So you think you’ve lowered your expenses as much as you can? What if you could lower your expenses just by changing how you think? RJ Weiss from GenYWealth, in a guest post on FreeMoneyFinance, gives two “mind hacks” you can use to lower your expenses.
The first is to apply the “reverse 4% withdrawal rate” to your estimate retirement assets:
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“For every $10,000 less you spend each year, is $250,000 less you need to accumulate to retire. If you can manage to get your expenses down to $40,000 a year, you only need $1,000,000 in a retirement portfolio.