I hope your yr is off to an awesome begin! I’ve some excellent assets that will help you enhance your funds in 2024 and I’m gifting away a novel expertise to a fortunate reader.
We’ll begin with a number of assets that can problem you to get extra intentional about what you need life to appear like alongside the trail to monetary independence and in retirement. Assets additionally reinforce traditional FIRE ideas which are relevant even when FIRE isn’t your objective.
You’ll study why discovering tax assistance is getting tougher and costlier whenever you do discover it. I share regarding statistics associated to well being care prices and chapter. Lastly, I’ll shut out with some assets to make you a greater investor.
Rethinking Retirement
The second put up I ever contributed to this website was about Redefining Retirement. I actually wasn’t the primary particular person selling alternate options to a conventional retirement. However this concept was extra uncommon practically a decade in the past.
The primary three assets present that this concept is extra frequent as we speak, which I believe is a superb factor.
Jim Dahle challenges readers to consider methods to finest make use of your well being, wealth, and time all through your life. He writes The Seasons of Your Life.
Christene Benz and Jeff Ptak explored these concepts with Dan Haylett on the Morningstar Lengthy View Podcast: Retirement Planning = Life Planning.
Michael S. Fischer studies on survey outcomes displaying that Extra Than Half of People Need to Retire Step by step.
EconoMe
Diania Merriam created the EconoMe convention to assemble likeminded individuals exploring the concepts of pursuing monetary independence and creating distinctive life. You possibly can learn my interview with Diania from 2021 right here to study extra.
I shall be talking at this yr’s convention. Will probably be held in Cincinnati, OH from March 15-17. I’ve an additional ticket I want to provide to a reader. In case you are , go away me a remark explaining in 2-3 sentences why you want to go. I’ll decide a winner this Friday, February 2.
Tis the Season…
Tax season is approaching. Mike Piper explains why these of you looking for an accountant to assist along with your taxes shouldn’t be shocked to search out assist getting tougher to search out and costlier whenever you do. He writes My Tax Preparer Simply Raised Her Charges – What Ought to I Do?
FIRE
John P Greaney shares How I used the 4% rule over the previous 29 years. This can be a fabulous take a look at an actual particular person’s early retirement expertise.
Many critics of FIRE equate saving with sacrifice. Katie Gatti Tassin expresses a strong counterargument. Being intentional with spending really makes life higher. She writes Consumerism is Exhausting.
Our Damaged Well being Insurance coverage System
The most important monetary danger for FIRE practitioners who go away employer offered well being care is navigating America’s damaged well being care system, probably having to cope with a long time of uncertainty till reaching Medicare age.
Jessica Glenza studies a Majority of debtors to US hospitals now are individuals with medical health insurance. Of explicit curiosity to readers planning for well being care prices have been numbers shared associated to excessive deductibles for Obamacare plans.
This rang true for me. Even with beneficiant ACA premium subsidies, my family of three is paying $4,500 in annual premiums in 2024 (the retail price with out subsidies is about triple that) for a plan with max-out-of-pocket bills of $16,100 for 2024. Plan accordingly.
Investing Rules
I lately accomplished William Bernstein’s second version of The 4 Pillars of Investing. The e-book is just not mild studying. Nonetheless, Bernstein’s explorations of the 4 Pillars (concept, historical past, psychology, and enterprise of investing) is a should learn for anybody severe about managing your individual investments.
Probably the most essential funding ideas to know is diversification. But as I discuss with new purchasers and see their portfolios, I see many individuals with immensely complicated portfolios, but they lack diversification. The subsequent three assets will assist perceive this idea.
Ben Carlson calls diversification The Holy Grail of Portfolio Administration.
Nick Maggiulli explores The Downsides of Diversification.
Lastly, I’ll shut out with a video from Abundo Wealth a couple of technique that gives large diversification with excessive simplicity. Lori Bodenhamer shares 4 Easy Advantages of a 3 Fund Portfolio.
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Helpful Assets
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[Chris Mamula used principles of traditional retirement planning, combined with creative lifestyle design, to retire from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning.
After achieving financial independence, Chris began writing about wealth building, DIY investing, financial planning, early retirement, and lifestyle design at Can I Retire Yet? He is also the primary author of the book Choose FI: Your Blueprint to Financial Independence.
Chris also does financial planning with individuals and couples at Abundo Wealth, a low-cost, advice-only financial planning firm with the mission of making quality financial advice available to populations for whom it was previously inaccessible.
Chris has been featured on MarketWatch, Morningstar, U.S. News & World Report, and Business Insider. He has spoken at events including the Bogleheads and the American Institute of Certified Public Accountants annual conferences.
Blog inquiries can be sent to chris@caniretireyet.com. Financial planning inquiries can be sent to chris@abundowealth.com]
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