Is One Million Dollars Enough to Retire On?

Is One Million Dollars Enough to Retire On?

One million dollars.  It’s the coveted goal for many. Maybe it’s something you think is way out of reach.  Or maybe you’re on the other side of the spectrum and close to it or even long surpassed that number. Regardless, one million dollars just seems to be a good round number in our heads to strive for reaching.  In fact, it’s a number that many folks have had as their target number for financial independence or retirement for decades. You suddenly gain the status of “millionaire” and you become part of the “7-digit club.”  What could be more exciting than that? However, we all know that the dollar ain’t worth what it used to be.  Inflation loves to strip away

For Those Who Hate Budgeting, Try Reverse Budgeting

For Those Who Hate Budgeting, Try Reverse Budgeting

Last week, I talked about money throughout my life.  I’ve had my ups and downs with it just like most folks.  What I didn’t talk about though is my hate for budgeting. I’m probably one of the most organized people with a good old case of OCD you’d love to know.  I need structure in order to operate.  For me, everything has its place and making a plan is always the smartest way to do something. It’s actually soothing for me to do little things like putting away the dishes from the dishwasher.  I think that’s because I feel like order is being restored and everything’s going back in the cupboard or drawer it belongs in. I sound like a

Why I Want a Stock Market Crash This Close to FIRE

Why I Want a Stock Market Crash This Close to FIRE

What kind of person actually wants a stock market crash just two months before retirement? This guy, that’s who! That might sound like a weird sentiment especially considering I’ve been worried about this exact thing over the past couple of years.  After all, a down market would kill my net worth at the same time I plan to start withdrawing my money. This discussion is specific to the mindset of getting closer to retirement.  If you’re in the accumulation phase of your life, you shouldn’t be questioning whether or not a down market is good. If that’s the case, a stock market crash is exactly what you want.  You should already be saving and investing so a crash would just help

Strategies We’re Using in Our Early Retirement Planning

Strategies We’re Using in Our Early Retirement Planning

Early retirement planning.  You’d think the closer we get to our FIRE date, the simpler things would become. I mean really – I’m leaving my job in just a few months so as I continue to train my replacement, my workload should start to diminish over time.  Plus, we’re downsizing to an apartment soon (if we could ever sell our house!). What else could there be, Jim?  How much early retirement planning do you really need?  Didn’t you already get these plans laid out months or years ago? I’ll tell you what – I read a lot of personal finance blogs with folks who’ve already left their jobs and it seems like the majority of what I read is: 1) Reach

There is a Secret Formula to FI, But It Ain’t No Secret!

There is a Secret Formula to FI, But It Ain’t No Secret!

Everyone likes a secret, but a secret formula?  Even better! Now that we’re only a few months out from me quitting my job, we’re starting to share the news more with friends and family. A lot of them seem to be a little confused, but then we talk about our planned move to Panama and it takes most folks to a level beyond comprehension. Eventually though, we tend to get past that initial shock.  And then the “bold” ones out there muster up the courage to ask some questions. But most importantly, they want to know how we did it… What’s the secret formula for reaching financial independence? I think it’s a fair question. After all, people as a whole tend

Why the Rich Get Richer

Why the Rich Get Richer

Have you ever heard the saying “the rich get richer”? It’s the go-to cry of the American working man and woman against the inequality that seems to arise when more fortune seems to fall on the wealthy. I started thinking about that saying recently and you know what?  I think it’s true. It’s not that hard to see that the middle class is slowly being squeezed out.  Wages for middle-class Americans have been relatively stagnant while prices continue to rise. On the flip side, the wealth of the top 1% continues to grow to tremendously disproportionate levels. But why is that – is there a reason that the rich get richer? The more I thought about it, the more I