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Money Talks: F.I.R.E.

Whether you’re 25, 55, or 75, maybe you’re dreaming of retirement. Today, we’ve got some tips geared for the 25 year-olds but everyone else will find some great information. Are you on fire for retirement? We're talking F. I. R. E.? We learn what that is and take your personal finance questions. 


Financial Independence, Retire Early from the 1992 book "Your Money or Your Life"

  • save up to 70% of annual income, invest it with the help of a professional
  • goal of retiring in 40s to either do nothing or travel or be selective in their job
  • once savings reaches 30 times annual expenses you could retire


Calls:

  • saving advice
  • saving advice
  • email - bond interest
  • savings bonds


Other resources:

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/)

https://www.ramseysolutions.com/retirement/what-is-the-fire-movement#:~:text=Movement%3F-,F.I.R.E.,Be%20confident%20about%20your%20retirement.

https://www.investopedia.com/terms/f/financial-independence-retire-early-fire.asp

https://www.investopedia.com/articles/retirement/08/retiring-early-retirement.asp

https://www.mrmoneymustache.com/2012/01/13/the-shockingly-simple-math-behind-early-retirement/

More Episodes

6/29/2021

Money Talks: Avoiding Holiday Debt

It’s less than 6 months before the gift giving holidays at the end of the year. Time to remind ourselves to not go into holiday debt. We’ve got some tips to discuss between your personal finance questions.Discussion:child tax credit - different amounts depending on age of child and income. IT'S AN ADVANCE CHILD TAX CREDIT ON TAX RETURN. If you want to "opt out" go to https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-202110 tips for avoiding holiday debt:1) Start with a firm budget for the holidays. Include gifts, decorations, travel, Christmas cards and even stamps. What did you spend last year? What are you comfortable spending this year?2) Make a gift list and stick to it. Keep track of your spending.3) Pay in cash. Studies have shown that consumers spend less when paying cash. 4) Pay off current credit card debt before adding additional charges.5) If you’re crafty, start now making gifts.6) Start tucking away a portion of each paycheck into a holiday fund now. 7) Sell some items for extra cash. 8) Use your card’s rewards points or cash rewards for holiday shopping.9) Set expectations for the gift exchange. 10) Book holiday travel early.https://www.forbes.com/sites/billhardekopf/2020/11/17/10-tips-to-avoid-credit-card-debt-during-the-holidays/https://www.hallmarkchannel.com/home-and-family/how-to/how-to-avoid-holiday-debthttps://www.biblemoneymatters.com/begin-preparing-now-for-christmas-expenses-to-avoid-holiday-debt/https://www.consumerfinance.gov/about-us/blog/five-step-spending-plan-avoid-holiday-debt/