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#14 – Are We Too Conservative?
In this episode, the Mechanic, the Accountant, and the Economist ponder whether people in the FIRE community are too conservative in deciding when to leave their day job? We’ll sample a few new beers as usual too. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional.
Bonus Drink: the Mrs. Money Mechanic home brew cider [0:52]
Useful Hack – Costco Gift Cards [2:51]
If you get Costco gift cards you can shop in a Costco without a membershipWhat if you go over the value of your gift card? they cut you off [3:40]Buying gift cards with your MasterCard [5:40]
Beer #1 – Sam’ 76 – from Samuel Adams [7:05]
Are We Too Conservative? [9:50]
Writing your own definition of FI and FIRE [14:28]Geo arbitrage if your retirement account is in trouble [15:35]Being open to taking on risk [15:45]FIRE community’s interpretation of Trinity study [17:20]How much do I need to save for Retirement by MMM [20:35]Are you a failure if you have to return to your day job? [22:27]“Your worst-case Scenario is everyone else’s every day” [22:52]If it’s not the 4 percent rule, what is the rule? [23:20]Ending up with 8X your original fund at the end of the assumed retirement period [25:15]The first 5 years are the most telling in how your portfolio will perform [26:25]Everyone’s answer to the too conservative question is going to be different [27:00]The FI continuum [28:28]Entrepreneurship for Pansies [28:55] Even if we are too conservative – maybe it is a reasonable direction to err in [29:07]FireCalc [30:05]$40,000 annual spending and $600,000 portfolio success rate of 42 percent$30,000 annual spending and $800,000 portfolio success rate of 87 percentDo your own deeper dive! [32:44]Including government programs, in your calculations OAS and CPP- the CPP is funded [35:30]CPP is funded to 2081 [36:40]Work for 20 years at the year’s maximum pensionable earnings your pension will be about $8,000 per year [42:05]My Service Canada Account [43:58]Personal FI [44:55]What are your plans? Leave us a note! [46:47]
Beer #2 – Blue Buck – by Philips Brewing and Malting Co. (Victoria, BC) [37:20]
Bonus Drink #2: the Mrs. Money Mechanic home brew raspberry cider [48:48]
Reading List
How Much Do I Need for Retirement from mrmoneymustache.com [20:35]Replacing Fear with Flexibility from FI180.com [22:52]The Case for Conservative Early Retirement Investment Projections from ournextlife.comThe 4 Percent Rule: Is There a New Normal for Canadian Retirees? from Boomerandeccho.com
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By FI Garage
5
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In this episode, the Mechanic, the Accountant, and the Economist ponder whether people in the FIRE community are too conservative in deciding when to leave their day job? We’ll sample a few new beers as usual too. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional.
Bonus Drink: the Mrs. Money Mechanic home brew cider [0:52]
Useful Hack – Costco Gift Cards [2:51]
If you get Costco gift cards you can shop in a Costco without a membershipWhat if you go over the value of your gift card? they cut you off [3:40]Buying gift cards with your MasterCard [5:40]
Beer #1 – Sam’ 76 – from Samuel Adams [7:05]
Are We Too Conservative? [9:50]
Writing your own definition of FI and FIRE [14:28]Geo arbitrage if your retirement account is in trouble [15:35]Being open to taking on risk [15:45]FIRE community’s interpretation of Trinity study [17:20]How much do I need to save for Retirement by MMM [20:35]Are you a failure if you have to return to your day job? [22:27]“Your worst-case Scenario is everyone else’s every day” [22:52]If it’s not the 4 percent rule, what is the rule? [23:20]Ending up with 8X your original fund at the end of the assumed retirement period [25:15]The first 5 years are the most telling in how your portfolio will perform [26:25]Everyone’s answer to the too conservative question is going to be different [27:00]The FI continuum [28:28]Entrepreneurship for Pansies [28:55] Even if we are too conservative – maybe it is a reasonable direction to err in [29:07]FireCalc [30:05]$40,000 annual spending and $600,000 portfolio success rate of 42 percent$30,000 annual spending and $800,000 portfolio success rate of 87 percentDo your own deeper dive! [32:44]Including government programs, in your calculations OAS and CPP- the CPP is funded [35:30]CPP is funded to 2081 [36:40]Work for 20 years at the year’s maximum pensionable earnings your pension will be about $8,000 per year [42:05]My Service Canada Account [43:58]Personal FI [44:55]What are your plans? Leave us a note! [46:47]
Beer #2 – Blue Buck – by Philips Brewing and Malting Co. (Victoria, BC) [37:20]
Bonus Drink #2: the Mrs. Money Mechanic home brew raspberry cider [48:48]
Reading List
How Much Do I Need for Retirement from mrmoneymustache.com [20:35]Replacing Fear with Flexibility from FI180.com [22:52]The Case for Conservative Early Retirement Investment Projections from ournextlife.comThe 4 Percent Rule: Is There a New Normal for Canadian Retirees? from Boomerandeccho.com