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Financial independence and early retirement
Imagine a life where you work because you want um, not because you have to. A life that gives you the freedom to escape the “cube life” and pursue your passion. This is FIRE – financial independence and early retirement. In the meantime, get your free copy 5 building blocks for a happy gay life Here.
Achieve financial independence and retire early with Gwen & J
Gwen and J are the hosts of FIRE Drill, a podcast where they discuss a wide range of Financial Independence|Early Retirement (FIRE) topics, from real estate to online entrepreneurship to romance writing to Airbnb. Both Gwen and J have lucrative careers in technology and have been using automated savings systems for several years. J’s FIRE journey helped her and her husband get out of less than $100,000 in debt and accumulate $100,000 in savings in just a few years. Gwen’s six-year FIRE journey leads to her quitting her job in the spring of 2018 at the age of 27.
Today, Gwen and J explain the two most common approaches to achieving financial independence and retiring early, and share how their plans have evolved over time to now include real estate investing, stocks, and entrepreneurship. They discuss how relationships with friends and family can change as you achieve financial independence and retire early, and how the diverse FIRE community inspired them to start their podcast.
Learn what FIRE is and how to do it:
Topics covered to achieve financial independence and retire early
2 approaches to FIRE
- Save a large sum (25 times annual expenses)
- Acquire assets for cash flow (e.g. stock market, real estate or business)
The definition of “early retirement”
How Gwen and J got into the FIRE community
- J and her husband are working to pay off $100,000 in debt
- Gwen inspired her to escape the office environment
Common FIRE strategies that work
- Automated savings system
- Over time, increase the amount you store
- Put money in a 401(k), Roth or traditional IRA
- Use the money to buy investment properties
Gwen & J’s on investing in FIRE
- Evolves over time
- Can choose real estate and entrepreneurship
Why Gwen & J started their blogs and podcasts
- The FIRE community is diverse
- Bloggers, podcasters not an accurate representation
- Women underrepresented
Relationships with friends and family when you FIRE
- Friends don’t understand
- The concept of financial independence is difficult to explain
- A family cannot understand giving up a lucrative career
Gwen & J’s Most Popular FIRE Success Stories
- Millennial money man
- Jillian from Montana Money Adventures
Gwen & J’s best advice to FIRE
- Keep track of what you have and what you spend
- Be inspired by other people’s stories
- Start building habits now
How to avoid penalties for withdrawing pension money before age 59.5
- Roth IRA Conversion Manager
- SEPP
- Please wait until 59.5 to access
Contact Gwen & J
Resources to achieve financial independence and retire early
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