EP: 009 F.I.R.E: Charting a Healthy Coarse Towards Financial Independence w/ Allen Mueller

Modern Financial Wellness

In this episode I talk with Financial Planner Allen Mueller about F.I.R.E, Financial Independence Retire Early. What it is and isn't, how to go about seeking financial independence and things to consider if you plan to retire early.
YOU WILL LEARN ABOUT:

• F.I.R.E - What it is and isn't
• Allen’s journey from engineer in a cubicle to being an independent financial advisor on his own path toward financial independence. All of which was driven by a “Desire for a control of my time”.
• Retiring "Away" from something vs. Retiring "To" something else.
• Having the ability to live your lifestyle without earned income.
• Saving and investing enough to retire “earlier” than normal.
• Calculating your FI # (Financial Independence #) = Household spending x 25.
• Coast FIRE & Being FI Enough > Taking a pay cut to follow a passion.
• If I didn’t need the paycheck, would I still be doing this?
• Tips to Follow When Seeking Financial Independence:
  • Being as efficient as possible
  • Fees need to be low
  • Taxes need to be optimized
  • Picking the right types of accounts
  • Proper planning for the "what if’s" of life
• An alternative to "Budgeting" = "Conscious Spending Plan"

TOOLS:

• https://www.firecalc.com/
• https://www.monarchmoney.com/

READ + LISTEN + LEARN:

• "The Simple Path to Wealth", by JL Collins
• "Outlive", by Peter Attia & Bill Gifford
• The "Choose FI" Podcast - https://www.choosefi.com/listen/choose-fi-podcast/
• https://www.mrmoneymustache.com/

WELLBEING:

• Allen explains his thoughts on overall wellbeing telling us that, “Heath is wealth. What’s the point of being retired early if you can’t enjoy it". Therefore Allen likes to stay fit and focused on eating a healthy diet.

FIND HIM @:

https://7saturdaysfinancial.com/
https://www.linkedin.com/in/allenrmueller/
Twitter: https://twitter.com/7Saturdaysaweek
Instagram: https://www.instagram.com/7saturdaysaweek/
ABOUT JIM:
My name is Jim Grace and I am a CFP®️ (Certified Financial Planner) and the Director of Wealth Management at Silver Pine Capital, LLC. a registered investment advisory firm in Medfield, Massachusetts. ​
In my spare time I host a podcast and write about Financial Wellness & Wellbeing. Check out some of my other work @ Modern Financial Wellness . On the website I try to unpack each episode a little further and also spotlight any other resources I think might be helpful to anyone trying to feel better about their finances.
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