Shows
Early Escape: FI & RE GuideBest States for LeanFIRE: Navigating ACA and Low-Tax LivingIn this episode of Best States for LeanFIRE, Jake Carson and Lily Morgan explore the top states for those with a $2-3M net worth looking to maximize ACA benefits and minimize taxes. Our listener is open to moving, especially if it allows for leaner living costs and access to affordable healthcare, low property taxes, and other state benefits. We break down which states offer the best balance of low cost of living, favorable tax policies, and ACA subsidies, plus tips for maintaining residency requirements while traveling. If you’re nearing FIRE and wondering where you can stretch your do...2024-10-3116 min
Early Escape: FI & RE GuideStarting Smart at 25: Investing and Saving with ConfidenceIn this episode of Starting Smart at 25, Jake Carson and Lily Morgan talk with a listener who’s earning a strong income but feels late to the financial planning game. Recently debt-free, they’re now ready to build savings and invest but are cautious about market conditions and uncertain where to start. We’ll discuss simple, effective steps for building a diversified portfolio, ways to maximize tax-advantaged accounts, and whether concerns over market volatility should change your approach to the S&P 500. If you’re looking to start strong and make the most of your income without letting fear hold you...2024-10-3111 min
Early Escape: FI & RE GuideMaximizing ACA Subsidies: Roth Withdrawals and MAGI ExplainedIn this episode of Maximizing ACA Subsidies, Jake Carson and Lily Morgan answer a critical question about whether Roth withdrawals count toward the Modified Adjusted Gross Income (MAGI) threshold required for ACA health insurance subsidies. Our listener is curious about how a $20K Roth withdrawal and a $30K taxable withdrawal impact eligibility for ACA assistance and how to optimize income sources for affordable healthcare coverage. We break down what counts towards MAGI, strategies for managing taxable and non-taxable income to minimize healthcare costs, and tips on maintaining low MAGI until Medicare kicks in at 65. If you’re looking for wa...2024-10-3115 min
Early Escape: FI & RE GuideRent or Own? Taking a Break from Homeownership for Financial FreedomIn this episode of Rent or Own?, Jake Carson and Lily Morgan discuss a strategic dilemma faced by a listener who’s considering taking a planned break from homeownership. With $200K in home equity and plans to move to a low-cost living area, our guest is weighing the pros and cons of selling their older home, renting a newer property, and investing the proceeds for the next five years. We explore the benefits of avoiding home maintenance costs, the potential for higher ROI through traditional investments, and the impact on family life and financial freedom. If you’re debating whet...2024-10-3024 min
Early Escape: FI & RE GuideNavigating the Rule of 55: Timing Your 401(k) WithdrawalsIn this episode of Navigating the Rule of 55, Jake Carson and Lily Morgan tackle a listener’s question about whether the Rule of 55 applies after being laid off just before turning 55. We break down the specifics of the Rule of 55, which allows penalty-free withdrawals from your 401(k) if you leave your job in the calendar year you turn 55 or later. We discuss how timing matters, what options are available if you don’t meet the age requirement, and strategies to access your retirement funds without penalties. If you’re nearing 55 and facing a job transition, tune in to learn how to...2024-10-3016 min
Early Escape: FI & RE GuideMaxing Out Your 457b: When Does Employer Credit Risk Outweigh Tax Savings?In this episode of Maxing Out Your 457b, Jake Carson and Lily Morgan tackle a listener’s question about the risks of contributing to a non-governmental 457b plan. Our guest has always maxed out their contributions to take advantage of tax savings, but now wonders if it’s wise to keep growing the balance due to potential employer credit risk. We dive into how non-governmental 457b plans differ from other retirement accounts, assess the risks of holding a large balance in one, and explore strategies to mitigate those risks while still benefiting from tax advantages. If you’re concerned about...2024-10-3009 min
Early Escape: FI & RE GuideSell or Stay? Navigating a Family Business AcquisitionIn this episode of Sell or Stay?, Jake Carson and Lily Morgan dive into a listener’s dilemma about running or selling a lucrative family business. As a co-owner and heir apparent, our guest faces a crossroads: continue running the business for an annual income of $400K to $2M or capitalize on a booming market and sell for an estimated $40-50M. We explore the challenges of taking on full ownership, the trade-offs between work-life balance and financial security, and the unique dynamics of family businesses. If you’re considering selling or managing a business you’ve been primed to inh...2024-10-3011 min
Early Escape: FI & RE GuideMaximizing Your 401K: Roth Conversions and Strategies for FIREIn this episode of Maximizing Your 401K, Jake Carson and Lily Morgan tackle a listener’s question about what to do with a previous employer-sponsored 401K. With their wife’s new job not offering retirement plans, they’re exploring whether to start Roth ladder conversions for pre and post-tax contributions as part of their 10-year FIRE plan. We break down how Roth conversions work, the tax implications of converting pre-tax versus post-tax contributions, and the benefits of rolling over post-tax dollars into a Roth IRA with no additional taxes. If you’re curious about optimizing your old 401K and building...2024-10-3010 min
Early Escape: FI & RE GuideLeaving the Megacorp: Navigating Career Changes in Big TechIn this episode of Leaving the Megacorp, Jake Carson and Lily Morgan sit down with a 34-year-old tech professional facing a career crossroads. Currently making upwards of $350K in the SF Bay Area, our listener is grappling with the pressure of a demanding job, the transition to a five-day office mandate, and the changing culture at their company. With a second child on the horizon and strong job offers in the $200-250K range, including a promising startup with flexible hybrid work, they’re weighing the trade-offs between stability, work-life balance, and career fulfillment. We explore the risks and re...2024-10-3017 min
Early Escape: FI & RE GuideMaximizing Your 457b: Strategies for Growth and RetirementIn this episode of Maximizing Your 457b, Jake Carson and Lily Morgan explore how to make the most of your 457b plan as you approach retirement. Our listener is 38 with $48K currently in their 457b, anticipating $120K by retirement in 8 years, alongside a pension covering 70% of their annual income. We dive into the benefits of increasing contributions, the pros and cons of staying aggressive with investments, and whether it’s worth rolling over the 457b funds when you retire or keeping them where they are. If you’re planning to rely on a 457b in retirement, join us to disc...2024-10-3012 min
Early Escape: FI & RE GuideAssessing Your FIRE Readiness: Real-World Financial ReviewIn this episode of Assessing Your FIRE Readiness, Jake Carson and Lily Morgan dive into a comprehensive review of a listener’s financial plan as they approach retirement. Our guest is a 49-year-old with a $4.4 million portfolio, a remaining mortgage, and $145K in annual expenses. We analyze their portfolio mix of 90% stocks and 10% bonds, the potential impact of market downturns, and whether a $20K annual budget for private health insurance in California is realistic. If you’re on the cusp of FIRE and want to gauge your readiness, tune in as we discuss withdrawal strategies, risk management, and fine-tuning your...2024-10-3016 min
Early Escape: FI & RE GuideRebalancing for FIRE: Portfolio Management and StrategyIn this episode of Rebalancing for FIRE, Jake Carson and Lily Morgan discuss the strategy of a listener who’s one-third of the way to their $1.5 million FIRE goal. With investments spread across a Fidelity 401(k), Robinhood Roth, IRA, and brokerage accounts, they’re questioning the balance between their current holdings and considering a shift in strategy. We dive into the pros and cons of holding VTV for diversification, whether to bite the bullet on capital gains to consolidate in low-cost index funds, and the merits of a tech-heavy approach using QQQM. If you’re self-managing your portfolio and debati...2024-10-3019 min
Early Escape: FI & RE GuideStarting Strong: Investing and Financial Planning in Your 20sIn this episode of Starting Strong, Jake Carson and Lily Morgan sit down with a 27-year-old listener who’s ready to take their first serious steps into investing. With a solid financial foundation, steady income from tailoring, and cash investments generating returns, our guest is looking to fine-tune their approach as they prepare for a move to NYC or LA in April. We explore strategies for increasing 401(k) contributions, balancing cash liquidity with long-term investments, and building a diversified portfolio to support both short-term goals and the dream of starting a clothing brand. If you’re in your 20s and...2024-10-3013 min
Early Escape: FI & RE GuideSequence of Returns Risk: Leveraging Loans to Protect Your PortfolioIn this episode of Sequence of Returns Risk, Jake Carson and Lily Morgan tackle a strategic question about mitigating the risk of selling investments at a loss during market downturns. Our listener suggests using a home equity loan or margin loan to cover expenses when the market is down, instead of selling shares at depressed prices. We explore the pros and cons of tapping into a home equity loan at 7%, the potential advantages of using margin loans tied to a brokerage account, and the long-term risks and benefits of this approach. If you’re concerned about sequence of returns ri...2024-10-3012 min
Early Escape: FI & RE GuidePay Off the Mortgage or Invest? Weighing Your Options for FIREIn this episode of Pay Off the Mortgage or Invest?, Jake Carson and Lily Morgan explore a common dilemma faced by many on the path to FIRE: should you use extra funds to pay off your mortgage or invest in low-cost index funds? Our listener shares their situation of having $50K available, with $50K left on their mortgage at a 6.25% interest rate. We break down the math, discuss the potential returns of each option, and consider the impact of factors like risk reduction, job security, and peace of mind. If you’re wrestling with whether to invest extra cash or...2024-10-3014 min
Early Escape: FI & RE GuideFI But Can't RE: When an Easy Job Makes It Hard to QuitIn this episode of FI But Can't RE, Jake Carson and Lily Morgan discuss a unique dilemma faced by a listener who has reached their FIRE number but can’t quite pull the trigger on retiring. With a cushy IT job that offers flexibility, respect, and an easy workload, our guest is caught between the comfort of their current role and the desire for a freer life pursuing hobbies and new passions. We explore the psychological challenges of leaving a position you’ve mastered, the impact of work relationships on your decision, and strategies to help you decide when it’s...2024-10-3012 min
Early Escape: FI & RE GuideSaving $10K a Year: Is It Enough for Financial Success?In this episode of Saving $10K a Year, Jake Carson and Lily Morgan tackle a common question from a new earner who’s saving about $10,000 annually on a $33K salary. Our listener is considering making additional sacrifices to save an extra $3K, but wonders if it’s worth the impact on their quality of life. We discuss the importance of balance, how to evaluate trade-offs, and why consistency in saving can be more powerful than pushing for extreme measures. If you’re trying to figure out how much to save without sacrificing your well-being, join us for insights on buildi...2024-10-3021 min
Early Escape: FI & RE GuideWhat-If Syndrome: How Over-Planning Can Delay Your Path to FIREIn this episode of What-If Syndrome, Jake Carson and Lily Morgan dive into a growing trend within the FIRE community: people “what-iffing” themselves into delaying retirement indefinitely. We explore common concerns like changes to health insurance, doubts about Social Security, potential tax increases, and the fear of not having enough for every contingency. While financial prudence is essential, we discuss the risk of over-preparing and working too long to achieve perfect security. If you’re struggling with when to stop working and enjoy the freedom you’ve been saving for, join us as we share insights on balancing preparation with the...2024-10-3024 min
Early Escape: FI & RE GuideBalancing Youth and Savings: How to Enjoy Life and Plan for FIREIn this episode of Balancing Youth and Savings, Jake Carson and Lily Morgan talk with a 19-year-old listener who’s already achieved an impressive milestone of $50K in savings and aims to retire by 45. With a career path in tech and ambitious financial goals, our listener wants to avoid the trap of saving aggressively while missing out on life experiences like travel and time with family. We explore strategies for finding the right balance between saving for the future and enjoying your youth, how to plan for financial security without sacrificing memorable experiences, and the importance of setting both fi...2024-10-2312 min
Early Escape: FI & RE GuideDecoding Retirement Calculators: Understanding Ficalc.appIn this episode of Decoding Retirement Calculators, Jake Carson and Lily Morgan break down how to interpret results from popular retirement planning tools like ficalc.app. Our listener punched in a $4 million portfolio with a 4% withdrawal rate, but the calculator output showed a median and average spending range of $225-267K—higher than the initial $160K figure. We’ll explore what these numbers mean, how market growth impacts projected spending, and the assumptions that go into these calculations. If you’ve ever been puzzled by your FIRE calculator’s results or want to understand how different strategies affect your financia...2024-10-2308 min
Early Escape: FI & RE GuideRevisiting Your FIRE Plan: Navigating Lower S&P 500 PredictionsIn this episode of Revisiting Your FIRE Plan, Jake Carson and Lily Morgan dive into recent projections from Goldman Sachs analysts predicting that the S&P 500 will yield an annualized return of just 3% over the next decade. With this stark contrast to historical averages and the last decade’s gains of 13%, many aspiring FIRE achievers may need to rethink their strategies and adjust their calculators. We discuss the implications of these lower return expectations, alternative investment strategies to consider, and the track record of past predictions by market analysts. If you’re worried about the impact of lower returns on y...2024-10-2307 min
Early Escape: FI & RE GuideHealthcare & FIRE: Navigating the Path to Early Retirement with Medical ConcernsIn this episode of Healthcare & FIRE, Jake Carson and Lily Morgan explore a critical concern for many aspiring early retirees: healthcare costs. Our listener and their spouse are in their 40s, debt-free, and have over $2.5 million saved, but their plans to retire early are on hold due to their 8-year-old’s heart condition and uncertainty about the future of the Affordable Care Act (ACA). We dive into the stories of others in the FIRE community who are grappling with similar challenges, discuss strategies for managing healthcare expenses, and explore the impact of political changes on insurance access. If you’re o...2024-10-2309 min
Early Escape: FI & RE GuideRamping Up Withdrawals: Flexible Strategies for Early RetirementIn this episode of Ramping Up Withdrawals, Jake Carson and Lily Morgan explore a flexible approach to retirement withdrawals that could help manage sequence of return risk (SORR). Inspired by a listener’s question, we discuss the idea of starting with lower withdrawals in the early years of retirement and gradually increasing spending over time as market conditions stabilize. We’ll look into available tools like ficalc and other calculators that allow you to model varying withdrawal rates, and share insights from literature and real-world stories of those who’ve successfully implemented this strategy. If you’re curious about more dyn...2024-10-2306 min
Early Escape: FI & RE GuidePlanning Early Retirement: Choosing a Career for a 40-Year FIRE GoalIn this episode of Planning Early Retirement, Jake Carson and Lily Morgan sit down with an 18-year-old listener who is fresh out of high school and navigating college with the goal of achieving financial independence by 40. With a family history of health issues around 60-70 years old, our listener wants to build a career that allows for early retirement to enjoy life while they can. We explore the pros and cons of nursing, alternative majors that offer high earning potential, and career paths that align with their introverted nature and passion for helping others. If you’re trying to br...2024-10-2310 min
Early Escape: FI & RE Guide401K to Roth IRA: Strategies for FIRE at 55In this episode of 401K to Roth IRA, Jake Carson and Lily Morgan tackle a question from a listener planning to FIRE at 55 with a large 401K account balance. They’re exploring whether it’s possible to move money directly from a 401K into a Roth IRA under the “Rule of 55,” or if waiting until 59 1/2 is the best move. We break down the rules surrounding the “Rule of 55,” how conversions work, and the potential tax implications of each option. If you’re considering early retirement and want to optimize your 401K-to-Roth strategy, join us for expert advice on maximizing tax efficiency...2024-10-2310 min
Early Escape: FI & RE GuidePaying Off Your Mortgage with IRA Funds: Navigating the DilemmaIn this episode of Paying Off Your Mortgage, Jake Carson and Lily Morgan dive into a common conundrum faced by diligent savers in their 40s. Our listener has been maxing out retirement accounts like Roth IRAs and 401ks, but now faces a sizable mortgage that’s preventing an early exit from the workforce. We explore the tough decisions of reducing retirement contributions to pay down the mortgage faster, pulling money from non-IRA investments, or even using retirement funds—something often considered a big “no-no.” We’ll discuss the pros and cons of each approach, potential tax implications, and strategies to find a...2024-10-2305 min
Early Escape: FI & RE GuideFrom $3.4M to Freedom: A Tech Exec’s Journey to FIREIn this special episode of From $3.4M to Freedom, Jake Carson and Lily Morgan explore the fascinating and inspiring journey of a 40-year-old former tech executive who achieved financial independence with a $3.4 million net worth. From growing up in a challenging environment to climbing the corporate ladder in the tech industry, our guest shares how a shift in perspective, combined with strategic investments and disciplined savings, led them to walk away from a high-paying career and embrace early retirement. We discuss the psychological challenges of leaving behind a career tied to one’s identity, using lifestyle arbitrage to maximize we...2024-10-2313 min
Early Escape: FI & RE GuideJourney to FIRE: Reaching $200K by 26 and Planning for $1MIn this episode of Journey to FIRE, Jake Carson and Lily Morgan chat with a 26-year-old listener who has reached an impressive financial milestone of over $200K CAD in net worth. Working in the healthcare field with a solid hourly wage and overtime benefits, our guest shares their approach to investing in XEQT and TEC ETFs, learning valuable lessons about market timing, and steadily making gains. We explore their ultimate goal of achieving FIRE by 40, with $1 million in investments and hopefully a property to call their own. If you’re working towards financial independence and want to hear stories an...2024-10-2308 min
Early Escape: FI & RE GuideBrokerage Tracking & Risk Management: The Spreadsheet StrategyIn this episode of Brokerage Tracking & Risk Management, Jake Carson and Lily Morgan dive into the art of managing investments through spreadsheets. Our listener has been day trading high-risk stocks and earned over $250K this year but is now aiming to dial back the risk and focus on more realistic gains as they plan to retire in two years. We explore their approach to tracking investments, the benefits of using different brokerages, and how to adjust trading strategies to preserve capital. If you’re looking for insights on managing your trading, building a useful spreadsheet, or transitioning to a lo...2024-10-2212 min
Early Escape: FI & RE GuideMBA or Military: Navigating a Major Career PivotIn this episode of MBA or Military, Jake Carson and Lily Morgan tackle a career crossroads faced by a 32-year-old with 10 years of U.S. military service and a net worth of $1 million, including $400K in real estate investments. Our listener is debating whether to stay in the military for another decade to secure a full retirement, pivot to a top 15 MBA program using the GI Bill, or switch to reserves while pursuing both. We explore the financial and lifestyle implications of each choice, the benefits of leveraging an MBA for a career in finance, and the trade-offs between...2024-10-2209 min
Early Escape: FI & RE GuideLife After the Sale: Navigating Job Opportunities with a Fresh StartIn this episode of Life After the Sale, Jake Carson and Lily Morgan sit down with a 30-year-old entrepreneur who’s about to close on the sale of his business, netting around $1 million pretax. With a decade of self-employment experience and a management degree, our listener is now facing a new challenge: transitioning back into the workforce after years of running a successful business. We explore the feasibility of finding a job with comparable compensation to their previous $150K salary, strategies for leveraging entrepreneurial experience, and the importance of taking time off before diving into a new opportunity. If yo...2024-10-2207 min
Early Escape: FI & RE GuideInflation Adjusted Returns: Avoiding Double Dipping in Your FIRE PlanIn this episode of Inflation Adjusted Returns, Jake Carson and Lily Morgan explore a key question for those on the path to FIRE: Are you double counting inflation in your retirement projections? Our listener, who’s been following a 6.5% return assumption and a 3% annual increase in expenses, is now questioning if they’re unintentionally being too conservative or missing the mark on their estimates. We’ll dive into the math behind inflation-adjusted returns, clarify how to avoid common pitfalls in projections, and discuss strategies to account for those tricky years between early retirement and the start of pension and Social...2024-10-2210 min
Early Escape: FI & RE GuidePay Off Debt or Build Wealth? Navigating the Loan vs. Brokerage DilemmaIn this episode of Pay Off Debt or Build Wealth?, Jake Carson and Lily Morgan dive into a classic financial crossroads faced by many: whether to focus on paying off a $150K loan at 6.5% interest or to continue building a brokerage account. With $10K monthly going into investments and a goal of retiring in 10 years, our listener is weighing the benefits of accelerating their loan payoff to free up an extra $12K annually in expenses versus taking advantage of potential market gains. We discuss the pros and cons of both strategies, considering market performance, peace of mind, and future...2024-10-2206 min
Early Escape: FI & RE GuideLiving Off Your IRA: Early Withdrawals and Financial Strategies in Your 40sIn this episode of Living Off Your IRA, Jake Carson and Lily Morgan explore the journey of a listener who made over $300K by actively managing their IRA like a full-time job. With a background in finance, they’re now contemplating whether to return to their consulting career or continue building wealth through their IRA. We’ll dive into strategies for drawing down funds in your 40s, minimizing the impact from the IRS, and balancing growth with withdrawals. If you’ve ever considered tapping into your IRA early or wondered about managing your portfolio as a full-time gig, join us for...2024-10-2214 min
Early Escape: FI & RE GuideMillionaire at 30: A Journey of Ambition, Simplicity, and SuccessIn this episode of Millionaire at 30, Jake Carson and Lily Morgan celebrate a remarkable milestone with a first-generation immigrant who recently hit a $1.1 million net worth before turning 30. From moving to a new country, studying medicine, and transitioning to a highly rewarding career in cybersecurity, our guest shares their inspiring journey of living below their means while enjoying non-luxury travel, investing aggressively, and co-owning a business. We break down their path to financial success, explore their future goal of reaching $10 million, and reflect on the importance of balancing ambition with simplicity and fulfillment. If you’re striving to build yo...2024-10-2209 min
Early Escape: FI & RE GuideFrom $1M to $3M: Strategies and Insights for Growing Your Net WorthIn this episode of From $1M to $3M, Jake Carson and Lily Morgan dive into a question many people have after hitting their first big milestone: how long does it take to double or triple your net worth once you reach $1 million? We explore historical data and strategies to understand which asset classes and investments have helped accelerate this growth the fastest. From equities and real estate to entrepreneurship and alternative assets, we break down what it takes to build wealth efficiently and the factors that impact how quickly your net worth can spike. If you’re looking to gr...2024-10-2210 min
Early Escape: FI & RE GuideAlmost FIRE: Redefining Purpose After Divorce and Financial SuccessIn this episode of Almost FIRE, Jake Carson and Lily Morgan sit down to explore the story of a 51-year-old who’s close to achieving financial independence but struggling to find a sense of purpose after a life-changing divorce. With a cushy remote job earning $220K, $2 million saved, and minimal expenses, they’re facing a decision: coast along in their current gig, seek a higher-paying but more demanding job to hit their FIRE number sooner, or try something completely new. We discuss the pros and cons of each path, the challenge of balancing financial goals with personal fulfillment, and the...2024-10-2211 min
Early Escape: FI & RE GuideScaling the Side Hustle: Balancing Security and AmbitionIn this episode of Scaling the Side Hustle, Jake Carson and Lily Morgan dive into the dilemma of a 38-year-old who has built up $1.1 million in investments and owns a home with significant equity. Juggling a full-time 9-5 and a booming side hustle, our listener now faces a crossroads: stay with the stability of a traditional job or take the leap and go all-in on their growing business. We’ll discuss the challenges and considerations when shifting from stability to scaling, and hear from others who’ve faced similar decisions. If you’ve ever wondered whether it’s time to leave...2024-10-2207 min
Early Escape: FI & RE GuideRetirement Ready? Navigating the Next Chapter with ConfidenceIn this episode of Retirement Ready?, Jake Carson and Lily Morgan delve into the journey of a 55-year-old preparing for retirement with a solid portfolio of $2.7 million in a 401(k) and ESOP pension. Living in a low-cost area, our listener has conservative expenses but wants reassurance that they’re set for a comfortable retirement. We discuss the steps they’re taking to roll their ESOP into a 401(k), the income potential of their nest egg, and the importance of feeling secure as they transition out of the workforce. If you’re on the brink of retirement and need a dose o...2024-10-1810 min
Early Escape: FI & RE GuideBalancing Wealth and Well-being: Slowing Down on the Road to FIREIn this episode of Balancing Wealth and Well-being, Jake Carson and Lily Morgan discuss the challenges of stepping back after years of grinding toward financial independence. Our guest is a 42-year-old business owner with $2.5 million saved, a family to care for, and a goal to retire by 50. But after decades of non-stop work, he’s grappling with the idea of taking his foot off the gas, reducing income, and focusing more on his family and personal well-being. We explore the struggle between providing financial security and being present for loved ones, as well as strategies for finding peace while st...2024-10-1814 min
Early Escape: FI & RE GuidePurpose Beyond Wealth: Finding Fulfillment After Financial IndependenceIn this episode of Purpose Beyond Wealth, Jake Carson and Lily Morgan explore the journey of a 30-year-old who has achieved financial stability but is now searching for deeper meaning and purpose. With $400K in investments, a paid-off $600K home, and a stable six-figure remote job, they’re asking, “What’s next?” We’ll discuss the complexities of transitioning from a frugal lifestyle to embracing the joys of life, while maintaining a sense of financial security. If you’ve reached your financial goals and find yourself wondering how to align your wealth with your passions, join us as we explore stra...2024-10-1810 min
Early Escape: FI & RE GuideTracking Your Net Worth: Apps, Spreadsheets, and InsightsIn this episode of Tracking Your Net Worth, Jake Carson and Lily Morgan explore the best tools for keeping tabs on your financial progress. Inspired by a question from the r/Fire community, we dive into app recommendations and the pros and cons of using spreadsheets versus dedicated net worth tracking apps. We’ll highlight free options that are spam-free, provide meaningful insights, and discuss the value of becoming your own “spreadsheet guru.” Whether you’re looking for simplicity or in-depth analysis, join us as we break down the best solutions for tracking your net worth and optimizing your path to...2024-10-1317 min
Early Escape: FI & RE GuideFinancial Independence: Mastering Your Own DecisionsIn this episode of Financial Independence, Jake Carson and Lily Morgan discuss a crucial aspect of reaching FIRE: making informed, independent financial decisions. Inspired by recent r/Fire community posts, we explore why it's essential to resist the urge to outsource financial planning to strangers on the internet. Instead, we delve into the importance of building your own knowledge base—understanding Roth IRA limits, planning for capital gains taxes, and preparing for various retirement scenarios. If you’re serious about optimizing your FIRE journey, join us as we share why studying the details can lead to thousands, even hundreds of t...2024-10-1309 min
Early Escape: FI & RE GuideBitcoin Regrets: When Cheap Drinks Cost $470KIn this episode of Bitcoin Regrets, Jake Carson and Lily Morgan dive into a story that hits home for many early Bitcoin adopters. Our listener shares a tale from the mid-2010s, when they spent a night at a local pub offering 2-for-1 beers in exchange for Bitcoin—back when $3 could buy a whole Bitcoin. Fast forward to today, and that night out translates to a jaw-dropping $470,000. We discuss the emotional rollercoaster of “could have, should have” moments in investing, and why it's essential to focus on the future rather than past missed opportunities. If you've ever felt a pang o...2024-10-1307 min
Early Escape: FI & RE GuideMaxing Your HSA in Retirement: Navigating Contributions and Tax DeductionsIn this episode of Maxing Your HSA in Retirement, we, Jake Carson and Lily Morgan, unpack the ins and outs of Health Savings Accounts (HSAs) for retirees. We respond to a recent query from a listener who retired in May and is navigating their HSA contributions for 2024. After moving their HSA from an employer-sponsored plan to Fidelity, they’re wondering if they can still max out contributions even without earned income. We’ll break down their math, explore eligibility requirements, and clarify the steps for claiming HSA deductions on their tax return. If you’re retired or thinking about retire...2024-10-1308 min
Early Escape: FI & RE GuideChasing $15 Million: Fast-Tracking Financial IndependenceIn this episode of Chasing $15 Million, Jake Carson and Lily Morgan dive into the ambitious goals of a young professional from the r/Fire community, who is aiming to reach a $15 million financial milestone. Already saving a substantial portion of his high income, he’s exploring ways to speed up his journey, from adding income streams to considering real estate investments. We’ll discuss the varied advice from the FIRE community, covering topics like resisting lifestyle inflation, the importance of career growth, and the pros and cons of diversifying into real estate. If you’re looking for insights on accele...2024-10-1309 min
Early Escape: FI & RE GuideBeyond FI: Crafting a Rich and Purposeful LifeIn this episode of Beyond FI, Jake Carson and Lily Morgan explore what it means to live a truly “rich life” that goes beyond financial independence. Inspired by a Reddit discussion from a user in their late 30s, we delve into topics like redefining purpose, achieving personal growth, and building a life filled with travel, family, and meaningful experiences. We'll discuss frameworks, resources, and book recommendations shared by the community, touching on how to map out a fulfilling life that resonates deeply. Join us as we uncover what it takes to go beyond financial freedom and live a life that...2024-10-1312 min
Early Escape: FI & RE GuideInvestment Dilemmas: Where to Put Your Money for Maximum ImpactIn this episode of Investment Dilemmas, we, Jake Carson and Lily Morgan, dive into a common challenge faced by many in the FIRE community: figuring out the best place to invest excess cash. Our listener has a solid foundation with over $126K in various accounts, including chequing, mutual funds, and TFSA holdings, but they’re unsure how to maximize their savings as they work toward a large down payment on a house. We’ll break down their current portfolio and explore whether it’s better to prioritize the TFSA, invest further, or take a different approach. If you’ve ever str...2024-10-1311 min
Early Escape: FI & RE GuideNavigating the 5% Withdrawal and Side Hustle StrategyIn this episode, Jake Carson and Lily Morgan dive into an intriguing r/Fire community discussion. A user is considering leaving their job to live off a 5% withdrawal rate, supplemented by a side hustle that could cover up to 100% of their expenses over the next 5-10 years. We unpack the advice shared by the community, explore tools for calculating safe withdrawal rates, and weigh the pros and cons of this bold strategy. Together, we'll discuss the importance of factors like age, spending habits, and the potential for scaling side hustles, bringing you closer to your own path to financial...2024-10-1108 min