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Tim Ulbrich: Hey, what’s up, everybody? Welcome to this week of the Your Financial Pharmacist podcast. Money Moustache: The Shockingly Simple Math Behind Early Retirement
#The shockingly simple math behind early retirement reddit how to
NY Times: How to Retire in Your 30s With $1 Million in the Bank.Lastly, he shares that happiness doesn’t come from having material things, instead it comes from being financially secure, from having your life in order and being content with what you have. He also shares that it’s necessary to invest beyond a 401k or IRA if you’re wanting to retire before age 59 ½ as there are federal limits to those accounts. Jason explains that you have to shift your focus and remember that earning $30,000 a year gives you a better standard of living than 99% of people who have ever lived on this planet and to not compare yourself to others. Jason reminds listeners that houses depreciate in value and land appreciates and feels like viewing home ownership as an investment is a myth. They steered clear of getting caught up in big buckets that drive up expenses, like expensive homes and cars. Then, all their money after maxing out 401ks and IRAs, went into Vanguard accounts. The first step they took was to buy a house, but not a mansion. His starting salary as a pharmacist was $110,000. To reach $1 million, which was in savings only and doesn’t include social security or home equity), Jason and his wife really stuck to only spending $30,000-35,000 a year. In 2015 he found others who were also following this FIRE path. He didn’t realize that this was a methodology that others were using. He used a spreadsheet to start calculating scenarios and found that if he was earning $105,000 but only spent $35,000 a year, around the age 39 or 40 a return on investment from his portfolio would exceed the cost of living. He became curious to know where he’d be in the future if he lived at the same standard of living as his parents did but earned a pharmacist’s salary.
He was in his last year of pharmacy school and had come to the realization that pharmacy wasn’t what he wanted to do in life. Jason decided to pursue the FIRE route in 2005. He says that it’s still surreal that he’s been retired for two years as it hasn’t fully sunk in yet. In June 2017, Jason retired at age 38 after saving just over $1 million. He and his wife have closer to a 3% withdrawal rate and he’s not worried about them running out of money. Jason says that you have a 95% chance to still have money left if you’re withdrawing this amount for 30 years. If you have a million dollars, you can withdraw 3-4% a year, giving you an income of $30,000 to $40,000 a year. Jason shares the FIRE is based on the Trinity study which focused on sustainable withdrawal rates for retirement spending.
Jason was able to save up enough money to where the revenue from his investments will provide enough income to live on, meaning he no longer has to work for money. This methodology is less interested in wealth accumulation and is more focused on leading a meaningful existence, in Jason’s opinion. Jason shares that FIRE is a lifestyle choice that’s starting to spread to more people. He was able to retire at such a young age by seeking out FIRE (financial independence, retire early). Jason Long retired from his retail pharmacy job at age 38. His interests include Japanese culture, classic cinema, classic music, astrophysics, running, cycling, swimming, traveling, reading, painting, and playing video games. He is the current state half-marathon champion and former state full-marathon champion.
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Since retirement, he has volunteered as a tour guide at a natural history museum, a teacher for a non-profit ESL program, a marathon pacer at numerous charity events, and a voter registration assistant. He holds a Bachelor of Science cum laude in Chemistry from Middle Tennessee State University and a Doctorate in Pharmacy cum laude from Mercer University. Jason Long is a husband, former retail pharmacist, early retiree at age 38, self-made millionaire, distance runner, author of three books, and advocate of rational thought. Jason dives into what the FIRE methodology is and how he and his wife saved for retirement. Jason Long joins Tim Ulbrich to share how he retired from his retail pharmacy job at the age of 38.
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