023R | Case Study | Part 3 | Paul

Published: May 19, 2017, 5 a.m.

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023R | In today's Friday Roundup we discuss career hacking with ESI Money, Big ERN's analysis of Paul's case study, plus hear our answers to an interesting question posed by audience member Jason about the value of frugality.

In Today\\u2019s Podcast we cover: Friday Roundup after Episode 23 with ESI from ESI Money Looking at compound interest on the earnings side of a career instead of just on the savings side ESI is now an author on Business Insider. Our question of how he made that connection What jumped out to us from the episode with ESI? Starting at a higher salary, managing the boss, etc. Commonalities of career paths for people pursuing FI and for Second Generation FIRE? Options for seasonal work (such as tax preparation) while pursuing FI Managing the boss: Telling your boss you want to be a high performer and how to quantify it How this sets you up to \\u2018win\\u2019 either in this current job or to land a better job elsewhere The power of networking for Choose FI and our growth Personal relationships matter, even in a digital and connected world Itunes review about us \\u201cmainlining the secret truth of the universe\\u201d

Our definition of FI being 25x your annual expenses. There is also the conversation of \\u2018safe withdrawal rates\\u2019 Big ERN\\u2019s feedback on Paul\\u2019s case study and his in-depth analysis of Paul\\u2019s early retirement plan ERN\\u2019s calculations plus his look at the real-world implication of social security on Paul\\u2019s plan Paul\\u2019s response to our question about his $70,000 per year of expenses. A full $23,000 is based on travel they took last year With \\u201cslow travel\\u201d and intentionality they can reduce the cost of their travel while actually traveling more Excluding travel their post-FI expenses are actually only $37,000 Many expenses are reduced once you reach financial independence and Paul has actually identified many of those reductions Feedback from the community: Jason posed a question to us about what we\\u2019re \\u201cmissing out on\\u201d by pursuing FI and if the finer things in life are something we should pursue Brad thinks that pursuing FI is a \\u2018superpower\\u2019 that enables him to live a life he enjoys. And if that means \\u201csacrificing\\u201d BMWs and Maine Lobster to get there, it is a trade he\\u2019s more than willing to make If money is no longer an issue, what changes then? That is the real question Responses from the community on Jason\\u2019s question and how they would spend their money College hacking article coming from Edmund Tee on Choose FI Frugal wins of the week from the community Life hack from Steve on life insurance Itunes reviews and winners of The Simple Path to Wealth Links from the show: ESI Money ESI\\u2019s article on Business Insider: \\xa0I retired at 52 with a $3 million net worth \\u2014 here are the 10 worst money mistakes anyone can make Early Retirement Now

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