Retire Sooner with Wes Moss

Despite the continued popularity of retiring at 65, many folks are drawn to the allure of an early exit. The promise of more time for family, travel, and core pursuits can be hard to resist—the very mission of this podcast is to help people retire sooner than they ever thought possible.But as wonderful as an early retirement can be if you can afford it, there are potential hazards for people who don’t take the time to plan. On today’s episode, Wes dives into five common missteps that risk sabotaging the happiness you’ve worked so hard to achieve. With diligent and strategic planning, you can run down the list and make sure all of your ducks are in a row before making your decision.The right lifestyle and money habits can help you prepare for a secure future so that you can decide the right time to make that future your present. Learn more about your ad choices. Visit megaphone.fm/adchoices

Jaspreet Singh’s parents gave him two choices: become a doctor or be a failure. Understandably, he chose medicine, but deep down, he knew it was for all the wrong reasons.People like Jaspreet are born entrepreneurs. They just see the world a little bit differently. He inherently knew he could be happier and make more money doing something else, and he tried just about everything.From drumming to an event planning company to law school to real estate, one thing became clear—he needed more funding. So, he came up with a unique idea: a water-resistant athletic sock. He used this innovative product to raise the capital he needed. When a marketing scam lost him thousands of dollars, he started an educational social media page called The Minority Mindset to help other outside-the-box thinkers avoid making the same mistakes.To his surprise, the YouTube Channel hit 100,000 subscribers, so he put the sock back in the drawer and dedicated himself to making financial education fun and accessible. Today, The Minority Mindset has nearly 2 million subscribers and multiple offshoots, including Briefs Media and the Market Insiders investing education app.Jaspreet’s brand has helped countless people free themselves from debt and start investing. His story reminds us that, though we all make mistakes, with the right mindset and strategies, we can create our own path to financial success. Learn more about your ad choices. Visit megaphone.fm/adchoices

According to a National Institute on Retirement Security report, 79% of Americans agree that there is a retirement crisis. It also revealed that over half of Americans are concerned they won’t be able to achieve financial security. Retirement insecurity may be a daunting reality,​ but on today’s episode Wes sets some theoretical parameters to illustrate potential scenarios and how they might positively affect the future. Planning for retirement can be challenging, but Wes points out that with self-discipline, some savings, and time, happiness and financial freedom may be within reach sooner than you think. Learn more about your ad choices. Visit megaphone.fm/adchoices

We all know that older person who just seems so young. How do they pull it off? Did they hit the genetic jackpot? Or do their lifestyle habits act as a fountain of youth?Doctor Dawn Carr has answers. With a PhD in Sociology and Gerontology, she directs the Claude Pepper Center at Florida State University and is a former researcher at the Stanford Center on Longevity.What I loved about Dawn was that, unlike so many in her field, she has concrete solutions to many of life’s challenges. She doesn’t just identify the problems or hand out vague suggestions. She has a litmus test for determining a person’s social health. How many close friends should we have? How cognitively complex should our daily activities be? Can more sleep help prevent mental decline? Answering her specific questions can help us determine how to maximize the vibrancy of youth while we age.No one has a magic wand. We’re all getting older. But listening to Dawn Carr might help you enjoy the process. Learn more about your ad choices. Visit megaphone.fm/adchoices

According to a recent Schroders study, just 4% of current retirees say they are “living the dream,” while another 4% report they are “living a nightmare.” On today’s show, Wes lists some primary concerns, including inflation and unpredictable market fluctuations. He then relates it to the Dow, S&P 500, and Nasdaq, each hitting all-time highs in May 2024, and how market history can possibly serve as a guide for long-term investing. Producer Mallory also stops by to compare and contrast her mom’s happy retiree core pursuits with her dad’s desire to keep working. Wes builds on this by describing a postcard he received from some happy retirees who are currently spending six months at sea. Learn more about your ad choices. Visit megaphone.fm/adchoices

You work hard for your money. But what if your money could work even harder for you? Brian Preston says there’s a way to make that happen. It’s called taking control of your financial freedom, and in his new book “Millionaire Mission,” he makes the case that it’s simpler than you think.I’ve known Brian for a long time. His podcast, “The Money Guy Show,” is incredibly popular. Sure, he’s got a bunch of impressive initials after his name, but what makes Brian so fascinating is how he lives his message. His wealth didn’t come from anything flashy. He built it through saving and investing as a business owner.Brian’s high school economics teacher told the class that if they invested just $100 per month, one day, they’d be millionaires. Brian was listening. While others were daydreaming about a new truck or the big game, his passion for personal finance was ignited. I’m guessing that didn’t make him the most popular kid in school, but much like compounding interest, it sure paid off later.Navigating life’s obstacles as we plan for retirement can feel like a riddle wrapped in an enigma. But Brian’s message can demystify the process and show you the way to build transformative wealth with the tools you already have available. Learn more about your ad choices. Visit megaphone.fm/adchoices

Running out of money may be retirement’s most frightening concern, so it’s not surprising that people want to know how much of their nest egg they can safely spend. The 4% rule, identified by William Bengen, states that retirees who draw down 4% of their portfolio in the first year of retirement, adjusting every year for inflation, will likely see their money outlive them, assuming the portfolio has a 50-75% allocation to stocks. But what about people who want or need to spend more than that? Is 6% too high?On today’s episode, Wes breaks down the pros and cons and estimates the probability of success for a 6% withdrawal rate rather than 4%. With careful consideration and planning, he looks for a way to help listeners max out spending without running out of money. Learn more about your ad choices. Visit megaphone.fm/adchoices

Chan Hellman was nearly suicidal until someone in his life gave him hope. Now, he works to spread it to others. As the founding Director of The Hope Research Center at the University of Oklahoma, his research is focused on hope as a psychological strength for children, adults, and families experiencing trauma and adversity.Chan believes one key is to start small. If your goal is to get healthy, that doesn’t have to mean a gold medal in the Olympics. Just go buy some running shoes.His research shows there is no such thing as too much hope. Even when the chances are slim, there are usually pathways to get where you want to go.In today’s episode, Chan teaches us how to find hope and implement it in our lives. He says imagination is the instrument of hope. We don’t have to summit the mountain in one day, but if we can imagine our future selves reaching wherever it is we want to go, it generates the willpower and motivation it takes to get there.And if none of that hooks you, he even uses the Marvel movies as an example. If he can find hope for Iron Man, I know he can find it for you and me! Learn more about your ad choices. Visit megaphone.fm/adchoices

On today’s episode, Wes welcomes Producer Mallory to the studio to tackle more questions from the hypothetical Retire Sooner conference. They analyze options for when to take Social Security, examine the idea of downsizing or relocating in retirement, review three habits that many happy retirees seem to incorporate into their lives, and discuss which tax considerations retirees might want to keep in mind when planning for the future. Learn more about your ad choices. Visit megaphone.fm/adchoices

We live in a 21st-century world, and our brains haven’t quite caught up. They’re designed to look out for the Saber-toothed tiger, not a million dings and beeps from smartphones. It’s no surprise that anxiety is a massive problem in modern-day life.But Dr. John Delony says anxiety isn’t necessarily a bad thing. It’s just an alarm system to keep us safe, and we can learn to tweak the settings.John is a two-time bestselling author, holds two PhDs, spent over twenty years working in crisis response, and now hosts The Dr. John Delony Show on Dave Ramsey’s network.John says that despite the good intentions of innovation, we’ve designed a world we just weren’t meant to live in. Trucks do the heavy lifting, air conditioners keep us cool, and algorithms decide what we experience. Our ancestors had to adjust to life’s challenges, and that’s what kept them healthy and connected. It’s easier to become overweight when you don’t have to move. And it’s harder to form a community when you can sit inside alone all day.Many of us are less happy and more anxious, and John knows how to help change that. He helps people navigate tough decisions, improve their relationships, and accept that they are worthy of happiness. I know I could use some of that. And I’m pretty sure you could, too. Learn more about your ad choices. Visit megaphone.fm/adchoices