Episode #523

Is a six-figure salary enough to achieve FIRE? If you’re working towards financial independence, you know that any extra money at the end of the month can help propel you to your goals faster, but with inflation eating away most, if not all, of your paycheck, what do you do? If you want to reach early retirement, do you need a massive salary to save you from the high cost of rent, food, gas, and other everyday essentials? Or, can you easily retire with a $100K/year income if you make the right moves? Let’s find out!

Today, Scott and Kyle are reviewing some of the hottest headlines in the world of personal finance and giving you their honest opinions. First, we talk about whether or not a six-figure salary is enough to achieve the “American Dream,” and if it isn’t, what YOU can do to make the most of that money. Then, we venture to a debate that everyone has an opinion on: should you withdraw from your retirement reserves to buy your first primary residence? Is this a smart money loophole or a move that could cost you in the long run?

How much do you need to retire? According to Americans, the figure is close to $1.5M, but is this actually how much a smart saver or spender would need? Plus, we talk about the one generation on a surprisingly great track to wealth in retirement (it’s NOT the boomers!). Finally, are you fed up with guilt tipping? Don’t want to pay an extra quarter of your bill every time you go out to eat? Join the club because we’re discussing how tipping is getting out of control.

Show Notes at:
https://link.chtbl.com/Money
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BiggerPockets Money Podcast 344 - Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions:
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Articles from This Episode:
$100K/Year: https://www.cnbc.com/2024/04/16/why-a...
Withdrawing from Retirement: https://www.usatoday.com/story/money/...
How Much to Retire: https://www.usatoday.com/story/money/...
Gen Z’s House Hacking: https://www.dispatch.com/story/busine...
Guilt Tipping: https://www.cnbc.com/2024/03/31/as-gu...
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00:00 Intro

00:53 Is $100K/Year Enough?

07:47 Use Retirement Funds to Buy a House?

15:05 Americans Need $1.46M to Retire

25:22 Fed Up of Guilt-Tipping?

32:17 Connect with Kyle!