Our $3.7 Million Fat FIRE Strategy | New Investment Strategy to Retire Early by 45

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We updated our Fat FIRE number from $2.8 Million to $3.7 Million due to inflation and the potential increase in future expenses. The prices we're seeing now should be the prices we see 5 years from now.
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⏰ Table of Contents ⏰
0:00 Our Fat FIRE Number
5:29 How we prioritize our investments
12:55 Our Retirement Income Sources
#FIREPsyChat #FinancialIndependence #retireearly
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Опубликовано:

15 июн 2024

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Комментарии : 36

@FIREPsyChat 2 года назад

What is your FIRE strategy? Contact us for a complimentary coaching session at www.firepsychat.com/coaching

@manequill4461 2 года назад

Such good info! It's nice to see you talking about this terrible market in such a calm way and not spreading panic. Thanks for the good info!

@FIREPsyChat 2 года назад

No problem and thanks for your feedback!

@attorneyaviator1318 Год назад

Great video. Watched it many times. Got me to adjust my FI number-inflation considerations & keeping 10% of cash ready for bear markets like 2022. Thanks for the tips and information.

@educatedwanderer9293 7 месяцев назад

I never thought I was aiming for FI when I paid my own way through college and started working as a critical care nurse at age 23... I started in my late 20's working one extra day every week to pay off debt. Once I was debt free I kept working the extra day to max out my 401k. At the age of 47 I had a net worth of about 400k. I did not expect it but my dad left me all his portfolio of 1.2M. I invested everything I had inherited and I continued to work and save. About ten years later at the age of 54 my net worth is 2.3M. I plan to continue to work in critical care nursing until my two son's finish college at age 58 to 60 and then retire with a portfolio of 3M or more. My family of four's current annual living expense is 78k, so the growth in the portfolio is supposed to keep up with inflation and improve our finances over time barring any surprises.

@zetsui0411 Год назад

3:20 cds cash 6:20 emergency fund 8:30 age roth ladder 10:42 divident portfolio seperate brokerage, dividends different from regular income 11:50 checklist 13:40 traditional to roth conversion, pay CG rate ??

@stephan24297 Год назад

Very well detailed. Thanks for all the info I hope to be able to do the same with my future family like you are doing

@FIREPsyChat Год назад

Of course!

@kylemorgan7822 2 года назад

Great info. Thanks for sharing! FYI, family HSA is actually moving to 7750. More good news.

@FIREPsyChat 2 года назад

Oh nice!

@FIRE_DrNinjaTurtle 2 года назад

This is great.

@FIREPsyChat 2 года назад

No sir you’re the great one

@andriyeugenekhomyn9923 8 месяцев назад

Hi there I have a question I joined military in 2017 I did not changed for blended retirement b/c I did not know . Now on my LES retirement plan it says choice . what does that mean ? Should I still contribute to tsp I don’t get 5% match is it worth it . I thought to put 20 percent Roth and invest in stocks like c/s/f fonds. Any helpful tips for me thank you in advance

@getinthespace7715 7 месяцев назад

I'm at 40. Our income just tripled. Due to me getting a promotion and my wife graduating and starting a new career. We're going to push hard to be 100% debt free in 2024. Then our base expenses will be down to $30k a year, we'll budget for $60k. We'll push hard to invest as much as we can to hit $1 million invested in the next 3-4 years, and accelerating for the next 10-15 years. If we get to the point where our income is 150% offset by investments I'll retire. I'm thinking that will be $5-7 million.

@Tkh21209 11 месяцев назад

Hmm barista fire gotta check it out

@FIREPsyChat 11 месяцев назад

☕️

@Yolobruhhhh Год назад

If you own, your property taxes will increase over time. if you rent, it will increase for this reason alone. Must be factored in.

@BlackMarilynMonroe33 Год назад

Can a 529 be used for anything other than education expenses? I’m single with no kids and always looking for tax deductions. I could set up a 529 in my niece’s name, then later use it for myself if she doesn’t need it. I just didn’t know if a 529 could be used for other things besides education once you hit a certain age, as is the case for HSA’s, for example.

@FIREPsyChat Год назад

I would do some research on the 529 laws in your specific state. I can't use it for tax deductions while I'm contributing to the 529, but that's in my state. The 529 is mainly for educational expenses.

@thesmartguyy Год назад

Just curious, what is your total household income? Impressive that you guys are investing like crazy!

@FIREPsyChat Год назад

I never say it but people have figured it out with reverse math. The idea is for people to focus on the savings rate instead of the market returns. Thank you!

@thesmartguyy Год назад

@@FIREPsyChat no problem! Also, I like your thumbnails and animations. What do you use for your editing software? Very nice!

@FIREPsyChat Год назад

I use Canva and Final Cut Pro!

@hallaodeh9632 Год назад

Seems like a household income of around 220k a year.

@SledsandGear Год назад

"which would suck, in my opinion" 😂

@FIREPsyChat Год назад

🫠

@trendingtopic6782 Год назад

closer to ChubbyFire

@raghavgarg1196 Год назад

What about kids? Do you factor in kids at some point?

@chaoxu9815 Год назад

Does it mean once u hit your 3.7 mil, you guys will quit your jobs?

@FIREPsyChat Год назад

Yup! Adjusted for inflation tho

@onewayofliving 11 месяцев назад

3.7M is not enough. When i was in my 20s, i thought 2mill was enough, then in my 30s, I thought 3 mil, when I turned 40, I thought 5 million would be enough, now with current inflation, and that I'm 50, the number has gone to 10 million to be somewhat comfortable and worry free.

@FIREPsyChat 11 месяцев назад

$3.7M is not enough for you but it's enough for others. The FIRE calculation is not for everyone because it's based on your lifestyle, baseline expenses, healthcare costs, retirement location, etc. There are many things you need to account for when, and that $3.7M shouldn't be a one-size-fits all answer for everyone.

@onewayofliving 11 месяцев назад

@@FIREPsyChat take that 3.7 million and look at the value of that in future dollars using a 2.5%-3% inflation, and look in 30 to 40 years how much money it represents. You will realize, it's not enough. Especially considering how inflation will continue as the government needs to inflate to pay off it's debt. Check back to my comment in 10 years.