Buying Early Retirement
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
15 min
4 speakers
2 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back to another edition of DIY Money.
DIY Money. What is shaking a Howard? I am sitting here currently dreaming of a Mexi Mocha. You said something right before we hit record about it. And now it's all I want.
For people that have no clue what you're talking about. It's fire.
It's human being. Is that a chain or is that a Lexington thing? I'm going to look it up.
I'm literally in my coffee age for the last like three months.
That's true.
So I have absolutely no clue.
Coffee, coffee, coffee, coffee, coffee.
Welcome to the coffee world.
Coffee every moment of my life.
Also, that's, I would just like to say for the record, that's not real coffee. And you know that, right? How dare you?
Yeah, a coffee like loaded with chocolate and stuff? Yes.
Yeah, that's like a milkshake.
Yeah, exactly.
That's like saying milkshake is milk.
That was like the first coffee I ever drank because you would bring me one when you had your little buy one, get one gift cards. But I'm... The thing is, I am so cheap when it comes to coffee. I have determined and I put this stake in the ground whenever I first started drinking coffee. I was like, I will get over the hump to where I'm just drinking black coffee and likely just the free stuff that's at our office, and that's it.
But our free stuff at our office is fire. Like, it's really good coffee.
That's because we have the Daniel that just gets really nice coffee and, you know, he buys some singled origin strain from Uruguay or whatever.
No, that's about right.
People think I'm kidding.
No, that's actually like... That's pretty legit, yeah. He like ships it from Georgia, but it's imported from like seven different countries and whatever. Okay, the human bean, I looked it up. It's a franchise. 23 states, 260 locations. So if you live in one of the 23 states of the human bean... Get yourself a Mexi Mocha today. Are you kidding? Yeah, they're fire. Not even sponsored. They're just straight up fire. That's all it is. Especially get the frozen one. Well, in the winter, if it's hot, you got to get the frozen one. Anyway, that's my plug for Human Bean. What's next on the sponsorships? Yes, okay. Who are real sponsors?
Now the real sponsors. Okay. Human Bean sponsor us also. This episode, all episodes sponsored by Juul Financial. Our day jobs, you know the spiel. And we're going to take a quick pause for the rest of our sponsors. Okay, send those questions in. Podcast at DIYMoney.org. That's podcast at DIYMoney.org. If we use your question on the show, you'll get a $25 Amazon gift card. Just like Phil today, Phil from New Jersey. What do you got, Phil?
Hello, DIY Money. This is Phil from New Jersey. I was wondering what you would do in my situation. I'm in law enforcement. I have a 25-year career. I can retire when I'm, as of now, 55. We just got the option to buy back former service time. So if I did this, I could retire when I'm 52 instead because I have time from another agency that I worked for. Only thing is it's $20,000, which is a lot of money for me right now. So this would allow me to retire earlier or even I could still stay till I'm 55. And then my pension payout would be a little higher percentage. So I would definitely make the $20,000 back eventually. Would you do it if you were me? And then my other question, if you have time, is to how would you pay for that?
I don't have that cash on hand unless I dug into my emergency fund, which I know I shouldn't do. Or the other option they're allowing us to do is take out of our Roth IRA, which I don't want to do because I worked hard to put that money in there. And obviously the benefit of compound interest and all that. So that's the other choice. Let me know what you guys would do. Love your show. Thank you.
All right, Allie, this is kind of an in-the-weeds question. So some people we've already lost, and they're out of it.
They're getting their Mexi-Mocha and their Deuce.
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