Grand Rounds: The High FIve.
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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with issues of Financial Independence.
As a radiologist, I owe a great deal of my livelihood to the MRI (Magnetic Resonance Imaging).
The income I make from reading MRI studies, along with other modalities, has helped make dreams of an early retirement even possible.
But what if you are not a radiologist?
What kind of income do you need to make your retirement dreams come true?
Mr. Groovy, of Freedom Is Groovy, has created your own MRI that you can use to see where you stand in, “Minimum Required Income For Financial Independence,” which contains a MRI-FI calculator you can use to input your own data.
By now I am sure most of us are aware of various permutations of FIRE (Financial Independence/Retire Early).
There is lean FIRE, Fat FIRE, morbidly Obese FIRE, etc.
But have you heard of Fast FIRE?
Semi-Retired MD gives an awesome blueprint of how you can achieve financial independence using real estate to help turbocharge your wealth in, “The Fast FIRE System.”
It is easy to look at those who are already successful and just assume they were lucky.
But we only see the end result of what may have been years of struggle and sacrifice to get to that point.
Once you decide to embark on the path to financial independence you may be discouraged as there is much headwind to go against in the beginning.
Financial Mechanic does a wonderful analogy between this process and a flywheel in the post, “You Are The Chicken And The Egg-6 steps To Crack Success.”
Financial Independence means different things to different people.
In fact there is often an argument of when you can consider yourself financially independent, with the threshold of 25x your annual living expenses often in the midst of this debate.
Physician On FIRE, who just joined the ranks of the early retiree, chimes in with reasons why the 4%/25x rule may not be the best goalpost to aim for in, “Top 5 Reasons To Exceed 25 Years of Expenses Before Retiring.”
Are you on the fence about whether or not you should retire early or not?
Are you worried that you might retire too soon and then can’t get back into the workplace, subsequently running out of money?
Or conversely do you worry about working longer than you needed to and potentially end up being the richest individual in the graveyard?
Well Abandoned Cubicle has put forth one of the most comprehensive articles on this very subject to help guide your decision in, “Early Retirement: An Introspective View Of The Pros And Cons.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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