Scott and James discuss how you can know when you're financially free.

NEW: We're on YouTube here!

Listener Question:

If you think we can step away from work when I hit "my number" whether it be at age 49 or 54 - knowing that I would only pull approx 3% from my brokerage until I reach 59.5. My goal would be to leave FT work at age 50, and have my wife and I only work PT or consulting to cover expenses and carry healthcare - w/o withdrawing from the portfolio until we hit our number (BTW we think total number is about 3.5M). 

We're both 40
We have about 900,000 in liquid assets (not including our home equity). Of that total amount, about 500k in roth, 250k in traditional ira, 130k brokerage and 20k hsa. 90/10 portfolio of just a few diversified vanguard ETFs
combined income of 300k
spend about 85k today
after tax, we save/invest about 60% and if you add employer match in total it's about 115k a year towards investments
mortgage will be paid off by 50 and kids will be in college
we'd like to forecast spending about 90-95k in todays dollars in retirement

So, in about 10 years, will we reach enough to execute our plan of having options? And how large should our brokerage account be to cover our plan of spending our 50s doing some PT work to cover expenses and then withdrawing in our mid-50s?

Planning Points Discussed

• Utilizing Time Efficiently
• Capital Appreciation
• Purchasing Power
• Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - We're on YouTube HERE!

6:17 - Listener Question

10:30 - Truth of Investing

13:16 - Financial Freedom

18:20 - Tax Planning

20:53 - Risk Management

23:00 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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