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Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

How Much Should I Be Saving To Retire Early?

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

Ari Taublieb, CFP®, MBA

Entrepreneurship, Investing, Business, Careers, How To Retire, Retirement Planning, Stock Investing, Real Estate Investing, Retirement, Personal Finance, Save On Taxes, Early Retirement

4.7583 Ratings

🗓️ 27 May 2024

⏱️ 21 minutes

🧾️ Download transcript

Summary

Create Your Custom Early Retirement Strategy Here Get access to the same software I use for my clients and join the Early Retirement Academy here Ready to redefine the concept of retirement? My latest broadcast delves into the exhilarating world of early retirement planning, promising a treasure trove of strategies for seizing control over your work life — before the traditional retirement age calls your name. You’ll be introduced to the Early Retirement Academy, a beacon of hope for those ...

Transcript

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0:00.0

I'm going to give you an example today that might make you think differently about how much you need to

0:03.6

save to retire early. Now, the truth is, most people that are working with us, they don't hate their job. They're just like, hey, I want to do it because I want to do it, not because I have to do it. And it's the fact that they realize, whoa, I don't have to do it because I'm in a good spot. that makes them go well. Yep, I'm going to actually keep doing it, but I'm going to change things.

0:20.0

I'm not going to work as hard. I'm going to take a job that's less stressful with less

0:23.1

responsibility. Or no, I'm going to actually keep doing it, but I'm going to change things. I'm not going to work as hard. I'm going to take a job that's less stressful with less responsibility, or no, I am

0:24.6

going to switch jobs to a career that's way less stressful that I've always wanted to do, and I'm going to do it because I want to do it, and I'm in a good spot. First, there are, of course, some that are like, hey, I really hate what I'm doing. I want out yesterday. I don't know if I want

0:35.8

another job. I want to know if I could stop working today, would I? But what I imagine you're

0:40.1

thinking right now is if you're listening to this episode, which is I made it specifically if you're in your 40s, 50s going, hey, I want to make sure I'm doing the right things. I want to retire early. I just don't know exactly when. Am I saving the right amount. That's what who I have in mind. And if you're listening on the younger side

0:54.3

of that going, hey, I just want to get ahead like, kudos to you. But for most of you, you're like, hey, I've got 500. I've got a million bucks. I think I'm on the right track. I just not there yet. So I need some help. So I mentioned this last week, and I'm going to go through this today. but last week I mentioned I've got my early retirement academy coming out that is coming out

1:11.6

June 1st that is going to have the software that allows you to run these projections on your own so that you can go, okay, am I on track? What things should I be thinking about that I otherwise couldn't have either wise known? So hopefully that's going to be exactly what you're looking for. Once again, that comes out June 1st. You want the discount code. You just go to the survey in the description of today's episode and you will be able to fill that out so i want to tell you an example right off the bat my quick story because this is a real life story that's how i like to do these and then i'm going to give you my entertaining review of the week um a fun review and we're going to have some fun so So as much possible, I do try to keep these fun.

1:45.4

Some of you're like, hey, I listen while I'm working out or while I'm, you know, driving.

1:48.4

I'm like, cool. I recognize you don't want it to be like, I got to learn another lesson today. Now, I like learning. I think you like learning. That's why you're here. But I also want to make sure you don't get fluff content. And you're like, what do you mean? Well, oftentimes, if you

2:00.2

were to ask any advisor, and if they're a good one, they will respond in the following way. If you go,

2:04.6

hey, how much? get fluff content. And you're like, what do you mean? Well, oftentimes, if you were to ask any advisor,

2:01.8

and if they're a good one, they will respond in the following way. If you go, hey, how much

2:05.0

should I save to retire early? They're going to go, it depends. I'm like, hey, that's great. It does depend, but I need more than that. I want some more guidance. And so what I'm going to go through today is maybe another way to think about this. So you go, hey, that's helpful.

2:16.8

A lot of you know my dumb joke, but when I went to a physician a few months ago, I said,

2:21.0

hey, that's helpful. A lot of you know my dumb joke,

2:18.2

but when I went to a physician a few months ago, I said, hey, Doc, I think what you just said sounds great. I think you think that it sounded great. I don't know what you just said. So like, try again, please. Like, I need to make sure this is coming through. And I'm not trying to be mean. I just need to understand why you're saying what you're saying.

2:33.8

So I'm going to go through an example real quick and see if this resonates with you guys. You might start thinking a little differently. So someone said, this was a while ago now. They said, hey, and you know, I'm the first person. Anyone reached out to the company. I want to speak with you to see if you're a good fit, et cetera. So they said, hey, tell me what you do in 15 seconds.

2:53.2

And if I don't like your see if you're a good fit, et cetera. So they said, hey,

2:51.5

tell me what you do in 15 seconds. And if I don't like your answer, you're like fired before I

2:55.3

even start. I'm like, okay, give me at least a minute to think about this answer, considering I'm going to be fired in, you know, 60 seconds if you don't like me. I go, okay, they said okay so I said hey my job is to quantify tradeoffs so you understand the magnitude of those

...

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