Achieving Your FIRE Number: Strategies for Success (Episode 15)

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Wealth on the Move

Will Hoffman

59 episodes

2 days ago

Wealth on the Move with Will Hoffman of Hoffman Wealth Management, the podcast where we explore smart financial strategies for busy families and active retirees. We'll dive into the tips, tools, and techniques you need to keep your wealth moving forward with your life. Whether you're managing your family’s finances or planning for a well-deserved retirement, we're here to help you stay ahead of the curve. So, let's get started—because your financial journey doesn't stand still, and neither should your wealth. Welcome to Wealth on the Move!

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Achieving Your FIRE Number: Strategies for Success (Episode 15)

Wealth on the Move

35 minutes 14 seconds

8 months ago

Achieving Your FIRE Number: Strategies for Success (Episode 15)

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