No matter how you found your way to The Motley Fool, the odds are high that if you’re reading our articles, listening to our podcasts, or checking out some investment options, you’re at least somewhat thinking about your plan for a comfortable retirement. After all, our mission statement until recently was “Helping the World Invest — Better,” and one of the biggest things anyone invests for is their old age. But what if you don’t want to wait until you hit your 60s or 70s to fully enjoy the fruits of your labors? If that describes you, you’re not alone: A small but growing community of people in this country are coalescing under the acronym FIRE, which stands for Financial Independence/Retire Early. They’re living on less, saving much more, and preparing for — if not full retirement — a point where they have sufficient resources to feel fully in control of their lives.
In this episode of the Motley Fool Answers podcast, hosts Alison Southwick and Robert Brokamp have invited Jonathan Mendonsa and Brad Barrett, creators of the ChooseFI website and podcast, to explain how even folks with ordinary incomes can reach financial independence decades ahead of the traditional timeline.
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FIRE: The Keys to Financial Independence Retire Early Lifestyle
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F.I.R.E is not about money. It is a capability statement. Since the industrial evolution, economic progress results in shedding of unnecessary jobs. The people that will survive going forward and as COVID-19 is showing are those that are capable of reinventing themselves. Everyone must be educated on developing the capability to acquire diverse skills and capitalize on opportunities to generate money for sustenance.
Am I the only one offended by the lack of visibility of the lady? Why he doesn’t let her ask questions? She didn’t even talk. I am passed.
If you kiss your boss, its the surest way into the FIRED community.
Take a drink of that water man
Impressive, it’s funny because I’ve always felt the key to early retirement is making sacrifices, you don’t need that new Tesla or that new vacation house in Cabo, instead why not set up an investment plan with your financial advisor. I did the same and I’m rounding up a million currently, I’m sure in the next 5 years I’d have 2 million in my portfolio🤞🏻
At 8:02 mark. Left New York and moved to Virginia because the taxes are lower etc, etc, etc. Probably a liberal transplant who will vote for more Democrats and destroy the standard of living that he ran to.
Not one FIRE expert on you tube actually retired. Stupid acronym.
This is why I still consider it wise to put money aside in order for me to attain my $1M net worth in 5 years. I’ve come to understand in life that the only thing we can’t get back is time. I want to be time rich. I’m halfway there. With financial discipline, I know I’ll make it to my goal. I am a financial developer, I live below my means. No mortgages ever again. If you’re curious to know how to get your life back on track, from my experience, the best way I tripled my net worth in a year was through my financial advisor, Alec Payden. Something else could work for you. It’s just all about clear vision, and discipline. Avoid debt. Cut cost if you’re looking to be rich. Maybe, someday I’ll own that family ranch, and enjoy my life even more. Great video overall. Keep up the good work.
Two weeks ago, we became 100% debt free. My husband and I met 5 years and 8 days ago. We didn’t have much else but debt. With a few real estate deals, mostly renovation work we did ourselves and paid as we went, we now own out right a $200,000 house and enough land for a few animals and garden. Now we are on the saving side of things with 10 months of living expenses covered so far. Good retirement accounts. And yes, we drive older vehicles. We don’t wear designer fashion. Nor will we ever. In 4 years, we will retire to a low cost state to live. We can’t wait. The work we’ve done to get here has been worth it.
Our mentality is so messed up we validate ourselves with wasteful vanities, you don’t need to buy that new Hermes or that new Aston martin yet when you can’t even guarantee yourself financial freedom, why not invest and be your own boss. my opinion
How about the predications now?
Jesus first episode and had to stop listening because of that voice…
Major Key to financial independence should be trading forex or stocks , the market is volatile, Trading should be transparent, I’ll rather leverage on services offered by Experts in trading , I invest and earn profits with a financial advisor to achieve the best.
i wish americans would learn to talk more quietly
how much was the set up and the equipment?
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Nice cartoon microphone
Four gotchas in the FIRE movement: 1) Don't retire until you get 420 months of earned income into SSA. 2) Keep your credit high as it feeds good insurance, cell phone plans, apartment leases, etc. Easy to do if you have earned income and some revolving credit. Just pay it off each month. 3) Think about divorce. Its often completely unexpected, but if it happens, will you now be screwed with no income history or job experience? 4) The silver tsunami will create a glut of available homes. Be careful with rental ownership.
“I don’t think it’s in my best interest to stay” – priceless
In FIRE the RE stands for Recreational Employment. This can also be a non-job like I have…building your own path.
It makes me wonder why this idea needs to be sold to people in the first place.
Excellent video content! Forgive me for the intrusion, I would love your opinion. Have you researched – Renannah Tiyily Release (Sure I saw it on Google)? It is a good one off guide for learning how to get the ultimate millionaire mind without the headache. Ive heard some extraordinary things about it and my good mate called Gray after a lifetime of fighting got cool results with it.
Excellent video content! Forgive me for butting in, I am interested in your initial thoughts. Have you heard about – Renannah Tiyily Release (do a search on google)? It is an awesome exclusive product for learning how to get the ultimate millionaire mind without the headache. Ive heard some unbelievable things about it and my m8 finally got cool success with it.
Go Johnathan and Brad!
DDDUUUHHHH. Captain obvious bs. But we can't pull it off because we are SLAVES. stop placing the onus on the oppressed. Fuckin mlm.
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harold who???
Hope Scholarship is in Georgia.
Credit-scores become meaningless and irrelevant (e.g. when you follow Dave Ramsey's programme): avoid any new debt; simply plan, save, and invest towards your goals; hence, you can STOP BORROWING for the rest of your life, while paying off all existing debt as quickly as practicable.
Kudos to the ex-C.P.A. at minute 32.50 onward: I can share my own proofs of these tips,
[1] CARS: I gave up driving a luxury-car and switched to walking [= FREE exercise and a boost to health, to energy, and to productivity] and, where necessary, public transportation (which costs only U.S.$1.00 to $1.50 each way in the countries where I choose to live). Since a car costs around $1,000 to $2,000 per month in total average long-term costs, this one decision is worth MILLIONS of dollars of future lifetime value.
[2] HOUSING: I moved from owning 3 properties to getting rid of all of them to eliminate the related debts and expenses and then moved to a lower-cost country and rented a spacious, furnished 1-bedroom apartment for less than U.S.$400 including all utilities.
Tip: The best approach to healthcare is to take care of your own health. Do not wait until you are sick to get serious about exercise, stress-management, nutrition, sleep-quality, etc. Simple daily habits can take us to 100 y.o. or more with our health, happiness, sanity, mobility, and intellect intact and working well. The most effective wellness-strategies cost a few dollars to zero per day versus giving your life-savings to preventable sickness and/or overpriced sickness-insurance, price-gouging drug-makers, overcharging hospitals, and overpaid doctors.
Some queries for the guest: e.g., Jonathan mentioned that he was saving up to 70% to 80% of his income and that he had a six-figure income.
[1] What was the gross income?
[2] What was the take-home pay?
[3] Was the savings-rate based on gross income or take-home pay?
[4] To pay off $168,000 in student-loans over 4 years is approximately $3,500 per month . . . plus interest of how much?
[5] What were your main ways of saving that amount of your income?
They stopped uploading Answers to youtube?
I just updated my $111,000 Dividend portfolio dripping $4707 I plan on FIRE by 35-40!!! come check me out!!
Opening different credit cards for miles and points … that’s ridiculous … trouble for most people