Turning $16 into $1 Million to Retire Early and Travel the World

Before Financial Independence Retire Early (the FIRE movement), Robert and Robin Charlton figured out how to retire at the age of 43 with two normal jobs. Their story is inspiring because they started out earning only $14,000 per year and eventually averaged only an $89,000 salary combined. They meticulously detail every cent and dollar along their way to retirement and show how they invested in their book "HOW TO RETIRE EARLY". Today, I share with you the story of how two normal people retired in their 40s to travel the world.

Video notes:
Inflation: Historically inflation averages 3 percent, but the Charltons favor a personal inflation rate of 2 percent. They feel they can mitigate some of the effects of inflation such as if movie ticket prices rise they can choose to see the movie at home, or if restaurant prices increase they can make a conscious decision to go to a cheaper place. So they feel their personal inflation rate is closer to two but understand that inflation can rear its ugly head, and keep an eye on what’s happening in the real world and adjust their calculations accordingly.

Resources:
"How to Retire Early" by Robert and Robin Charlton: https://amzn.to/3IrDLx8
Robin and Robert's blog: https://wherewebe.com
An interview with Robin and Robert Charlton: https://ournextlife.com/2016/01/13/in...

All pictures of Robin and Robert are from https://wherewebe.com

How I learned to become wealthy (Financial Literacy):
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0:00 Intro - Why they decided to retire early
1:00 Their nestegg and breakdown at retirement
1:14 Early struggles
1:26 Increasing their incomes
2:25 Their savings rate by year
2:30 Their combined incomes by year
3:08 How much money will you need in retirement?
3:51 What did they invest in?
4:10 Their asset allocation
4:32 Tax-advantaged vs taxable accounts: breakdown
4:55 Survive retiring into the Great Recession?
5:55 Retirement and world travel
6:24 Their net worth in retirement (it grew!)
6:42 Their advice for those striving for early retirement

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DISCLAIMER: I am not a financial advisor. Please always do your due diligence.

Affiliate Links Policy: Some of the above links are affiliates, meaning if you click on the above items, I may get a small commission. I will only recommend things I believe in personally. I believe in creating a win-win-win situation where you are exposed to a valuable product or service, I receive a commission, and the authors or business benefit as well.