Late Start, Early Retirement: A Step-by-Step Fast Track to FI

18 snips

Dec 30, 2024

Guest

Bill Yount

Guest

Jackie Cummings Koski

Bill Yount and Jackie Cummings-Koski, co-hosts of the 'Catching Up to FI' podcast, share their inspiring journeys to financial independence, even after starting late. They present a practical four-step framework for anyone to begin saving for retirement, emphasizing that it’s never too late to plan. They discuss the importance of mindset shifts and proactive strategies, breaking down financial isolation through community support. With insights on budgeting techniques and personal finance tools, they're here to prove that financial freedom is attainable regardless of your starting point.

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ADVICE

First Step for Late Starters

Give yourself grace and recognize that financial struggles are often not your fault.
Determine your starting point by calculating net worth and fine number.

ADVICE

Backward Budgeting

Track your expenses using a backward budget to avoid omissions.
Subtract taxes and investments from your income to determine actual spending.

ADVICE

Planning Phase

Pause, plan, then pivot and act after analyzing finances.
Create an investor policy statement, considering insurance and estate planning.

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