1696: [Part 2] The 3 Great Misconceptions About Retirement Saving by Darrow Kirkpatrick of Can I Retire Yet

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🗓️ 31 October 2021

⏱️ 10 minutes

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Summary

Darrow Kirkpatrick shares the 3 great misconceptions about retirement saving. This is part 2 of 2. Episode 1696: [Part 2] The 3 Great Misconceptions About Retirement Saving by Darrow Kirkpatrick of Can I Retire Yet Darrow Kirkpatrick is the founder of CanIRetireYet.com. He began serious investing in his mid-30s and retired at age 50. He's not a dot com millionaire and didn't become financially independent by flipping real estate or trading hot stocks. He did it the traditional way: hard work, frugality, prudent investing, and patience. When it comes to personal finance, his top priorities are simplicity, reliability, and safety. Now his mission is to help others become financially independent as he did. More recently, Chris Mamula has been managing the blog and he's a frequent writer on the site. Chris used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, DIY investing, financial planning, early retirement, and lifestyle design. The original post is located here: https://www.caniretireyet.com/3-great-misconceptions-retirement-saving/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1696, the three great misconceptions about retirement saving.
0:08.1	Part 2. By Darro Karpatric of CanIRetireYet.com. I'm your host and personal finance enthusiast,
0:16.0	Diana Mariam. Happy Halloween if you're listening in real time.
0:20.2	Now today's post is a continuation from yesterday. So if you're new here, I'd recommend
0:25.6	listening to yesterday's episode first. But if you're all caught up, let's hear part 2
0:30.9	and continue optimizing your life.
0:37.3	The three great misconceptions about retirement saving. Part 2. By Darro Karpatric of CanIRetireYet.com.
0:46.8	What did we give up to retire early without having several million on hand? Two things
0:53.2	primarily. Owning a large home and international travel. Yes, home ownership is very
0:59.9	important to many people, part of their vision of the good life. Just understand that owning a
1:05.6	plush home is an emotional need and often an expensive one at that. Likewise, international
1:12.5	travel is a prominent image in retirement scenarios. White clad seniors frolicking on exotic beaches.
1:20.4	For me at least, this too is an emotional or symbolic need. I'll get a lifetime of enjoyment
1:26.5	playing in our western mountains, mostly within a day's drive of our home in Santa Fe.
1:32.3	If you're willing to search carefully and visit when the crowds are gone, you can find an
1:36.7	exotic beach in the US. Even international travel is on the table if you're willing to cut
1:42.0	other areas. In the end, by capping those two potentially huge expenses, travel and housing,
1:49.2	we can indulge in what we think is a luxurious retirement lifestyle. Whether it be food, clothing,
1:55.6	electronics, gear, or domestic travel, we have spent freely without damaging our savings.
2:02.1	We haven't missed out on much by foregoing a big house or overseas travel.
2:07.1	An essential ingredient for a happy life is to be in touch with your own needs and wants,
2:12.6	separate from what Madison Avenue or your neighbors are doing. To maximize your freedom,
	...

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