Sherlock Holmes is a literary character we’re all familiar with who has the uncanny ability to solve any mystery he comes across. And one of the things that sets the British detective apart from others is his use of inductive reasoning to solve his cases. He begins with observations which then propel him in his search for the truth. Deductive reasoning, on the other hand, begins with a hypothesis and then uses the facts in order to confirm a theory. And so as we’re trying to figure out how wealthy we need to be, we think that taking the Holmsian approach is most helpful. Rather than picking a nice round number out of thin air like $1 million, we’re doing some observing and we’re asking some questions! Because regardless of how much money you already have set aside for retirement, you could be missing the mark if you’re only reading the headline numbers reported by the ‘experts’. Today’s episode should help you to realize you probably don’t need as much money as you think, you’ll gain a healthier view of work vs retirement, and we’ll go over some practical calculations to help you decide how much money you’ll *literally* need.
- Episode topics – A massive kudos to listener Silas for putting together a Google Sheet of all the topics we’ve covered here on the podcast!
- Episodes mentioned – The Understated Power of Stealth Wealth and What Are You Worth?
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
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During this episode we enjoyed a Double Clutch Nitro Oatmeal Stout by Gruner Brothers- thanks for donating this one to the show Katie! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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