182. How To Retire Like A Rockstar

In 2019, I moved into “Mummy Daddy”’s House to save BIG for my retirement. I recently got into FIRE and was looking for a way to cut down on housing costs while living in the Bay Area. 

Though I was on the fast track to early retirement, my parents were barely on track for normal retirement. The culprit? A low savings rate. My parents spent too much money on things they did not care about. The would regularly spend $300 on groceries at Costco despite both of them eating very little. 

When I realized that criticism was not working, I decided to help them calculate their net worth and spending. We found that outside of her 401k contribution, my parents were saving very little. They were also <40% of the way to retirement. 

Though initially defensive, they received the sobering message. My mom began listening to more finance podcasts and attending FI meetings in San Francisco with me. They learned how to save and invest more and I am proud to say my mom has hit and surpassed her retirement number in five short years! 

Their story made me appreciate that it is never too late nor too early to start preparing for retirement. A few small changes can completely change our retirement trajectories. 

Show Notes:

• 7 top retirement tips: Retirement advice for every age by Wales Wealth Management Group
• Choosing a Withdrawal Rate That Is Sustainable “The Trinity Study” 
• Coast FIRE Calculator
• The ChooseFI Facebook Group
• CampFI

Community Time:

• Thank you, Masha, Paul and Harris aka HYPRfocus for your thoughts on our episode on a Season of Yes or NO
• Thank you Jennifer for your comments on the episode The 5 Parasocial People You Surround Yourself With
• Thank you, Ann, for listening
• Thank you Luca for being our biggest fan and podcast superspreader!
• Thank you Sage and Kate of the SoroPod Podcast for the shoutout! Be sure to check out their podcast especially if you are living in Charleston!

Click here to check out AirHelp, our partner for this episode!

The team at AirHelp can assist you when you have a delayed or canceled flight and want to see if you can get compensation for your inconvenience. You give them your flight information, and they talk to the airlines for you! 

Find more show notes and interact with the Build A Wealthy Spirit community at buildawealthyspirit.com!