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Reach Financial Independence & Retire Early

  December 12, 2017  |    #Make Money

Financial independence & retire early

Imagine a life in which you work because you want to, not because you have to. A life that affords you the freedom to escape ‘cube life’ in pursuit of your passion. That’s FIRE—Financial Independence & Retire Early.

Reach financial independence & retire early with Gwen & J

Gwen and J are the hosts of FIRE Drill, a podcast on which they discuss a wide range of topics in the Financial Independence|Early Retirement (FIRE) space, from real estate to online entrepreneurship to writing romance novels to Airbnb. Both Gwen and J have lucrative careers in tech, and they have been making use of automated savings systems for several years now. J’s FIRE journey helped her and her husband get out from under $100,000 worth of debt and amass $100K in savings in just a few years. Gwen’s six-year FIRE path will let her quit her job in the Spring of 2018 at the age of 27.

Today, Gwen and J explain the two most common approaches to reach financial independence & retire early, sharing how their plans have evolved over time to include real estate investment, stocks and entrepreneurship. They discuss how relationships with friends and family may change as you pursue reach financial independence & retire early and how the diverse FIRE community inspired them to start their podcast.

Learn what FIRE is and how to do it:

Topics Covered to reach financial independence & retire early

2 approaches to FIRE

  • Save up large sum (25 times annual expenses)
  • Acquire assets for cashflow (e.g.: stock market, real estate or business)

The definition of ‘early retirement’

  • Working by choice

How Gwen and J got into the FIRE community

  • J and her husband working off $100K in debt
  • Gwen inspired to escape office environment

Common FIRE strategies that work

  • Automated savings system
  • Increase amount put away over time
  • Put money in 401(k), Roth or traditional IRA
  • Use the money to buy investment properties

Gwen & J’s on investing to FIRE

  • Evolves over time
  • May decide to pursue real estate, entrepreneurship

Why Gwen & J started their blogs, podcast

  • FIRE community is diverse
  • Bloggers, podcasters not an accurate representation
  • Women underrepresented

Relationships with friends and family when you FIRE

  • Friends don’t understand
  • Difficult to explain the concept of financial independence
  • A family can’t understand walking away from a lucrative career

Gwen & J’s favorite FIRE success stories

  • Millennial Money Man
  • Jillian of Montana Money Adventures

Gwen & J’s best advice to FIRE

  • Get handle on what you have, what you’re spending
  • Find inspiration in others’ stories
  • Start now to build habits

How to avoid penalties for withdrawing retirement funds before age 59.5

  • Roth IRA conversion ladder
  • SEPP
  • Wait to access until 59.5

Connect with Gwen & J

Resources to reach financial independence & retire early

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