Money Box Live: How To Retire Young
Money Box
BBC
4.2 • 825 Ratings
🗓️ 6 November 2019
⏱️ 40 minutes
🧾️ Download transcript
Summary
Could you save enough of your income and budget so tightly that you can afford to retire in your thirties or forties? A US movement called FIRE – Financial Independence Retire Early – encourages millennials to stash enough cash to quit their job early and still live well. But how does it work? And do you have to be on a massive salary to make it a reality? With interest rates at historic lows, where can you invest for a decent return? What happens if you're a low-income earner? And what sacrifices must you make to achieve retirement before you reach fifty?
Louise Cooper will be joined by Barney Whiter, one of the UK's biggest ‘FIRE’ bloggers and Claer Barrett, Editor of FT Money
Contact the Money Box team to tell your stories and ask questions. The number to call is 03 700 100 444, geographic charges apply. The lines open at 1pm on Wednesday 6 November 2019. Email moneybox@bbc.co.uk or tweet @moneybox
Transcript
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| 0:00.0 | In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers. |
| 0:08.0 | But the man who often found, tortured and sometimes killed these people on behalf of the IRA |
| 0:12.0 | was himself an informer, a secret British army agent with the codename Stakeknife. |
| 0:18.0 | Who gets to play God? And why me? Why my family? When lies are still being told to this day, |
| 0:24.0 | who do you believe? I wouldn't even know where to start and I'm with the IRA. |
| 0:28.5 | Steakknife. Listen first on BBC Sounds. BBC Sounds, music, radio, podcasts. Good afternoon. |
| 0:38.9 | Would you be willing or even able to save three quarters of your wages so you can retire in your 30s? |
| 0:46.4 | Well, that's the concept behind the fire movement. |
| 0:49.5 | Financial independence, retire early. |
| 0:52.1 | And it's becoming popular with many, particularly but not exclusively, millennials, fed up with the corporate rat race who want to do something more meaningful with their lives. |
| 1:01.7 | But it can require extreme frugality. |
| 1:05.1 | It doesn't sound much fun. |
| 1:06.6 | And saving the majority of your salary is impossible for those on lower incomes. So it may not |
| 1:13.2 | sound like it's for you, but actually there are some important financial lessons in fire for us |
| 1:19.6 | all. Barney Weiter joins me, a fire blogger in the UK. Welcome to Moneybox Live Barney. Hello. |
| 1:27.0 | So tell me a little bit more about fire. Where did it come from? |
| 1:31.3 | I guess you can trace the roots back in history. We've all seen Downton Abbey. That's the example of the |
| 1:37.8 | aristocracy who lived off their wealth and didn't have to work. And I guess what financial independence is, |
| 1:43.2 | it's the modern day equivalent |
| 1:44.4 | of that that's kind of open to everyone to save their money and have it work for you and hopefully |
| 1:50.1 | get to a point where work becomes optional. And originate in the States? Yes. So in the States, |
| 1:57.1 | there was a book written, your money, your Life some time ago, and it's grown as a |
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