The FI/RE Movement
Stay Wealthy Retirement Podcast
Taylor Schulte, CFP®
2.4 • 606 Ratings
🗓️ 28 July 2020
⏱️ 17 minutes
🧾️ Download transcript
Summary
Today, Jeremy Schneider of Personal Finance Club continues to fill in and will discuss the FI/RE movement sweeping through the personal finance community.
He talks about shifting thoughts around retirement strategies and ages, what the "safe withdrawal rate" is, and how to calculate your "retirement number".
Jeremy also answers a question from a listener on how to retire in 10 years!
Transcript
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| 0:00.0 | The Trinity study has come to the conclusion that the safe withdrawal rate is 4%. |
| 0:04.6 | That means for however much money you have invested, you can take 4% of the starting amount of money |
| 0:10.3 | every year and adjust that amount of money for inflation every year and never go broke. |
| 0:18.3 | Welcome to the Stay Wealthy podcast with Taylor Schulte. |
| 0:21.4 | As you may still be noticing, this is not Taylor Schulte. |
| 0:24.0 | My name is Jeremy Schneider, billing in for Taylor for the month of July. |
| 0:27.6 | This is my fourth of five episodes that I'm guest hosting for. |
| 0:31.1 | Taylor will be back in August. |
| 0:33.0 | You can see notes and any articles I mentioned in this show at you stay wealthy.com slash 78. |
| 0:41.6 | Today I want to talk about the fire movement. |
| 0:44.6 | Fire. |
| 0:45.1 | You might have heard of this. |
| 0:46.3 | If you see it written down, it's written as FI slash RE. |
| 0:50.7 | It stands for financial independence, retire early. |
| 0:57.3 | This is a new popular movement, gaining steam, |
| 1:02.7 | basically questioning the common wisdom around retirement ages and what it means to retire and how you retire. I have a little bit of personal experience with this because I am 39 years old. |
| 1:07.7 | I turned 40 this year and I haven't had a job since I was 36. I kind of hesitate to use the word retire, partially because it sounds a little bit pretentious as a 39 year old. And because I don't want to stop working, I just want to do the things that I want to do. I guess that's what everyone really wants. And so I really like to focus on the financial independence part. And I think a lot of people are kind of moving towards that, even calling it the FI movement sometimes FI. |
| 1:11.7 | And as Taylor... like to focus on the financial independence part. And I think a lot of people are kind of moving |
| 1:27.7 | towards that, even calling it the FI movement sometimes FI. And as Taylor says, he calls it work |
| 1:32.7 | optional. It's kind of the same idea. Work optional doesn't mean you work hard for 30 years, |
| 1:37.1 | then you just stop on a dime and watch Netflix until you die. I think it's more about |
| 1:40.8 | controlling your finances so that you can direct how you live your life, |
... |
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