Summary: In this episode of Wealth on the Move, hosts Will Hoffman and Brynn Tarbuck delve into the FIRE (Financial Independence, Retire Early) movement, discussing its principles, the importance of understanding your FIRE number, and the various strategies to achieve financial independence. They explore the 4% rule, hidden costs associated with early retirement, and the significance of planning for healthcare and inflation. The conversation emphasizes the need for discipline in saving and investing, as well as the potential of side hustles and alternative income streams to accelerate the journey towards financial freedom.

Resources:

• Calculators: Hoffman Wealth Management Website

Takeaways:

• The FIRE movement encourages financial independence and early retirement.
• Understanding your FIRE number is crucial for planning.
• The 4% rule is a common guideline for retirement withdrawals.
• Hidden costs like healthcare can significantly impact retirement plans.
• Inflation and taxes are important factors to consider in retirement planning.
• Asset location is as important as asset allocation for early retirees.
• Side hustles can provide additional income streams to reach FIRE faster.
• Discipline in saving and spending is essential for achieving financial goals.
• Travel hacking and optimizing expenses can enhance your FIRE lifestyle.
• Regularly reviewing and adjusting your financial plan is necessary for success.

Connect with Will Hoffman:

• Hoffman Wealth Management
• (724) 522-5411
• will@hoffmanwealth.com
• LinkedIn: Will Hoffman
• Facebook: Hoffman Wealth Management
• YouTube: Hoffman Wealth Management