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Marriage Kids and Money: Personal Finance for Families
Is $2 Million Enough to Retire?
May 6, 2024
Brennan Schlagbaum, creator of Budget Dog, shares his inspiring journey of growing his net worth to millionaire status in just 10 years. The conversation dives into whether $2 million is truly enough for retirement and the importance of personalized withdrawal strategies. They explore the motivations behind financial independence, including personal challenges and the role of side hustles. The episode also highlights the critical nature of early investing and features uplifting discussions about women's sports, particularly Caitlin Clark.
45:04
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Quick takeaways
- Determining if $2 million is enough for retirement involves applying benchmarks like the 4% rule and considering personal circumstances.
- Brennan Schlagbaum's journey illustrates how adaptability and strategic planning can significantly enhance wealth-building in the face of challenges.
Deep dives
Retirement Savings Benchmarks
Determining if $2 million is enough for retirement involves analyzing savings benchmarks such as the 4% rule. This rule suggests retirees can withdraw 4% annually from their portfolio without risking depletion, implying that someone with a $2 million portfolio could withdraw approximately $80,000 each year. Factors that could influence individual needs include health, location, lifestyle changes, and legacy planning. While a $2 million portfolio may support a comfortable retirement for many, personal circumstances play a significant role in determining adequacy.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode