5 min listen
Extended: How to think, save and retire early with Steve Adcock.
Extended: How to think, save and retire early with Steve Adcock.
ratings:
Length:
14 minutes
Released:
May 9, 2019
Format:
Podcast episode
Description
In this episode: How did you prepare to do early retirement? The first step is to understand exactly where your money is going. Then decide whether that money you are spending is genuinely making you happy or not and if that spending is supporting your future goals of early retirement. What are some of the roadblocks you have encountered preparing for early retirement? It was hard not to spending less and not doing the same activities with your friends and co-workers. Sensible living can be a sacrifice when you are trying to achieve your goals for early retirement. It is a hard transition in the beginning but you will get used to it but the more you do it, the easier the process becomes. How did you know how much money you needed to retire without the worry of running out of your savings? They used the Trinity study or the four percent rule to decide on a retirement budget. Where do you invest your money, so you can have access to it before you retire? You have to remember if all of your money is tied up to your retirement accounts, it will be really difficult for you to retire early. Steve and his wife opened up a brokerage account and it will grow with the stock market like your retirement account. The difference is you can buy or sell whenever you want and you are not restricted by age of when you can access the money. They also established an emergency fund. Think of it as paying yourself off first money management. When do you know you are finally ready to leave your job and retire? If your finances are fully prepared that the rest is 100% mental. Don’t fall into the “just one more year” syndrome - where you work for one more year and never leave. -------- Hey Offbeat Family, I really your listening to this episode. I would love to hear more from you and what you think of the podcast. Contact me: hello@theoffbeatlife.com
Released:
May 9, 2019
Format:
Podcast episode
Titles in the series (100)
Ep. 0: Debbie Arcangeles - My story so far: Debbie Arcangeles - My story so far by The Offbeat Life - become location independent