Post FI Notes 013: Reflection on 5 Years of Early Retirement

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Our generous friend is returning the favor, participating as a guest to share how he earned, saved, and invested his way to retirement in his early 50s as a multimillionaire.

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He’s also 6 months ahead on content, whereas I’m never more than about 6 days out! He’s got this FIRE thing down, as far as I’m concerned.

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Getting to Know You

– I’m a 57-year-old guy who’s been married for over 30 years and has two kids (son, daughter) in their twenties. – We live in Colorado (and LOVE it!). – I grew up rather poor in a small Midwestern town and knew I didn’t want to live that way as an adult. From a young age, I knew I wanted to be wealthy and I geared my career choices towards high-paying professions.

– A few years later I read The Millionaire Next Door and started applying the concepts I learned. It is easily the most influential money book of my life. – We paid off all our debts early in our marriage, including our mortgage, and saved 36% of my income for over 20 years. We invested this money initially for growth and later for income.

– Along the way, we donated approximately 20% of our income. Helping those who are less fortunate is a key part of our family’s values. – In 2005, I started a personal finance blog. As I wrote, I learned more about what it really took to become wealthy. It helped crystalize my thoughts and forced me to take action.

You’re financially independent. About how much does your household spend in a typical year? How much could you spend while still abiding by the 4% rule?

Each year I do a financial update detailing our net worth, income, and spending. That said, we spend around $100,000 per year. Or at least we used to.

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