Fire Drill: Recent Episodes
Julie Berninger
Join host Julie Berninger on FIRE Drill podcast where she interviews guests with epic side hustles, real estate investors, early retirees, online business owners, and other inspiring people rocking financial independence. All things Early Retirement are broken down into simple, actionable steps for the average person. Step up your money game and renew your money philosophy with Fire Drill podcast.
My name is Rachel Teodoro and I am a mom of three kids living in the greater Seattle area with my husband Mike, who is a mechanical engineer. We met while attending Purdue University in West Lafayette, Indiana. I am a lover of all things thrifty and can be found trolling for garage sales nearly every weekend. I like to craft, create and decorate my home with my thrifty finds. I am always happy to share my tips and tricks for living well on less.
From Rachel's website - https://www.rachelteodoro.com/
Popular Posts of Rachel's:
No Spend Challenge overview Our No Spend Challenge rules No Spend Challenge blog posts:
The Real Cost of the Impulse Buy
Saving money on Utilities
Surprising Library Benefits that will save you Money
How to Save Money with a Pantry Challenge
20 Things Frugal People Do Every Day
Rachel on Social:
Twitter - https://twitter.com/msrachelteodoro Facebook -https://www.facebook.com/msrachelteodoro/ Instagram: https://www.instagram.com/msrachelteodoro/
We are Ali and Alison Walker, and we used to call Seattle, Washington our home. We met in 2004, married in 2006, and retired in 2018. After reaching Financial Independence we wanted a complete and total change from our career-focused lives. We decided that meant leaving our Seattle life behind and making travel our new lifestyle. By November of 2018 we had sold our home and car, let go of 99% of our belongings, and left Seattle to travel the world indefinitely.
From their blog, All Options Considered
https://alloptionsconsidered.com
An important discussion about the Baby Boomer generation and healthcare in the US with Medicare insurance expert Danielle Kunkle.
Boomer Benefits
Enjoy this special live podcast episode with early retiree Dave Homyak.
You can join the Facebook group here.
Today's episode is with Sasha of Your Frugal Friend blog and Etsy shop. Sasha is a thirty-something mother of two and accountant who makes incredible budgeting spreadsheets and sells them on Etsy. She has paid off over $60,000 of debt to date and is on the path to financial independence in Austin, Texas.
Learn more about Sasha:
Sasha's Blog
Etsy Shop
YouTube Channel
Other links:
Etsy Printables Course
Podcast Facebook group for Live Episodes
Today's episode is sponsored by the EconoMe Conference which is a conference for the financial independence community on March 7th, 2020 in Cincinnati, Ohio.
You can win a free ticket to the event by commenting on this thread in our Facebook group.
Fire Drill listeners receive 10% off tickets for this event using the code FIREDRILL. Learn more here: https://economeconference.com
Links from today's episode:
Doug's Personal Training Website: Monumental Strength
The top 5 downloaded episodes of 2019:
A Purple Life Episode
Mortgage Payoff Debate
Grant Sabatier of Millennial Money
JT Episode
Tanja Hester
Have you ever dreamt of pursuing a digital nomad lifestyle?
Eric started his digital nomad journey by joining a work travel program called Remote Year after saving up enough of a cash buffer. His plan is to continue working remotely after Remote Year is over and living a full on digital nomad lifestyle.
You'll love that story.
We also chat about...
Eric's background What Remote Year is like How he's planning on making an income A day in the life of a digital nomad
Enjoy this chat with Eric, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Eric's blog: Nomad on FIRE Eric on Twitter and Instagram Reddit thread /buildapc New Egg ChooseFI Facebook Group Remote Year Episode: The DIY approach to building skills, becoming a millionaire, and finding your passion | Grant Sabatier of Millennial Money NomadList Mr Free at 33 The Earth Awaits NomadSummit 2020 No More Harvard Debt Episode: A New Travel Hack: Mystery Shopping | Financial Roadways
Key takeaways from our chat with Eric 1 - Remote Year is a good way to transition into the digital nomad lifestyle Remote Year is a work travel program that offers accommodation and co-working passes to a group of people who live a digital nomad lifestyle together. Although a little on the pricier side, Eric argues this is a great way to try the digital nomad life along with a community. He gets to meet a lot of interesting people from diverse backgrounds and several different skills, all while travelling and working on his side hustles. 2 - Geoarbitrage as a strategy Eric is using geoarbitrage to make his money last longer - by earning in a strong currency and spending in a weaker currency in cheaper locations. Him and his girlfriend get to save more money and travel more. He also uses travel rewards, and recently started a blog to document his journey and make some extra money. 3 - How Eric saved up $30k to travel abroad Eric was working a high paying job but lacked work life balance. He was always a decent saver and made sure to max out his tax advantaged accounts and avoid lifestyle inflation. He treated his saving as a game, and made it a challenge at the end of every month to find ways to cut back and save more. The most important: finding what your why is. That's his plan for the year ahead. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Mystery shopping might be the new travel rewards hack.
Johnny uses travel rewards and mystery shopping to go on holiday for free. Him and his wife are using rental properties to fast track their path to FI, with Johnny's goal is to be able to take summers off by the age of 35.
You'll love that story.
We also chat about...
How to make the most of travel rewards Where to get travel reward information The value of mystery shopping
Enjoy this chat with Johnny, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Johnny's blog: Financial Roadways Johnny on Twitter Jobspotter app Frequent Travel University Episode: Rethink the Rat Race
Key takeaways from our chat with Johnny 1 - Mystery shopping is just as valuable Mystery shopping involves using a service for free and filling in a survey/review in return. This is usually done with restaurants, holidays and hotels. Johnny provides quality reports and literally gets paid to go on holiday or to eat a delicious meal at a restaurant. A new travel hacking technique? 2 - Travel rewards and minimum spending The problem with many travel reward credit cards is that the minimum spend is pretty high, and that can put off some people, especially since you can't pay bills with a credit card. Johnny and his family use a third party software that allows you to pay bills from your credit card, and if you don't meet the minimum spend that month, you can prepay the bills or use a gift card. This is what allows him, his family and his in-laws to go on holiday to Jamaica at a resort, all for free. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
One of the best ways to increase your income is to do a career transition
Caitlyn changed from sales in the beer industry to working as a software engineer. After an intense 6 months completing a coding bootcamp, she was able to find a higher paying job as a software engineer with a better work life balance and pretty much everything she was looking for in a job.
You'll love that story.
We also chat about...
Caitlyn's early career How she completed the coding bootcamp How she got her job as a software engineer Managing coding interviews How not to screw up your career transition
Enjoy this chat with Caitlyn, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Caitlyn on Twitter Hackerank
Key takeaways from our chat with Caitlyn 1 - The first step to a career switch Caitlyn was working in the beer industry in sales, but wanted to work in tech. Her first step was researching bootcamps online and picking a bootcamp with good reviews and that wasn't too expensive. She completed her bootcamp online since she didn't have the patience or time to go back to school, and didn't get into debt to pay for the course. 2 - How she found a job immediately after finishing the bootcamp Her bootcamp was 6 months long. She started networking for jobs at the 4 month mark, and says this is what allowed her to find a job at the perfect timing. During her job search she researched different companies, did many interviews and used the skills she acquired working in sales to set her apart from other candidates. The personal connection she got from networking meant she was more likely to be considered for a job position. 3 - Are bootcamps worth it? Caitlyn believes bootcamps are a great option. They cost a fraction of what a college degree costs, allow you to work remotely and provide you with many more opportunities. Caitlyn used Twitter to connect with other tech people and commit herself to the challenge of learning how to code - she made a lot of friends and it helped her transition career. It's important to network as well as complete the bootcamp - if that's what you do, then a coding bootcamp is very much worth it. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Is property part of your portfolio in order to reach FI?
Maria and her husband own 9 rental properties, and have a net worth of over a million. They're aiming for a net worth of $3 million in order to reach FI, and have some pretty nifty real estate hacks to share with us.
You'll love that story.
We also chat about...
Maria's personal finance journey Canada's maternity leave Dealing with tenants Future FI goals
Enjoy this chat with Maria, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Handful of Thoughts Maria on Instagram FI after 50 Camp Mustache
Key takeaways from our chat with Maria 1 - Canada's maternity leave is pretty sweet In Canada, maternity leave can be 12 months or 18 months. Maria and her husband used up their maternity and were able to split it between the two quite evenly. This allows Maria as well as her husband to go back to work fully rested and with the right energy. Julie mentions she's able to get 8 month maternity leave. 2 - How they're investing in real estate to reach FI Maria works as a teacher, and along with her husband they own 9 rental properties with a total net worth of $1.3 million. The first $1 million took them 8 years, and they're planning on the next one to take 5 years. They already have a pretty flexible lifestyle and plan in the future to homeschool their kids. 3 - A few tenant hacks As a landlady, Maria has had to deal with a few difficult cases - she had to take one tenant to court because of the state in which they left the flat when they moved out. But she was still able to get her money back thanks to one good hack: asking for an emergency contact before the tenant moves in. The mother of the tenant was then able to represent the tenant in court. Other hacks include trusting your gut, and sending a birthday card on the tenant's birthday. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Do you include your house and car in your overall net worth?
Rachel and her family are aiming for a FIRE number of $2 million. Her and her husband focus on a high savings rate, prioritising their budget and building a side income to speed up their journey.
You'll love that story.
We also chat about...
Budgeting categories How they manage big expenses Their total net worth How Rachel is participating in GCV's blogging and Etsy course
Enjoy this chat with Rachel, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Money Hacking Mama Rachel on Instagram Gold City Ventures Article: The Shockingly Simple Math to Early Retirement Net Worthify Calculator Redfin YNAB
Key takeaways from our chat with Rachel 1 - How Rachel keeps a high savings rate Rachel uses YNAB to do all her budgeting, keep track of her net worth and manage all her expenses. She looks at the big picture of her yearly expenses and compares it to her income. From there she can easily prioritise her values, and figure out what she needs to cut down to keep a high savings rate. This means she's more careful when buying gifts at Christmas, for example. 2 - Why her house and car are not part of her net worth Her household's net worth is currently $650k, and her and her husband are aiming for $2 million. This does not include their house and car since she says that those two, although assets, won't pay them any money. Having said this, both assets will be paid off by the time they're retired. 3 - Her experience with blogging and Etsy Rachel joined Gold City Ventures because she always wanted to manage a blog and make some side income online. She knew she needed someone to help her with the technical side, and the course has helped her through every milestone. The community is very powerful and this keeps her posting regularly. She's also started with Etsy and has completed over 60 sales! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Do you dream of retiring before your 40s?
Amon and Christina retired at age 39 and moved to Portugal with their two daughters. Thanks to their government jobs, they were able to achieve a very high savings rate of 70% and build a nest egg of 25 times their annual expenses in just 8 years. They've now been retired for 3 months and enjoy their time relaxing and spending more time with their girls.
You'll love that story.
We also chat about...
How they got started on their journey Their FIRE numbers Why they got government jobs Their asset allocation Dealing with health insurance abroad
Enjoy this chat with Amon and Christina, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Our Rich Journey Our Rich Journey on Youtube and Instagram Video: Top 5 Companies Always Hiring
Key takeaways from our chat with Amon and Christina 1 - The journey starts with the right mindset Christina and Amon explain that the FIRE movement is a unique world where many people outside believe that reaching FI is not possible. But they argue that it is possible if you have the right mindset and keep a positive attitude. Their journey started by working on their mindset, and then they started saving money, investing in real estate and educating themselves about money management. 2 - How they were able to save 70% of their income They attribute their high savings rate to having government jobs that paid for all their living expenses abroad. They worked in Japan and in Spain, and were able to live for 10 years mortgage and rent free. They also saved on insurance and transportation, and would travel for free with credit card hacks. They had the purpose of FI and kept putting that money into the stock market to be able to retire early. The good news: there are a lot of opportunities to work with the federal government and it's not hard to get a job with them overseas. 3 - Their lifestyle in Portugal The couple describe their life as an extended European dream. Their days are extremely flexible and they have a 'semi-structured' life with their girls going to school everyday. They're in Portugal on a retirement visa and have decided to focus on building their children and spending as much as time as they can with them. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
In what way would a medical disability change the way you approach financial independence?
Zero has had to deal with brain surgery and has had rheumatoid arthritis for a few years. It affects her work situation, her financial situation and her physical health, so she's had to adapt her path to FI with side hustles, passive income and insurance.
You'll love that story.
We also chat about...
Her medical history Why she's prioritizing her body Her current financial situation How she quit her job to pursue her side hustles Getting married
Enjoy this chat with Zero, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Zero's blog: Walking to FIRE Zero on Twitter and Facebook Interview: One American Woman’s Story About Disability and the Path to Financial Independence
Key takeaways from our chat with Zero 1 - The importance of prioritizing quality of life The truth is no one knows how long they will be able to work for, and many times we take for granted being healthy. Zero is very aware that she can't just push through and work more hours to reach FI sooner, she needs to prioritize her health now so she can still be healthy in the future. This means she's moving to the suburbs, slowing life down and working from home so she can focus on having a healthy lifestyle. 2 - $100k is a good stability point Zero was very excited to hit the $100k net worth mark, but after $100k she noticed that the numbers increasing did not fulfill her as much. She used to blame lack of money for all her problems, but now she realises that money doesn't solve everything and instead it has to be her that takes control of her journey and situation. 3 - The power of passive income Zero is aiming for $3,000 in passive income per month, and she's at $1,200 at the moment. She sells video courses, e-books and has some affiliate income that gives her a regular salary. This gives her the headspace to focus on active income, on her health and on her personal FI journey. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever thought of turning your own community into a 6 figure side hustle?
Melissa started a local community Facebook group to help locals find out what's going on in town, recommend businesses to each other and work on initiatives together. This community group now provides her with a full time income and the flexibility to work when and where she wants.
You'll love that story.
We also chat about...
How to monetize a Facebook group What to charge and to whom The emotional side of being a group admin The pros and cons of managing a community How to stay on top of content
Enjoy this chat with Melissa, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Grouptize Grouptize Review Grouptize Community Facebook Group Get your BONUS by contacting me here
Key takeaways from our chat with Melissa 1 - A Facebook town group is essential for every community Melissa believes every community should have a Facebook group with business recommendations, town information and events. She started her group 6 months before being laid off, and quickly realized she could turn this into a full time income. The group is linked to a website, has a daily e-newsletter and a business directory. The biggest bonus? Everyone in this group is a pre-targeted and interactive audience, a perfect location for businesses to advertise. 2 - How Melissa monetizes her group Melissa started by offering listings for free, if a business is then interested in upgrading their listing, they can do so for an annual fee. She also has traditional web ads and sponsored stories. Her ad customers range from anything local, to people with side gigs, to realtors and anyone looking to help out. A sponsored story pays her $250, and with 20 stories a week, it's easy to see how this can quickly grow into a full time business. 3 - How you can get started too Melissa had little Wordpress experience - she says that if you can navigate Google, you can set up a community Facebook group too. She recommends hiring help to manage the admin, and to have the right processes in place. Not all groups have to be local - pet and mom groups can be very successful too. If there already are Facebook groups in your area, assess them and see if you can add a bit more value. It does take time to build a community, but if you keep adding content and providing value, it can quickly blossom. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What are 10 things you would want your child to know about money?
Chelsea quit her job as a hedge fund manager 2 years ago and decided to pursue entrepreneurship to stay at home with the kids and take care of herself. She's working on building a blogging income and is the organizer behind the Mama Talk Money Summit next week.
You'll love that story.
We also chat about...
Entrepreneurship and work life balance How she's adjusted her spending habits Managing maternity leave The Mama Talk Money Summit
Enjoy this chat with Chelsea, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Chelsea's blog: Smart Money Mamas Mama Talk Money Summit Pass Mama Talk Money Summit Schedule Mama Talk Money Summit Quiz Montana Money Adventures Rich and Regular Chelsea on Instagram
Key takeaways from our chat with Chelsea 1 - Managing entrepreneurship after corporate America Chelsea left her job 2 weeks before having her second child, so she could stay at home with her family and not feel stressed from work. She started working on her blogging income and other projects, building a financial independence lifestyle that would be sustainable for her and her family. Since then she's realised the importance of finding a balance between mental health and happiness, and that ideally you want to be pursuing FI as well as finding a career you love. 2 - The importance of self-care during maternity leave After having her second baby, Chelsea was not able to completely shut off, since she was just getting started with entrepreneurship. She believes it's important for new mothers to be able to completely turn off and focus on their babies. Self-care is important also because there is a lot of stigma around giving birth, and friends and family can be quick to offer their own opinions on how to raise a kid. For mothers, it's easy to feel that they're doing something wrong, so it's important to find time for themselves. 3 - The Mama Talk Money Summit This online summit will be taking place next week from the 21st to the 24th of October. 40 female speakers will be conducting sessions about all topics on motherhood and money. There will also be big giveaways, coaching, courses and a pajama party on the last day. The summit is free to attend, with an add on of notes, q&a sessions and transcripts when buying the All Access pass. A ton of free financial information on many different topics - a must attend event! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Everyone's dream is to earn a healthy passive income every month.
Jennifer and her husband earn 6 figures every year in passive income from their real estate business. The interesting part? They follow a slightly different business model and strategy. They also spend most of their time travelling around the world with their 4 year old child.
You'll love that story.
We also chat about...
How Jennifer got started with real estate Her property criteria How to travel with a 4 year old The pros and cons of renting out to disabled tenants Her business helping out other investors
Enjoy this chat with Jennifer, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Jennifer's websites: Addicted to ROI and Agents Invest Jennifer on Instagram DHCS
Key takeaways from our chat with Jennifer 1 - Getting started with real estate Jennifer bought her first house at the age of 21 - she dropped out of college to work for a real estate company and immediately fell in love with the real estate world. Her husband worked in construction, and together they started buying houses, bit by bit. They would buy one house, live there for a year and then buy a second house. They kept switching and used the BRRR strategy (Buy, Rehab, Rent, Refinance) to get the majority of their investment back. They've bought properties mostly in Seattle, but in other states as well. 2 - Renting out to disabled tenants What makes Jennifer's real estate strategy different is that she and her husband rent out to disabled tenants. They interact solely with a healthcare provider that helps disabled people find homes and provides them with healthcare assistants. The pros? Jennifer and her husband enjoy 35% more cashflow, no turnover and 100% occupancy at all times. The only cons are that they need to keep re educating new staff and there is usually more wear and tear on the houses. But overall, a creative and sound real estate investing strategy! 3 - How she created her ideal lifestyle Since building a 6 figure passive income stream, Jennifer has found a new passion: helping other people build passive income streams. The real estate investing world can get lonely, and by helping others she's able to make friends, help others and build a network as well. Nowadays, she works purely on her real estate network and organises meetups - the rest of the time she and her family and travelling the world and enjoying their passive income. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Imagine travelling the world and only paying for the flights.
Diana Chen is a full time travel blogger. Thanks to her blog she gets to try out hotels, resorts and adventure packages for free in exchange for a review or social media posts. She also makes money blogging and recently released a course to learn how to pitch to companies.
You'll love that story.
We also chat about...
Diana's journey as a travel blogger Her different travel adventures How she makes money online How to get started as a travel blogger Her future travel plans
Enjoy this chat with Diana, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: MVMT Blog Episode Travel On a Budget and Entrepreneurship with MVMT Blog Article: Hacking My Engagement Ring with Moissanite Course: Travel Pitch Masters (50% off using code 'firedrill') MVMT Blog on Facebook and Twitter MVMT Blog Facebook Group Gold City Ventures Blogging for Profit course
Key takeaways from our chat with Diana Chen 1 - How Diana makes money with her travel blog Diana makes money in a variety of different ways. With certain companies, she gets offered free trips in exchange for reviews or a feature. With others, she has her own rates and packages she offers in exchange for payment compensation. She also hosts ads on her blog and does affiliate marketing. Usually she pays for her own flights, and then reaches out to hotels that fit her blog and readers interest. From there she finds hotels to host her and enjoys gets free accommodation! 2 - How to make money when starting out Diana got her first free hotel comp 3 months into blogging. She believes that you can make money as a beginning blogger, even when you don't have much of a portfolio. Diana explains that it's more about how you tell your story and how you paint your brand, rather than the numbers. Tell brands your plan for the future and how you plan to be the go-to source for your city or country. Start with writing reviews for hotels and use this as a starting story/portfolio. 3 - The value of blogging courses Both Diana and Julie agree that blogging courses help kickstart blogging growth because of all the new information you learn. Although blogging courses get a bad rep, if you pay for a course, you get results much faster. A blogging course is similar to a course at university - Diana's job is blogging, and she took courses to understand more about affiliate marketing and other money making skills. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever considered travel blogging as a full time hustle?
Emily and Berty are full time travel bloggers and photographers. They make money blogging, working for clients, selling prints and many other projects that earn them several different income streams, all while travelling and working from home.
You'll love their story.
We also chat about...
How they became travel bloggers Their blogging niche How the make money from their blog Short term and long term financial goals The factor to blogging success
Enjoy this chat with Emily of the Mandagies, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: The Mandagies Emily and Berty on Instagram and Facebook Mediavine Keysearch Comedians in Cars Getting Coffee Blogging for Profit - Gold City Ventures
Key takeaways from our chat with Emily 1 - How bloggers really make money Emily and Berty have several income streams, but their main one comes from their travel blog. The first thing Emily talks about is how they took baby steps - they didn't make much money in the first 2 years of blogging. Now, they make most of the money from selling ad space on their blog to ad companies like Mediavine. They focus on SEO, social media and user intent to help their articles rank on Google. They now make $6,500 per month just from their blog. 2 - The day to day of a travel blogger Emily and Berty spend half their time travelling, half their time working. When they're travelling, it's very intense and consists of several day hikes, a lot of photography and exploring. They then get home, rest for a few days and curate all the content. At home they work a 9 to 5, but on their own time. They work on their blog and any other projects they have going on with clients. 3 - The secret factor to blogger success Emily believes the secret factor to blogger success is loving what you blog about. The first couple of years the blog won't make any money, so you need to be willing to blog for free at first. This can get frustrating and difficult if you're only doing it for the money. Emily also says it's important to find a niche for you to focus on - and there are many in the travel space! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever considered quitting your job to start a business?
Emily was working as a journalist, but an 'aha' moment made her realise that she wanted to do more meaningful work, and so she set up a flower company that caters to weddings and private events. She now has 5 employees and her business is growing steadily.
You'll love that story.
We also chat about...
Why Emily left her job as a journalist Why she went into the flower business The process of starting a business Her financial situation when transitioning away from her job Her current business metrics
Enjoy this chat with Emily, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Carolina Flowers Emily on Instagram Book: How to Find Fulfilling Work Lynda Library
Key takeaways from our chat with Emily 1 - The moment Emily realised she was in the wrong economy Emily was working as a journalist - she was good at writing, reading and networking - but she didn't enjoy sitting at a desk or earning a low salary. She started learning about behavioural economics and as she took mental notes, she understood that this was a market she wanted to be part of. She decided to go into the flower business since she saw that it was a product that worked well, and that could get her away from sexism in the workplace as well as add value to the community. 2 - How Emily kickstarted her flower business Emily's flower business is her way to be part of her community and solve a problem using farm land. She didn't have many resources when she started, so she started a farm on a small land while she was still working as a journalist. Most people did not take her seriously, but she kept working on her business and had enough money to recirculate through the company. She now has 5 employees and sells hundreds of thousands of flowers every year. 3 - How she manages her money and her future goals The positive aspect of working as a journalist is that Emily was used to not making much money. She told herself that she could always wait tables if her business didn't work out. She had $10,000 saved up and inherited another $10,000. With that, she was able to kickstart her business and take it each day at a time. She was responsible with her money, and knew that quitting her job would not mean losing all her savings immediately. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Are introverts more interested in FI than extroverts?
Drew is an introvert on his path to FI, who was able to boost his career, finances and personal relationships by understanding his introversion and optimising his daily schedule.
You'll love that story.
We also chat about...
What introversion really means The turning point of his career Starting his FI journey His current mindset with regards to FI How having a child changed his path to FI
Enjoy this chat with Drew, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: FI Introvert Drew on Twitter Book: Quiet: The Power of Introverts in a World That Can't Stop Talking
Key takeaways from our chat with Drew 1 - Why introverts have a larger desire for FI Drew notes that most of the big FI bloggers in the community are introverts. He says that the reason for this is because the desire for freedom as an introvert is much greater than for extroverts. Introverts want to be free from office small talk, from sales meetings and from feeling controlled by other people - so the need to quit their job is much more urgent. 2 - How Drew used his introversion to improve his career Growing up as an introvert, Drew wasn't able to understand why he was different from others. People thought he was a terrible co worker and that he was arrogant. At the end of the day he had little energy and disliked his day to day work. After reading 'Quiet' by Susan Cain, he understood that he was an introvert and that he could use this to understand his limits and plan his day in advance. He was able to give more time to himself and have his own schedule - this boosted his career, his confidence and personal relationships. 3 - Mindset as a FI goal Drew and his family have $1 million in investment assets. They just had a son and Drew enjoys his career, so the family isn't planning on retiring early any time soon. They've decided that their FI goal is a mindset, not a number. Once they reach the mindset of spending more time at home and living in a lower cost of living area, then they will consider themselves officially FI. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
James and Emily retired from the rat race at the ages of 27 and 28.
Through real estate investing and frugality, they managed to hit their Cashflow FI number in 3 years. Using their Cashflow strategy, they're planning to travel around Europe and continue to manage their properties from abroad.
You'll love that story.
We also chat about...
Their turning point to reach FI Being Cashflow FI Their real estate journey Leaving their jobs and travelling around Europe
Enjoy this chat with James and Emily, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Rethink the Rat Race Rethink the Rat Race on Facebook, Twitter and Instagram Redfin Camp Mustache Miss Mazuma Bigger Pockets Camp FI Ms Fiology Gold City Ventures Blogging for Profit course
Key takeaways from our chat with James and Emily 1 - Reaching Cashflow FI James and Emily keep their living expenses incredibly low, at less than $15,000 per year. As they reach FI, they're planning on spending even less. Thanks to their real estate properties, they're pretty much already there. The income they get every month more than covers their expenses (making over $72,000 per year) and with that money they're planning on living comfortably without working. 2 - Their real estate strategy They currently own 10 units, having bought their first one in 2017. They buy triplexes and duplexes, and their first one was with a 25% deposit down and a 30 year mortgage. They invested in an excellent area and are now enjoy the 2% rule (where they make nearly 2% of the property every month). They set aside 10% for maintenance and 10% for property management, and so far it's been going pretty smoothly. 3 - What it's like leaving their jobs They're going through all the paperwork to finally leave their jobs and go travel. Their strategy is to first take a leave of absence from work - but with no plan of ever returning! They're moving abroad to Europe, specifically Cyprus and will have the freedom to do whatever they want. Their friends and family are a mix of confused, excited and infatuated - as many of us know, converting people to FI lifestyle isn't so easy ;) Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What is the best place in the world for early retirees to live in?
In today's episode, Julie plays voicemails, reads out tweets and emails from members of the FIRE community on the best places to live as a financially free retiree. We hear about places in the US, South America and everywhere else in the world!
We also chat about...
The best states and cities to live in the US What's important when considering a new city to live in Places outside of the US that are great to live in
Enjoy this community episode, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Savvy History Legislative Lottery in New Mexico Financial Pilgrimage Post: 10 Reasons Why St. Louis is a Great Place to Raise a Family Stop Ironing Shirts Finance Clever The Earth Awaits PitchWire
Key takeaways from our Community Episode 1 - Knoxville, Tennessee Christina and Matt give us a detailed explanation as to why Knoxville is such a great place for early retirees. The cost of living is low, there are many activities involving culture, sports and especially the outdoors; Knoxville has over 50 miles of trails and tons of public parks. The city has a big art and music scene, and the Discovery channel have their headquarters based there. The couple enjoy a high level of entertainment and believe they could not reach FI anywhere else. 2 - The state of New Mexico Debbie brings the state of New Mexico to the top of the list for early retirees. She mentions that public education is cheap and the legislative lottery is a big help for university students. In the summer the weather is warm and dry, and in the winter there's skiing and other winter sports. The only negative is that there is a lack of diversity when it comes to jobs, but for an early retiree this shouldn't be an issue. 3 - Places outside of the US Many other places are mentioned in the US as well in the rest of the world. Natalia talks about how amazing the health insurance in Costa Rica is, Finance Clever tells us about Medellin in Colombia and Colleen mentions Panama city. Other places mentioned are Lisbon, Chang Mai, Taiwan and the UK! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ever considered teaching English online as a side hustle? Or even as a full time income?
Rachel and her husband are full time digital nomads that travel the world and make their money teaching English online. They've been digital nomading for over 7 years and are still going strong.
You'll love that story.
We also chat about...
What it's like to live as a digital nomad Making money while travelling What VIPKid is about Managing a schedule when travelling Success stories from other teachers Long term goals
Enjoy this chat with Rachel, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Rachel's course (35% discount: 'fireteachers2019'): Teaching for Freedom Grateful Gypsies VIP Kid Rachel's free eBook Rachel on Facebook, Youtube and Instagram
Key takeaways from our chat with Rachel 1 - It's totally possible to make money while travelling Rachel and Sasha moved to China in 2010 after they couldn't find jobs due to the recession. There was (and still is) a high demand for English teachers and they quickly found well paid jobs with comfortable housing and schedules. This was their first step into the direction of working while travelling. They then quit their jobs and went on a 14 month travelling trip. When they got back to working, they decided to find a sustainable way to work and travel at the same time. This involved freelance writing, a travel blog and teaching ESL online. 2 - How VIPKid works VIPKid is a platform for native English speakers to teach English to kids in China. Teachers earn up to $22 per hour, and control their own teaching schedule. Depending on the timezone, teachers can choose to teach in evenings or early mornings, as well as full time on weekends. Rachel makes it clear that it's not a hard gig; lesson plans are made by the company, along with teacher's notes and questions to ask the student. VIPKid is certainly a legit and working side hustles for those who enjoy teaching. 3 - Managing a schedule as an online English teacher The biggest hurdle when teaching online and travelling at the same time is being in the right environment. Rachel and Sasha need to book Airbnbs in advance and make sure they have good internet and a quiet environment. Rachel adapts her schedule to teach certain hours during the day, and then work on other projects or do some travelling in her free time. She gives teaching techniques and schedule tips in her recently launched course 'Teaching for Freedom'. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever considered moving into a van and travelling round the country?
Sydney is 24 and has been on the road for 2 years. She travels with her dog to every corner of the US, and is currently making money online through her websites.
You'll love that story.
We also chat about...
How to live in a van with a dog The Van Life community What it's like to be a female solo traveller How Sydney got started with the van life How she makes money through her blog Her life and financial goals
Enjoy this chat with Sydney, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Sydney's Blog: Divine On the Road Sydney on Instagram Van Life App Build Your Van Guide Blog Post: Van Life Monthly Expenses Cost Breakdown Gold City Ventures
Key takeaways from our chat with Sydney 1 - Living in a van with a dog Sydney travels the US in her van with her one year old Golden Retriever. She explains that the key to making the travels as comfortable as possible was getting a puppy, not an adult dog, so she could train her early on to the van life. Since getting her puppy, Sydney's travelled all around the US and hasn't had any issues with her dog. She only goes where her dog can go, and has learnt how to deal with the smells that come with living in a small space with a dog. 🐶 2 - Building up the perfect van Sydney has experience building up two vans for road tripping round the US. In the first van the materials cost around $8,000, and she had a family friend who was able to help with the fixing up. Her current and second van cost her $16,000 of material plus labour. Her monthly bills are around $2,000 per month, and she feels she has larger control on her spending. Depending on how much she makes that month, she can decide to slow down and travel less. 3 - How Sydney makes money online Sydney started blogging when she first started road tripping in the first van she was sharing with her partner. She blogs about van life and uses affiliate marketing, and also does some freelance web design to make money. All her skills are self taught and she attributes her success to her sheer determination to make full time van life possible. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Did you know what you wanted to do at the age of 18?
Like most of us, Vincent didn't know what he wanted to do, and ended up jumping in and out of college and trying out jobs. He's now been an entrepreneur for 12 years, has published his own book, organises retreats and masterminds and homeschools his kids.
You'll love his story.
We also chat about...
How and when Vincent hit rock bottom How he homeschools his kids From scarcity to abundance mindset His journey from sports photographer to entrepreneur The culture of masterminds and retreats
Enjoy this chat with Vincent, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Vincent's website: Total Life Freedom Vincent's book: Freelance to Freedom Freelance to Freedom Free Audiobook Vincent's email: freelancetofreedom@gmail.com Vincent's podcast: Total Life Freedom
Key takeaways from our chat with Vincent 1 - The advantages of homeschooling your kids Vincent and his wife homeschool their kids to give them the freedom to pursue their own curiosities. He explains that they get to socialise with children from all different ages, and that the main thing he is teaching them is how to solve problems and how to lead. He doesn't use a curriculum, and instead encourages his children to get comfortable in different environments and follow their interests. 2 - How to achieve an abundance mindset Vincent admits that both him and his wife started their financial journey with a scarcity mindset. The followed Dave Ramsey's approach and cut to the bone in order to improve their situation. But he says that their biggest mistake was not investing in themselves, and that it wasn't until they started working on their network and investing in people they admired that they took on a more aggressive approach. 3 - Building a mastermind community Vincent organises masterminds and retreats to bring people together. His goal is for generous entrepreneurs to meet and help each other out. They get together, brainstorm business ideas and life issues and make friends. The key is creating a culture where like-minded people can work on their goals and ambitions, and bring value to others at the same time. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Joanie is a full time food photographer who quit her 9-5 job to follow her creative passion.
She's always loved cooking, and when she started sharing food content online through her blog and started getting hired by restaurants to take photos of their menu, she realised she had an opportunity to pursue this creative outlet full time. Since then, she's started her own Youtube channel, online courses and physical workshops.
You'll love that story.
We also chat about...
How Joanie got started as a food photographer Leaving her 9-5 job in 2015 Why her and her husband refinanced their house The early trade offs when starting a business Joanie's recipe blog Yes and No tips to food photography Her next steps as a photographer
Enjoy this chat with Joanie, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Joanie's website: Joanie Simon Joanie on Youtube Episode: How Randa built a food blog for passive income and the gift of travel – The Bewitchin’ Kitchen Lightroom CC
Key takeaways from our chat with Joanie 1 - Pursuing a creative business isn't a straight path Joanie explains that becoming a food photographer wasn't part of a big plan to leave her job. She started because she saw it as a fun outlet of creativity. She attributes her success to being very hands on, to her constant learning through Youtube and her genuine passion and interest. She made her own content and made sure to make friends with other artists, which completely immersed her into the world of food photography. Her Youtube channel also gave her exposure to a whole new set of audience, food bloggers and Youtubers, which further grew her business. 2 - Having a financial cushion. Joanie was the sole breadwinner of a 2 children family when she decided to leave her job. With 9 months of expenses in the bank, she decided to focus on one thing only: getting her food photography business of the ground. Her and her husband also got serious about budgeting and knowing their numbers. They also refinanced their house in order to have more options, flexibility and less stress. This helped her focus on her food photography business and it's what gives her the huge amount of flexibility and freedom she has now. 3 - Building passive income from a creative business Joanie started off with her recipe blog, but this eventually branched into a Youtube channel, food photography coaching and consulting, as well as workshops and online courses. This has been her move towards increasing her passive income and away from exchanging time for money. Through large 500 people workshops and courses she also feels she'll be able to educate people on a deeper level and will be building a much more scalable business. Her dream is to have a physical space to do her workshops. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Kristin retired from her day job to pursue entrepreneurship and make money blogging.
Once Kristin realised she could make good money blogging, she set a goal and left her day job once she reached it. Since then, she's set up her own business as a Pinterest VA and now helps others work remotely too.
You'll love that story.
We also chat about...
Her money journey Tips to make money online blogging Pinterest design tips How Kristin got started as a Pinterest VA Becoming a Pinterest VA as a side hustle
Enjoy this chat with Kristin, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Become a Pinterest VA Kristin's blog: Believe in a Budget Gold City Ventures (J's Blogging Course)
Key takeaways from our chat with Kristin 1 - You can make good money blogging On her 4th month blogging, Kristin made her first $60. At month 10, she was making $4,000 per month. Using spreadsheets and planning, she figured out how much she needed to make so she could leave her job and it's now been 6 years since she quit. Through trial and error, she's learnt the basics of blogging. She realised her income did not rely on how many blog posts she was publishing a week, but more on putting time in the appropriate place: affiliate income, personal products and a lot of experimenting. 2 - Using Pinterest to boost blog traffic Kristin had no experience with social media, but once she discovered Pinterest and started using it, she immediately saw a boost in her blog traffic. She attributes Pinterest as the best way to grow website traffic. Her tips include making sure pins are tall and skinny, making sure colors are light and bright and that pins cover beginner topics such as budgeting and saving. Experimenting with different pin designs is a good way to make sure your blog post gets noticed. 3 - How you can become a Pinterest VA From her Pinterest success, Kristin published a case study showing how much Pinterest boosted her blog. From there, bloggers reached out to her for help with their own Pinterest. She quickly had an entire schedule of clients who hired her to work on their Pinterest. This led to the creation of 'Becoming a Pinterest VA' course that now helps other freelancers make money with Pinterest clients. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Courtney is a member of the LGBTQ community who reached FI earlier last year.
Courtney has been on her FI journey for 10 years. She is now married and with one child, and her and her wife have decided to keep working since they are now expecting a second child. She has experience house hacking, paying off student loan debt and reducing her expenses down to $25,000 per year.
You'll love that story.
We also chat about...
Courtney's journey to FI Her first career and income House hacking in Canada Why the 3% or 3.5% withdrawal rate is safer Making money does not have to be selfish
Enjoy this chat with Courtney, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Courtney's Instagram: FIRE2Moms1Babe Courtney's blog: Modern FImily The Frugal Philistine All Options Considered Millennial Revolution Mad Fientist J L Collins Paula Pant The Frugalwoods ChooseFI Early Retirement Now Gold City Ventures
Key takeaways from our chat with Courtney 1 - Cutting out lattes won't help you reach FI Courtney explains that cutting out small expenses such as lattes won't make a large difference on your path to financial independence. If you enjoy your lattes then there is no harm in buying one every so often. Courtney focuses on reducing large expenses such as her car and house. This value based spending approach has allowed her and her family of 3 to reduce expenses to $25,000 per year. 2 - Why Courtney decided to take a mortgage Courtney was house hacking early on - she bought a four bedroom townhouse and rented out the other 3 bedrooms. Over the years she was able to pay it all off and then sold it for a $100,000 profit. This was enough to buy a new home, but instead she decided to take out a mortgage so she would have more cash to invest in other places and to protect herself against a possible crash. Their goal is to pay off their current house by 2021. 3 - The 3% withdrawal rate Early Retirement Now explains that the 4% is a bit risky and that a 3 or 3.5% withdrawal rate is safer. Courtney explains that they could go as low as a 1.8% withdrawal rate since she's planning on receiving child benefits, making money through side hustles and taking advantage of the change rate between the US and Canada. What's your safe withdrawal rate? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Joe used to be a professional football player for the NFL.
And although he was earning a very high salary, he was surrounded by people who also had high expenses and were living paycheck to paycheck. He has now reached financial independence and lives the van life while drawing down from his nest egg.
You'll love his story.
We also chat about...
How Joe was inspired to pursue FI The identity crisis of leaving your job How he managed his finances while working for the NFL His plans to work on several source of income The mindset blocker when it comes to side hustles
Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Joe's blog: Man Van Dog Blog Joe on Youtube, Instagram and Twitter
Key takeaways from our chat with Joe 1 - How to deal with an identity crisis Joe was working along players who were living paycheck to paycheck and were big 'stuff accumulators'. Joe himself admits that although he was making a couple million dollars a year, he still felt the need that he wanted more. As he discovered the FI community, he understood the importance of only buying things that add value; if you declutter your physical space, you're also decluttering your mind. 2 - Keeping perspective in the NFL Joe explains that NFL players do blow their money quickly, but there are some good examples of people saving. It's very easy for expenses to go up as a young NFL player - it's difficult to control all that money when you're young, since most times priorities are somewhere else. Once they retire, however, these players not so surprisingly find all their money has run out.
Joe dealt with this by having a financial planner that helped him invest his money and set up a 5 year runway budget. 3 - Dealing with a mindset blocker A mindset block to getting started with side hustles is a matter of confidence. Joe says it's important to find what matters to you and to evaluate the amount of access to information you have - with that you can be whoever you want. He enjoys investing in other people's small businesses and helping other young entrepreneurs. He's also managing his blog and sells his very own t-shirts. J explains that it's not only important to start, but also to own/be proud of your side hustle! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
4 years into your early retirement... what do you see yourself doing?
Kristy and Bryce have been financially independent for 4 years and are busier than ever. They write childrens' books, travel, attend conferences and are now releasing a book. As they say themselves, they are literally living the dream.
You'll love their story.
We also chat about...
Kristy and Bryce's FI story Why it's important to find your identity after FI Their current activities The different Chautauquas Their 3 month plan Book release of 'Quit like a Millionaire'
Enjoy this chat with Kristy and Bryce, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Millenial Revolution Episode: Canada’s Youngest Retirees and the 3 Paths to FI – Millennial Revolution Playing with FIRE Documentary Mad Fientist JL Collins Pop Up Business School Chautauquas Book: Quit Like a Millionaire
Key takeaways from our chat with Kristy and Bryce 1 - The importance of finding your identity after FI Kristy and Bryce officially left work 4 years ago, so they have quite a bit of experience when it comes to being FI. After 1 year of decompressing and travelling the world, Kristy and Bryce realised that they needed to figure out what to do. We spend so many years of our lives working that our job is closely tied to our identity, and so leaving our job can cause a bit of an identity crisis. For this reason Kristy recommends thinking about what you want to do before even reaching FI. 2 - Chautauquas are a great place to bring your SO As early retirees, Kristy and Bryce travel the world and like to attend the Chautauquas. As Kristy says, the one she attended in 2017 was the best week of her life, thanks to all the strong connections she developed. J also explains that the Chautauquas in Ecuador were a great experience for her too, and it helped get her now husband on board with financial independence. Although not cheap, Chautauquas are a great place to help your SO understand what FI is about and meet like minded people. 3 - 'Quit like a Millionaire' Kristy and Bryce's new book is releasing in early July, and covers the different lessons that Kristy learnt going through all the different socio-economic classes she lived through. She started off in complete poverty in China, and eventually made it through to middle class USA and then a millionaire. This book is to show people that anybody else can reach financial independence, no matter what economic background you come from. The book also goes through how to reach FI with kids and why it's not just for one type of personality. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
In this episode, J shares everything you need to know about the side hustle course launching today and brings on current students to share their experiences.
There are three courses: Blogging for Profit, Etsy Printables, and Freelancing. You pick one track up front. Go to Gold City Ventures to sign up for the course.
A few of you have asked me questions about the course so I will answer them.
If you have other questions, just leave a comment or email us team (at) goldcityventures (dot) com.
1: What success have other students had?
We have 10 testers in the course right now.
Many have never side hustled in their lives.
The Etsy students were able to get their printables created and up on Etsy in the first week of the course!
I interviewed all the students about their experiences so far in the course in the podcast episode linked above.
If you'd rather read the transcripts..(and I had to cut some stuff for the podcast so these are the full transcripts)..
You can read the transcript of my interviews with the Etsy students here:
Etsy Printables Student Success Stories
Here is a quote from James at Rethink the Rat Race.
"I was lucky enough to get early access to the “Blogging for Profit” course as a tester. The content is literally incredible. I should mention, we’ve been blogging for two years and This. Shit. Blew. My. Mind. I didn’t realize how many things we were doing wrong or just incorrectly. Every video I watched, I gleaned at least one or two things that we could improve on. Emily came home from work, and I straight barraged her at the door about all the things we need to change. It is so exciting knowing how much better we could be doing with not a lot of effort. So, don’t be surprised if one day you come and our site is completely different."
Here is a quote from Erik of The Mastermind Within, who has made $3,000 from freelancing.
"I took a DIY approach to freelancing when I started last year and didn’t see much progress for a number of months. I wish there had been a resource out there like the Freelance Toolkit course, but unfortunately, I struggled through the first few months. As much as we love to hear about the self-made businessperson, there is nothing wrong with going to the experts directly and learning from them."
I interviewed all the students about their experiences so far in the course on my latest podcast episode.
2: Are there deadlines in this course? I'm going on vacation next week.
No deadlines! This is a completely self-paced course meaning you take it on your own time.
You have access to all videos and the course forever and can go through it at your own speed.
You can only sign up to join the course through Sunday but after that, you can take as long as you want to take the course.
And you can start it whenever works for you too.
3: What is in the course?
We have videos, text lessons, and a Facebook group.
We also include bonus content in every course from experts with the different side hustles.
And we have workbooks you can print out that teach you different skills.
You can see exactly what is in the course in these YouTube videos.
Click the one that interests you most:
Etsy Printables Sneak Peek Blogging for Profit Sneak Peek Freelance Toolkit Sneak Peek
4: I'm not creative and have no ideas. Can I do this?
Yes! The majority of students who have already signed up to take the course have no previous experience.
And they are all different ages (people keep asking me if they can do this if they are not a millennial - I promise you, yes!)
You might just have a little fun with this new side hustle!
And make some money.
We will teach you everything you need to know.
5. What is the 30-days of free coaching?
In your first month we want to provide you with extra help to get started.
You can join our VIP Facebook group just for course members which is where we do the coach...
Steph used to work at SpaceX and NASA...
It's Steph's 1 year anniversary since she quit her job working as a rocket scientist. She reached FI by building an income through real estate in Greece, and now spends her time organising workshops and helping women with money as a financial coach!
You'll love her story.
We also chat about...
Steph's strategy to reach FI How she acquired her property in Greece Getting over the fear of going to Europe What she currently spends her time on Her side hustles organising money workshops
Enjoy this chat with Steph, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: The Money Muse Steph on Facebook, Twitter and Instagram Gold City Ventures How they paid off $200,000 in debt in 5 years | Mr. and Mrs. rich & REGULAR Article: For These Women, a FIRE That Burns Too Male and Too White Requirements to become an accredited investor Mad Fientist Etsy Shop: The Swag Elephant Book: Broke Millennial
Key takeaways from our chat with Steph 1 - The risk in buying a property overseas Steph was born in Greece but moved at the age of 3. She didn't meet her dad until she was 20, and that's when she was introduced to the concept of building villas and renting them out to tourists during the summer. So she started saving all the money from her job to allocate it to building a villa, and hiring her Dad as a property manager. Steph explains that there was a huge risk in this, and she decided to take a year off to see the villa get built and get to know her Dad. In the end it all worked out - she was willing to take the risk to maximise the return. 2 - How Steph decides what to do with her time It wasn't easy for Steph to quit, she first took on a part time contract before completely quitting. She then immediately took some barre classes, got a dog, volunteered at a pet shelter and finally had time to do all the things she wanted to do. Now she works at a co working space and runs a few side hustles including setting up events, financial coaching and talking about investing. She's realised that now that she's FI, she has the time to pursue activities that have a bigger impact. 3 - Not everything has to be tracked Steph does not identify as frugal or non-frugal; she's somewhere in the middle. She lives in Seattle and spends around $4k a month. Her priorities are education and health, and she is willing to spend money on things she finds important. She says that unlike others who reach FI, she did not really track her journey, but relied on her property in Greece to help her get where she wanted to be. As J says, there is no one size fits all approach to FIRE. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How about turning something you love into a side hustle?
Brad took a one year sabbatical in 2015 after reaching FI at the age of 35. He owned 5 properties and had a strong work ethic, but decided to take a break when he realised his income wouldn't be increasing much more. He now tours people round Europe, has a blog, a podcast and does some real estate coaching.
You'll love his story.
We also chat about...
How Brad reached FI His career trajectory Where he saved his income His real estate strategy Making the decision to take a sabbatical His side hustle touring people through Europe
Enjoy this chat with Brad, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Man Overseas Brad on Twitter and Instagram Episode: Our FI Gap Year Travelling Across the US | Money Metagame Escape Houston Gold City Ventures
Key takeaways from our chat with Brad If you want to get into real estate, first do it full time Brad recommends against starting real estate part time. He says the best way to start is full time, since this forces you to be surrounded constantly by people who are closing deals. Brad started out helping friends with real estate, and learnt as much as he could. He learnt to remove his emotions from the process and put up with clients. This is what gave him the opportunity to purchase 5 properties and for his passive income to exceed his expenses. Doing the work upfront pays off It's true that being a landlord can be quite a lot of work, especially if you have difficult tenants. However, Brad explains that the upfront hard work pays off in the end. By making an upfront effort, you ensure that the property will provide for you in the future, which in turns make it more successful. Brad vets his tenants like he would an assistant - he checks previous landlords, income, he interviews them, check their debt and anything he deems necessary to make sure he gets the right tenants. Turn your trips into a business After his 1 year sabbatical travelling around the world, a friend gave him advice to tour people through certain parts of Europe. Brad does several trips per year, books everything for the clients and tours them through the cities. It allows him to use his communication skills and gives the clients a personalised and comfortable trip. It's very informal and all his costs are covered except his flight. A handy side hustle for those who want to travel and make money at the same time! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever tried negotiating for more flexibility at the workplace?
That's exactly what Ms Mod did: she presented a proposal for better policies, and was able to negotiate with her employer to work from home for the same pay and benefits. She's also halfway on her path to FI and is mortgage free!
You'll love her story.
We also chat about...
Ms Mod's path to FI How she got started with her career Negotiating flexibility How to present a policy proposal The Canadian path to FI Taking out money to pay off a mortgage
Enjoy this chat with Ms Mod, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Modest Millionaires Ms Mod on Instagram and Twitter Cody at Fly to FI Gold City Ventures Article: 2018 Spending & Investments Review Book: Work Optional: Retire Early the Non-Penny-Pinching Way Blog: Our Next Life Mr Money Mustache Forum ChooseFI Episode: 088 | Career Hacking the Tech Industry | Millennial Boss Episode: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic Blog: A Purple Life Episode: How I’m Retiring Next Year on a $500,000 Nest Egg | A Purple Life
Key takeaways from our chat with Ms Mod 1 - How Ms Mod is getting to FI Ms Mod is half way on her path to FI, with 5 and a half years left! Her and her husband currently invest in real estate and use investment vehicles to build their wealth. They started building their wealth in 2012, and as they say it takes longer to get to the first half than the second half. Last year they saved $45,000, and they use the 'Pay Yourself First' strategy to keep their savings on track. Ms Mod doubled her salary in 4 years thanks to a career change. 2 -How to create a proposal for a policy change Ms Mod had her second baby, and decided she wanted more flexibility in the workplace to be with her children. So after hearing ChooseFIs episode with J on presenting a policy proposal, she did the same to change her work environment. On a 3 page proposal she added everyone's reasons for wanting to work from home, the benefits, statistics, surveys, Q&As and potential solutions for problems that may arise. She then gave them several options for them to work with, and they did a trial period of 6 months. She now works full time from home. 3 - The Canadian path to FI and paying off the mortgage Ms Mod explains that as a Canadian you have two main tax vehicles to invest with: TFSAs and RSPs. She says that your best bet is looking at your taxes and understanding them, so you know which one to prioritise. This allowed Ms Mod to take out the appropriate amount of money to pay off their mortgage. They decided they would be happier without having to pay off their mortgage every month, and so paid it off all in one go. She says the feeling to be mortgage free is priceless. 💸 Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ever heard of a teacher version of Etsy?
April Smith makes a full time income from her side hustle selling digital downloads on Teachers Pay Teachers, a marketplace for teachers to buy and sell lesson plans. She talks to us about her side hustle journey, how she got started and how she designs and markets her lesson plans.
You'll love that story.
We also chat about...
Making the decision to leave a teaching job April's financial journey from debt to financial freedom How she got started selling lesson plans The types of lesson plans she sells How she decides what to invest back into the business Marketing and sales strategies Juggling twins and travel
Enjoy this chat with April, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Website: April Smith Podcast: Grow with Angie and April April on Instagram Teachers Pay Teachers Gold City Ventures Personal Capital Adobe Illustrator Canva Article: Hacking My Engagement Ring with Moissanite
Key takeaways from our chat with April 1 - Sometimes it's better to have more money than a fancy college degree April went to a community college for 2 years and then a state university to finish her degree. Not once has anyone asked where she spent the first two years. Her husband saved for an online masters degree and got a certification from an affordable accredited online school. J and April both agree that a degree is more of a stepping stone, and that where you get it most times doesn't really matter. 2 - Growing a side hustle to a full time income April started selling digital products 7 years ago, when she started having ideas for lesson plans that she wanted to share with others. She started selling product based learning lesson plans which took off, and put several worksheets and plans into a bundle to sell to other teachers. After several years she started making a full time income from her side hustle, which she initially used to pay off student loan debt and now to reach financial freedom. Her success means she has much more flexibility and can spend more time with her children. 3 - Strategies to make your product stand out Having a good copy and marketing strategy is essential to getting your product out there. April explains the importance of branding and learning about colours and copy. She keeps her design minimalist and clean, and makes sure to use the right keywords and do SEO. She puts herself in her audiences' shoes to be able to communicate effectively what her digital product does. She also uses Pinterest and Instagram, and attributes her large amount of sales to having a lot of content on social media. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What is the best way a physician can reach FIRE?
In this episode J talks to Jesse, a physician who is set to FIRE in 10 years. He is currently 43 with 3 children, and talks to us about his different lifestyle changes, his investment strategies and negotiation advice.
You'll love that story.
We also chat about...
His plan and timeline for FI and his children's education The ethics of retiring early as a physician How he cut back on hours His plan on international travel Rebalancing his portfolio and his investment strategy How to negotiate from above
Enjoy this chat with Jesse, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Jesse's blog: Doc of all Tradez The Physician Negotiator Unplugged Parents Physician on FIRE Seak Medicine Physicians helping Physicians Nuestros Pequeños Hermanos William Bernstein Dough Roller Episode: A to Z of the Startup Life and Cryptocurrency with Erica Amatori Crypto Zombie Youtube Krowns Crypto Cave Episode: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic Stuart Diamond
Key takeaways from our chat with Jesse 1 - The market for retired physicians is ready for disruption Quitting medicine early is a one way street since it's very hard to go back to being a physician once taking some time off. There are also some ethical questions behind retiring early as a physician, simply because physicians help save lives and are necessary to society, whereas someone working in the tech industry isn't as needed. However, Jesse argues that tele-medicine is already starting to be a thing, with retired physicians helping companies and individuals with their health from the internet. 2 - How to negotiate as a physician Jesse explains that physicians don't negotiate when they are first hired, causing the entire average salary to decrease. This is because in their first job interview they're happy to take anything. Jesse argues that as a physician you have a huge opportunity to earn a larger salary, even if you end at the bottom of your class. His three negotiation steps are:
Use the data to prove what you're worth. Get them to like you Learn to deal with and use your emotions
3 - Rebalancing your portfolio Jesse has a slightly different investment strategy which includes rebalancing his portfolio every quarter and setting targets for bonds, alternatives and stocks. This follows a specific asset allocation strategy which offers a more balanced and personal approach to investing. Jesse also likes cryptocurrency and explains how owning bitcoin now could pay off a lot in the future. Crypto consists of 1% of his portfolio, but he advises that you should only invest what you're willing to lose. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Today's episode has 3 big announcements! 🎉
In today's episode Gwen and J give us a rundown of their FI journeys and everything they've learnt through this podcast. Gwen loves DC and will soon be changing to a better job, J announces that she's pregnant and due in August! Sadly, Gwen announces that she will be leaving the FIRE Drill podcast.
You'll love today's episode.
We also chat about...
How Gwen and J have changed after 155 podcast episodes Mental health and saving the right amount of money J's pregnant! Gwen's life in DC Gwen's decision to leave the podcast FIRE Drill's accomplishments J and Cody are launching a course together
Enjoy this update, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Fly to FI Grant Sabatier: Millennial Money Course: Gold City Ventures Millennial Boss on Instagram Gwen's blog: Fiery Millennials Gwen on Instagram and Twitter
Key takeaways from our updaten9y 1 - Gwen and J's view on financial independence have changed When Gwen discovered financial independence she started saving aggressively and now has over $200,000 saved up. But now she is less focused on the retire early side of FIRE, and is now focusing on building a life and career that will fit her best. She's taking her time to enjoy life, keep a pretty high savings rate of 30-40% and not taking it too hard. J's attitude has also changed. When she first started on her path to FI she was aggressively paying off her student loan debt. Now she realises she doesn't need 25 times her annual expenses to enjoy life, and so is focusing on funding businesses and her current job. 2 - J is pregnant! J's child is due in August, and she's very excited. She did not want to announce earlier because she wanted to tell her parents first in person, and was waiting for her job to give her a higher position so she could secure the raise. Her and her husband have decided now is a good time to have a child since they are planning on staying put for some time now, and they felt ready. Huge congrats! 🎉
She will also be launching a course along with Cody from Fly to FI to help others manage side hustles that actually make money. 3 - Gwen is leaving the show After 2 years of hosting the FIRE Drill podcast, Gwen has decided she needs space to grow in life. The podcast takes a lot of time to manage and grow, and she's decided she now wants to spend the time doing something else. She will still be posting on the blog, but will be cutting back considerably and focus instead more on her career, on enjoying what she does and being who she is. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ever considered taking a gap year right in the middle of your career?
That's exactly what Becky and Noah did. We interviewed them before they went off on their 1 year road trip round the United States, and now they tell us how it went, their takeaways and plans for their future.
You'll love their story.
We also chat about...
What surprised them about their trip Their advice to others who want to take a gap year Getting back into the workforce after a gap year Why they didn't try to start any new business ventures Why they chose California
Enjoy this chat with Becky and Noah, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Becky and Noah's blog: Money Metagame Becky and Noah on Instagram and Twitter ChooseFI episode with Naseema: How I Paid Off 1 Million in Debt Article: Hotel stats from a year on the road Episode: How to make $14,000 honeymoons cost $500, and taking a gap year with Noah from Money Metagame
Key takeaways from our chat with Becky and Noah 1 - Their biggest takeaways from the trip Both Becky and Noah were surprised at how comfortable they were living out of their car. They were living lean, didn't have high expectations nor a specific outline of their trip, which gave them a ton of well deserved freedom. They spent much less than they thought they would and used hotel points and cashback to reduce the cost even further. 2 - Advice for those who plan on taking a gap year Noah explains that doing a gap year right in the middle of your career is the perfect timing. He says that if they had done it too early they wouldn't have had such a decent amount of cash saved up, and the compounding interest wouldn't have had as much of an effect. They also recommend to talk to your employer and make sure you feel comfortable you'll get a job when you get back from your gap year. 3 - The biggest benefits of taking a gap year This gap year was their year to chill. Becky was burnt out from her nursing job and needed some time to recharge, so this was the perfect opportunity to do so. This time off allowed them to relax and by the end of it they were actually looking forward to going back to work. By exploring all these cities in the US, they were also able to pick a location that fitted them best. The fact that they're changing jobs also means a bump in their salary, and they've also now decided to be more relaxed about reaching FI. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Most early retirees will tell you that you'll most likely still make money even after retire.
That's why JT decided he didn't need to reach the full 25 times his annual expense in order to quit his job and enjoy being with his family. Instead he has a runway for several years and is working on land investing to produce his main income.
You'll love his story.
We also chat about...
Reaching FI with 4 kids The runway approach to FI JT's current assets How paternity leave gave him a taste of FI Land investing as an income His healthcare strategy
Enjoy this chat with JT, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Youtube video: Land Flipping 101 for Beginners Episode: How to Create Passive Income from Etsy Digital Products | Mastermind Update Camp Mustache Chautauqua UK FIREDrill Facebook group
Key takeaways from our chat with JT 1 - You don't need 25 times your annual expenses to quit your job JT tells us that when attending a Camp Mustache, most early retirees told him that he'd still make money even after he was retired. After hearing this he decided to take the runway approach to FI; saving up for several years, quitting his job but still working 10-15 hours a week on a different project that will produce revenue. He is nowhere near meeting the 4% rule, but that's absolutely fine with him because he's still making money and has several years saved up in case the projects don't work. 2 - How JT quit his job 2 weeks ago JT started talking to his boss about quitting in December of 2018, giving his company a good amount of time to find a replacement. Gwen explains that many people fall into two camps when quitting a job; either telling their boss well in advance and helping them find a replacement, or letting them know 2 weeks before quitting. This is really because it depends on the relationship with the manager and boss. JT tells us that he was lucky to have a good boss and his excellent relationship with his managers is what allowed him to make a large amount of money from the start. 3 - Land investing as an income JT's current project is real estate investing with a twist. He sources land below market price and then sells it to the market at a discount. He explains that it's an easy model since it mostly uses all cash and the transactions are fast and easy. The hard part is finding the land at below market place. So far he's done deals on 16 properties and it takes him 3 months or so to sell them off. This is a great model since he explains that he gets cashback and residual income, and can expect at least a 100% return. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How many times were you in a position to negotiate your salary?
Financial Mechanic is a software engineer at the age of 25. She's negotiated for her salary several times which has boosted her income into the impressive 6 figures. She's now on her track to reach FI at the age of 32.
You'll love her story.
We also chat about...
How to get a job in software engineering How she applied to jobs Why she wants to reach FI Her timeline for the next few years How negotiating booster her income to 6 figures Her love for travel
Enjoy this chat with Financial Mechanic, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Financial Mechanic Blog Financial Mechanic on Twitter and Instagram 7 Tips for Negotiating - How I Doubled My Salary in Two Years Tackling the Money Taboo — How to Talk About Your Finances How I Became a Software Engineer Without a CS Degree Don’t Climb The Ladder; Take the Elevator On Love and Money—The Mechanics of Shared Finances Codecademy Khan Academy Book: Cracking the Coding Interview MatLab Episode: Canada’s Youngest Retirees and the 3 Paths to FI – Millennial Revolution Chautauquas
Key takeaways from our chat with Financial Mechanic 1 - You'll learn the most on the job Financial Mechanic has a degree in mechanical engineering, but got a job in software engineering. She explains that she did have to pick a coding language to work on so she could apply to the job, and recommends Javascript as a good place to start. But she does admit that she learnt most of what she knows on the job itself. If you're thinking of a career pivot she recommends looking for a job geared towards a junior position, or even checking out schools for people who want to change industry. She researched the interview questions and read the book 'Cracking the Coding Interview' to be fully prepared. 2 - Negotiate when switching job When negotiating, FM recommends to ask employers to give the first number. Both Gwen and J also talk about the importance of knowing what to expect, whether by talking to someone already in the company or doing some in-depth research. If the employers don't give you a number, you can also ask for a range, and aim for what you feel they would accept. J emphasises that you don't need to reveal how much you got paid in your last job when applying to a new one. J and Financial Mechanic recommend not to be confrontational and to look for a win win situation. If the company can't afford the money, you can also try asking for more vacation time or other benefits. 3 - The more you negotiate the better you get at it The more negotiating Financial Mechanic did, the better she got at it. She started with $65k salary, moved up to $72k and then $105k. After that her salary kept increasing 10%, and she gained more confidence to ask for more. She admits that there are not a lot of resources for women to learn effective strategies to negotiate, but with continuous practice she now feels confident. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
One FI strategy is focus hard on your own career to fast track your path to FI.
Robert worked for the same company for 15 years, which allowed him to get multiple promotions, become a leader at a young age and retire early at the age of 36. He worked in sales and thanks to a good boss and network, he was able to move up the corporate ladder to eventually reach FI.
You'll love his story.
We also chat about...
How to quit your job Why working in sales makes promotions easier Optimising your career to reach FI Negotiating your promotion Robert's plans after leaving his job completely
Enjoy this chat with Robert, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Stop Ironing Shirts blog and on Twitter Blog post: I Gave My Early Retirement Notice... and Live Tweeted It
Key takeaways from our chat with Robert 1 - Working in sales makes promotions easier Robert explains that he was able to get 5% salary promotions because he worked in sales, where your performance is more quantifiable and you have more of an opportunity to grow your career. Although people may look down on sales, it really depends on what you're selling. Robert's strategy revolves around asking the client questions and letting them talk. He also recommends getting into a sector that sells expensive products in demand. 2 - The importance of having a good mentor A good boss or mentor is the one who will put their neck out for you when you're trying to get a promotion. Robert relates much of his promotion success to trusting his boss and proving himself to his superiors. For this reason it's important to know who you're working for, what their reputation is and to make sure that they are influential and powerful. 3 - Build a skill not many people have Robert was highly skilled in commercial lending, which meant companies needed him. It meant he was confident he could always bring in revenue from his company thanks to his skills and knowledge in that specific area. Robert recommends having a highly sought after skill and also becoming a leader. Leading small groups is what increased his performance and therefore his promotions. It's a skill that does require constant learning and thinking, but pays off well in the long run. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Reaching FI and preparing for kids at the same time sometimes doesn't go as planned.
In this episode we hear tips and tricks from our community on planning for children, the different options LGBTQ couples have and advice when it comes to paternity leave.
You'll love this episode.
We also chat about...
Family timing and tips Why it can be dangerous to wait too long The different options LGBTQ couples have Why you should divide your paternity leave Working as a stay at home Dad
Enjoy these tips and tricks, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Playing with FIRE Documentary Journey to Launch Financially Intentional Courtney & Nicole's Instagram House of FI Savvy History Book: The First Forty Days Financial Samurai
Key takeaways from our community advice 1 - Even when you plan for children, there will be bumps on the road Planning for children can be a natural thing to do, especially in the FI community. Lynne recommends saving one year in advance if you're going to pay for daycare, and expect the cost of a child to be like a second mortgage. Jamila also recommends to pay off debt, have a home and have an FU fund before having children. Having said this, Felissa advises against waiting too long, since after the age of 30 your maternity is at a higher risk. This can be very expensive if you decide to pay for IVF, and it can harm your relationship with your partner. 2 - Work out your options as an LGBTQ couple There are quite a few options to having children as an LGBTQ couple - but it's important to plan accordingly. This ranges from adoption, to surrogacy, to adopting from a foster home. Courtney and Nicole decided to work with a fertility donor and it took quite a hit on their budget between all the missing days of work, the stress and social cost. Because they were diligent savers before they had their daughter, Nicole was able to quit her nursing job and stay home with their daughter. They've now been able to hit their FIRE number as a family of 3 but expect to add more to it when they expand their family to 4 in the future. 3 - Split your paternity leave Nicholas recommends splitting paternity leave as this helps your partner and also means you can enjoy more time with your child at different ages. It's also good to ask your company whether taking paternity leave might hinder your career - in most cases you'll be glad to know that it won't. The amount of flexibility it gives is extremely helpful. There is still a stigma around fathers taking paternity leave as well as being stay at home Dads, however people like Financial Samurai prove that people are doing it and that you shouldn't be worried of what other co-workers think. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Imagine making 39,000 sales through your Etsy shop.
That's exactly what Alys Maley has made in total since she started selling digital products through her Etsy shop. She went from a full time job as a designer to working from home and earning even more through her side hustle, allowing her husband to also leave his job.
You'll love her story.
We also chat about...
Her career as a designer Her initial investments Her journey getting to 39,000 sales Advice to those getting started How to manage clients
Enjoy this chat with Alys, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Alys' shop: Paper Lark Designs Photoshop Illustrator Adobe InDesign Canva PicMonkey Facebook group: Etsy Passive Income Girls Facebook group: Etsy Passive Income FIREDrill's Facebook group: Etsy Downloads and Printables with Gwen and J J's Etsy Printables course
Key takeaways from our chat with Alys 1 - Your digital product should solve someone's problem Alys attribute most of her success to simply finding a niche that solved someone's problem. Her niche is professional photographers who need templates and quick graphics to promote a session. She didn't reinvent the wheel, she didn't join an already saturated niche. She says the key is to find a niche where someone has already validated sales, but which isn't overpopulated with sellers. Understand the market and keep following this successful formula. 2 - Value your skill set When starting out, you need to value your work. If you offer a customisation for $5, you won't get high value clients and you'll be underpaid for spending hours exchanging emails and adding more customisations. Alys' clients first pay for the customisation and then she spends time personalising the digital product. For this reason it's important to understand your clients, your market and your own value. 3 - SEO doesn't always matter Alys does not invest at all in SEO, and yet has one of the most profitable shops in her niche. She says this is because she simply solved a problem, and this made clients come flocking to her shop. If your product is in high demand, you will get high sales. If you don't have the right skill set, you can teach yourself - as Alys taught her husband - but really the key thing you should focus on is what value your product is providing customers. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Spend based on your values rather than your wants.
This is what Steve does with his money, his values being his wife, happiness, travelling, health and fitness. By focusing his money on the right things he was able to pay off over $100,000 in debt, house hack and reach his own level of freedom before even reaching FI.
You'll love his story
We also chat about...
The moment Steve realised he needed to fix his finances How him and his wife house hacked their mortgage Moving from Chicago to Miami Spending based on values rather than wants His future FI goals The FI levers he's taking advantage of Can everyone achieve FI?
Enjoy this chat with Steve, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Steve's blog: Even Steven Money Steve on Twitter, Facebook. The FIRE Documentary Episode: Set for Life with Scott Trench
Key takeaways from our chat with Steve 1 - How house hacking gave Steve a huge bonus Steve explains that him and his wife moved to Chicago and bought a foreclosed house in 2012. After renovating it, they moved into the attic and used it as their own apartment and then rented out the rest of the building as well as the garden. The renters eliminated that mortgage, and with the extra payments they were able to pay the mortgage on their Florida house off. With this extra money they were able to pay off other stuff early, and get out off $100,000 in debt! 2 - Doing a FI trial run Steve focuses on his keeping a stable income and low spending, which means that him and has wife have a lot more flexibility and freedom. His wife works full time remotely, and he is building his own business. They're already at their own stage of financial freedom, and will be figuring out their ideal lifestyle for the next 3 years. Their goal is to have 1 million dollars and then use the 4% rule to live on $40,000 per year, but they are not aggressively saving at the moment as make sure to prioritise their current lifestyle too. 3 - Spending based on values rather than wants Spending based on values means buying things that truly bring happiness. If you identify your values first and then spend based on these, you are more conscious on where your money is going which therefore brings you more satisfaction. If you value cars and know a new car will make you happy, then by all means by the new car (if you can afford it, of course). Steve identifies his values as being his wife, happiness, travelling, health and fitness. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever felt that pursuing FI affected your mental health negatively?
Today we talk to Hillary, who struggled with anxiety and depression in her younger years and has worked with therapists to improve her mental health. She is also on her journey to FI, but does not sacrifice her mental wellbeing for financial independence.
You'll love her story.
We also chat about...
Hillary's background Doing therapy online When is it time to see a therapist? What to do as a friend Gwen and J's experiences in mental health The importance of setting boundaries
Enjoy this chat with Hillary, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Talk Space The Frugalwoods Calm App Headspace Hillary Wallace on Facebook Episode: The State of FIRE : A Holiday Chat with Erin Lowry from Broke Millennial Top Mental Health Apps Impactful infographic from the National Alliance of Mental Illness A walk though site on how to seek mental health treatment
Key takeaways from our chat with Hillary 1 - Like FI, improving your mental health comes from within Both Gwen and Hillary have been through some tough mental health challenges. As a friend, it's not easy to understand what the best thing to do is. Hillary says that really it is up to the person to work their mental health. Similar to FI, someone can influence you and try to reach FI, but in the end you're the one who has to take action. With mental health, friends can support you and be present, but at the end of the day only you can work on your mental well being. 2 - The stress is not worth the money Many times reaching financial independence can take a toll on your mental health. If you put work first and don't take care of your personal self, this can result in much more anxiety, stress and overall unhappiness. J used to work in a pretty stressful environment in California, and admits that the stress was not worth the money. Your financial health will only flourish when your body and self are prioritised. 3 - The importance of setting boundaries Hillary explains the importance of setting boundaries at work and your personal life in order to better manage stress and anxiety. Although it certainly depends on your position and experience, turning down certain activities and setting boundaries can help you manage stress and anxiety much more easily at work (e.g. asking to do less international travel). Hillary also recommends talking to your boss and framing it in an open ended way, as well as having an emergency fund to have the flexibility to change jobs if needed. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What will you with your time once you retire early?
We know you've wanted to hear more from early retirees, so today we interview Chris, who retired at the age of 41 after working for 15 years as a physical therapist, and now lives in Utah with his wife and daughter.
You'll love his story.
We also chat about...
His job as a physical therapist His emotions when leaving his job Moving from Pennsylvania to Utah What he's currently doing with his time Figuring out the healthcare situation His plans for the future
Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Can I Retire Yet? Episode: How to Learn from Mistakes and Turn Your Life Around with Joel from FI180.com Article: Does FIRE Make Life Harder? Article: Are Health Care Sharing Ministries A Viable Alternative To Health Insurance For Early Retirement? Article: Navigating ACA Tax Credits to Purchase Affordable Health Insurance Article: Exploring the Pros and Cons of Retiring Before Your Spouse Article: A Week In The Life of a FIRE Household Article: Order of Operations for Tax Advantaged Investing
Key takeaways from our chat with Chris 1 - You can have a great job and still want to leave Chris had a great job as a physical therapist. He worked at the same company for 15 years, and found the job very rewarding. He would experience every one of his patients getting better, and was working in a family atmosphere between workers. Even though he was very lucky with his working conditions, he tells us was ready for a change. There was a lot of bureaucracy and the repetitiveness made the job a little mundane. In any case, his last day on the job was full of emotion since he felt both happy and sad. As he says, leaving your job is rarely a black/white situation. 2 - What Chris does with his time As an early retiree Chris spends most of his time outside. He moved from Pennsylvania to Utah with his wife and daughter to really live right in the middle of nature. During the winter he goes skiing 4-5 days a week, and during the summer he spends his time hiking on trails. He truly is able to go out every day, and in addition has now taken up blogging and writing. He has time to take care of his daughter, and has the freedom to do as he wishes. 3 - Being FI as a team Chris' wife is still working remotely, since she enjoys her job and doesn't feel the need to retire. They are now working as a team and have made up their own rules when it comes to managing the family. They're currently living off Chris' wife income, which in turn allows their investments to grow until she decides to leave. They've also switched their mindset to investing their money in the right accounts, and not only in tax advantaged vehicles. Although one spouse being retired while the other one works is a very much debated topic, Chris explains that they are a team, and each person is in charge of different aspects of the household. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Do you believe in paying off your mortgage? Or using that money to invest in the stock market? Or a hybrid approach?
In this episode we do a big debate on whether paying off your mortgage really is the right thing to do. We get some interesting voicemails from both sides of the debate, as well as some messages from the community!
You'll love how interesting it gets.
We also chat about...
Updates from Gwen and J Voicemails for and against paying off your mortgage Gwen and J's personal take The hybrid approach Opinions from the community
Enjoy this debate, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
The Military Guide Rich and Regular Marriage, Kids and Money 1500 Days FIREDrill's Facebook group
Key takeaways from our great Debate 1 - Some arguments for paying off your mortgage The main argument on paying off your mortgage is an emotional one. If you personally feel less stressed and happier knowing you own your home, that's likely the best strategy for you. Here are some other arguments for paying off your mortgage:
It's always good to have one less bill It gives a significant boost to your FI number Having a house is good in case of having a financially insecure parent Stress, freedom and happiness cannot be calculated with numbers It increases your net worth It gives a huge boost to your savings rate (once the mortgage is paid off)
2 - Some arguments against paying off your mortgage Those against paying off your mortgage argue that really it's a numbers game, and that if you do the calculations you're most likely better off not paying your mortgage early. Here are some of the other arguments:
If you have a reliable income (such as an annuity) and your mortgage payments are steady, there is no reason to pay it off early It's a hedge against inflation You might want the money around to be able to invest in something unforeseen Now is the best time to have a mortgage thanks to the super low interest rates Right now, you'll probably make more money in the stock market You might not want too much of your net worth tied into real estate
3 - At the end of the day, it's a personal choice Whether you pay it off or not, at the end of the day it's what helps you sleep best at night. Some of the other responses went for a more hybrid approach. Josh, for example, maxes out both his 401k and IRA, and then all his extra payments go towards the mortgage. Brandon also has a hybrid approach, showing that his priorities are first his employer contributions and then the mortgage. Christopher also recommends always having an emergency fund before deciding to pay off your mortgage - just in case you need the money immediately! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Want a career that involves travel? Teaching offers exactly that.
Sarah was born a traveller and knew she wanted to have a career that took her across the globe ever since she was a kid. She went into teaching and moved to China, where the low cost of living made it easy to save and travel. She then grew her side hustle of freelance writing to her full time gig and moved to the US with her husband and baby boy.
You'll love her story.
We also chat about...
Advice for others interested in teaching overseas What it was like to give birth overseas Teaching overseas in China How she planned moving to the US How she grew her freelance writing side hustle to her full time job The importance of setting boundaries Her current FI goals
Enjoy this chat with Sarah, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Sarah's podcast: Beyond the Dollar Sarah on Instagram Western Union Moneygram TransferWise Fincon
Key takeaways from our chat with Sarah 1 - Teaching makes more travel possible Sarah knew ever since she was a kid that she wanted to travel as an adult. So to make it possible, she went directly into a career that not allows you to travel, but also pays for your housing and even flight tickets: teaching. She says the most important is to have some experience, and then simply get in contact with a recruitment agency that'll help you find jobs overseas. And so she decided to go to China. 2 -The hard part of going freelance During her time in China, Sarah was building a hefty emergency fund for her move to the US. She also had a newborn - which her and her husband had to plan carefully for. She was also working on her side hustle of freelance writing, eventually replacing her teacher salary. After moving to the US, she tells us that the hardest part was the isolation. She was adjusting to motherhood, to the US and working freelance online. Once she moved to a big city she says things got much better. 3 - The importance of setting boundaries She learnt how to balance freelance work, family time and her own time by clearly setting boundaries. She's learnt to negotiate boundaries with her family and re-assessed her priorities so she knew which clients to keep and which took too much of her time. By making sure she's organising her time efficiently and doing what is most important, she's found a way to be balanced. The results: her freelance income has doubled! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Did you know there is a large FI community over in Brazil?
Luiz reached FI after working as pilot both in Brazil and the Middle East. He discovered the FIRE world when he felt burnt out from work and was looking for smart ways to manage his money. His plans now include taking advantage of 90% discounts on airline tickets, travelling the world and moving to Bali, Indonesia.
You'll love his story.
We also chat about...
Achieving FI in Brazil vs in the US Why Luiz went to the Middle East What the FI movement is like in Brazil The Brazilian FI bloggers How he's using geoarbitrage The toll it took on his health
Enjoy this chat with Luiz, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Luiz' blog: Sr. IF365 Blog: Vivir de Venda Blog: Aposenteaos40 Paula Pant International Health Insurance Allianz
Key takeaways from our chat with Luiz 1 - FI is happening all over the world! From this interview we can really see that the FIRE is spreading! Luiz tells us that FI is a pretty big thing in Brazil, and although all the bloggers are anonymous, the movement is gaining awareness. Luiz discovered FI when searching for smart ways to manage his money, and then started applying strategies with the help of Brazilian FI bloggers. He tells us it's too dangerous to reveal your identity online because of the economic and political instability - but he now has a blog and regularly listens to FI podcasts. 2 - Why it's different to reach FI in Brazil vs in the US The interesting thing about reaching FI in Brazil is that the money game is quite different. First of all, Brazilian banks still have high interest rates, meaning simply putting your money in a bank will give a similar return to the stock market. But things are a bit more expensive in Brazil, and the minimum wage is much lower - just over $1. So in order to reach FI in Brazil, you do need an actual income. 3 - Should you sacrifice some of your health to reach FI? Luiz tells us he did have to sacrifice some of his health to finally reach his number. As a pilot, he wasn't sleeping well and he could feel his health deteriorating. His original plan was to take a career break, but then he decided to power through in order to reach his number and quit once for all. Was it the right decision? Personally, he says yes, however he agrees that this might not be the right choice for everyone. At the end of the day, it's a very personal decision. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ever thought of starting a side hustle selling hair lice removal services?
That's exactly what Timika came up with when she realised she wanted to make more money to retire early and take a sabbatical. She did the research, put up a bit of money and in her first year made 6 figures in sales. In 3 years she hopes to take her first sabbatical.
You'll love her story.
We also chat about...
Timika's money journey How her divorce affected her finances Taking sabbaticals Her entrepreneurship journey starting a lice clinic Having the confidence in the value of what you're providing How you can start your own lice clinic business
Enjoy this chat with Timika, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: The Reluctant Frugalist Dave Ramsey Joshua Sheats - Radical Personal Finance ChooseFI
Key takeaways from our chat with Timika 1 - Managing a business is about confidence Contrary to many other entrepreneurs, Timika wasn't a kid selling cookies and managing entrepreneurial ventures at a super young age. And yet, she is now managing a 6 figure business that is fast tracking her path to FI. She tells us that her biggest hurdle was confidence. She learnt to speak in front of people, to believe in her skills and deal with rejection. She now encourages her daughter to do the same, she now has her own Minecraft channel! 2 - You can set up your own lice clinic Although it may seem like an odd side hustle to have, Timika's thought process behind starting her own lice clinic makes a lot of sense. She only had to invest $25,000 to get it started - the price of a car - and the return was substantial. She went to a lot of other lice clinics to take note of profits and see how the system worked.. She also went to talk to other business owners and analyse their strategies and techniques. She did the numbers and the research, and now has a business making her good money. 3 - Consider a sabbatical Instead of trying to accumulate as much as she can to reach FI, Timika will be taking a sabbatical in 3 years. She's a school nurse, and her school allows her to take a year off and come back to the same position a year later. She says this a great time to be with the kids, and wants to take them out of school, do some travelling and homeschool them for a while. She wants to enjoy the moments with them and knows a sabbatical will allow her to do exactly that. How about taking a sabbatical and getting a taste of what FI would feel like? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Sometimes you're better off focusing your energy on getting a promotion at your day job than starting a side hustle. Would you agree?
Tanja appears once again on the podcast! This time, with a new book! Tanja retired at the age of 38 and 2018 was her first year of retirement. She describes it as a year full of travel, family visiting and writing her book. She also describes her interesting after tax saving strategy that separates her pension money from her FI money.
You'll love her story.
We also chat about...
Tanja's first year of early retirement Her after tax saving strategy Where the bulk of her savings are Her fitness side hustle and why dropping it was the best thing she did Her new book Work Optional, Retire Early
Enjoy this chat with Tanja, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Tanja's blog: Our Next Life Tanja's new book: Work Optional, Retire Early the Non Penny-Pinching Way The Fairer Cents podcast FIREDrill episode with Tanja: Making Huge Impacts in the FI Community Book: How to Retire Early Choose FI Episode 112: Naseema Financially Intentional | How I Paid off 1 Million in Debt Camp FI Ecuador Chautauqua
Key takeaways from our chat with Tanja 1 - Time goes by slowly when you're free Tanja tells Gwen and J what an amazing year she's had as an early retiree. She finally feels free and able to do what she wants, even if she's on a stricter budget. She had a lot of stuff going on, and yet the year went by slowly and she enjoyed it much more than if she was buried in work. She was able to attend the events that she wanted, visited more family and was able to write her newly released book. So far, early retirement is going pretty well! 2 - You'll probably need way more money when you're older Tanja has an interesting after tax savings strategy. She doesn't know what her life will look like in 30 years, so she has one fund (her pension fund) in her 401k which she isn't planning on taking out until she's 59 1/2 years old. She has another fund which she has calculated will last her until she reaches 59 1/2 saved in taxable accounts. She argues that she would rather have a big cushion when she's older, and her aim when saving up was 30 times annual expenses. She says you won't regret putting aside more for your older years. 3 - A side hustle isn't always a good idea An interesting argument; sometimes you're better off focusing on your main job and increasing your chances of a promotion rather than building your own side hustle. Tanja's side hustle was teaching yoga and spinning, which she says is a great side hustle: it's pretty easy to get a certificate, you get to work out and build a community and you make a not too bad $20/hour wage. However, if you focus on your job and get a $10,000 promotion... sometimes that's more worth it. It really depends on what you're potentially trading for with a side hustle. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ask yourself 'What kind of life do I want to live?' and then 'How much money do I need?'.
Grant reached financial independence at the age of 30. But he was working 80-90 hour work weeks and was focusing more on the spreadsheets than actually enjoy the journey of FI. He's now published his first book and is touring the US to meet other people in the FI community, spreading what he's learnt over the years. His message is that FI is about living life on your own terms, and that you don't always need a million to be there.
You'll love his story.
We also chat about...
FIRE events 2019 The good and the bad of these FIRE events How Grant researched his book Why he decided to write a book Grant's book tour His book giveaway
Enjoy this chat with Grant, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Fyre Festival Documentary Chautauqua FI Above the Clouds Retreat Jim Collins Vicki Robins Afford Anything Our Next Life Millennial Revolution Alan Donegan Mr 1500 Montana Money Adventures ChooseFI Local Camp Mustache Camp FI Fincon Millennial Money Grant's book: Financial Freedom Book: Your Money or Your Life Mad Fientist Root of Good JD Roth Financial Samurai Fly to FI Financial Freedom website
Key takeaways from our chat with Grant 1 - The good and the bad of FI events At the beginning of the episode Gwen and J discuss the different FI events coming up in the year 2019 and their personal experiences in previous ones. All events include meeting very interesting and nice people. Chautauqua includes travelling abroad and getting to know 25 people for one entire week. The ChooseFI local groups are great to meet people in your own area. Camp Mustache is more superficial but you get to meet a lot of new people. Camp FI is an event with 40-50 people and is a great place to meet FI people in your region/state. Gwen and J recommend starting off with events in your local area before spending money on overseas events. 2 - Why it's worth writing a book Grant has both a blog and a book. He tells us he wrote the book because he needed accountability, and wanted to fully reflect on what happen. He's also been to a lot of money events that are complete scams, so he wanted to create something that had credible true information. His book is a physical product that covers money from end to end, and the amazing part is that he is able to get the books translated and send them to schools, to libraries and all over the world. For him it was simply an easier way to spread the message of FI. 3 - Beware of the addiction One highlight of Grant's FI journey is that he was working 80-90 hour work weeks in order to reach his goal. In 5 years he went from having an empty bank account to having over a million. This cost him a lot of work, which in the end he admits he might not have needed. He didn't need a million dollars, he argues that a 6 month emergency fund would have been enough. He says that FI can be a money addiction in itself - you're constantly focusing on the spreadsheet and hitting those numbers, but then never get to enjoy the money you're bringing in. This is why Grant says that FI for him is about living life on your own terms. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
A Purple Life is retiring next year on a $500,000 FIRE number.
She is currently 29 years old, and living and working in Seattle. She's managed to reduce her expenses to $18,000 per year, and splits costs with her partner. She is also successfully living on a keto diet and is planning on going travelling next year once she hits her FI number.
You'll love her story.
We also chat about...
Moving from New York to Seattle How she reduced her expenses to $18,000 per year Why she does not combine finances with her partner Living a keto diet How she calculated her FIRE number Life goals
Enjoy this chat with A Purple Life, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: A Purple Life A Purple Life on Instagram and Twitter Broke Millennial How My Partner Convinced Me to Retire Early Meet the Women of the Financial Independence Movement
Key takeaways from our chat with A Purple Life 1 - In the long run, living in the city is actually cheaper Gwen and A Purple Life both agree that living in the city is actually cheaper. This is simply because it's easier to optimise expenses - transit is cheaper and you can do a ton of free things for entertainment. A Purple Life explains that she only spends money on what makes her happy - if she's meeting with someone she doesn't know she probably won't go to a restaurant. She also takes advantage of happy hours and makes sure her spending is intentional. 2 - Sometimes you're better off not combining expenses with your partner A Purple Life and her partner have independent lives. They don't plan on getting married or on having kids, and since they both value different things they have agreed on keeping stuff separate and having different allowances. They won't be reaching FI at the same time and therefore have different plans for the future. A Purple Life explains that this has actually made her life way simpler and easier when it comes to planning. 3 - The benefits of having a public blog A Purple Life used to be a private blog, but she turned it public 6 months ago when J convinced her to. She is very honest about her numbers and uses it as a diary to FI. She is very glad to have made it public - she's been able to make more connections and the transition has helped her realise who she really is. She even says that doing so she finally found what she wanted to 'retire to'. 4 - That unicorn job might still not be perfect A Purple Life was looking for the perfect job, and she finally found it. But then a few months later, she realised she didn't want to continue working there. Thanks to this she realised that she simply did not want to work anymore and looked for other opportunities (hint hint, FI). Her partner introduced her to the FI concept and soon she will be free to do the 'non productive' things she likes doing (taking photos, cooking, travelling, etc). Go her 💪 Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever renovated a house yourself?
Garrett and Cathy have. In fact, they've renovated 6 properties! Garrett and Cathy came up with the idea of fixing up their own house when Cathy got laid off in 2009. Since then, they've been working hard buying houses, fixing them up and then renting them out to tenants. They are now stay at home parents and live off their rental income as they take care of their 3 kids. Pretty impressive.
You'll love their story.
We also chat about...
When their early retirement started How they decide which houses to buy Their strategies to rent and experiences with Airbnb How they DIY the plumbing and electrical How they became officially FIRE
Enjoy this chat with Garrett and Cathy, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Mr Money Mustache Garrett and Cathy's blog: The Grit and Polish Garrett and Cathy on Instagram and Youtube GS Building Supply White subway tile AirDNA
Key takeaways from our chat with Garrett and Cathy 1 - Work with what you've got A big part of how Garrett and Cathy renovate their homes is by working with what they've got. They started off by having to house hack out of necessity - Cathy was laid off her work and so they moved into the backyard cottage and rented out their main house. This meant they fixed up both the cottage they were living in as well as the house, and to keep renovation costs down they were forced to work with what the house gave them. They say this has been their key to success in renovation - instead of moving toilets and changing kitchen areas, they simple adapt to what they have. 2 - How to get the highest rent possible Cathy and Garrett Airbnb two of their homes and earn $8,000 per month in the high season! Their advice is to get a place with 2 bathrooms as this really increases the price. They also recommend to pay for a network of cleaners so they can take care of several properties at once, and to make sure you'll be at least breaking even. They also tell us about one kind of horror story - although they say it could have been worse and that usually they get pretty good guests. 3 - Getting started with DIY renovations It might be a little daunting to start doing DIY renovations yourself - how do I get started with plumbing? Or electrical? Do I need to buy cement? Cathy and Garrett say that the best way to learn is to literally just dive in. They bought the most basic tools, opened up Youtube and learned on the way. They also ask friends for help, and do their due diligence when it comes to licensed contractors, as they say that inspectors can be tough. In total, they say that they've probably saved around $87,000 by building their own kitchen. DIYing does really pay off! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Managing your own Etsy store is a great way to get some sweet monthly passive income. We talk to Amy, who manages her Etsy shop full time and has scaled her shop to both wholesale and retail clients.
Amy fell in love with design and opened her Etsy shop the minute she graduated. From there she started off with vintage clipart, and the moved towards printables in the wanderlust and travel niche, selling to both wholesale and retail clients. She manages her Etsy shop full time and prints her designs on everything from mugs to pillows.
You'll love her story!
We also chat about...
How she got started with Etsy How to know when it's time to pivot The importance of communicating with the customer How to shop and select a printer Using a dropship manufacturer Good Etsy conferences to go to Selling wholesale and retail
Enjoy this chat with Amy, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Amy's blog: Paper Finch Design Amy's shop: Paper Finch Design Amy's email: amy at@ paperfinch dot com Amy on Instagram and Facebook Etsy Forums Red River Paper Printful Printed Mint Haute Stock Society for Creative Founders Adobe Creative Suite Upwork Caroline Keating Coach J's Etsy Printables course
Key takeaways from our chat with Amy 1 - How do you know when it's time to pivot your product? J asks Amy when is the best time to pivot your product: how do you know if the product isn't selling because of the product itself or because of the way you list it on Etsy? Amy tells us that it's all about the success of the product. If you see that one certain niche is selling much better than others, then focus your efforts on that one and try to expand the product types.
Amy tells us she noticed that her wanderlust and travel products were selling over and over again, so she decided to drop other products and focus on that niche. She says it's good to be known for something, and to focus a lot on one niche instead of on a bit on several niches. She realized this also by making sure to listen to customers and feedback. 2 - How to shop and select a printer One pretty big issue when selling printables on Etsy is figuring out how to print them. When Amy started out she used a local shop to print her products. However, as she grew she realized that this was getting pretty expensive and so decided to buy her own printer - no easy feat. So she went on Etsy forums to see what others had, she cost compared prices and bought what she thought would work best for her in terms of ink and volume. A few recommendations she gives:
Buy a printer with a warranty Start small and within budget - you can upgrade later The ink world is vague, do your research Buy from the manufacturer so you get customer support Bookmark articles with important info
3 - 2 of the best things Amy did Amy gives advice to other people starting out:
- Find a mentor
Amy recommends finding a mentor to guide you through the whole setting up shop on Etsy. She found hers at conferences such as Society for Creative Founders.
- Ask, ask, ask
Ask your manufacturer what they think, ask other Etsy shop sellers for advice and ask friends in the local shop. By asking others you learn how to improve your product and you get to know better your customer. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
New Year, New Financial Goals!
In this episode Gwen and J receive voice messages and emails from people in the community talking about their financial goals for 2019. We also hear Gwen's achievements and goals for the year coming, as well as J's exciting news about her house and her financial plans.
You'll love this little chat.
We also chat about...
2018 side hustle recap The comfort of having a paycheck Voicemails from other bloggers Gwen and J's financial goals Up and coming for 2019
Enjoy this chat with Gwen and J, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Mad Fientist Spreadsheet FIRE Drill Facebook Group Tanya's Our Next Life blog Donate to Uriah Etsy Mastermind Episode: How to Create Passive Income from Etsy Digital Products Mad Fientist episode with J's husband: How to Get Fit (And Actually Enjoy it) The FI Show A Purple Life YNAB ChooseFI Blatimore Tanya's book: Work Optional Episode: Saving 70% of Your Income to Be With Your Kids Fly to FI MK's book: Enemies of the Peace
Key takeaways from the chat between Gwen and J 1 - Having a paycheck can be a huge relief Gwen tells us that she received her first paycheck at her new job, and how relieved she is to be making good money again. Thanks to her new job, she now has health insurance and doesn't have to worry about breaking bones, and can now also afford therapy. Gwen realised that thanks to having a normal monthly paycheck she can enjoy life again and really enjoy the journey to FI. She plans on doing a stand up comedy course, on looking for a good place to live and putting money into her HSA. 2 - Your financial goals for 2019 We got tons of messages with everyone's 2019 goals! For James, 2018 was the year of discovery, so 2019 is the year of side hustles. Heidi will continue on her debt free journey all through out 2019, and Josh plans to max out his Roth IRA. Mary Kate is on a roll with clients through her new side hustle, and Chad is aiming for a 20% savings rate along with paying off his Chase card. Yvonne wants to learn the fundamentals on how to close a real estate sale and is aiming to save $100,000 in 2019 (wow!). Jenny wants to increase her 401k contributions, learn about real estate and work on some local causes she believes in.
Some amazing goals for 2019! 3 - Some expert budgeters give advice Gwen tells us she budgets her after tax income from the month, and then extrapolates over the year. She tracks spending and translates that into an accurate looking budget. She's decided this year to not be so aggressive on keeping her expenses low and wants to have more fun. J also isn't keen on keeping a strict budget and uses the 'save first, spend the rest' method.
The FI Show explain the magic of local deals and using your freezer to store meat. A Purple Life tells us that her annual budget is based on the realities of last year. She uses YNAB to keep track and makes sure to not feel too restricted. Other bloggers tell us how they use envelopes, different accounts and cash to manage their money. Some pretty great tactics and strategies! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Here in the FIRE community we save a lot of money. What if one day it all disappeared because of a... security breach?
There's nothing worse than being hacked and having issues with your accounts because of a security issue - and losing all that money you need to reach FI! Today we talk with David, a security expert who used to work for NASA and who now works for a computer company. He tells us the steps we need to take to keep all of our money safe and not have to worry about security breaches.
You'll love this story.
We also chat about...
What you need to know about security How to figure out the best passwords SIM hacking How to move away from phone numbers VPNs and buying stuff online David's personal FI journey
Enjoy this chat with David, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Listen Notes episode on the Snapchat Thief LastPass and KeePass ProtonMail Burner app YUBI keys Nord VPN and Express VPN FIREDrill Facebook LIVE David on Twitter
Key takeaways from our chat with David 1 - The amount of security you need depends on your threat model Your threat model is basically how important it is for you to be safe. If you have large amounts of money in accounts, if you have large investments or assets, then you want to be more careful. If you feel there is not much risk and you are already careful with your accounts, then your threat model isn't as high. David tells us that being safe does not mean throwing away your phone or creating an email account for every single website you sign up for, it's all about taking easy and simple steps to make sure you won't regret it in a future. 2 - How to move away from phone numbers David tells us how insecure phone numbers really are. Phone numbers are easy to access online - many people send them across social media and insert them into registers. David says that to protect yourself from people harassing your phone number or even SIM hacking, you can use a service such as Google Voice which will create a new phone number especially for online services. Other programs such as Burner app also create temporary numbers. David also tells us that for authentication purposes, a Yubi key is the most secure way. 3 - Being safe in public places Working at Starbucks or a public place? Be careful with the information you put on the network, as it can be very easy for a hacker to retrieve your data. David recommends using a VPN when going out in public places. He also recommends even using 'virtual cards' when putting your credit card information into dodgy sites - banks such as Bank of America offer this feature to keep safe when buying products online. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel. 3. Join our Facebook group and connect with other members of the FI community.
Christmas is here! How are you celebrating the holidays this year?
In this episode Gwen and J give an update on their lives and receive some comments and thoughts from different listeners on giving gifts at Christmas. We hear gift ideas to reduce consumerism, bring more experiences, recycle old gifts and save money when buying.
You'll love the amazing ideas some people send us.
We also chat about...
Gwen getting a job in Washington and moving J's 3 life updates Gift ideas to give more experiences than things How to recycle old gifts Hacking the holiday work schedule Saving money on presents
Enjoy this chat with Gwen and J, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
MarketWatch's article on Gwen Episode: How to Create Passive Income from Etsy Digital Products Instant Pot on Amazon Ebates Honey
Key takeaways from the chat between Gwen and J 1 - There are huge benefits to living in a city Gwen has been living with her parents for the past 2 months and realises how much she misses the city - she will soon be moving to Washington and be starting a new job. She's very much looking forward to it because big cities offer many more opportunities to try new things, meet new people and save on transport. Gwen and J agree that cities are also great since everything is walking distance, and you're more likely to do something that's 10 min away walking than 10 min away by car. 2 - You don't have to gift 'stuff' this Christmas James tells us he prefers gifting consumables such as wine, food and similar items, since this means the person will enjoy the present and not be amassing more 'stuff'. Jenny also recommends gifting infused liqueur and something simple such as fudge also works great. Joanne prefers gifting activities instead of things; last Christmas she organised a crazy outfits contest! Rachel likes exchanging restaurant deals with her friends. Other gift saving ideas include buying presents on Cyber Monday using cashback deals, contributing money to a 529 or showing younger family members how awesome it is to work in tech! There are amazing gift ideas out there, just need to a bit creative 😉. 3 - Working during the holidays isn't the worst thing ever A listener sends in a suggestion that working during the holidays isn't the worst thing ever; you'll probably get double pay (which is sometimes worth it), and since the office is completely empty it's a great time to focus and get a lot of work done. You're better off taking the holiday when you really need it at a different time of the year - and also when prices will be cheaper and places won't be as crowded! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Ever met someone who was in the FIRE community but didn't know it?
Kelsey and her husband started off like many others: a college degree, a job, a house, and so on. But then, Kelsey decided she wanted to try something else and so they went to Seattle, where she started her own digital marketing company and her husband went into carpentry. They then decided to go travelling, starting with New Zealand and then South America, where Kelsey was still working on her business and her husband got started with white water kayaking. A real FIRE adventure!
You'll love their inspiring story.
We also chat about...
Kelsey's journey to entrepreneurshipHow she started her businessHow they survived the first few months without moneyTravelling and living abroadHer long term goals
Enjoy this chat with Kelsey, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Kelsey's business: Davies and DixonKelsey on LinkedIn and Instagram
Key takeaways from our chat with Kelsey
1 - Exciting things happen when you leave your comfort zone
Kelsey wouldn't have been able to do all she did if she hadn't left her comfort zone and gone to Seattle. She had a house, a secure job and was married, but they still decided to change their lives completely and pursue their dreams. Kelsey's husband went into carpentry, and she pursued her dream of building a business with her co-founder. Thanks to this, they were then able to live abroad and travel.
2 - Going online can help your business
In order to work on her business while travelling, Kelsey had to move everything online. This meant giving some people in the business senior management positions, making systems more automated and mostly working with online clients. Kelsey says this definitely helped her business grow and helped define the roles between the co-founders. By hiring people who are smarter than her, she was able to separate herself from the business and help it grow.
3 - The power of mentorship
Kelsey attributes a lot of her success to having the right mentors, the right people with good advice. She finds people that empower and encourage her, and from the entire spectrum of advice, she takes the best parts and and works with them. Gwen and J talk about the different mentors they encounter at events they go to - a great opportunity to meet interesting people.
Questions? Like or dislike? Leave us a comment!
Want to support the podcast? Here are three things you can do.
-
Start tracking your net worth with Personal Capital using our link. It's free.
-
Subscribe to our YouTube Channel and get one extra LIVE episode from us per week.
-
Join our Facebook group and connect with other members of the FI community.
Tired of spending money on rent? How about living in an RV!
Joe and his wife have lived in an RV for over 4 years now and are loving every minute of it. They have also been working towards their path to FI, continuously accumulating FU money and allowing them to go travelling, to survive a lay off and for Joe's wife to start her own business.
You'll love how inspiring his story is.
We also chat about...
Building FU moneyLiving in an RV for over 4 yearsJoe's layoffHis future FI goalsThe struggle of not knowing when to quit
Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
OnTrajectory toolJoe on Instagram and TwitterBook: The Girl of the Sea of CortezBook: Stuck on an island Book: Sailing the Golden Sea
Key takeaways from our chat with Joe
1 - The path to FI has its advantages
Thanks to having FU money, Joe was able to survive his lay off even though his wife's business wasn't really making an income yet. He took advantage of his time off to go travelling and help his wife with her business. They had been saving for a few years and this allowed Joe to have more options - even though the lay off came as a surprise! This goes to show how FI is really not just about the number, but really about the journey.
2 - It's all about having your finances in order
Joe tells us that companies need to make a profit, and sometimes that means letting employees go - there's not much you can do about it. The only thing you can do is have your finances in order and be ready if something happens. He says this FI lifestyle will give you the flexibility to do whatever works best for you, without having to depend too much on external circumstances.
3 - The 'one more year' struggle
Joe could quit his job now if he wanted to and would essentially be Lean FIRE. However, he explains that he is comfortable at his job and is enjoying what he's doing at the moment, and so would rather continue working and accumulate more money just. He talks about how difficult it is leave your comfort zone and quit your job. All this into account, his job gives him a lot of flexibility and allows him to travel and achieve his dreams of hiking and exploring. Once again, if you're enjoying the journey, there's no rush to reach FI sooner 😉
Questions? Like or dislike? Leave us a comment!
Want to support the podcast? Here are three things you can do.
-
Start tracking your net worth with Personal Capital using our link. It's free.
-
Subscribe to our YouTube Channel and get one extra LIVE episode from us per week.
-
Join our Facebook group and connect with other members of the FI community.
One of the keys to reaching financial independence is having certainty.
Tyson created the amazing retirement tool called OnTrajectory, that helps people measure and plan for FI. It's a combination of the complicated financial calculations used by financial advisors with some great analytical visuals. Tyson also tells us his personal FI story and how came to creating such an amazing tool.
You'll love his story.
We also chat about...
How he started programming at 13 The start of his money journey Certainty and electric shocks How he changed his mentality when he had to go to a combat zone The money dummy with OnTrajectory His personal FI story
Enjoy this chat with Tyson, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
OnTrajectory tool Youtube videos
Key takeaways from our chat with Tyson 1 - You're much better off with certainty One of the reasons Tyson created the tool OnTrajectory was to help people be more certain of their future. He compares this to an experiment done on people using electric shocks; those who didn't know when the electric shock was going to happen were much more stressed than those who did. OnTrajectory is built to help you know when you can quit your job, so you can plan more easily and be less stressed overall. 2 - Sometimes all you need is to face it Tyson thought himself lucky for not being sent into the combat zone - but then he was. Instead of feeling unlucky and sorry for himself he decided to view it from a different angle; not many people get to fly military helicopters in a combat zone, he was defending the rights of humans and would get to tell stories about it.
That instant mindset change made him look forward to the war instead of hating every bit of it. Think about it - is there a different angle you could take towards your job? 3 - Listing out possible scenarios can change your life With the OnTrajectory tool you're able to list different scenarios of your life and what could happen - this means being able to plan better and more efficiently. Tyson tells us how the tool allowed somebody to assess whether he could buy a boat and go off sailing - and that's what he ended up doing.
Tyson also built this tool with financial independence in the back of his mind, meaning you can see what would happen if you retired very early or later. As he says it, the tool grows with you, as you add different statistics and numbers into it. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever thought of building a business around travel?
Andy Steves started his travel business in 2010, giving student tours to exchange students all around Europe. At first he was doing all the manual work himself (tours, guides, etc) but eventually learnt how to scale and grow his business. He currently lives in Medellin, Colombia.
You'll love how inspiring his story is.
We also chat about...
Growing up with a travel lifestyle How he scaled his business His business and personal goals How do find off-the-beaten-path places as a tourist The emotional perspective of working and travelling.
Enjoy this chat with Andy, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Rick Steve's Europe Instagram: Andy Steves Travels Website: Andy Steves Book: Andy Steves' Europe: City-Hopping on a Budget
Key takeaways from our chat with Andy Steves 1 - Technology has changed the way we travel Andy has been working on his business for 8 years, and he's saying that in the past 2 or 3 years travel has evolved a lot. Now you can book a holiday from your phone, you can easily meet people online and Instagram influences the places we want to go. This is an interesting challenge for his business, that revolves around 3-4 day city trips for students in Europe. He tells us his goals are to turn his website in a type of marketplace, so he can easily adapt his city trips. 2 - Travelling is often cheaper than staying at home This has been repeated on other episodes - meaning that travelling really does not have to be expensive. Andy tells us how cheap it is for him to live in Medellin, Colombia, compared to Seattle. Rent, food and general cost of living is so much cheaper that Andy is not considering living in the US any time soon. He also mentions how important personal interactions are, and that talking to the locals and learning about their culture can go a very long way. 3 - Life is about the opportunities you choose It is true that it's a little strange seeing your friends and acquaintances achieve certain life milestones as you continue down your own path. Gwen explains how she wonders what her life would be like if she stayed in the military, J and her husband could have kept working for the Olympic Committee and gone to Rio, and Andy can see how everyone back home goes on with their own lives'.
Although maybe a strange feeling, we all agree it's about the opportunity cost of every decision. At the end of the day it's best if you feel confident about the decisions you take, and accept that your life is about what you choose to do. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Is exploring the US by RV one of your dreams?
Steve and Courtney retired in their thirties and are now travelling the US with an Airstream. They are both technologists and quit their jobs when they realised the better option was total freedom. They also travel with their two dogs and manage to do some hiking in the most beautiful places in the US.
You'll love how inspiring their story is.
We also chat about...
Reaching FI Their definition of FI Their Airstream Types of US travels Travelling with dogs
Enjoy this chat with Steve, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Think Save Retire Blog: A Streamin' Life Course: How to Plan Your Epic RV Adventure Women on the Road with Nicole Handel Nicole Handel's Instagram Youtube: A Streamin' Life
Key takeaways from our chat with Steve 1 - Do you actually hate your job, or the jobiness of it? Steve used to work in IT and really didn't like his job. But he tells us that the main reason he hated it was because of the stress, the deadlines, the schedules. So even if he changed job he felt he would find himself in the same situation. For this reason reaching FI and quitting his job is what worked best for him. After saving for 10 years he was in a position to quit and be financially stable. His wife, Courtney, recently quit because she knew she was having more fun travelling than working. 2 - Entrepreneurship isn't always easy 'Find your purpose in life before you quit your job' is a recurrent theme with many interviewees. Steve says this too, explaining that it's important to get a feel of what you want in life before quitting your job. He also admits that entrepreneurship is still stressful and can be difficult in new ways. Although you're working for yourself, you still have bosses (aka your clients). It all really depends on your personality... 3 - Don't buy a new RV! Steve recommends first buying a used RV if it's your first one. As he says, it likely won't be the last one and you need some time figuring out how you like your RV. Buy small and used so you can build up a history of RV characteristics, then when you're ready, you can upgrade. Steve and Courtney currently use an Airstream to travel since they hold their value, everything is self contained and are easier to travel with! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What are you planning to retire to?
Bob has been semi-retired for two decades, and tells us his story of working his tail off and retiring at the age of 42 and immersing himself in art. We talk about how he feels watching his co-workers becoming successful, the importance of giving meaning to your life and market volatility.
You'll love his story.
We also chat about...
How Bob reached FI Doing sculpture once he retired Watching your coworkers be retired The underlying need to make a difference What he feels about the market
Enjoy this chat with Bob, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Bob's Blog: Work Less Live More Bob's email: eclyatt@gmail.com Bob's sculpture: Clyatt Sculpture Book: Work Less Live More Blog: Think Save Retire
Key takeaways from our chat with Bob 1 - Would you feel remorse if your coworkers became successful and you were at FI? Bob gives us something to think about that you may not have even occurred to you; how will you feel when you see your coworkers getting on with life? Of course, the first year you will feel immense freedom from the rat race. But what about after that? Bob also says it might be harder to have a social life, since everyone else is working. He tells us that it's important to have something to retire to. So you know what you'll be doing after you reach FI. 2 - We all have this need to make a difference Continuing on from the last point, quitting your job means you won't be making a difference in the traditional way. If that's important to you then it's good to be conscious about it. How will you make a difference once you're FIRE? As Bob says, it's the semi-retirees who take on the social and cultural questions, and reaching FI gives you exactly that opportunity. 3 - Art is better when you have a cushion Bob does not regret taking the high paid job path and working his tail off until 42. He knows that it's very hard to earn a living while creating art, and in fact he can enjoy it more when he knows he is financially stable and isn't depending on it for an income. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever considered living abroad for a year?
Ellen and Michael have lived in Mexico, Ecuador and are now planning to spend a year in Costa Rica. They reached FI at the age of 33, retired at 36, and have two children who have hopes and dreams of becoming bilingual. But they're thinking of starting to work again once their children get older and continue having a flexible lifestyle.
You'll love their story!
We also chat about...
The Cost Rica trip Why Cost Rica Travelling while being vegan Their personal money journey Negotiating with your company How they manage healthcare
Enjoy this chat with Ellen and Michael, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Uncommon Dream The Earth Awaits Episode: When is the Right Time to Have Kids? | Financial Samurai Book: The Millionaire Next Door International health insurance: Patriot Travel Medical Insurance
Key takeaways from our chat with Ellen and Michael 1 - Travelling abroad can increase your savings rate When Ellen and Michael travel abroad they usually rent out their house on Airbnb and live off the earnings. Since they were going to cheaper countries, they actually managed to live off less and therefore increased their savings rate. Doing this long term can be a great way to save money and accelerate your FI journey! 2 - How to negotiate with your company Michael negotiated with his company to keep doing consulting work but on a much flexible schedule. He arranged a win win situation and was able to be with his family while working. He says the key is simply to ask your manager - and be willing to say no and walk away. If you provide enough value to the company, they will be open to working with you. 3 - A positive overseas health experience Not only did Ellen and Michael have no problem being vegans in countries like Mexico and Ecuador, but they also had an extremely positive experience when things went a bit wrong. Ellen cut her finger and had to go to the emergency room. She was attended immediately and efficiently, and since it was a public hospital she had nothing to pay! Although it was a great experience, the couple will still be taking out an international health insurance just to be on the safe side.
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What are some FIRE horrors and treats you've been experiencing lately?
Today we have a special Halloween episode where Gwen and J discuss Gwen's Halloween Heartbreak and some rough times for Gwen as she moves out of Minneapolis and gets back into the corporate world. We also hear some people's FIRE Halloween Horrors and some pretty sweet treats!
You'll love the spooky stories!
We also chat about...
FIRE Breakups Experimenting with freelancing Facebook Live in November Halloween horrors and treats
Enjoy this spooky Halloween chat, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Fiery Millennials Millennial Boss Gwen's Instagram and J's Instagram FIREDrill's Facebook Group Chief Mom Officer Breadwinning series Tread Lightly Retire Early Simplistic Steph A Purple Life Oscoey
Key takeaways from our Halloween Chat 1 - Entrepreneurship doesn't always work out Gwen tried entrepreneurship and it didn't work out - and that's fine. She decided she would experiment and see how it goes. But after realising that she was putting a ton of effort and wasn't earning much, she decided that it wasn't worth it and is now looking to get back into the corporate world. Gwen says she will save up for a few more years and maybe try it again, with a bigger cushion and maybe a bit more prepared. She says she's learnt a lot about herself and the world, and is at least glad she won't be saying any 'what ifs'. 2 - Halloween Horrors Some people sent in some Halloween FIRE horrors in the Facebook group! Modern Millionaire's horror is getting sick in the future and not having a big enough FI cushion to pay for it. There's also the horror of being scared to quit your job and being miserable - it's important to remember to enjoy the journey when you're reaching FI. Joseph's horror was when he relocated, got laid off, and didn't have much cashflow. Andy Hill lost a lot of money through fees when he invested with front in loads. 3 - Halloween Treats But it's not all depressing! Some great treats this year come from Rachel, who loves saving and watching her net worth go up. Simplistic Steph tells us how well her career is going, and Tread Lightly, Retire Early is excited to finally have access to a 401k. Gwen is also happy to be back with her family for the holidays and some other great messages from people getting matches on their 401ks.
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Plan A is life. Financial independence in plan B. Do you agree with this statement?
Today we have Doc G - a physician who reached FI before realising what he'd done. He then discovered the FI community and now focuses on the philosophical aspect of FI: finding your purpose, the importance of being employed and fulfilling your identity.
You'll love his story.
We also chat about...
The emotional aspect of FI How he reached FI and discovered the community His blogging journey The amazing influence of the community Why he loves what he's currently working on
Enjoy this chat with Doc G, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode
Doc G's blog: DiverseFI Doc G on Facebook and Twitter Episode: White Coat Investor
Key takeaways from our chat with Doc G 1 - FI is a huge part of our identity Doc G explains how he felt when he realised he had reached FI: depressed for several months. This was because he realised that he no longer enjoyed his job, and quitting and being FI meant losing that identity as a physician. When you spend years working in one job, of course it becomes part of your identity. Reaching FI and quitting means you lose that identity - which can be very hard to accept.
Doc G also explains how FI in itself can also become a huge part of your identity; you can get so involved in the goal that you forget that FI is 'supposed to be a plan B'. 2 - Life is Plan A, FI is Plan B What does Doc G mean when he says this? Basically he means that best case scenario you get a job that you love and want to dedicate your life to. This is what you want to be aiming for. Plan B is FI - if you get a job you dislike and don't want to do forever, then FI is your 'escape hatch'.
This is what Doc G is doing now (also called FIOR, Financial Independence Optional Retirement), where he works 10-15 hours a week and devotes all his free time to his passion of writing, communicating and speaking. 3 - The FI community is life changing Anyone who's part of the FI community know how amazingly supportive it is. Doc G and Gwen talk about how they felt always out of place in school, work, college, etc. The FI community is a place where everyone is welcome and extremely supportive, and where people keep pushing you to become a better person, improve your life and lifestyle. As Doc G says, FI is irrelevant if you always know how to make money, what makes the difference is the community. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever thought of taking the leap to becoming an entrepreneur?
Today we talk to PT Money, a well known in figure in the personal finance community. He manages his own blog as well as organises FinCon, the amazing annual personal finance event. He tells us how he got started as an entrepreneur, his plans for the future and his real estate experience.
You'll love his story.
We also chat about...
How PT Money got started with entrepreneurship How he got his wife on board with quitting his job How the FIRE movement has developed His future plans Lessons learnt in real estate
Enjoy this chat with PT Money, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
PT Money's blog: PT Money FinCon Dave Ramsey PT Money on Twitter PT's real estate series
Key takeaways from our chat with PT Money 1 - Attempt to find what makes you happy as soon as possible PT Money admits that one of is regrets is not looking for what made him happy sooner. He worked as a CPA and then quit in 2010 to be able to work on his businesses. He had figured out that he really loved financial blogging, and as he says himself, 'not blogging' was not an option. He says if he had learnt how much running his own thing made him happy early on, he would have started sooner. Have you ever thought of starting sooner? 2 - FIRE raises the standards PT is very much aligned with the FIRE movement because as he says, it raises the standards for other people to improve their finances. Now it's not just saving 10% of your income, it's saving 30% and investing it. Not just getting rid of debt, but staying out of debt and building an emergency fund. Now the goal is freedom, not just healthy finances. PT loves this because the FIRE movement allows you to discover why you care about money and why you are pursuing this goal. 3 - Lessons learnt in real estate PT dabbled in real estate, and now has a sustainable income coming from a rental unit he bought. He learnt a few things:
It's not as scary as it looks You do need to educate yourself You just need to get your feet wet; get started
PT's selling strategy is to sell after living in that house for a couple of years. This is in order to avoid the huge tax burden of capital gains if you sell a property which isn't your main residence. Nice hack! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How do you and your partner discuss money? Do you have a monthly budget meetup? Or is only one in charge of the money?
Kine Corder is a financial planning couple coach. She set up Prosperity Club, where she helps couples talk about their ideas of prosperity, their financial goals and how to find the best connection for them. This episode is packed with a ton of actionable advice!
You'll love how intriguing her story is.
We also chat about...
How Kine got interested in money and relationships The recurrent and main theme in a relationship with money How to put her advice into practice Advice for partners reaching FIRE Success stories
Enjoy this chat with Kine, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Website: Kine Corder Book: The Art of Starting Over Kine's free course Prosperity Club Kine on Instagram, Twitter and Facebook ClassPass
Key takeaways from our chat with Kine 1 - The main theme in relationships Kine explained this brilliantly: prosperity. Partners clash when they have different ideas on what prosperity means for each one. Prosperity could be about earning more, saving more, giving more. When two people have a different idea on what prosperity means for them and can't decide how to work together, Kine has a solution: A Marriage Money Mission. This means writing down what you and your partner want to do with:
Earning money Growing your money Protecting your money Giving
It's important that both you and your partner are on the same page for your goals, because as Kine says, the further away you are from your idea of prosperity, the unhappier you are.
So in order to be able to work on those goals together with your partner, you need to follow a process. Kine describes it as:
Awareness -> Acceptance -> Adjustment -> Plan -> Progress
Kine explains this in detail on the episode. 2 - Putting this into practice In theory it all makes sense, but the hardest part is, as always, putting it into practice. Thankfully, Kine has pretty awesome resources to do this. Not only does she have a course (in show notes above!), but she helps you use the right words when talking to your partner. The most important ones are:
'I feel like xyz, and I need xyz'
So for example:
'I feel like my idea of prosperity is to earn more money, and so I need to work on this side-hustle'
She also recommends taking turns with your partner. One day, you talk about your goals and your idea of prosperity. The next day, it's your partner's turn. You ask him/her questions, you do your research, you try to understand why this is so important for them. Kine does this with her clients at least once a month. 3 - What if my partner is not interested in pursuing FIRE? A very important question that comes up quite often in the FIRE community. And Kine has an awesome answer for it.
As illustrated before, you each take turns in explaining what your goals and what your idea of prosperity is. You pour it all out. And then can do these three things:
Connect Compromise Celebrate
Connect means doing his/her dream, and the doing your dream. Taking turns and going full on with each one.
Compromise means sacrificing a little bit to gain something else; trust and love. Meeting in the middle.
Celebrate means celebrating what you are doing together and the work you're putting in to live out each others dreams.
By working together to reach each other's dreams, you get to experience both a fulfilling life and a healthy and happy relationship. Kine does this face to face with clients, helping them determine what their dreams are and how to communicate them to their partner.
At the end she also shares with us an awesome success story and how you can get started on communicating efficiently with your partner. Questions? Like or dislike? Leave us a comment! Want to support the podcast?
What if you could retire at 37? That's exactly what Chris Reining did.
Chris Reining retired at the age of 37 after working in cyber security for over 10 years. He slowly increased his savings rate, made sure to keep his expenses low and invest in index funds and a few stocks. Classic FI strategy, and now he gets to do pretty much what he wants.
You'll love his story.
We also chat about...
The difficulties of quitting your job The importance of focusing on your income increase Deciding what's best for health insurance The misconceptions about FIRE Chris' last two years as financially independent
Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Blog: Chris Reining Suze Orman on Paula Pant's podcast Becoming a millionaire is a letdown
Key takeaways from our chat with Chris 1 - Quitting your job isn't always easy Chris tells us it took him 2 years to pull the plug because he didn't feel ready. He wanted to make sure he had enough money to retire and that all his investments were in place. He wanted it to be all planned and disciplined in order to reach his goal - and the good news is that it has and everything has been going pretty smoothly!
But he does admit it takes courage and a certain kind of personality to quit your job. 2 - Focus on the bigger wins Chris explains the importance of focusing on increasing your income instead of just being as frugal as possible. As he says, there's a maximum at which you can decrease your expenses (diminishing gains), however your income can always increase. For this reason he encourages others in the FI community to focus on the income increase, on side hustles and bonuses, as well as removing the consumerism. 3 - People FIRE for different reasons There is a misconception that being financially independent means sitting on a beach lathering yourself with coconut oil all day. But this is completely wrong; being FI means finally being able to work on the things you enjoy and value. This could be a job, it could be a side-hustle, it could be travelling around the world - it really is up to you. For Chris, it wasn't his job, so he decided to quit and now focuses on enjoying the present. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
What does your scarcity mindset look like?
Today Gwen interviews JD Roth live at FinCon! JD started blogging over 20 years ago, and started his personal finance blog in 2005. He explains what growing up poor taught him about money and how he manages his temptations nowadays.
You'll love how real his story is.
We also chat about...
How JD discovered FI Why buying an old house and repairing it is expensive How he controls his spending habits His scarcity mindset and what it means for him
Enjoy this chat with JD Roth, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
JD's blog: Get Rich Slowly Paula Pant's blog: Afford Anything Financial Independence subreddit
Key takeaways from our chat with JD Roth 1 - Rent is the ceiling, the mortgage is the floor Both Gwen and JD agree that fixing up an old house can be very expensive and can be a never ending hole in your pocket. After repairing the house, JD then wanted a hot tub and a nice deck, which meant even more expenses he hadn't planned for. So as Gwen says, the good thing about rent is that it stays the same every month and won't go higher (hopefully), whereas a mortgage is the minimum you'll spend, and can easily increase.
Keep this in mind next time you plan on buying a house!
2 - If you had a spending problem as a young adult... JD tells us how he grew up poor and had some crazy spending habits when he started earning money. Gwen had the same issue growing up, which explains why she bought so much 'stuff' once she had money. This is the scarcity mindset that a lot of people who grow up poor deal with.
JD explains it as some kind of 'FOMO' (Fear Of Missing Out); he's scared that he might need the thing in the future, so he buys it just in case.
Gwen describes it as a big fear of being poor again. After quitting her job, the lack of income caused some stress and worry as it brought her back to her 'dark days' of poverty.
This goes to show how your money situation at a young age can deeply affect how you deal with money as an adult.
3 - How to avoid temptation JD loves spending money on comics and videogames, and so has to control himself to make sure he doesn't overspend. He does this through avoidance. To make sure he isn't tempted, he simply stays away from comic book stores and videogames - he doesn't even check the subreddit anymore! By managing the triggers and reducing exposure, JD is able to control better his spending. Go JD!
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Another amazing FinCon meetup!
Today we talk a lot about FinCon, the Plutus Awards, an update on our lives and some great community wins and achievements. We also get some calls from guests who were on our show some while back. Some great side-hustle stories and resources shared!
You'll enjoy our little chat.
We also chat about...
FireDRILL nominations and awards Life updates on our side hustles Some amazing wins from the community Calls from previous guests on the podcast
Enjoy our chat, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Plutus Awards winners and nominations The Money Nerds Journey to Launch Episode: From Quitting Your Job On a Whim to Six Figures with Millennial Money Man Episode: Build the Freelance Dream with Facebook Ads | Laptop Empires Mad Fientist Episode: Kristie Wolfe & Her BIG Empire of Tiny Houses Episode: How Laura Turned her Passion for Printables into a Thriving Online Business – I Heart Planner Bitches Get Riches Dumpster Dog Blog Blog post: Get Your Home Ready for Sale with these 10 Upgrades Travel Blogging Course FIREDrill's Facebook Group FIREDrill's Youtube Channel FIREDrill's Resource page Mastermind Travel Blogging Course Episode: How to Invest in Real Estate with No Money | Mark Podolsky the Land Geek Job Spotter App Blog: Frugality and Freedom
Key takeaways from our chat 1 - FinCon is an amazing way to meet like-minded people FinCon is not just awards, it's also an amazing opportunity to meet some extremely interesting and nice people. From amazing entrepreneurs like Paula Pant to podcasters like ChooseFI and cool bloggers from literally everywhere - you are certain to find someone who will inspire you, relate to you and become your friend.
It's also a great place to compare personal finance strategies ('oh you invest in this?') with people who have experience and are willing to exchange opinions. 2 - Gwen has some great projects lined up for the future Although the summer was stressful, Gwen is now settling down as a freelancer and is planning on doing more and more masterminds and coaching with others. She's aiming for $1,000/month on passive income and is optimistic about the future. FIREDrill has some more lives streams and masterminds planned, including some more interactions with guests and listeners! 3 - The community has made some amazing wins We read out some of the wins that you have sent us, and they're pretty amazing: Ben found a side-hustle where he gets paid $2200/month to host two students from China. Josh reached his net worth aim 4 months early. Lynne is house hacking with Airbnb and crushing it. Sean helped some graduates get a job and got a sweet little bonus from it. We love hearing your wins and sharing them with others! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
It's not easy deciding where to put your money as an early retiree... Big Ern tells us where he puts his!
Karsten (aka Big Ern) retired this year in June and is currently in his forties. After working in finance and saving up, he has quite a few ideas on where to put his money to keep it safe: real estate, options and of course, index funds.
You'll love his story and will probably learn an interesting investing strategy!
We also chat about...
How does it feel to be retired His travels and plans The 4% rule His alternative investment strategy Becoming an accredited investor
Enjoy this chat with Big Ern, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Karsten's blog: Early Retirement Now The DIY Withdrawal Rate Toolbox Safe Withdrawal Rate Series Brit + Co's Brit Morin: Women in Tech are underestimated Blog: The Military Guide
Key takeaways from our chat with Big Ern 1 - The 4% rule is like a pair of shoes Karsten makes a great comparison of the famous 4% withdrawal rule to a pair of shoes. On his blog, he writes arguments against the 4% rule, explaining that this percentage cannot work for everyone. Like a pair of shoes, each person must calculate the percentage that fits them best. And to make sure you can do that, he's got an awesome spreadsheet (check the show notes above!). 2 - Why not try some alternative investments? Karsten explains how he invests in real estate: through a private equity fund. This is basically crowdfunding to invest in real estate. The crowdfunders create a limited company and pool all their money together to then go out and buy properties. The best part: Karsten doesn't do any of the picking. He leaves that to the experts. There are a few requirements though:
To be an accredited investor To start with at least $100,000
But he says it's a great investing strategy for early retirees! 3 - Early Retirement is not always a big surprise Karsten did not feel a big change from the 1st of June (when he left his job) to the 2nd of June (when he was officially retired). He was happy before, and also after. This is most likely because he did feel his job was fulfilling and he describes it as a 'good gig'. However it goes to show that you probably won't have some epiphany on the day you retire - but you will have achieved the final great dream! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Everyone glorifies the digital nomad. But what does it really mean to be travelling and working around the world?
Today we interview Sharon Tseung, who quit her job and started living the digital nomad life for 2 years. She managed to build a passive income of $4,000/month and explore Europe, Asia and parts of North America. She then decided to go back to the Bay Area and get a job again, so she could focus more on her online businesses
You'll love how refreshing this story is.
We also chat about...
Finding a balance between work and travel How much it costs to travel The reality of the digital nomad The network she made Her different income streams Her current focus on future goals
Enjoy this chat with Sharon Tseung, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Sharon's blog: Digital Nomad Quest Sharon's second blog: Me Want Travel Sharon on Instagram, Facebook Sharon on Youtube FIREDrill's new Resources page FIREDrill podcast on Youtube Amazon Merch
Key takeaways from our chat with Sharon Tseung 1 - It's not easy to balance work and travel Sharon explains (and Gwen agrees) that when you suddenly have so much time and so much to explore, it's not easy to balance work and travel. You want to enjoy the city your visiting and get to know the culture, and yet you also want to get as much work done to earn more money. It's not always easy to find a balance, and it's something many digital nomads struggle with. 2 - Travelling doesn't have to be expensive Sharon spent a whopping $600/month when she was in Thailand. This goes to show that travelling might actually be cheaper than staying at home, and this is why digital nomading is more achievable than it might seem. She talks about the spreadsheets she uses how she keeps in control of her expenses. She ended up actually saving money while travelling! Amazing! 3 - Digital nomading might not be the best option It's refreshing to hear of someone who decided to go back to a full-time job instead of sticking with the digital nomad lifestyle. Sharon explains that she felt a lack of fulfilment when working on her passive income streams, and she also wanted some more stability so she could put more money into her online businesses. Many people glorify the digital nomad, but fail to see what it really consists of. Sharon realised this in her 2 years travelling, and this has given her energy and insight to do what she really wants to do: more singing, and building online businesses she loves. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever looked at FI through the lens of the LGBTQ community?
BBR and her partner are part of the community and have some extra hurdles to get through on their journey to FI. We touch on issues such as pregnancy, marriage, healthcare and multi-generational households.
You'll love the angle this story takes.
We also chat about...
How to save up for a pregnancy The LGBTQ experience with healthcare Sharing FIRE goals with your partner Multi-generational households
Enjoy this chat with BBR, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
BBR's blog: Queer FI Queer Eye TV show BBR on Twitter
Key takeaways from our chat with BBR 1 - The LGBTQ community has extra obstacles when reaching FI BBR tells us the different complications that arise when trying to reach FI as part of the LGBTQ community. The first issue is pregnancy; it costs $10-15,000 for an IVF and even an adoption is costly. Then to get married, you do have to plan to get two engagement rings instead of one!
The next one is healthcare. BBR says they haven't had too much of an issue, but she says in the Transgender community some people have been denied healthcare. BBR also mentions that LGBTQ adults might not have parents with a secure financial background to fall back on - caused by family issues. 2 - There isn't enough information out there BBR struggles to find information for LGBTQ members - whether their on a path to FI or not. IVF seems to be orientated more towards infertile women and there isn't much information on retirement for the queer community. It's also true that there aren't many members of the FI community that talk about LGBTQ issues, meaning BBR has to really research her information. 3 - FI with a multi-generational household? Not many people talk about living in a multi-generational household, something that may not be as common in Western countries, but is common in Asia. Since BBR's partner is Asian, she is expecting her in-laws to be moving back with them in the future. This raises questions such as: healthcare for in-laws, larger vacations, paying rent or not, and other questions. A very interesting discussion that raises some pretty new questions. What do you think? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever thought about dumpster diving?
Do you think the only people who dumpster dive are homeless or super poor? Well, there's a whole subculture of people out there who don't fit those stereotypes. They're called "freegans" and want to make the world a more sustainable place.
Laura is a dumpster diver. In Laura's world, few things go to waste and that's the way she wants it! She dumpster dives for food, goods discarded from local thrift shops and even plants! She then uses the items in the course of her daily life or resells the objects she can't use.
You'll come away with a whole new opinion on dumpster diving after listening to this episode!
We also chat about...
how to turn wilted greens into farm fresh eggs regenerative practices socially responsible investing
Enjoy this chat with Laura, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Imperfect Produce Vicki Robin Laura's email Laura's awesome blog
Key takeaways from our chat with Laura 1 - Laura is not the typical dumpster diver She says most people she sees dumpster diving appear to be far worse off than she is. She started dumpster diving when she was making a decent living in DC, so definitely not someone you would think would dumpster dive. 2 - Dumpster diving = thriftiness It's not limited to just food in the dumpsters behind your local grocery store or Chinese restaurant.
Laura also dumpster dives behind local thrift stores. Christmas decorations, clothes, books and more are all things she finds overflowing from the dumpsters.
Americans have so much stuff, even the thrift stores can't keep up and chuck stuff they don't have room for. Local, independent thrift stores are the best for this over Goodwill or Salvation Army who are so big they have things like trash compactors.
Laura takes the things she finds, uses what she can, and flips the rest on eBay, making 3 - Laura has multiple streams of income
renting a room to a tenant dumpster diving backyard nursery
While she's not a numbers person, the world runs on money. She owns her own house outright, so the rental income covers the minimal expenses and leaves plenty left over. The dumpster diving provides the second biggest stream as she resells the things she finds on her local Facebook marketplace, OfferUp, Craigslist and other sites. (The food she finds also lowers her expenses greatly!)
Often, Laura finds plants in the dumpster. She rescues them, gives them a new home, and then sells them to people who will take good care of them as part of her backyard nursery. She also sells dirt from her compost pile which is what she calls "black gold". Questions? Like or dislike? Leave us a comment!
Would you be able to pay off $200,000 of your mortgage in 5 years?
Julian discovered FIRE in Graduate school, and this is what pushed him and his wife to pay off their debt in such a short time-frame. They are very disciplined, although they always allow space for luxuries. They currently use rental properties and a very high savings rate to reach their FI goal.
You'll love how inspiring that story is.
We also chat about...
Their ideal FIRE journey Their budget and luxuries they allow How they use real estate to increase their wealth How they cook regularly The obstacles when talking about FIRE within the African American community
Enjoy this chat with Mr Rich and Regular, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Instant Pot Blog: Rich and Regular Mr Rich and Regular on Instagram, Facebook and Twitter FIREDrill Podcast Facebook Group
Key takeaways from our chat with Rich and Regular 1 - FIRE is about doing more Mrs Regular explains her ideal FIRE life means doing more of what she loves. This means more giving and helping, more travel and more time solving the problems that really matter: poverty, climate change and others. 2 - The small luxuries are important too Although they are very disciplined with their budgets and save 50-70% of their income, Mr Rich and Regular always allow space for luxuries; a $3 soap instead of a $1 one, good and healthy food and the right gadgets. They also plan on moving to bigger house since their kid is taking up a little more space than they expected. 3 - There are obstacles to reach FI in the African American community Mr Rich and Regular explain the attitude of their close family and friends when they talk about FI with them. Because of the harsh history, their family always expects them to help out since the community of taking care of each other is still there. Most don't understand the dream of FI and how to get there. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Real estate is the golden key to passive income. How can you use it to reach FI?
Chad Carson got started with real estate right out of college. Him and his business partner started flipping houses and securing good deals on houses. Now he owns 90 properties and does amazing mini-retirements (in Ecuador!) while teaching others about real estate on his blog.
You'll how interesting his story is.
We also chat about...
Why and how you should treat real estate like a business How Chad picks houses How he got to FI What he manages currently Chad's 17 months in Ecuador Medical costs overseas
Enjoy this chat with Chad, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Chad's website: Coach Carson Chad's Real Estate Start School (the course closes on the 18th, but you can get on the waitlist) Chad's 7-day free real estate course. Realtor app Retire Early with Real Estate <- Chad's book The E-myth <- book we talked about in the episode Our YouTube review of Chad's Course
Key takeaways from our chat with Chad 1 - Getting out into a neighbourhood is a great way to search for houses Chad's favourite way of looking for house deals is to go for a walk in a neighbourhood for 2/3 hours. He takes notes, asks neighbours and has his Realtor app to see how much the property is selling for. He looks for something interesting and then does some following up to see if it could be a good deal, many times before the house is even on the market. 2 - Treat real estate like a business You need start building it from the beginning: have an operations manual, test the metrics and keep account of all the numbers. Chad says you need to act as if you're going to teach someone else to do the job. Not only does that create efficient systems but it removes a lot of stress and work. 3 - Should you get into real estate? As Chad says, you should get into the aspect that you're good at and that you're passionate about. He says he's terrible at designing and fixing up houses himself, so he outsources all that. What he loves is negotiating and seeing the transformation. He's also good at implementing systems and management, which is what he does most when managing all his properties. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
A myth about the people going after financial independence is that they're all dudes in high paying tech jobs.
Penny defies all those stereotypes. Her and her husband are teachers on the path to financial independence. It's almost as far from high paid tech bro as you can get! They live simply and cheaply after getting their finances off on the wrong foot. Literally. Penny had a problem buying designer shoes.
In this episode she covers their shift in mindset about their finances, their debt pay down strategies, how much debt they've paid off so far, and how they're living simply to do so.
You'll love their story!
We also chat about...
Mindful consumerism Funny looking veggies Low cost cell carriers Penny's timeline to FIRE
Enjoy this chat with Penny, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Imperfect Produce - $10 OFF first box Turo - rent your car out Instant Pot Boost mobile Google FI Penny's Blog Penny's Twitter
Key takeaways from our chat with Penny 1 - It all started with Jimmy Choos Penny was getting paid decently for a first year teacher and side hustling like crazy. The money was rolling in and she was thrilled at 22. So thrilled, that she went out and spent the first $800 on a pair of silver Jimmy Choo shoes for her wedding.
She had the income part down, but needed to work on the spending side. 2 - They've paid off $$$$ in debt on $ income Penny and her husband doubled down and paid off a TON of debt in the last few years. All of the side hustle money they earned went to pay down debt. Side note - all of this debt is their mortgage debt. They decided they didn't like having that money hanging over their head, so they buckled down and are trying to pay down the mortgage.
2015 - $24,000
2016 - $27.000
2017- $30,000
That is some super impressive debt pay down numbers on a double teacher salary. 3 - They don't eat like crazy One of the reasons they've managed to pay off so much debt is the food they eat. They eat the same thing every day (almost) for breakfast and dinner. This allows more variety for dinner meals. Their grocery bills average $200-$250 a month!
They also garden and eat well from what they grow in the background.
Keeping their food costs low is important as Penny's salary is completely maxed out. Her students might mock the peanut & jelly sandwhiches for lunch, but Penny will get the last laugh! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Imagine if you moved out of your home and started living in your car. Would you be able to survive?
Kristin decided the rent of her apartment was too high and started living in a car with her partner. They used the gym for showers and wifi and had storage for clothes and food. Now she lives on a sailboat and uses her van to travel all over the US.
A very inspiring story that you'll definitely want to hear more about.
We also chat about...
Kristin's story Why and how she started living in her car How she makes money online Her different income streams including house sitting and freelance writing Her goals for the future
Enjoy this chat with Kristin, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Kristin's blog: The Wayward Home Kristin on Instagram and Facebook She Explores House sitting: Rover FIREDrill episode: Fly into Early Retirement with Miss Mazuma Find remote work with Pangian
Key takeaways from our chat with Kristin 1 - It's not impossible to live in your car Kristin says she did need a bit of adjustment to the new alternative lifestyle of living in a car, but she soon adapted and loved it. She loves living in tiny places and says it's much more practical for cleaning, packing and being a minimalist in general. It also means it's easier to travel and your bills every month do decrease drastically. 2 - You can have several income streams online Kristin earns her money through the blog, voice overs, freelance writing and house sitting. She pitches magazines and different websites for writing gigs and does some house sitting to earn some money on the side. She's constantly hustling and now earns $1,000 a month from her blog! Her goal is to earn double that so she can travel more on the sailboat. 3 - You can design your life how you want By writing a blog about alternative lifestyles and travelling, Kristin sees first hand how people design their life how they want, including her! She went from a 9-5 job to living in a car, and then a sailboat, and she couldn't be happier! A great inspiration to anyone who feels currently stuck in their job and feels the need for a change. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Justin went from hard-working civil engineer to hard-working stay at home dad by the age of 33.
He had dreams of one day being a lawyer and quickly realized he liked engineering better. While he did like engineering, he also really enjoyed staying home with his growing family. He and his wife did the math and realized they could make it happen in just a few short years.
The rest, as they say, is history.
We also chat about...
what the true definition of retirement is Justin's net worth their portfolio allocation what their kids think of FIRE
Enjoy this chat with Justin, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Zero to Millionaire in 10 Years Intro to Travel Rewards (a guest post from Brad from ChooseFI on Coach Carson) Roth IRA Ladder Justin's heckin awesome blog Justin's Twitter Justin's Facebook
Key takeaways from our chat with Justin 1 - Paying less taxes helped Justin retire faster There's a fine line between tax avoidance and tax evasion. Justin was on the right side of that line.
He took advantage of the many loopholes and exclusions in the US tax code to lessen taxes paid each year. He estimated they were able to save up to $15,000 a year just by putting money into various retirement accounts and having kids. An extra $15,000 a year will boost anyone's timeline to FI! 2 - Justin is more conservative now Now that their primary way of earning money isn't high paying careers, Justin and his wife are more concerned with keeping the money they have. When the market crashes, their net worth is going to fall precipitously.
Justin would rather play it safe with his hard earned stash than eek a few more percentage points in growth out of his portfolio. 3 - The whole family travels Justin and his wife have 3 kids for a family of 5 but they don't let that stop them from traveling.
Instead, they use travel rewards to significantly reduce the costs of travel. They use credit card sign up bonuses to accumulate points and make strategic purchases. This reduces the costs of their airline tickets and can even be used to get hotel rooms.
The other way they lower expenses is with slow travel. They take their time exploring, which means they see more and are relaxed while doing so. Most people cram way too much into vacations, but not Justin. Their last trip was to the Bahamas where they did nothing more stressful than wandering the beach during the hot part of the day. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Did you know doing Facebook ads for other companies is one of the fastest ways to make money freelancing?
Mike built his own $100k company starting with his own fitness business and then as a Facebook ads freelancer. He now manages several businesses and creates courses so others can earn money doing what he does. He is also a stay at home dad and has big dreams to own and live in a winery.
You'll love how inspiring his hustle story is!
We also chat about...
Mike's background How he decided to be a stay at home Dad How he started freelancing How to get started with Facebook Ads His thoughts on FIRE as an entrepreneur.
Enjoy this chat with Mike, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Mike's website: Laptop Empires Bobby's website: Millennial Money Man Their New Facebook Ads for Bloggers Course The Facebook Ads Side Hustle course
Key takeaways from our chat with Mike 1 - Doing Facebook ads for other companies is a quick way to make money online Mike explains his journey as to how he got started doing Facebook ads for local companies. After a ton of experimenting, testing and learning, he could charge good money for getting leads for companies. This means crafting good offers for them, targeting the right markets and collecting the right leads. He now has 3 courses teaching others to do the same. 2 - There are 2 paths to making money online The first one is freelancing for other companies and the second one is building an audience to sell products to. Mike recommends doing both at the same time as this will pay in the short term as well as the long term. Both bloggers and freelancers take note! 3 - Don't be scared to charge more Mike says it really comes down to what you're confident charging with. However he also says that if you have the guts and hustle to charge what you want, you'll get the job. He quotes some of his Facebook Ads clients getting their own clients even before they finish the course and one who got a $5,000/month client! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Alex was stuck.
She hated her job and couldn't stand to be at her cubicle one more second, but she had bills to pay. One day, she realized she could turn her side hustle into her full-time hustle..... and quit the very next day. Her side hustle? Doing paperwork for others like writing press releases through Fiverr!
Since then, she's learned a ton and made more money than she ever could have dreamed of! We welcome her to FIRE Drill Podcast to share her insights on how to hustle on Fiverr.
You'll be inspired by her story! Enjoy this chat with Alex, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Fiverr fiverr.com/faswaldo <--Alex's profile
Key takeaways from our chat with Alex 1 - Alex hit rock bottom She took a chance on a big job in the big city. She was miserable at her tech job but couldn't leave because she had a lot of expenses that come with living in New York City. She was already editing a little on Fiverr, but inspiration struck one day and she quit her horrible job to go at it for herself. It took a lot of courage to step away from the guaranteed income and hustle like crazy for her income. 2 - Buyer's Request This allows you to apply for jobs that are posted. You can find it under the orders tab. Many people don't know this exists, but it's a fantastic way to build up your credentials which will allow you to raise your prices down the road. 3 - From $50 to $22,000 a month Alex started at super low amounts for some of her services to build up her reviews. As she grew her reviews and got more confident, she was able to raise her prices. She went from 10 orders a month to now 15 orders a day. She started out making $50 a month and now makes over $22,000 a month!
Alex is a pro on the platform, meaning she's in the top 1% out of everyone on Fiverr. This means she has to charge a minimum of $100 an order - a huge jump in price from where she started!
She's also a top rated seller on Fiverr, so she can also have more gigs than other sellers.
More gigs + more money per gig = $$$$$$$$ 4 - Find something to offer that everyone needs Everyone needs editing. Dissertations, manuscripts, resumes, press releases.... all of those have vast audiences of potential customers. Find a gig with a lot of competition and stand out from the crowd. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Quitting your day job to start your own business sounds risky... but what if you have a cushion?
Today we interview Chelsea from Mama Fish Saves, an ex-portfolio manager who started in the finance world and now manages her own online business along with raising two kids.
You'll love how inspiring and interesting her story is
We also chat about...
How Chelsea got a job with Goldman Sachs The difficulty of having kids along with a demanding day job The identity crisis The importance of having a cushion What FIRE looks like to Chelsea
Enjoy this chat with Chelsea, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Chelsea's blog: Mama Fish Saves Chelsea on Facebook and Instagram. Chelsea's In Case of Emergency Binder. Financial Samurai Mr Money Mustache YNAB app
Key takeaways from our chat with Chelsea 1 - Networking is key to getting a job in finance Chelsea explains to us how she got her job in Goldman Sachs and gives us some additional tips:
Research what you would do in the company day to day Talk to everyone at networking events Be yourself and show your own thought process
2 - Have a good cushion before taking the leap She had bonuses and a great cushion lined up before quitting her job. Her financial cushion consisted of a mix of retirement assets, the stock market, bonds and high interest savings account. Diversification = good. She is also safe if she doesn't make enough money in the next 2 years; her husband can easily get a job and provide for some time. 3 - It's important to set goals for yourself as a freelancer Chelsea was freelancing while having two kids to manage with her husband. The thing is, her office is in the house, so kids can be easily distracting and she would only work 'when she had time'.
Now, she has a strict schedule with a 4 week rotation. She now has a great focus, can condense way more work into it and is measuring her progress! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Live from Podcast Movement!
We got a chance to chat with Brad & Jonathan of the ChooseFI podcast at Podcast Movement. We got the scoop on big events in their personal lives, updates coming to their podcast, and more! Brad (a former accountant) and Jonathan (a former pharmacist) teamed up last year to create one of the biggest podcasts in the Financial Independence space. They offer actionable tips, interviews with the best and brightest of the FIRE community and more!
You'll have a blast listening!
We also chat about...
changes coming to ChooseFI podcast coming up Brad & Jonathan's life updates where they see the FIRE movement in 5 years
Enjoy this chat with Brad & Jonathan, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
ChooseFI <--their awesome site Dave Ramsey Mr Money Mustache White Coat Investor M1 Gwen's episode on ChooseFI <--great tips about getting college scholarships! Pillars of FI episode 28 Pillars of FI episode 38
Key takeaways from our chat with Brad & Jonathan 1 - Brad & Jonathan both sleep well Both Brad & Jonathan don't have any worries that keep them up at night now that they've "made it". Both of them sleep the night through knowing all their work has paid off and they're set for life.
J and Gwen are still stressed out by things happening in the work world :( 2 - Life is about taking chances Brad and Jonathan both took huge risks when starting on the path to FIRE. Jonathan spent 12 years in school to get a high paying pharmacist job and walked away from it all. Brad left a stable accounting job.
However, both of them felt comfortable taking the risks because they'd paid down all their debt (Jonathan paid of over $120k!) and had careers that were in demand. If need be, both of them could have gone back to work. 3 - Their Favorite Money Hacks Jonathan's favorite money hack he's learned from being part of the FI community is M1 Finance. They let you buy fractional shares, so you don't need to have, say, $10k to invest in VTSAX anymore. Navigating the site is easy to do and easy to understand.
Brad's favorite money hack is reframing his mental thoughts about college and the costs of attending higher education. He thought you had to spend at least $40,000 on getting a college degree, but exposure to people in the community has changed his mind. Scholarships, grants, and community college credits are all great ways to lower the cost of college.
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever had to deal with consumer debt? How did you pay it off?
Chris from Popcorn Finance one day realised he had way too much consumer debt. He tells us how he moved back in with his parents, stuck to debit cards and established a strict budget to get rid of it all.
You'll love how inspiring and interesting his story is.
We also chat about...
How he got into debt How he got a raise His FI strategy His failed side-hustles
Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Chris' blog: Popcorn Finance The Podcast Movement Journey to Launch episode: How to take Mini Retirements and Enjoy Life Now Mad Fientist FI spreadsheet Mr Money Mustache FI spreadsheet ChooseFI Episode: The Millionaire Educator FireDrill Episode: Religious Obligations and Financial Independence with Shawn from Camp Mustache Paychecks and Balances podcast Rich and Regular Chris on Instagram, Facebook, Twitter Personal Capital - get $20 for signing up
Key takeaways from our chat with Chris 1 - Consumer debt can come out of nowhere Chris explains how he racked up so much consumer debt without even realising it. After paying for his wedding and simply not keeping track of his credit card, he ended up $26,000 in debt. It wasn't until he took a good look at it that he decided to get rid of it: by moving in with his parents and keeping on a strict budget. 2 - Not all side-hustles work out Chris tried a number of side-hustles, including an amazon and ebay business. He was trying all kinds of stuff to earn a side-income, but soon realised his efforts were better put into trying to increase his salary. This worked out for the best and he got a higher paying job. Sometimes a side-hustle isn't the best option... 3 - It's good to have a plan once you reach FIRE Chris is working towards Financial Independence: he has a big emergency fund, and is very cash heavy. What he would like to do once he retires early is to focus on the podcast, be more politically active and travel. What is your plan once you reach FI? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Jenny and Jimmy are the All-American couple. He was the hot firefighter that fell in love with the ER nurse.
Little did they know they were a little too average. Jenny and Jimmy are part of the statistics in America on infertility. They didn't realize how hard it was going to be to conceive. After a long and expensive struggle, they were rewarded with a bouncing baby girl.
We were lucky enough to have them on the podcast to talk about their experience with IVF. If you or someone you know struggles with infertility, Jenny and Jimmy gave us some great advice on how to cover the cost of IVF.
We also chat about...
How they met how they paid off $120k in debt Jenny's side hustles
Enjoy this chat with Jenny & Jimmy, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
MOST VALUABLE IVF RESOURCE Infertility grants/scholarship list Their Twitter Their AH-MAZING Instagram! Jenny and Jimmy's blog
Key takeaways from our chat with Jenny & Jimmy 1 - Don't ignore your body Get things checked out! Even if you're nervous. You should go because you're nervous! If you have a feeling something is wrong, go get it checked out.
Jenny and Jimmy knew things were going to be a little funky, but they didn't know how bad they were going to be. They started investigating and discovered they needed to start trying to have kids right away. 2 - Cashflow when you can Check your insurance plan to see what is covered and what isn't. 15 states require IVF coverage, so you've got a decent shot at having at least part of it covered.
If it's not covered by insurance, they recommend cash flowing when you possibly can and only taking on debt when you absolutely have to. Try to negotiate the price of services or find a cheaper source for the drugs. 3 - Find infertility scholarships Some large companies offer grants for infertility treatments. There are also non-profits out there that give out grants. They vary from year to year and in amount, so you might have to resubmit for the same thing and it might be different. You might have to fill out a bunch of paperwork, tell your story, and prove you have a legit medical need, but it would be so worth it. It might only be $5,000 but when your total bill is $90,000..... anything helps. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How does a family of 5 have a sustainable life flipping items full-time on the flea market?
Rob and Melissa have 3 kids and earn their living buying weird items on the flea market and selling them online. They will buy any kind of item and aren't scared of shipping something huge (a Harley Davidson sign??!), and the profits they make can be pretty sweet.
They have quite an unusual and interesting story, you'll love hearing how they hustle to make an income.
We also chat about...
A typical day flipping items How much money they make Where they buy and sell Their personal goals Advice to people getting started
Enjoy this chat with Rob and Melissa, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Rob and Melissa's blog: Flea Market Flipper Rob and Melissa on Twitter and Instagram Youtube channel
Key takeaways from our chat with Rob and Melissa 1 - Hustle pays off Rob and Melissa have been hustling for a long time, and now it provides for their entire family and even travels. Their hustle spirit means they're willing to go the extra mile and aren't scared to try new things. It's both inspiring and pretty incredible. 2 - Do your research If something catches your eye, do your research and try to estimate how much you could sell it for. Then try to negotiate with the vendor - the mental game is to make sure they don't realise their profit loss. Eventually, you'll start to recognise name brands and good quality materials - practice and more practice. 3 - You can start too Rob and Melissa explain how easy it is to get started: go to a flea market or garage sale, do some hunting around and then mark up the price online. The key is consistency and to have a system. Be open to testing and trying new things, who knows what little gem you can find in a flea market. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
We got the chance to sit down with Pauline Paquin for this episode!
Pauline is a digital nomad - originally from France and now living most of the year in Guatemala. She hustled straight out of the gate in her teenaged years that translated into massive success as an adult. Massive success being a fairly robust nest egg and a healthy passive income stream, of course. She now travels when she wants and get to do only things she wants to do.
You will love her story!
We also chat about...
Dog sitting in Guatemala Building a rental property in Colorado
Enjoy this chat with Pauline, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Upwork (hiring freelancers) Flippa (buying websites) Pauline's Blog Pauline's Twitter
Key takeaways from our chat with Pauline: 1 - Pauline hustled early and often When other teenagers were hanging out with friends at the movies or the mall, Pauline was hustling. She was tutoring younger kids on the piano, moving boxes, and babysitting. This set her up well for college, which then snowballed into setting her up well for life. 2 - It's hard to get credit when you're self-employed Pauline wanted to buy a rental property but was blocked..... because she was self - employed and banks don't like to give you credit when you don't have regular income from a "regular" job.
Gwen found this out the hard way when she applied for a basic zero percent balance transfer credit card after leaving her career job. She'd never been denied for a card, until that application. She will also be shut out of real estate for a very long time as she won't be able to get a mortgage from a bank.
Although, there are alternative options to get a rental property if you can't go to a bank. Private lenders, partnerships, and seller financing are all ways to avoid going through a bank. 3 - Pauline values her time She works on things that interest her. 5 years ago, that wasn't building, but she needed a place to live and decided to build it. One house later she was hooked! She doesn't do things that don't interest her, which is a real rarity in today's world.
She travels the world for 6+ months at a time and lives on a beautiful lake in Guatemala. Thanks to her hard work in the past, she has a healthy passive income stream Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How do you figure out the right time to have kids?
After leaving his job at the age of 34 (with a very sweet severance package), Sam from Financial Samurai didn't feel ready for kids. Quite a few years later, he wishes he had had them sooner. Where do kids fit in your FI plan?
Sam has a very interesting story and you will love hearing his advice and family planning tips.
We also chat about...
The quick path to FI The middle-class families with $300,000 incomes His biggest mistakes when family planning Why you want a severance package How to engineer your layoff
Enjoy this chat with Sam, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
The Financial Samurai Podcast Sam's blog: The Financial Samurai Sam's book: How to Make Money Quitting Your Job ($35 off using the code 'Firedrill') The $300,000 per year Middle Class Income Sam on Twitter
Key takeaways from our chat with Sam 1 - Family timing is hard Sam's biggest mistake was thinking he needed too much money and time before having kids. Now he wishes he started sooner.
The truth is that having kids screw up your FI plans. You could end up trying for ages and delaying your FI plans, or you may have to try other methods such as IVF or surrogacy, costing you more. Kids take energy and time, so the sooner you start the better. 2 - You have more power as an employee than you think Sam explains how he engineered his layoff through a pretty sweet severance package. The trick: understanding that you have more power than you think.
Your company wants to be on good terms with you: losing you on bad terms could cost them a lot of money and stress. Not only do they need to find and re-train someone, but leaving an angry message on social media can cost them their reputation.
Sam explains that once you realise this, you can negotiate a good severance package with your company and stay on good terms. 3 - How to accelerate your path to FI Sam lives in the Bay area and explains that middle-class families living there have an income of $300,000 (wow!). Why? Because they work in tech companies and have huge starting salaries.
If you want to make good money and reach FI quickly, the key is having a job in an industry that pays well (yes, Bay area). Study a degree that will pay you the most, and then work, save and invest till your FI number. It's not for everyone, but you'll end up retiring at 34 just like Sam! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
J & Gwen bring you another special solo episode. It's EXTRA SPECIAL because we recorded LIVE at Podcast Movement 2018 in Philadelphia!
Don't worry, only one drink apiece was harmed in the recording of this episode. We get deep into who Gwen & J are and how they came to be from some of their earliest memories. We also talk about some of the really cool podcasters we met at PM18 and give an update, or two, on how the rental property business is going for both Gwen & J. If you liked what you heard, please subscribe to us on Apple Podcasts!
Show notes and links from today's episode
Vicki Robin Afford Anything episode VetStory podcast Letters from War (aka most emotional song ever) Letters from War podcast Without Warning podcast Congressional Dish podcast Soarpreneur podcast
Key takeaways from our chat: 1 - J is very family oriented J & Gwen talk about some of their earliest and most defining memories from growing up. Gwen shares a cute story of learning how to whistle, while J talks about the dangers of growing up with a Boston accent.... duh duh duh duhhhhhh.
It's interesting to hear the differences in childhood as J grew up as a member of a loud, boisterous tribe and Gwen grew up in basically the polar opposite lifestyle. 2 - Gwen & J survived the semi-sketchy Airbnb Despite worrying about the apartment burning down while we slept, we made it through the week just fine! The sketch AirBnb did not burn down or get burgled. Gwen did leave a less than glowing review of her stay, in case you were wondering. 3 - The Power of Community No matter where you go, almost around the world, you can find people in the FI community. J & Gwen had an absolute blast meeting up with people in Philadelphia at the Podtastrophe meetup. We got to hear from and have conversations with real people who listen to FIRE Drill. We got feedback on the podcast, celebrated wins with some people and commiserated over real estate stories.
So, if you're ever in Seattle or wherever Gwen is, hit us up! We'd love to hang out! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
How are people making less than $50,000 in massive cities working towards financial independence / early retirement?
We have Erin from Reaching for FI here to share her story. She doesn't fit into the stereotypical FIRE mold (male, software engineer) which we say 50 times in the episode - whoops! Erin is a twenty-something living on a modest non-profit salary in DC.
We chat with Erin about:
Her student loan debt Budgeting Her hesitance to share her FIRE date FIRE dating & more!
She was an absolute delight to speak with! Enjoy this chat with Erin from Reaching for FI and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Reaching for FI - Erin's blog! Instagram, Twitter Personal Capital - get $20 for signing up Military Dollar's episode with us The Mad Fientist - get the spreadsheet when you sign up for his email list Saver's Credit, American Opportunity Credit, Student Loan Interest Deduction Our episode with Dandan Navigation Nowhere on Insta
Key takeaways from our chat with Erin from Reaching for FI 1 - Always get references Gwen didn't get references on many occasions with her rental property and it ended up disastrous. In this latest unfortunate event, she ended up with the dingle house.
2 - While you don't always need a budget, you need to keep track of your spending somehow Erin doesn't religiously budget but she does use the free app Personal Capital to keep an eye on her spending in various categories such as food, entertainment, etc.
This approach works for her and she's still crushing it. 3 - Increase your income to speed up the path to early retirement Erin works three jobs at present and is a serious hustler. Her day job pays less than $50k so she is working on weekends and now blogging (the latter has more of a hobby pay with a job commitment).
Increasing income is a way for people without six figure incomes to speed up the path to early retirement. 4 - Frugal friendly dates are cool While asking someone you just met on a hike can seem creepy, other frugal friendly dates are OK. Erin suggests asking someone out for coffee and a stroll to check out a new neighborhood.
She doesn't recommend coming across as too v0cally-frugal right off the bat. Money talk is good but proclaiming your frugality might scare away the date!
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Today's guest is Elaine. She is a blogger and podcaster from Nicaragua.
Unfortunately, the government of Nicaragua is corrupt and the people are protesting against the government. We talked to Elaine about the current environment, how the people are handling the changes, what the government is trying to do and what normal life looks like in the middle of protests.
Most of you are US Centric which means we only know what's happening in the US. The mainstream media isn't great about covering news outside the US so we were astonished to hear what all has been happening the last few months.
Elaine has a very important story and we think this might be one of the most useful episodes we release this year. She was an absolute delight to speak with! Enjoy this chat with Elaine, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Elaine's blog FinCon conference Elaine's podcast Twitter: @ElaMVela
Key takeaways from our chat with Elaine 1 - She became the blog she wanted to find Elaine looked for a Nicaraguan personal finance blog but couldn't find anything online. The financial system looks completely different from the US, so much of the personal finance advice isn't applicable to Nicaragua.
She was trying to find resources but came up empty, so she became the blog she wanted to find. If you can't find anything that fits your situation, start what you want to find! 2 - Nicaraguan's are wholly dependent on their governmental pension It takes 750 weeks to qualify for pension/social security in Nicaragua. There isn't anything else available for saving for retirement, so you can understand why they'd be upset when the amount they pay in went up, and the amount they got out of it went down.
To put it in perspective, minimum wage is $200/month. Basic living expenses are about $400 per month, so there's a gap that needs to be addressed.
There's also no transparency into national security system.... which means they can't even guarantee the extra money will go towards it's intended use. There's a lot of corruption in the current government and funds have mysteriously disappeared. 3 - Take everything day by day Elaine's advice is to take everything day by day. It's next to impossible to plan for the future so take in as much as you can each day.
Don't be afraid to give yourself a day off now and then too. Toppling a revolution doesn't happen overnight - it takes sustained effort over a period of time. Make sure you can last longer than the government!! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you considered an early retirement abroad?
Jim of Route to Retire is stepping away from his corporate job of 20+ years and is moving with his family to Panama. He reached a $1MIL net worth which is allowing him to fund his dream lifestyle. He'll officially early retire at the end of 2018 at the age of 43.
You'll love Jim's story and the knowledge he has to share about planning for expat life in Panama.
We also chat about...
Timing for an early retirement Getting credit when you don't have a W2 job Why he decided on Panama Health care
Enjoy this chat with Jim of Route to Retire, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Jim's Blog - Route to Retire Considerations for Planning to Retire Abroad The Game Plan Jim on Twitter Numbeo Is Retiring on a Cruise Ship an Affordable Option? Roth IRA Conversion Ladder
Facebook Groups: Young Expats in Boquete Expats in Panama Expats in Panama Young Expats in Panama & FIRE Drill Podcast Facebook Group
Key takeaways from our chat with Jim of Route to Retire 1 - He sold his rental property to fund the Roth IRA Conversion Ladder Jim didn't want to sell his rental property but needed to get access to his 401(k) money. He had a killer 401(k) match at his company so he funded that account fully before saving in a taxable account. This means that he'll have to leverage the Roth IRA conversion ladder to get that money out penalty free.
Although, Jim doesn't mind selling his rental because it's been a bit of a headache. 2 - He's leaving now because it's the perfect time for his family Jim is worried that his daughter won't want to leave her friends if they wait any longer to make the big move. She's currently at the perfect age where she's excited about the trip and hasn't hit the teen years where she's forming the super close bonds. He doesn't want to wait and jeopardize that she won't be up for leaving. 3 - He gave his employer ample notice, because it's the right thing to do in his situation Jim has worked at this company for years and has a great relationship with his boss. He gave a length notice because it was the right thing for him to do in his situation.
Not everyone will be able to share their early retirement plans so far in advance.
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Benny worked at his family restaurant and was sick of it. He felt like he was wasting his time doing things he had grown to hate. He wasn't motivated and wasn't inspired. He hit a low point and said, no more. He put in a lot of hard work and dedication into changing his life after that moment.
He dove head first into making money online - first through apps on the iTunes store, then selling t-shirts, and then selling various products through print on demand services. Now, Benny lives a life that challenges and inspires him to live his best life. We chatted about his life and how he turned it around in this episode!
You will be majorly inspired by his story!
We also chat about...
app development process how to come up with products how Facebook ads work
He was an absolute delight to speak with! Enjoy this chat with Benny, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Pat Flynn - Smart Passive Income Upwork (freelance marketplace) Teespring Bobby Hoyt's Facebook ads course Benny's blog Get Busy Living Benny has a podcast too!
Key takeaways from our chat with Benny 1 - You are responsible for your life Benny was miserable.
No one was forcing him to stay in his job. He was a product of his own decisions. He realized the only thing keeping him from success was, well.... him.
He got down to business and got inspired and completely changed the course of his life. This isn't something only Benny can do - you can do it too!
If you don't like your life, work on changing it to something you do like. 2 - You don't have to know how to do things If you want to make an app, you don't have to learn how to code an app. You can hire someone to do the work for you!
Mindblown
You see an app or a product and go, I could do that better. You don't have to be the one to make it better! If you don't have the time or skills to make something, hire it out! There are many successful people that sub out some work so they can focus on the high level work in their business. 3 - Don't be afraid to try new ventures Things online don't stay the same. What worked last year or last month won't necessarily work this month.
Benny struck gold with his very first app and made $30k! However, his new few apps were duds and lost money. So, he pivoted. He changed his strategy to making different versions of successful games. Then, when the process started to get old, he pivoted to an entirely new product and set out to conquer that area of commerce. 4 - Perseverance is key Benny didn't fail 21 times. He figured out 21 t-shirt designs that didn't work. He found success on the 22nd design.
He didn't get discouraged. He didn't give up. Instead, he kept improving and eventually made $100k in 5 months! Check out a screen shot below of his more recent earnings. He's crushing it!
Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Thinking about joining a startup? How do you know how much money and equity to ask for?
Erica Amatori has worked for multiple startups (and one traditional Fortune 100 company) and shares all the details on compensation, salary negotiation, and equity.
We also chat about...
Cryptocurrency and Erica's new startup! Benefits (healthcare & retirement) Tech accelerators Getting involved in the startup community & more!
Erica was an absolute delight to speak with! Enjoy this chat with Erica Amatori, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Erica on Twitter, Linkedin, Instagram Email her erica@thebitdaily.com The Bit Daily (Erica's crypto startup) Rize Burrow (startup where she works now and loves) AngelList Lean Startup Coinbase The Skimm Kristie Wolfe episode Bad Crypto podcast, Blockchannel, Unchained, Epicenter Blockfolio
Key takeaways from our chat with Erica Amatori 1 - Everything is a negotiation with a startup Erica advised that everything is on the table when negotiating for a startup job. This can mean you can ask for more salary, equity, shorter vesting schedule, etc.
Depending on the stage of the startup (seed, etc) you may have more or less wiggle room with your salary. The earlier the startup is in the process the lower your salary and the more equity you may take.
Don't be afraid to ask for $40,000 more than you think you would get. You never know. They might meet you in the middle!
Also keep in mind: You may or may not get health care and retirement benefits depending on the startup. That can be wiggle room in the negotiation since you are taken on added personal cost and risk. 2 - Seek help with the negotiation from experienced startup employees If you attend startup events, you will make friends that can help you in the negotiation process. You will know a better sense of what to ask for in terms of equity, vesting schedule, etc.
Try to reach out and meet some people in the startup space that can help you evaluate your office and come up with a game plan.
When you do sign an equity agreement, make sure it's in writing and legit with a government contract (depending on the amount granted). 3 - Consider attending a tech accelerator to get your idea off the ground Accelerators offer accounting and legal services, introduction to investors, support and mentorship in exchange for a small amount of equity (although some don't take any equity!)
Here is a list of startup accelerators. 4 - Diversity is super important in crypto! J, Erica, and Gwen chat about how it seems that more male engineers are opting into crypto than any other group and it's critical for everyone to learn more about it, even if they don't plan to invest in it.
Blockchain and crypto are the future and right now, the future is in the hands of very non-diverse group. Probably a bad idea?
If you are part of the crypto majority, invite a diverse friend into the space - whether that's attending an event or sharing a podcast you like.
Questions? Like or dislike? Leave us a comment!
Today's guest is Joe Goldberg, a 40 something year old guy in Seattle on the path to FIRE. You might know him as one of the OG members of the MMM forums, or as one of the founders of Camp Mustache.
Yes, that very same Camp Mustache that Gwen & J recently attended. As it turns out, there is far more to Joe than just being on the MMM forums or founding Camp Mustache. We dive deep into his story and you will love it!
We also chat about...
including FIRE on your linkedin profile if FIRE is a solo journey how to get into political activism where to find fellow local FIRE people
He was an absolute delight to speak with! Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today's episode
Simple Dollar Get Rich Slowly MMM Clown Car article <--- Classic MMM Gold Standard Goods (Joe's wife's food business that you NEED in your life if you're in Seattle) Adorable BBC video FIClubs.org @tenaciousjoe
Key takeaways from our chat with Joe: 1 - What is Mustachianism? Mustachianism is about finances, at it's heart, but it's so much more than that.
Mr. Money Mustache says his blog is an environmental blog that masquerades as a finance blog.
The thing is, both taking care of our world and doing what's best for your finances and health go hand in hand. Biking is better for the environment, your wallet, and your health. 2 - Male Privilege in Tech Joe is very aware that as a white Caucasian straight man he has it easier in tech than other groups of people. The thing is, though, is that Joe takes advantage of it for all the right reasons. He advocates for others who don't have the same privileges as he does.
One example that came up during the conversation is talking about FIRE at work. J doesn't talk about FIRE at work as she worries that it will negatively impact her career progression and make it look like she's not invested in her job. Joe hosted a TED-style talk at work about FIRE over lunch as part of a series. There's a little bit of a difference there. 3 - Retiring Early is an Escape Something that's come up recently in the FIRE community is using early retirement as an escape.
Gwen can tell you that was the case with her. She was stuck in a job she didn't like, with coworkers who didn't like her. Early retirement gave her something positive to focus on that would allow her to escape the terrible job.
Are you looking to retire to something, or retire from something? 4 - Find a Purpose Beyond Your Profession How do you find a purpose that will take you beyond your working life to your FIRE life?
After a few years (or months, for some), you might find your FIRE to-do list empty. You need to find a passion and a purpose for your life outside your career job. Political activism could be one, volunteering is another option, even sharing the wonders of charcuterie could be on the list. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.