Is Early Retirement A Smart Goal? #638
How to Money
iHeartPodcasts
4.6 • 3.2K Ratings
🗓️ 1 March 2023
⏱️ 56 minutes
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Summary
Cinderella is such an absurd story! Seriously, when you stop and think- it’s pretty messed up: a prince dances with a girl he’s never met before for one night, and then he sends his goons around town to find her so they can get married. There’s a reason you go on dates for at least a few weeks before proposing. You’ve gotta kick the tires and perform some due diligence! Similarly, you might be completely obsessed with the idea of early retirement upon first hearing about it. And articles out there on the web sure do make it sound enticing. And it might be the right move for some folks, but not before thinking it through on a bunch of fronts. So we’re going to offer our thoughts on how to decide if retiring sooner than your peers is a good goal. We’re going to tackle a number of questions both financial in nature (like sequence of returns risk and ‘one more year syndrome’) but also some personal questions as well (like hobbies and how you’ll spend your days), that’ll help you decide if early retirement is a goal worth pursuing.
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Transcript
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| 0:00.0 | Welcome to Hadamuni, I'm Joel. |
| 0:02.0 | I'm Matt and today we're asking the question, |
| 0:04.6 | is early retirement a smart goal? |
| 0:06.7 | We are talking about early retirement or retiring early. |
| 0:30.0 | I think we're going to refer as I was realizing as I was thinking through this episode, |
| 0:33.8 | you've got the financial independence retire early or is it financially independent? |
| 0:39.0 | Retired early. There's so many different ways of saying that, obviously, that's the acronym |
| 0:43.6 | fire, which I think a lot of folks might have been introduced to the idea of early retirement via |
| 0:49.6 | fire specifically. There are all sorts of different people in the fire movement and different |
| 0:53.7 | takes on retiring early, but we have had different conversations about this in the past map, |
| 1:00.0 | but we want to talk about a whole lot of different things when it comes to retiring earlier, |
| 1:02.8 | whether it's a good goal to have and then maybe how to skin that cat if that's what you're going for. |
| 1:08.0 | We like to talk about you and I as we are planning and thinking through the different topics we're |
| 1:11.8 | going to discuss, we always come up with different metaphors and examples and I feel like fire, |
| 1:16.9 | like early retirement, it's just one of those things that folks have heard about. It's kind of like |
| 1:20.4 | in the background, it's in their subconscious. They've seen maybe different articles floating |
| 1:24.8 | around, but they don't know exactly what it is or how they should be thinking about it. Right now, |
| 1:28.8 | it kind of makes me think of AI. That's all the rage right now. Is it coming from a job or |
| 1:33.5 | is it just a cheap trade? Exactly. Is it a good thing? Is it a bad thing? I don't know, but before you |
| 1:38.9 | 100% go after something and say that this is going to solve all of our problems, and in this case, |
| 1:43.3 | we're talking about early retirement, it is worth thinking through the different ramifications that |
| 1:47.9 | it might have on your life. I'm going to talk about it today. With 100% assurance, |
... |
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