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How to Plan for Financial Independence and Retirement Without Overcomplicating It | 72
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*This episode was recorded when our business looked a little different, so some links, offers and resources mentioned may have changed. For the latest, visit budgetbesties.com.*
Retirement is just a number. Our Happily Ever After System shows you exactly how and when you can officially retire because you’re financially independent.
When we say retire here, we mean financial independence. That term is less understood, so we’ll take a moment to explain it before we begin. Financial independence is all about having options. When you have financial independence, you can choose to work or choose not to work. You can change jobs without concern. You can pursue a passion without worrying about money. You can take a year sabbatical and go do missionary work. You can take a few months off to help your child with their first child. It’s all about options. When we say retire, know that this is what we mean. We do not mean sitting at home on a recliner watching Wheel of Fortune (unless that’s what you want to do).
In this episode we cover:
- How to calculate your retirement / financial freedom number.
- Determine what your income will be including pensions, disability and anything else you’ll be getting.
- Calculate the gap - how much you’ll need to pull out of investments to bridge the gap.
- The 4% rule (how to live off of the interest of your investments rather than the principal)
- The Rule of 72 / Compound Interest
- How to calculate your net worth.
- How to get to your magic retirement number
- How to be a GOOD investor (not having to go stop/start investing or pulling from investing)
- How to diversify your investments
- Why you should pay off your home
- Why you need to conduct an annual “Dream Date” where you discuss your financial goals, your dreams and your progress.
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This podcast is for educational and informational purposes only and is not personal financial, legal, or tax advice.
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