43 min
Uncovering the Principles of FIRE with Ted and Claire from the Later 2 FIRE Podcast FI after 40 Podcast
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- Investing
Achieving a lofty financial goal requires a good understanding of why you’re working towards it. For Ted and Claire, retiring early was an important achievement that allowed them to spend more time together, enjoy travel experiences and opened the door to them helping others. As early retirees who have embraced the FIRE movement, their passion is guiding people towards reaching retirement goals through financial independence. Their podcast, Later 2 FIRE, has a focus on guiding those who are starting their journey to FI later in life. They have an amazing story to tell that is full of advice and inspiration. In this episode, we discuss the core principles of pursuing FIRE.
Expanded show notes
Back story
Claire worked for 30 years in corporate finance, retired in her early 50s
Their interest in FIRE is partially driven by an interest in increasing financial literacy in America
Ted came from a blue collar family and always had an interest in savings and the stock market
After college moved into the tech industry and eventually met Claire
Learned they had similar money habits, both owned real estate, had good spending habits and saved
The retired early together 10 years ago, mostly because Claire wanted to retire early
Goal was to retire so they could spend more time together
Advice for couples navigating their finances
Compromise is important, come to an understanding and identify financial goals
Transparency and communication, identify each person’s strengths in order to identify roles
They chose to keep accounts separate, but were open with each other about their balances
They consider their investments to be combined even though they are managed individually
Even if one person in the relationship primarily manages the money, the other person should learn and participate as well
Philosophy on FIRE and the benefits of retiring
Retirement is less of the focus, it’s more about having options
They look at it as retiring earlier, rather than as early as possible
Being able to retire early has removed a lot of stress from their lives
They have more time to spend together and time is priceless
Not having to work has allowed them to focus on other experiences and projects
Core Principles of FIRE
There is a difference between a principle and a practice, they focus on principles
More of a foundation to allow people to open their minds to seeking financial independence
Important to have a growth mindset rather than a fixed mindset and be open to change
Need to have a healthy relationship with money, live below their means and focus on saving
Take your time before making large purchases, think it over and research
Travel has been an expense that they value, rather than material possessions
Understanding your “why” will help get you through the difficult part of the journey
Identify the problems you want to solve and decide if you are willing to do things differently than others
Later2FIRE episode 12: The Principles of Later to FIRE
Where to follow Ted and Claire
Twitter: @retirehoppy
Website: https://firewalkers.co/
Podcast: https://firewalkers.co/podcasts/
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Support this podcast: https://podcasters.spotify.com/pod/show/fiafter40/support
Achieving a lofty financial goal requires a good understanding of why you’re working towards it. For Ted and Claire, retiring early was an important achievement that allowed them to spend more time together, enjoy travel experiences and opened the door to them helping others. As early retirees who have embraced the FIRE movement, their passion is guiding people towards reaching retirement goals through financial independence. Their podcast, Later 2 FIRE, has a focus on guiding those who are starting their journey to FI later in life. They have an amazing story to tell that is full of advice and inspiration. In this episode, we discuss the core principles of pursuing FIRE.
Expanded show notes
Back story
Claire worked for 30 years in corporate finance, retired in her early 50s
Their interest in FIRE is partially driven by an interest in increasing financial literacy in America
Ted came from a blue collar family and always had an interest in savings and the stock market
After college moved into the tech industry and eventually met Claire
Learned they had similar money habits, both owned real estate, had good spending habits and saved
The retired early together 10 years ago, mostly because Claire wanted to retire early
Goal was to retire so they could spend more time together
Advice for couples navigating their finances
Compromise is important, come to an understanding and identify financial goals
Transparency and communication, identify each person’s strengths in order to identify roles
They chose to keep accounts separate, but were open with each other about their balances
They consider their investments to be combined even though they are managed individually
Even if one person in the relationship primarily manages the money, the other person should learn and participate as well
Philosophy on FIRE and the benefits of retiring
Retirement is less of the focus, it’s more about having options
They look at it as retiring earlier, rather than as early as possible
Being able to retire early has removed a lot of stress from their lives
They have more time to spend together and time is priceless
Not having to work has allowed them to focus on other experiences and projects
Core Principles of FIRE
There is a difference between a principle and a practice, they focus on principles
More of a foundation to allow people to open their minds to seeking financial independence
Important to have a growth mindset rather than a fixed mindset and be open to change
Need to have a healthy relationship with money, live below their means and focus on saving
Take your time before making large purchases, think it over and research
Travel has been an expense that they value, rather than material possessions
Understanding your “why” will help get you through the difficult part of the journey
Identify the problems you want to solve and decide if you are willing to do things differently than others
Later2FIRE episode 12: The Principles of Later to FIRE
Where to follow Ted and Claire
Twitter: @retirehoppy
Website: https://firewalkers.co/
Podcast: https://firewalkers.co/podcasts/
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Support this podcast: https://podcasters.spotify.com/pod/show/fiafter40/support
43 min