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BiggerPockets Money Podcast

175: Staying Flexible in Early Retirement with A Purple Life

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 1 March 2021

⏱️ 57 minutes

🧾️ Download transcript

Summary

Last time we talked to Purple from A Purple Life, she told us about her plan to retire at the end of 2020. If you haven’t listened to that interview, you can listen to it here to get the full scoop on Purple’s journey from a $5,000 net worth to hundreds of thousands within only a few years. 

Like many financially savvy early retirees, Purple put a lot of time into planning, saving, and investing her capital in order to retire in her early 30s. Well, she did it! As of October 2020, Purple is financially independent and retired! So, how’s it going so far with financial independence in Purple’s world?

Purple talks about her hobbies, interests, and most importantly, how the final month of her employment went with her former employer. She also gives some great insight on taking advantage of her employer’s health insurance for the last month of work, making sure that she was able to keep her quarterly bonus, and how she ended up breaking the news to her boss. 

It’s all worked well for Purple, but she did have some big plans to cancel. Purple had lined up 4 months worth of travel that all had to be canceled when COVID-19 hit and shutdowns began. She would have been snorkeling in Australia and scootering in Thailand right now! Thankfully, Purple has been able to adapt and take advantage of this off time to assess her financial situation and what she wants out of early retirement

In This Episode We Cover

  • The importance of planning for early retirement even if you love your job
  • Having a lean FI number and low monthly expense so you can live comfortably in retirement 
  • How long a cash cushion should last you when you decide to retire 
  • Taxable vs. Non-taxable retirement accounts (and which to leverage)
  • Ending your employment in a respectful and polite way 
  • Being flexible with your retirement plans 
  • And So Much More!

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Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the bigger Pog its money podcast show number 175 where we reconnect with the purple life and hear what she's been up to since her early retirement.

0:08.5

And I do think that having this slower introduction, more like normal life introduction to retirement has been really good.

0:18.0

As I think if I had done all that travel, I probably wouldn't have even had a moment to reflect on like anything.

0:24.0

And instead I've just been here staring at birds and thinking. So I feel like that's allowed me to like, oh, what's going on with my sleep? Let's optimize that. How am I feeling? Am I eating well? What's going on?

0:37.6

Instead of like, let's get to the next flight. Let's travel heck the next first class seat and all that kind of stuff.

0:44.4

Hello, hello, hello. My name is Mindy Jensen and with me as always is my plum cohost, Scott trench.

0:49.0

I love your two appropriate intros that you introduce with a plum. Scott and I are here to make financial independence less scary, less just for somebody else to introduce you to every money story because we truly believe that financial freedom is attainable for everyone no matter when or where you're starting.

1:09.2

That's right. Whether you want to tire early and travel the world, I guess in non-pandemic worlds.

1:13.3

Go on to make big time investments and assets like real estate or start your own business will help you reach your financial goals and get money out of the ways that you can launch yourself towards your dreams.

1:22.0

Scott, I'm super excited for today's episode. We are talking to a purple life and hearing her story of what she's been up to since early retiring in October in the middle of a pandemic.

1:43.4

Yeah, I mean, it was great that we had her on show episode 110 and she said, I'm setting up for early retirement. She told us when she was going to do it. She did it in the middle of a pandemic and it was great to see her follow through and then hear about the updates from that.

1:58.3

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2:08.7

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2:19.0

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2:28.7

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2:54.4

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3:04.8

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3:16.7

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3:27.8

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3:36.7

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3:44.7

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...

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