428: The Mad Fientist on Early Retirement in Your 40s and 4% Rule Updates
BiggerPockets Money Podcast
English - July 10, 2023 06:00 - 1 hour - ★★★★★ - 2.8K ratingsInvesting Business Education financial independence financial freedom investments wealth finances finance investing success money realestate Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother.
After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter.
In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around!
In This Episode We Cover
Early retirement rules of thumb you MUST know when on the path to FIRE
The 4% rule and why you DON’T need to follow it to a tee
Retirement withdrawal rules and how much to spend during a crash/correction
The skill of spending and what Brandon regrets most from pre-FIRE life
Tracking your expenses and why knowing your costs is CRUCIAL to early retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Join BiggerPockets for FREE
Mindy on BiggerPockets
Scott's Instagram
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Hear Our Past Interviews with The Mad Fientist:
Accessing Retirement Funds Before Age 59½ with The Mad Fientist
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Is It Time to Give Up on Financial Independence?
Hear Our Interview with "Just Keep Buying" Author, Nick Maggiulli:
The Problem with the 4% Rule (and Why You Could Retire Even Sooner
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-428
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]
Learn more about your ad choices. Visit megaphone.fm/adchoices
If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother.
After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter.
In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around!
In This Episode We Cover
Early retirement rules of thumb you MUST know when on the path to FIRE
The 4% rule and why you DON’T need to follow it to a tee
Retirement withdrawal rules and how much to spend during a crash/correction
The skill of spending and what Brandon regrets most from pre-FIRE life
Tracking your expenses and why knowing your costs is CRUCIAL to early retirement
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Hear Our Past Interviews with The Mad Fientist:
Accessing Retirement Funds Before Age 59½ with The Mad Fientist
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders
Is It Time to Give Up on Financial Independence?
Hear Our Interview with "Just Keep Buying" Author, Nick Maggiulli:
The Problem with the 4% Rule (and Why You Could Retire Even Sooner
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-428
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected]
Learn more about your ad choices. Visit megaphone.fm/adchoices