Why This “Physician on FIRE” Ignored the 4% Rule & Delayed Early Retirement w/Leif Dahleen, MD

BiggerPockets Money Podcast

Why do many wealthy people wait so long to retire? Despite earning a physician’s salary, living frugally, and saving what most would call “more than enough” money, today’s guest worked for another four years before pulling the trigger on early retirement. Is he on to something? Does the four-percent rule no longer work in 2024? Stay tuned to find out!

Welcome back to the BiggerPockets Money podcast! Leif Dahleen, MD, the “Physician on FIRE,” was already financially independent when he discovered the FIRE movement. But rather than calling time on a successful healthcare career, he continued to beef up his nest egg. Why? Leif had determined that he needed forty-to-fifty times his annual expenses to feel comfortable walking away from his nine-to-five. Do more FI-focused folks need to follow Leif’s formula to account for the unknown?

We’ve all dreamed of what a day in the life of an early retiree might look like. Leif had his own expectations, but in this episode, he shares what he discovered when his schedule was suddenly clear. You’ll also learn about the mindset high-income earners need to avoid squandering wealth, and why putting down roots in a low-cost-of-living area could be the difference between fast-tracking retirement and keeping up with the Joneses!

In This Episode We Cover

Why most people DON’T retire on the four-percent rule (even though it works!)

Fast-tracking the path to early retirement in a low-cost-of-living area

How to actually leave your W2 job once you have enough money to retire

Why earning a high income doesn’t guarantee FIRE (and common pitfalls to avoid!)

Choosing the right retirement withdrawal strategy for your financial situation

Why Leif won’t adjust his retirement lifestyle as he continues to build wealth

And So Much More!

Links from the Show

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Physician on FIRE

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How Much Money Do I Need to Retire?

(00:00) Intro

(01:58) Leif’s “Unfair” Advantage

(06:33) Leaving the Medical Profession

(12:42) Funding His Retirement

(15:09) Does the 4% Rule Work?

(23:37) Adjusting Your Retirement Lifestyle

(29:23) Retirement Expectations vs. Reality

Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-569

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