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Sara wants to leave her job to spend time with her children, and she needs help in calculating her FIRE number. But is this possible? Aisha is moving to the US and wants to start investing ASAP – how should she approach her goal to reach FIRE? Joe is buying his first house hack and would like to understand if the FHA loan or the doctor loan would be better for him. Kat received a windfall and is wondering if she should invest it in stocks, real estate, or a combination of both. Former financial planner Joe Saul-Sehy and I tackle these questions in today’s episode. Enjoy! P.S. Got a question? Leave it here. Sara asks (at 04:12 minutes): I have three young kids and have very limited time with them because of my job. I’m working towards leaving my job, so I can spend more time with my kids, relocate to a lower cost of living city, and so that I can find a job that is more meaningful and flexible. My plan is to leave my job within a couple of years and take some time off to unwind, settle into our new home and figure out what I want to do next. I would like to work again –  I want a job where I can work in between taking the kids to school, and that allows me to take a couple of weeks off or work remotely during the kids’ breaks. I’m not sure if the kind of job I want exists or how much it will pay, so I’m trying to figure out how much I need to never have to work again. I know the 4% rule, but I don’t expect to have the same cost every year. And the differences are pretty big. I have some student loan debt that I don’t want to pay off early because it’s at a very low rate. I also have to pay for my kids’ school until they’re old enough to start public school. These two expenses add about $5,000 per month now, but will be done in three years. My mortgage will be paid off in 28 years max, and I want to pay for my kids’ college if they go in about 15 years. I’ve heard you and Joe talk about buckets of money for these different times – how does that actually work when I’m trying to find my exact FIRE number?  I’m at about $1.8 million now, the 4% rule says I need $3.6 million now with school and student loans for the next three years. Then, my fire number drops to $2.1 million with a mortgage, and then to $1.2 million after my mortgage is paid off. But these numbers don’t include my kids’ college. If I think about college as a bucket, I know I can save $500 a month to have the exact amount I want for my kids’ college. But how does this work with the 4%

The post What to Do After Achieving Financial Freedom appeared first on Millennial Money. So you just found out about financial freedom. Welcome to the journey. You’re ready to start saving your income and look at the possibilities of early retirement or even a traditional retirement. But why do you want to save millions of dollars over the next several decades?  This, my friend, is called your Why of FI. Why do you want to […]

This post was contributed to Leisure Freak by freelance writer Deborah Waters.  Hundreds of thousands of Americans retire and move every year, saying goodbye to the working world and welcoming a new environment. They choose to retire in regions that offer great weather, a variety of activities, decent health care, and reasonable costs so that … Continue reading The Most Affordable Places to Retire in the US → The post The Most Affordable Places to […]

After I decided that I wanted to pursue financial independence in 2015, I had a laundry list of things I needed to research and figure out before retirement. However, luckily I had 10 years to figure it out 🙂 . Even though that 10 year timeline became 5 when I retired in 2020, it turned … Continue reading How I’m Using A Roth IRA Conversion Ladder To Access Retirement Funds Early: A Step-By-Step Guide

Continuing our family FIRE travel series, we spent the third week of our early 2022 European travels in the Sicilian … Read more

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Retirement-Specific Risks, and Considerations for Mitigation   For those approaching or already in retirement, “risk” is complicated. Risk usually means market risk or volatility, the fact that the stock market goes up and down. This is especially true for the […]

2035 doesn’t seem that far away. But- did you know, that by 2035, Europe will have banned cars with internal combustion engines? Futurists are already speculating that internet will be a completely different place 15 years from now. While those seem like big changes, I’m sure none of these changes will be as big as those experienced by people invested in the TSP L 2035 Fund… (The TSP L 2035 Fund is designed for federal […]

Here we are again with our next installment of the FIRE Community Guest Interview Series!   For anyone new here, this interview series will cover people within the FIRE community who are on their way to becoming financially independent, have already reached financial independence, or who have retired early. If you are reading this and you are financially independent, retired early, or close to reaching these major financial milestones, please reach out to the Modern Fimily! You can check out the previous FIRE Community Guest Interviews here. Today, we have the pleasure of having fellow Canadian, Sandy Yong, join us to share here journey to FI. Sandy is a mom, fellow speaker at the recent Women Can Money Summit, recent TedX speaker, and the proud author of the book The Money Master: Inside Secrets On How To Make Your Money Grow and Stay Safe.  And I’d happy to announce we have another book giveaway!  Sandy has graciously provided us with 2 autographed copies of her book to give away to two lucky winners! What I love best about Sandy’s book is that it’s packed with useful information but it’s also short and sweet.  Lately I’ve been on a major book hiatus as I’m finding the 300+ page books too much to take on these days with the two kiddos wearing us down on a daily basis.  Sandy’s book is just around 120 pages which I personally think is the perfect size book.      If you are interested in the book comment below letting us know along with your biggest takeaway from this interview. I hope you appreciate these responses as much as I do and hope you can relate to these guest interviews in some sense to see that there is no cookie-cutter way to FI. If you have any follow up questions or would like to get in touch with Sandy, please see the last question of the interview to see all the ways you can contact her.  And of course, please comment below as well! Without further ado, take it away Sandy! 1. Can you give us a little background of who you are, what you do, and how you became interested in personal finance? How did you discover the idea of financial independence? I am a personal finance author, keynote speaker, stock market and real estate investor.  I became interested in personal finance when my friend introduced me to Robert Kiyosaki’s book, Read Rich Dad, Poor Dad. After reading it, it inspired me to continue reading a plethora of personal finance and investing books. In my early 20s starting my career, I wanted to invest and like most people went to one of the big banks and purchased mutual funds. It wasn’t long before I got burned by high-fee, high-risk mutual funds and lost thousands. From then on, I decided to become a self-directed investor and have been doing this for the past twelve years. In addition, my husband and

The FIRE Insights Survey Welcome to the seventh FIRE Insights Survey! The last survey in March was fun to put together and for Q2 we again received an amazing response! The goal of the survey is to measure interest/blogger sentiment in various asset classes over time, highlight great content, and source advice/recommendations for our community of readers. For this survey, I sourced 350+ of the best Personal Finance Content Creators (Bloggers, Podcasters, Youtubers, etc.) and sent out […]

Learn how one couple came together to pay off $400k of debt, become financially free, and give over $1 million! Simple Money, Rich Life Let’s start off with some good news: You don’t need a complicated plan to achieve financial independence or freedom.  In fact, that’s probably either slowing down your progress or keeping you […] The post Simple Money, Rich Life: How One Couple Dumped Debt and Became Financially Free appeared first on Simplify […]