At age 37, Patrick Mckay had amassed enough assets to sustain his lifestyle without ever having to earn an income again. In the biz, this is what we call financial independence.
The Financial Independence, Retire Early (Financial Independence, Retire Early (FIRE) is a movement dedicated to the idea that retirement is about having enough assets to sustain you for life, rather than an age at which you stop working. The FIRE movement advocates tight control over lifestyle expenses, a high savings rate and a 4% portfolio drawdown rate upon independence.) movement has enabled many younger people to think differently about their expenses and assets. Even if you love your job, understanding basic FIRE concepts like the 4% rule is a great framework for making better financial choices.
But what about people who are further along their journey? Is it possible to apply these principles in your fifties? In this show, Patrick and I discuss how older people with insufficient retirement savings can use FIRE to ensure a financially secure retirement.
Here are some of the tools we discussed in the show.
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The Fat Wallet Show is a no-nonsense personal finance and An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset More podcast hosted by Kristia van Heerden and Simon Brown. Every week we answer questions by a growing audience of finance enthusiasts. Submit your pressing money and investment questions to email@example.com.