The Mad Fientist’s New Rule To Retire Early Even Sooner

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 24 December 2024

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother. After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter. In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around! In This Episode We Cover Early retirement rules of thumb you MUST know when on the path to FIRE The 4% rule and why you DON’T need to follow it to a tee Retirement withdrawal rules and how much to spend during a crash/correction The skill of spending and what Brandon regrets most from pre-FIRE life Tracking your expenses and why knowing your costs is CRUCIAL to early retirement And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group BiggerPockets Money 119 - Coronavirus: Is It Time to Give Up on Financial Independence? w/The Mad Fientist BiggerPockets Money 161 - Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders w/The Mad Fientist The Problem with the 4% Rule (and Why You Could Retire Even Sooner) Hear Brandon's New Album! Try Baselane, the One Platform for All Your Property Banking & Finances Get to Early Retirement Faster with "Set for Life" Find Investor-Friendly Lenders BiggerPockets Money 18 - Accessing Retirement Funds Before Age 59½ with The Mad Fientist Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-592 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ho, ho, ho! We hope you are having a holly, jolly, frugal, and festive holiday season.
0:06.0	With the Bigger Pockets Elves off tinkering to make even greater shows for next year,
0:10.9	we bring you one of our favorite episodes for an encore.
0:15.3	In this show, Brandon, the mad fiantist, will describe why the 4% rule may be a bit too rigid, how to ensure
0:23.7	how you'll have enough during early retirement, what to do during a market crash or correction,
0:30.3	and why spending thousands of dollars on a coffee machine isn't such a bad idea.
0:35.9	If you want to maximize enjoyment in early retirement, instead of
0:39.5	building a big bank account you probably won't use, stick around. Welcome to the Bigger Pockets
0:44.6	Money podcast where we interview Billboard chart-topping musician Brandon, the mad biantist.
0:51.2	Hello, hello, hello. My name is Mindy Jensen. And with me as always is my
0:54.4	saving overspending co-host, Scott Trench. Great to be here, Mindy. I always love to invest my time
0:59.9	with you on the Bigger Pockets Money. I like that one. Scott and I are here to make financial
1:05.0	independence less scary, less just for somebody else. To introduce you to every money story
1:09.9	because we truly believe
1:10.9	financial freedom is attainable for everyone, no matter when or where you're starting.
1:15.2	That's right. Whether you want to retire early and travel the world, go on to make big time
1:18.5	investments in assets like real estate, start your own business, or become a Billboard Top 100 musician.
1:24.6	We'll help you reach your financial goals and get money out of the way so you can
1:27.5	launch yourself towards your dreams. Scott, I am super excited to bring the mad scientist back for
1:33.9	round four of our podcast with him. He is always a delight to talk to. Since we've last spoken
1:40.3	with him, he has been very, very busy. He's going to share with us what he was up to
1:46.1	in these last few years. But we are here today to talk about the 4% rule, which I love, you
	...

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