Should I Pay Off My Mortgage?

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#152 - Barney Whiter paid off his mortgage aged 32.  Ten years later he quit his job with an investment portfolio big enough to support himself and his family without ever having to work again.  He explains what life is like as an early retiree, how much money you need to live off your investments, and the steps you can take to make  financial independence a reality.

What you'll learn

• [2:16] What life is like as an early retiree.
• [5:40] The philosophy behind the FIRE (Financial Independence, Retire Early) movement.
• [8:16] How much money you need to live off your investments.
• [12:30] Where to invest your money to reach financial independence.
• [14:20] Whether you should pay off your mortgage or invest your surplus income.
• [18:40] How to start learning about financial independence.
• [19:28] The practical first steps towards financial independence.
• [22:00] How the maths behind the FIRE movement works.
• [23:49] How to justify a frugal lifestyle.
• [29:51] Ways to find happiness without spending money.
• [32:02] The possibility for low earners to reach FIRE.
• [36:15] How to know you’ve reached financial independence.
• [40:18] The pros and cons of putting money into a pension.
• [43:46] The risks involved in pursuing financial independence.
• [46:55] How inflation is factored into the FIRE movement.
• [51:14] Indicators that the FIRE movement is right for you.
• [54:35] The difficulties of talking to your partner about quitting your job.
• [57:05] How to avoid scammers in the FIRE community.

Resources mentioned in this episode (some of these are affiliate links and we may get a commission in the event that you make a purchase - this helps us to cover our expenses and is at no additional cost to you):

• Mr Money Mustache
• Monevator
• Your Money Or Your Life, Vicki Robin and Joe Dominguez
• The Millionaire Next Door, Thomas Stanley and William Danko
• Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable (the Trinity study)
• Family Man
• Atomic Habits, James Clear
• Change Work Life Coaching

For the show notes for this episode, including a full transcript and links to all the resources mentioned, visit:

https://changeworklife.com/how-anyone-can-become-financially-independent-and-retire-early/

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