Episode 033
Episode 033: Walking Away From It All. The FIRE Movement with Dr. Leif Dahleen
When it comes to working, we all have different goals on what to accomplish during our careers. However, almost everyone anticipates on retirement as the way they end their professional life. The FIRE movement is one which emphasizes achieving your financial independence and retirement at a younger than traditional age. With careful planning and goals in place at a young age, you can achieve the goal of financial independence with more time to control your life without worrying about financing living.
My guest this week is the Physician on FIRE, Dr. Leif Dahleen who has been providing advice, encouragement, and ideas on how others can join and succeed in the FIRE movement. In some ways the principles laid out by Dr. Dahleen are simple and straightforward. The keys, of course, are thinking about your financial goals earlier in your career, paying attention to your finances, and executing the plan.
The first rule of thumb is to make a conscious effort to save money and control your spending. This means being frugal at times, avoiding unnecessary debt, and investing wisely. It is also important to plan how much money you will need in retirement. The easiest way to figure this out is plan a 4% withdrawl rate from your retirement account and determine how much you spend annually. As we discuss in the show, it’s just math.
