We’re about to go through a life and financial transition as big as graduating from college or getting married — and that’s switching from earning plenty while working to earning very little in early retirement. Which means that we need a new set of systems to ensure our financial success, especially given our status as anti-budgeters. But it also means that we’re bringing back a tool we gave up years ago: the personal allowance.
Just as we have a mission in early retirement to figure out what we want to do when we grow up, and to adventure more, we also have a mission to be more charitable, both by volunteering and by giving money directly to important causes. Which may seem harder when we have less cash flow coming in. But there are some good ways to build charitable giving into your retirement financial plan, including with a donor advised fund. What’s your charitable mission?
Today we’re continuing the mini-series on Social Security and Medicare by looking at whether or not you should build Social Security into your retirement plan. We’re not counting on it, in part because we don’t need to, but also for some big reasons that are worth considering for everyone who wants a secure financial future. Give it a read and then let us know what you think!
Holy moly — it’s our *very last* quarterly financial update before we retire early in a little over two months from now! (Can I just keep typing exclamation points and have that count as an intro?) !!!!!! The third quarter was a good one for us, and it’s looking like we have a good chance of hitting our stretch “magic number” goal. Come see where we are, and then share your Q3 progress with all of us!
It’s a two-for-one post today! First up, an examination of the joint urges among FIers to DIY our lives and finances, but also to optimize as much as we can. Let’s discuss how compatible those joint impulses really are, and the joy that comes from embracing the suboptimal. And then, it’s pre-reveal contest time! Check out the DIY swag I made just for the lucky winners, and enter your guesses for where we live, what we do for work, and any other fun facts you want to throw out there. Good luck!
There is plenty of financial advice out there, including some very prescriptive advice about how to achieve financial independence or virtually any big goal you can think of. The only problem is: that advice, while great for some, is guaranteed to be bad advice for others. Rather than trying to follow advice to the letter — or give it out in a prescriptive way — let’s focus on the formula instead, a formula with three key ingredients that can get anyone in nearly any life circumstances to achieve big goals.
Today I’m (finally) sharing something that I’ve wanted to write about for a long time, but haven’t tackled because there is no easy formula: how to determine what is “enough” to save for early retirement. “Enough” is perhaps the centrally important concept to early retirement, but it can feel overwhelming to quantify your own. Here’s a breakdown on how we calculated ours, and how you can do the same for your own circumstances.