed. What if you could take that piece out of your life and be able to do exactly what you wanted with it? Financial independence reduces that stress. It gives you more free time and flexibility. Like we said, you can pursue your hobbies. You can pursue your passions. build businesses and do work that actually matters to you. And number three, if you're pursuing

financial independence, it gives you healthy investment habits. Even if you start investing towards financial independence today, which every single person who has started investing, you're actually working towards financial independence and don't know it. That's the only reason why you would invest, to grow your money. And once you have that habit in place, you have a lifelong skill to create freedom. That's exactly what you're doing. And as your income grows, you can increase the amount that you invest every single month. So that's what we're going to do today. We're going to talk about financial independence. We're going to talk about the fire movement, which stands for financial independence,

retire early. So if that interests you, let's get into it. So to understand how financial independence works, you have to understand a very simple concept. And that concept is called the gap. And what you want to do is you want to grow the gap. And what is the gap? The gap is a difference between your income and your expenses. And I have a visual on Instagram at dollar a F-T-R-D-R.

dollar if you want to see what this looks like in visual form, but it's the difference between your income and your expenses. Because what you want to do is if you spend less than you make, you're growing that gap. If you increase your income but maintain your spending, you're still growing that gap. And the bigger that gap gets between your income and your expenses and you invest that gap, the closer you get every single month to financial independence, the closer you get to not having to work anymore. Because wealth is. is built in the gap. So if you spend as much as you make,

you have no gap. Or if you spend more than you make and you're in debt, then you have a negative gap. And if you invest a small amount of money every single month, then you have a small gap. And if you invest a large amount of money every single month and increase your income, then you're growing the gap significantly. That's the powerful way to do this,

is increasing your income and reducing your expenses that don't bring you value. So how do we grow the gap every single month? The first one is you have to save, more. What goes hand in hand with saving more is spending less. So reducing your spending on things that don't bring you value. We talk about this all the time. But growing the gap has simple concepts here. They're just hard to implement for some people. The second way is to increase your income. And there's three ways that you can increase your income to grow the gap. The first one you

always want to look at is at your job. So you want to develop skills at your job that make you more valuable so that you can ask for raises and increase your income. We have a couple of episodes. so it's talking about how to increase your income at your job, I would definitely listen to those episodes. I will link them in the show notes if you haven't because there's a very specific system we use to increase your income at your job. Because if you can do that,

you can make millions of dollars more over the course of your career if you actually ask for raises and can do it correctly. The second way is with assets. So things like real estate, our last episode that we just talked about was 21 different ways to invest in real estate. Listen to that episode if you haven't.

One of them has to interest you there. Because it's a fantastic way to really grow your wealth and increase your income. Because rental properties, flipping houses, investing in reeds, investing in crowdfunding real estate, all of those can be done with the full-time job. I've done it. Another way to increase your income with assets is buying businesses. You could buy cash-flowing business and put an operator in place or any other cash-flowing assets. The third way is with side hustles.

That's how I started off was growing side hustles. Look for things that interest you. See if you can build a business around it. Usually, you can start with almost any hobby with a website, build a business around that hobby, and actually be able to bring in cash flow. Sometimes it takes time. Sometimes it doesn't. It just depends on your situation.

And then once you increase your income, invest the difference. Because now you're growing the gap. And as you increase your income and every time you get a raise, make sure you're investing the difference. Because if you do that, you're truly accelerating your path to wealth. You're truly accelerating the path that you could take to get to financial independence and retire early. If you want to get to fire, financial independence retire early,

that's the way to do it, is to grow that gap. So whenever you're making money decisions about something, you've got to ask yourself two questions. Does this bring me value or does this grow the gap for me? Those are the only two questions

you should be asking yourself when you're looking at purchasing decisions or if you should buy this certain thing. Does this bring me value or does this grow the gap? Now, if you're wondering to yourself, well, as I grow this gap, And as I start investing more money, how much do I actually need to retire?

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and support our show by saying you heard about Indeed on this podcast. Indeed.com slash personal finance. Terms and conditions apply. Hiring. Indeed is all you need. Visit BetMGM Casino and check out the newest exclusive. The Price is Right Fortune Pick. BetMDM and GameSense remind you to play responsibly. 19 plus to wager. Ontario only. Please play responsibly. If you have questions or concerns about your gambling or someone close to you, please contact connects Ontario at 1-866-531-2,600 to speak to an advisor, free of charge. BetMGM operates pursuant to an operating agreement with Eye Gaming Ontario. Now, the math behind early retirement is actually extremely simple,

and we've done multiple episodes on this that go into great detail on the math behind actually retiring. So what I'll do is I'll leave a link to those in the show notes if you want a deeper dive, but I'm going to go through a bird's eye view of each of these on this episode as well. Now, we've talked about our savings rate in the past, but your savings rate when you're trying to retire early is extremely important. I'm going to show you exactly why. So I have a savings rate chart on my website, dollar after dollar.com. I'll leave a link to it in the show notes so you can check it out if you're driving, look at it later. But this chart is extremely powerful. The reason why is you can see how much you actually have to save to retire an X amount of years.

And the way I did this chart was I had a couple of assumptions. I assumed that you had a 5% rate of return, so your money was invested with a 5% rate of return. You want to live on your money forever. And then the third thing is that you're going to live off 4% of this income per year. Where I get that 4% number is I'm going to talk about in a second here. So I'm going to go through some of these so that you understand that your savings rate is extremely important. The 5% rate of return is extremely conservative because if you invest in something like index funds,

they have historically returned 7 to 8% in the last 25 years, they've returned about 10% at the time I'm recording this. So I wanted to make this conservative so that maybe if you follow a chart like this and you start going through these options, you might retire even faster than you think you will

if you increase that savings rate. So what most people will tell you is that if you save 10% of your income, that's a great start. Well, if you save 10% of your income under these assumptions, it would take you 51 years to be retired. You say, okay, what if I bump it up to 20?

If you bump it up to 20% of your income, which is the bare minimum that we talk about on this podcast, the bare minimum we recommend for your savings rate is at least 20% of your income. And if you save 20% of your income, you would have to work for 37 years. Now, that's at a 5% rate of return. Obviously, if you're getting an 8% rate of return, that can really accelerate that number. But nobody that I know wants to work for 37 years. What if you bumped it up to 30% of your income? You'd have to work for 28 years.

What you're saying to yourself, that's still a long period of time. How high do I have to bump up my percentage to retire early? Well, a lot of people who are in the fire movement bump up their savings rate to 40, 50, 60%. Now, that may sound insane to you at this point in time. But if you want to retire truly early, I mean, if you want a lot of people in the fire movement will start doing this in their early 20s and they'll retire in their early 20s. and they'll retire in their early 30s, which is an unbelievable accomplishment.

But what a lot of them do, they don't just go sit back and drink my ties all day long. Then they start pursuing their passions. And a lot of them end up building businesses that bring in true wealth later on. So it's not like you're going to sit there and twiddle your thumbs all day for the next 65 years. Instead, you can go and pursue your passions.

So at 50% savings rate, you can retire in 17 years. At 60% savings rate, you can retire in 12.5 years. And at 75% savings rates, you live on 25% of your income, you can retire in seven years. But this chart will give you a good baseline as to exactly when you want to retire. And you can bump up that savings rate as time goes on as your income increases. Now, as you start to build up that nest egg, and as you build your wealth, how much can you actually draw down per year per X amount of dollars?

Well, we did a deep dive on this as well on the 4% rule. I'll leave a link in the show notes. But here's the quick answer. every million dollars that you have, you can draw down $40,000 a year safely. Now, where did I get that number from, that $40,000 number? I got that from the 4% rule.

So the 4% rule is how much you can draw down safely in retirement and not run out of money. But that money needs to be invested. So if you're not investing, you can't just have a pile of cash and not invest the money and you draw down 4%. You'll run out of money very quickly. That's why money has to be invested.

It's the only way to actually be able to retire comfortably. And many times when you're drawing down your money with the 4% rule, your principle is actually preserved, but it also actually grows. So over time, let's say you have a million dollars and you can draw down $40,000 a year. And 10 years later, you have $1.5 million. Well, now you can draw down $60,000 a year because your money has grown over time. And if you're super conservative and you're worried about the 4% rule and you're under the age of 40, you can draw down 3.5% and be absolutely fine.

Michael Kitsis, one of the best writers for retirement numbers like this, He has a bunch of articles on this. I'll link to some of them in the show notes. But the other thing about the 4% rule, it was based on a study called the Trinity study. And that study did not even take into consideration that you would ever collect a single dollar from Social Security when you turn 65.

It also assumes that you would never earn any more money after you're retired, which if you're going to retire early, you're definitely going to try to earn more money in some way, shape, or four, maybe a part-time job, maybe you try to build an online business. People who achieve these types of things don't just sit still. It also didn't assume that you would adjust your spending in a recession.

It didn't assume that you would spend less as you age, which most people do as you get older and older and you're not doing as many things. You just end up spending less as you aid. It doesn't assume that you would downsize your cars or your expenses on that piece if there is a recession or substitute goods to compensate for inflation or price fluctuation. And it also did not assume that you would collect an inheritance or any other income from parents or family members. And these are all things that people are willing to do, especially so they don't have to work for a job they hate. So that's why the 4% rule is extremely conservative. And in my opinion, if you're under 40 and you want to be extra conservative, you can drop it down to 3.5%.

You'd be completely fine. So think about this. Every million dollars that you save up for retirement, you can spend $40,000 a year. So if you have $2 million, you can spend $80. If you have $3 million, you can spend $120,000 a year. $5 million, $200,000 a year. If you only have half a million dollars, you can spend $20,000 a year. And then another way to do this math really quickly is,

you can also take 25 times the amount of money you spend every single year. So it's a way to do the quick math in your head. So if you spend 100 grand a year, then you need $2.5 million to retire. Because $2.5 million at 4% is $100,000. The math works both ways. And if you want a cushion, you can make it 30 times you're spending just to be safe in case a recession hits your first couple years that you retire. That's the other option that you also have. But if you're willing to just reduce your spending of a recession hits, let's say a recession, a recession, hits and your portfolio drops 25%. Well, then you would just need to drop your spending to $75,000 for that year.

And as it grows back again, then you can go back to your normal spending. So if you're willing to do that, you don't need that cushion at all. Or if you have an emergency fund and some people will build an emergency fund of two years so that they can actually utilize that money just in case the recession hits when they first retire. Now, let's get into the different types of financial independence so you can understand how flexible this truly is. So there's four types of financial independence that people actually utilize when they go down this path.

But there's four different theories, basically, on how you can do this. The first one is called Lean Fire. And Lean Fire was popularized by a lot of people. It's when people who are really frugal retire early. You can think of people like Mr. Money Mustache, where this type of fire, it just favors saving additional income. It favors being extremely frugal, reducing your expenses way, way down, things like foregoing, driving a car. and really just saving as much money as you possibly can. And because of your extreme savings and your smaller income in retirement,

you should achieve fire sooner. So a lot of people who do lean fire can achieve fire in 7, 8, 9 years because they're saving so much. So these are the folks that are usually saving 70, 75% of their income. Now, if you want it bad enough, that's a great way to go. But there's other options here because most people think of fire as just being that, being lean fire. You have to save a significant portion of your income, and that's the only way you can retire early. Well, there's also fatfire.

And fat fire just is a less frugal approach. And most people who follow fat fire just won't make as many sacrifices. Maybe things that bring you value are higher dollar things. But you're still saving it enough portion of your income to be able to retire early. So maybe someone who's doing fat fire might retire 45, 50, 55, somewhere in that range, still retiring early compared to the traditional retirement age. And they want to enjoy life. They want to go through life.

They don't really hate their job that much. And they're fine just kind of going through the motions. but still retiring early and saving enough money for them and their family. Then there's barista fire. Now this is called barista fire because it focuses on saving enough money to allow you to retire from your main job early, but as they get closer to financial independence, maybe they just retire from their main job where they have to go through every single day, they're nine to five, and then they just work a part-time job somewhere.

So maybe there's something you're passionate about like coffee and you work at a coffee shop. Or maybe you're passionate about animals and you go work with animals a couple days a week. or they go and do freelance work, or they start side businesses and just make a little bit of income. And that's how you can kind of get to a point where you're very close to financial independence and you can go pursue work that brings you value,

work that you're interested in. That's how you do this flexibly. So let's say, for example, you get to 75% retirement and say you need $2 million, and you get 75% of the way there and then you're like, you know what, I'm going to go do something for the next three years

that actually interests me and I won't save as much as I am at my main job, but now I'll at least be able to do things that interest me every single day for the next three years. I'm not wasting my day away, and it's part-time work, so I have more free time to myself as well. That's how that works.

And then the fourth one is called Coastfire. So the way Coastfire works is that once you get to a certain point and you get close enough to where you're about to be able to retire, you can stop saving so much money or stop saving it all and just let your portfolios start to grow. Maybe the dividends are being reinvested and your portfolio is starting to grow, and you could do the math and say,

hey, I'm going to retire in three years if I don't even touch this portfolio again. Why don't I just coast my way to the end here? I'm not going to save my money. I'm going to start to enjoy myself. I've sacrificed for a long period of time. Now I'm just going to coast to get there. And this is a great way to also be able to achieve financial independence, but not have to go through the slog and the grind for a long period of time.

So these four options show you how flexible financial independence can be. Because it's not just saving all your money for 10 years straight and you can't do anything fun. No, you have options. You can do it for five years, take a couple years off, do it for another three years, take a two years off. You don't have to get there within 10 years. You can get there on your own timeline and what's comfortable for you. And that's the approach I follow.

I follow a more flexible approach. I want to enjoy things in life. I want my kids to have fun. I want to give my kids certain things. But I also save a significant portion of my income. Could I save 75% of my income and still try to live off that? Absolutely. But I would not enjoy life that way.

So for me, I'm somewhere around fat, five. and Coast Fire, somewhere in that range. Because as you build more assets, as cash flow starts coming into your life, then all of a sudden, you can get to a point where you don't have to save as hard as you did at the beginning. Because at the beginning, I would slog, I would grind, I would try to get to my first 100K. And then after you get to that point, you can let it off the gas a little bit. And as time goes on, your wealth grows and you can continue to let your foot off the gas more and more and more. If you're just starting out building wealth, every person who's just starting out building wealth,

I recommend you get after it. I recommend that you grind. Because if you do it that way, then you're going to get way ahead of everybody else who just starts off coasting. It's hard to kind of coast at the beginning and catch up later on. What I would do is get aggressive at the beginning.

Maybe it's two, three, four, five years, at least get to your first 100K and then maybe you can let your foot off the gas a little bit and see what happens. See how your portfolio grows. See how you feel. And then you can move on to the next step later. Now, let's get into the quick steps you can do

to get started today. Now before we wrap this episode up, I just wanted to give you a couple of quick steps that you can do to get started with financial independence today. If you're just getting started, this is exactly how you can get started today. The first thing you want to do is you want to make a plan.

Now, if you're single, you can make a plan by sitting down, writing down your goals, and go through these next steps. And if you're married, you want to sit down with your partner and go through these steps. But figure out how much you spend

and make every single month. Some people want to use a budget. Some people just want to save off the top. It's up to you on what fits your personality, but figure out how much you spend and make every single month. And then how much money do you want to have in retirement? Because once you figure that number out, as you see with the 4% rule, you can go after it.

And you can start pursuing that. And you can say, hey, I need to start investing X amount of dollars to get to this point so that I can retire in 15 years. And you can truly have a goal that way. Because once you have a goal in front of you, then each and every month, you can do the small things it takes to reach that goal within 10, 15, 20, 25 years, however fast you want to retire.

And then other things taken to consideration is when you retire, do you want to be mortgage-free? Because if you do, then you can aggressively chase after investing your money and paying down your mortgage at the same time. And that's another consideration to take when you retire early because then you won't have that expense in retirement. So maybe you don't need as much money as you think you do if you pay down your mortgage. The way to get started today is to start investing. The best time to start investing if you've never invested before is today.

We have a number of episodes about investing. I'll leave them in the show notes. My favorite way to invest is index funds, which will be in the show notes. But there's a number of different ways that you can invest your money in chief financial independence. And we'll go through a lot of those ways next week as well. But you cannot do this without investing. You can't hoard cash and stuff it under a mattress.

You can't take cash and just leave it in a bank account. You cannot do that. Because inflation will eat away at your money every single year. And as you draw down your money, you're going to have to have millions and millions and millions of dollars to be able to survive for a long period of time on just cash. And as you're doing this, just make a list of the things that bring you value and the things that you're spending money on that don't bring you value. Cut out the things that don't bring you value. We talk about that all the time, but that's the way to get your money

to work for you is to cut those things out. So those are the quick ways and the quick steps that you can utilize to get started. Next week, we're going to talk about a bunch of different ways that, in a bunch of different paths that you can take to get to financial independence. And if you have any questions about this episode, hit me up on Instagram at Dollar AFT. 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, 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. Feel the fun with Play Ojo, the online casino with all the latest slot and live casino games.

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