Episode #428

If you want to retire early, the Mad Fientist is your guide. For over a decade, Brandon, more commonly known as the “Mad Fientist,” has been running simulations, experiments, and exercises to discover which road to early retirement is the fastest. Now, in his forties, Brandon has time to reflect on what worked, what didn’t, and his regrets on the sprint to early retirement and financial freedom. And he’s also got a new update that’ll make your early retirement journey smoother.

After tinkering with the beloved and rarely challenged 4% rule, Brandon decided it was time to sit down and calculate how much you really need to retire early. For decades, financial freedom chasers have been breaking their backs, trying to have as much stashed away as possible to enjoy their well-earned time off from work. But, it turns out that this number might be overinflated, and you can retire with much less than you think. That means your early retirement timeline just got a LOT shorter.

In this episode, Brandon will describe why the 4% rule may be a bit too rigid, how to ensure you’ll have enough during early retirement, what to do during a market crash or correction, and why spending thousands of dollars on a coffee machine isn’t such a bad idea. If you want to maximize enjoyment in early retirement, instead of building a big bank account you probably won’t use, stick around!

Show Notes at:
https://www.biggerpockets.com/blog/money-428?utm_source=youtube&utm_medium=description&utm_campaign=none
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Hear Our Past Interviews with The Mad Fientist:
Accessing Retirement Funds Before Age 59½: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-18-accessing-retirement-funds-mad-fientist?utm_source=youtube&utm_medium=description&utm_campaign=none
Backdoor Roths, Mega Backdoor Roths, and Roth Conversion Ladders: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-161-mad-fientist?utm_source=youtube&utm_medium=description&utm_campaign=none
Is It Time to Give Up on Financial Independence?
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-119coronavirustime-give-financial-independence?utm_source=youtube&utm_medium=description&utm_campaign=none
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Hear Our Interview with "Just Keep Buying" Author, Nick Maggiulli:
https://www.biggerpockets.com/blog/money-347?utm_source=youtube&utm_medium=description&utm_campaign=none
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The Problem with the 4% Rule (and Why You Could Retire Even Sooner):
https://www.madfientist.com/discretionary-withdrawal-strategy/
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Connect with The Mad Fientist:
Album: https://www.madfientist.com/album/
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Twitter: https://twitter.com/madfientist
Website: https://www.madfientist.com/
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Connect with Scott and Mindy on BiggerPockets:
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Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

05:06 Money Moment

05:56 A LOT Has Changed

08:54 The New 4% Rule

25:57 What to Do During a Crash

37:19 Early Retirement Rules of Thumb

42:19 The Skill of Spending

58:45 Connect with Brandon!

01:00:04 Crossing The 4% Rule Hurdle