Click here to download the transcript of Darrow's top tips for how to retire at 50!
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Early retirement is easier than you think.
The essential principles for how to retire at 50 are remarkably simple. Spend less than you earn and invest the difference wisely.
Rinse and repeat these actions with persistence for a few decades and it’s possible for you to achieve early retirement as well.
In this second session of the Financial Mentor podcast Darrow Kirkpatrick, from CanIRetireYet.com, reveals how he retired at age 50. It is the “Everyman's” strategy for early retirement because anyone can do it, but surprisingly few people will.
Darrow didn't become a dot-com millionaire, launch a bestselling book, or achieve super-stardom to build his wealth. He did it the boring and reliable way – by working a regular job, controlling spending, and prudent investing.
He did what so few will do even though it really isn't all that hard. In fact, financial freedom is right within your reach if you put into practice the principles shared right here in this podcast.
In this episode you will discover:
- The essential role frugality plays in succeeding with this strategy (it's doesn't work the way you think).
- How focusing on your goals allows you to live on less and never experience sacrifice.
- The key role deeper motivation cause plays in persisting long enough to succeed.
- How your life partner can make or break your financial success.
- How to balance financial freedom for tomorrow with living a fulfilling life today.
- Probability vs. expectancy and why you must know the difference.
- The remarkable parallels between big wall rock climbing and climbing the wall to wealth.
- How the percentage you save determines how long it takes to retire.
- A simple, proven investment strategy.
- Why “security” is just and illusion.
- And much more…
Discover how the “Everyman's” strategy for financial freedom works so you can achieve the goal too.
Resources and Links Mentioned In The Show:
- Darrow's CanIRetireYet.com website.
- Darrow's book on Amazon Retiring Sooner: How to Accelerate Your Financial Independence
- What Big Wall Rock Climbing Can Teach Us About Building Wealth by Darrow Kirkpatrick
- My retirement calculator so you can test your own numbers.
- My book teaching you how much money you need for retirement.
Help Out The Show:
I'm very excited to announce this second episode of the new Financial Mentor podcast. You can now expect 2 episodes per month designed to help you build financial wealth and live a wealthy life. Each episode will be packed with data driven insights and unconventional wisdom.
You can find all sessions of the podcast on Itunes where you can subscribe and/or leave a (hopefully 5 star) review…
Click here to subscribe to the show on Itunes and leave a review…
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Thanks for your support and I hope you enjoyed this episode. Please let me know what you think in the comments below…
Retiring Soon? Pick Up a Copy of My Book.
The conventional approach used by experts to figure how much money you need to retire is fundamentally flawed. Worse yet, you won’t even know it until it’s too late.
This book takes you behind the scientific façade of modern retirement planning to reveal simple, robust solutions that will help you retire sooner and with greater financial security.
Hello!
Interview with Mr. Kirkpatrick is great! It’s never too late to start and everyone should be encouraged by this message. My husband & I are already past 50 but we continue to do what we can because we’ll never get anywhere if we don’t keep plugging along. I am always in awe of people who can be so wise about spending. I think that’s the biggest challenge. Once the spending is under control, money is freed up and savings can start. And continue. And the notion that frugality is key IN RETIREMENT is overlooked. Most retirees (my mother included) are frugal because they HAVE TO BE due to lack of funds. Being frugal to avoid running out of hard-earned/saved/invested funds is so critical! Great message Mr. Kirkpatrick and thanks Todd for another great pod cast!
Aloha, ellen
mrsmelon Thanks Ellen. Glad you are getting great value from these messages.
Great podcast from two of the financial Gurus that I respect the most. There are two discussions that resonate with me. First the discussion on focusing on freedom vs financial freedom has started to get me thinking and feeling differently about retirement. I find myself concentrating more on how I will be productive post retirement vs sunbathing on some remote beach. The second disussion is the importance of planning. I found that I was wandering aimlessy in my early 30s. When I started focusing more on savings and retirement, I also started to set goals. I then found that every decision, no matter how little, started taking me towards my goals without even thinking about it. Just setting the goal itself improved my life and mental well being.
Thanks,
EdD
draiss Thanks for pointing those things out. Yes, the true goal is freedom and that distinction is important because there are so many different paths to achieving the goal. It is not just about money in a bank account. Goal setting is also a topic that isn’t fully developed in common literature because it works on many levels in many different ways.
Thanks for sharing your thoughts. Great to hear from you.
another great podcast. this is the type of podcast and content i have been looking for, thank you!
during the interview i was left hanging on the wall wanting to know some of the mistakes that were made (you asked him about the successes). I love learning from other people’s mistakes next time be sure to dive into the dark stuff so i can avoid the failures.
looking forward to FM 003. btw i’m glad i was able to pull up the podcast on my iPhone through the web browswer. i didn’t see an app in the iTunes store to follow the podcast (not sure if there is one).
applejob Thanks for the kudos. The podcast is now live in Itunes. I was waiting until I had 4 episodes before going live. You should be able to subscribe and leave a review.
I will try to remember to ask for mistakes in the future. I also like to learn from others mistakes as well.
Thanks for sharing your thoughts…
Hey Todd,
Really happy I found your podcast…I love your message and that you factor in “having a life” into the equation. I believe I mentioned this in my previous comment and that is…We’re so used to getting “cookie cutter” respones. it’s either “get rich quick” or “get rich slow” . I like the balance you try to incorporate into your life as well as ours.
I listen to a lot of podcasts and even the ones i enjoy very much tend to be all the same. I listen to a lot of online marketing podcasts and although I like the interviewer/ee Its starts to become redundant…however with your show you’re interviewing people who have a little less profile but bring a lot to the table.
I just launched my own show and I hope to follow a similar path as you. The money takes a back seat to the value.
Thanks Again,
Frank