Would you like to get out of the rat race and retire early? Big ERN, Karsten shares his journey and how he was able to retire at 44.
Take away: If you spend less and save more you can have time freedom at a young age.
Action step: Automate your savings.
Money Learnings: Karsten grew up in Germany in a lower middle class family. He is part of the F.I.R.E. community and retired at 44. He learned to save at a very high rate.
Bio: Karsten “Big Ern” Jeske, Ph.D., CFA retired in 2018 at the age of 44 after a long career in academia, government and Corporate America. He previously taught economics at Emory University in Atlanta and worked at the Federal Reserve Bank of Atlanta and Bank of New York Mellon Asset Management in San Francisco.
He uses his new-found time to travel with his wife and daughter and write for his blog Early Retirement Now on all topics related to finance and especially the financial challenges of early retirement. Karsten has an undergraduate degree in Business from the Universität Bielefeld in Germany and a Master’s and Doctorate in economics from the University of Minnesota. He also holds the Chartered Financial Analyst (CFA) designation.
Highlights from this episode:
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How Big ERN retired at 44.
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How Karsten is teaching his daughter about money.
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The slow travel plan.
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The 4% withdrawal rate and the issues with it.
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The impact of fees on your investments.
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The effects of inflation on retirement.
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Options trading strategies.
Twitter: @ErnRetireNow
Richer Soul Life Beyond Money. You got rich, now what? Let's talk about your journey to more a purposeful, intentional, amazing life. Where are you going to go and how are you going to get there? Let's figure that out together. At the core is the financial well being to be able to do what you want, when you want, how you want. It's about personal freedom!
Thanks for listening!
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Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.