2245: [Part 1] How I Measure Progress Toward Financial Independence by Craig Stephens

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 21 March 2023

⏱️ 10 minutes

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Summary

Craig Stephens of Retire Before Dad talks about how to measure progress toward financial independence. This is part 1 of 2. Episode 2245: [Part 1] How I Measure Progress Toward Financial Independence by Craig Stephens Craig Stephens of Retire Before Dad is a 43-year-old IT professional, investor, and blogger based in the Washington, DC metro area. His primary financial goal is to retire at age 55, one year before his Dad retired. He writes about how to build income streams so you can explore the unusual. His first love is his beautiful wife and three kids. His second love is travel. Combining both in early retirement is the ultimate goal and his primary motivation for financial independence. The original post is located here: https://www.retirebeforedad.com/measure-financial-independence/ 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 2245.
0:04.6	How I measure progress towards financial independence Part 1 by Craig Stevens of RetireBeforeDad.com
0:12.4	And I'm your host and personal finance enthusiast, Diana Mariam.
0:16.2	Today we have a longer article for you, so what I'll do is split up the article, reading
0:21.3	the first part today and finishing it up tomorrow.
0:24.4	There's a lot to get through, so let's dive right into Part 1 and start optimizing your
0:28.7	life.
0:33.7	How I measure progress towards financial independence Part 1 by Craig Stevens of RetireBeforeDad.com
0:42.2	This article is about how I measure progress towards financial independence, which I consider
0:46.8	a prerequisite to my early retirement goal.
0:50.3	The terms financial independence and early retirement are often used interchangeably,
0:55.6	but I consider them different.
0:58.2	Financial independence is a financial milestone, retirement is when I'll stop working completely.
1:04.2	I plan to reach financial independence before early retirement.
1:08.3	That's my own fiber movement, not to be confused with the fire movement.
1:14.0	Financial independence is achieved by one building enough passive income to cover annual
1:18.9	expenses, or two, building a lump sum of savings and investments, the fine number, to
1:24.9	cover living expenses in perpetuity, or three, some combination of number one and number
1:31.9	two.
1:32.9	Using passive income involves building a portfolio of real estate dividends, business income,
1:38.0	or other income streams to cover living expenses.
1:41.2	Ideally, these income streams are outside of retirement accounts, so they're easily accessible
	...

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