FIRE by 50: How to Enjoy the Journey Toward Early Retirement

[@celestinecarroll3449]

He is a bad man.... Very disciplined, educated and technical... mind-blowing intellect.

[@georgesontag2192]

I had a plan for financial independence too. I worked hard, saved money, invested into a house and land, maxed out 401k for many years. My wife woke up one morning and said she is divorcing me and she got 80% of everything i saved. Better have a back up plan for a divorce. 60% of couples will need it.

[@CessnaPilot99]

80%?? How does that work...isn't it 50?

[@CessnaPilot99]

@@tylercampbell6058 interesting. If both spouses make roughly the same amount of income would their essentially be no alimony? I know it depends on the length of the marriage and if she's like a stay-at-home mom who gave up her career and all that

[@viraestrada7756]

I’ve recently started tuning into this channel and learning about FIRE. We are on the road to FI @ 58 and 55. My goal is to reach FI in 5 years. Because of that my mindset is in a place that looks for opportunities towards FI. That opportunity showed up recently when, unfortunately, my in-laws both passed away within 6 MTRs of each other. We moved into their house, in Henderson Nevada, while going thru Probate and only paying the utilities. Doing this allowed us to rent our primary house to my daughter and other family and they will be paying the mortgage and utilities. That frees up our income to start putting more in our retirement and Savings. We now have 2 LTRs and 1 MTR. This house in NV will be rehabbed and turned into an MTR.

[@TJ-th9hw]

This was an amazing episode with Mark. I definitely hitting the Replay button on this one. Thanks so much for having him on the show.

[@TheFirstRealChewy]

26:10 I agree with this! Just having an emergency fund greatly reduced stress levels and affected how I show up at work.

[@jackdguida]

This was great and it reminds me that we FIRE people are not like other folks. We do not like following the herd. We do our own thing.

[@MYlearning-f7l]

Such a great episode. I wish his wife were still with him enjoying all of this, but it sounded like they had a great life together. I love that they were going for FI before it was a thing.

[@pwdoc442]

Excellent interview . Im already FI 50 ish His perspective was very informative. I like the fact his is a index infester as its alot of work managing individual stocks..ups and downs makes you keep a bottle Tums on hand..

[@kimmykero2421]

Oh my goodness, I loved this episode! I'm so glad I happened upon this video, very informative! Thank you'll!

[@janaynmelis5250]

This is one of my all-time favorites. Very relatable because this is exactly what I'm working on...retiring between 50-53 when my daughter finishes college.

[@MegaRose1958]

I enjoyed watching this Podcast. Thanks for sharing info about getting health insurance if you retire before you are old enough to get Medicare. 😊

[@hhon8938]

While every episode is fabulous, this one really hit home! Guest Mark was so amazing at telling his story and I completely agree with his thoughts and path to FIRE. It’s a great reminder to try to live some life along the way - personally it’s been and I know can continue to be INCREDIBLY difficult to spend, not think retirement accounts and tax optimization ALL DAY everyday and not think spending money that may be considered a luxury or frivolous (picking up dinner instead of cooking is a big example in our life - I mean I still cannot ever delivery app food which still goes to show there is room for improvement) is wasteful. While the pocket book can be fuller I often think if we can just ‘let go’ a little, if life can be more bold technicolor 😂! His free course on the basics of finance on his blog is perfection for beginners or the kiddos - really enjoyed seeing some of it and will continue to see them all to teach to my kiddo as well. On a side note, I would love to discuss with Mark his opinion on some simple tax optimization strategies for us millennials to set up now to make the end goal easier - what an amazing opportunity that would be. Thanks for another great one Mindy, Scott and Mark!!

[@canaanproperty4879]

Thanks Mark for sharing how he prepared and settled in the post FIRE life in great details. I resigned from a stressful full time job several months ago and now only actively manage my rentals. I am at a decision point to find a full time job again (out of fear probably) or start the "preFIRE" life. Though not with all passive income yet but it is no longer a 40+ hour work week. After this episode I feel more confident with the ACA medical insurance options.

[@kimmykero2421]

You must definitely bring him back i=on again to speak about his fun bucket!

[@kyleinpa5285]

Very good guest, and a very good human being too. Enjoy retirement brother

[@heathdunn1999]

Probably one of the best episodes you guys have had.

[@henriqueduarte6160]

Lessons that everybody could apply independent of the country that you choose live on !! I am living in Brazil and I could apply these principles here in the market and lifestyle !!! Amazing lessons from Mark, I could absorb a lot of insights : Not be so radical in savings, "fun bucket" account, enjoy your lifetime with your family and friends, because you really don't know how much time you have in earth. In summary, balance between money and time is the right pick, and after achieve FIRE how to relearn again to expend a little bit more to enjoy your life !!! Amazing Video guys congrats !!!

[@cb2596]

This was one of my favorite episodes, so good thank you!

[@kiltedpiper98]

Great Episode! Love the Fun Bucket, lessons in FIRE and the HS class.

[@christinab9133]

Love this one!

[@Kittenmom2]

This man is so smart. One of my favorite episodes. I’m so sorry for his loss.

[@jacmac9996]

What a lovely man! Kind regards from 🏴󠁧󠁢󠁳󠁣󠁴󠁿

[@ivanrodriguez1833]

Amé este video, estoy en mi propio camino y escucharlo parece escucharme en el futuro, excelente, Felicitaciones.

[@celestinecarroll3449]

Sooo sorry his wife is not with him.

[@yaboi9419]

Rest in peace for his wife.

[@ParkDari]

I am training my child so that she understands with her first job that she must max out her 401(k) 1st and learn to live on the rest. That way if she decides to become a full-time stay at home mom that money will be working for her until retirement.

[@educatedwanderer9293]

Why is it nobody seems to talk about the biggest problem with FIRE which is health insurance?

[@melinda858]

Great interview Mark! How do I find the FI group for the Colorado region ?

[@klt9874]

Great episode!

[@PS-ic4bp]

Dont you have limits on how much you can convert from traditional to Roth p.a.?

[@TheFirstRealChewy]

No, there is no limit on conversions. You can convert all of it in one go if it makes sense. It's just that it usually doesn't make sense. Conversions are treated as income and hence is taxed, so most people have a marginal tax bracket that they want to stay under for conversions. A lot of people do conversions up to the top of the 10%/12% bracket. If he is converting at the top of the 24% bracket to reduce the tax hit due to RMDs in his 70s, then that tells you he has a good amount of money. It makes sense though since the money was originally for he and his wife, but he got hit with the Widow's Tax Trap.

[@kwokweng76]

I love this video

[@bryansmith2824]

I’d like to know why he doesn’t suggest a UTMA account for a child. That’s what I am ising for my son.

[@GirlnameTobi]

Wrong title for this. Would have missed out on valuable info if I paid attention to title

[@stillhopeful7048]

While in his 401k during Mark's working years, did he invest all into a target-date-fund ?

[@HappyitHappened]

Wait. What’s wrong with leasing a car?

[@rayzerot]

A pay raise so big that you can max 2 401K accounts without taking a hit to your take-home pay? Must be nice. FI on easy mode

[@darrenmcinerney2212]

👍👍👍 .

[@sweetpotatopie1284]

So sad his wife is not here to enjoy all the hard work results

[@kevinb6123]

It’s sad that they lived a restricted lifestyle and his wife never got to enjoy the fortune.

[@User12345fan]

Mutual fund manager that didn’t know what a 401k was, the irony.

[@stillhopeful7048]

Mark, pay for your mom's cruise for God's sake!

[@holdencawffle626]

$18,000 for a cruise? $20,000??? No thanks....ill stick with Carnival with all the other cheapoes

[@Kornheiser10]

Pretty sure he is not really close to a typical FI/FIRE individual. He's someone who made a lot of $$ and saved younger than most...when you don't have to access your investments because you sold your collectable sports car that you use to race and had been vacationing on St. Barts in the Caribbean doesn't seem so difficult. Reminds my of the old Steve Martin bit on how to become a millionaire...(on KZbin) I'm putting his current net worth at at least $7mil....which is why he only talks in percentages. It would likely ruin his FI cred at camp.

[@Brian-zi5wr]

Why does FI/Fire have to do with how much he made and at what age? FI is FI. He just happened to be in a fortunate position that he was able to take advantage of. Its a mindset to save as much as you can and invest well, age or salary doesn't play into that at all.

[@georgesontag2192]

Most men will not get a wall street job, most men won't get a loyal wife, most men won't get a job where you can move and keep it, most men will get the exact opposite.

[@OlegScherbina]

it's easy to retire when you have many millions put aside - not relevant to other regular folks

[@Brian-zi5wr]

@@OlegScherbina How did he get those many millions? He worked hard just like all us aiming for FI have done. Its not like he inherited the money.

[@gregorymccray9009]

This guy looks like he's in his 30s

[@ozzyngcsu]

Its disgusting that clearly wealthy people are able to use ACA subsidies to pay for their healthcare.

[@TheFirstRealChewy]

Rich is relative. Someone else is looking at you and is disgusted. Do you mind paying double for everything since there are people who make less money than you?

[@jacmac9996]

What a lovely man! Kind regards from 🏴󠁧󠁢󠁳󠁣󠁴󠁿