Money Lessons from George Washington
Motley Fool Answers
The Motley Fool
4.4 • 823 Ratings
🗓️ 3 July 2018
⏱️ 30 minutes
🧾️ Download transcript
Summary
To celebrate the 4th of July here in the US, Bro cannot tell a lie as he shares money lessons from the life of George Washington. He'll also share a tale of financial independence of a couple who retired 27 years ago at age 38. The Motley Fool's interns share their summer recommendations.
Transcript
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| 0:00.0 | This is Motley Fool Answers. I'm Alison Southwick, and I'm joined as always by Robert Brokamp, |
| 0:07.7 | personal finance expert and patriot here at the Motley Fool. |
| 0:11.6 | Happy Fourth of July weekend. |
| 0:13.4 | Yes, that's right. It's the Fourth of July, and we're bringing you two tales of independence, |
| 0:17.5 | the money lessons of a couple who declared their financial independence |
| 0:21.2 | at the age of 38, and how George Washington amassed his millions. Is that in today's dollars |
| 0:26.2 | or back then dollars? |
| 0:27.5 | It's today's dollars almost back then dollars. Not too shay. Depends on who you ask. |
| 0:32.9 | I'm asking you. All then and more on this week's episode of Motleyful answers. So, bro, what's up? |
| 0:40.8 | Well, Allison, this month marks an anniversary. 14 years ago, the Motleyful published the first |
| 0:46.1 | issue of Rule Your Retirement. Are you serious? Yes, with yours truly as the advisor. |
| 0:51.8 | And as so often happens with first issues, it was followed by a second |
| 0:56.2 | issue. And in that issue, I profiled Billy and Acacia Caterley, a couple with a pretty |
| 1:02.2 | extraordinary story. So after careers in the restaurant and financial services industries, |
| 1:06.4 | they retired in 1991 at the age of 38. And their story generated a lot of interest in real retirement. |
| 1:12.8 | People want to know how to retire that early and how they were faring. |
| 1:16.1 | So every few years, I get in contact with them and get an update and say, how are things going? |
| 1:21.9 | Well, I did that just this week. |
| 1:24.4 | So how are they able to retire so young and how are they doing now at the age of |
| 1:28.1 | 65? Here are seven lessons from their story. So number one, determine how much you really |
| 1:34.0 | need. So right before they retired, they figured that they could live on $20,000 a year. |
| 1:38.5 | Wow. This is 91. So adjusting for inflation, that's $39,000 today. |
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