

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)
Oct 8, 2024
Dive into the world of financial independence and discover how to accurately calculate your FI number. Explore the challenges of the 4% withdrawal rule in today’s high inflation environment. Learn the advantages of a paid-off home and the potential benefits of self-managing rental properties. Consider the impact of a DIY approach to solar panels on long-term costs. Engage with real-life examples of navigating retirement planning while emphasizing the importance of diverse income streams and regular financial assessments.
AI Snips
Chapters
Books
Transcript
Episode notes
4% Rule Realities
The 4% rule is widely accepted in the FI community, yet many do not retire solely relying on it. Most individuals have additional income streams or savings beyond this conservative estimate.
Calculate Your FI Number
Calculate your financial independence number based on your spending and adjust it as necessary. Most people set their targets conservatively, which can delay retirement.
Personal FIRE Numbers
Scott and Mindy share their own experiences with financial independence numbers. They both surpassed their FI numbers while continuing to work and grow their nest eggs.