Want to create an interactive transcript for this episode?
Podcast: Wealth Formula Podcast
Episode: 335: How to Buy Expensive Toys and Profit!
Description: Have you heard of the Financial Independence, Retire Early (FIRE) movement? The movement is defined by extreme frugality and extreme savings and investments in hopes of retiring early and living on small withdrawals of accumulated funds. The general rule of thumb is to live on only 30 percent of your income and invest the rest. So, if you make $300K per year and are in a tax bracket of 40 percent you would be living on $54,000 (less than 5K per month) per year after taxes in hopes of retiring a few years earlier. There is nothing special about the investing patterns for...