Do You Have Enough to Retire? (FIRE Edition)
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 6 March 2019
⏱️ 30 minutes
🧾️ Download transcript
Summary
#243 What are the key metrics to determine if you have reached financial independence and can retire early. How major stock market losses can derail early retirement plans and what to do about it. Thanks to Sleep Number and Blinkist for sponsoring the episode.
For show notes and more information on this episode click here.
- [0:19] Interview opportunity with Suze Orman.
- [1:15] FIRE: Financially Independent Retire Early.
- [2:06] Suze’s response to the FIRE movement.
- [3:36] Controversy over the motives driving FIRE.
- [6:42] Understanding the math of early retirement.
- [12:46] How a market loss would affect your early retirement plan.
- [17:26] Would the FIRE community be better prepared for a market crash?
- [19:03] Modeling out different paths to help prepare against catastrophe.
- [22:28] Utilizing different portfolio drivers.
- [23:53] Viewing early retirement success in terms of probability.
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Transcript
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| 0:00.0 | Welcome to Money for the rest of us. This is a personal finance show on money, how it works, how to invest in how to live without worrying about it. |
| 0:10.0 | I'm your host David Stein. Today's episode 243. It's titled, Do You Have Enough to Retire? |
| 0:18.0 | Fire Edition. |
| 0:20.0 | Last August I got an email from a publicist at Random House. |
| 0:23.8 | She wanted to know if I'd be interested in interviewing legendary financial expert Susie Orman |
| 0:30.0 | on my show. |
| 0:31.7 | Susie was coming out of retirement to help a new generation of women take control of their finances. |
| 0:37.6 | At least that's what the publicist said in her email. |
| 0:41.0 | She had a book coming out, Orman, called Women and Money. It was a revised edition for 2018. |
| 0:47.0 | It was tempting to do the interview, but I knew that if the publicist was contacting me, that Orman was going to be on a number of other personal |
| 0:56.7 | finance shows, one of them turned out to be afford anything with host Paula Pan. It's a great show. I've been on that show. She |
| 1:05.7 | asked her community. Paula did. What should I ask her? The response was ask |
| 1:11.0 | Susie what she thinks about the fire movement. |
| 1:15.0 | The fire movement stands for financially independent, retire early. |
| 1:20.0 | There's a Reddit community for the fire movement with over 500,000 members. |
| 1:26.0 | They say, this is a place for people who are or want to become financially independent, |
| 1:32.0 | which means not having to work for money. |
| 1:35.6 | Financial independence is closely related to the concept of early retirement, retire early. quitting your job or career, and pursuing other activities with your time. |
| 1:48.8 | At its core, fire is about maximizing your savings rates through less spending and or higher income to achieve |
| 1:56.8 | financial independence and have the freedom to retire early as fast as possible. That's the description on this particular Reddit community. |
| 2:07.0 | So what did Susie say about the fire movement? |
| 2:11.0 | Here's a response to Paula. I hate it. I hate it. I hate it. I hate it. I hate it. |
... |
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