Cover image of Fire Drill
(291)

Rank #67 in Investing category

Business
Careers
Investing

Fire Drill

Updated 7 days ago

Rank #67 in Investing category

Business
Careers
Investing
Read more

Join hosts Gwen & J on FIRE Drill podcast where they interview guests with epic side hustles, real estate investors, early retirees, online business owners, and other inspiring people rocking financial independence. Travel hacking, Mr. Money Mustache, and 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 firedrill podcast.

Read more

Join hosts Gwen & J on FIRE Drill podcast where they interview guests with epic side hustles, real estate investors, early retirees, online business owners, and other inspiring people rocking financial independence. Travel hacking, Mr. Money Mustache, and 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 firedrill podcast.

iTunes Ratings

291 Ratings
Average Ratings
242
18
13
6
12

Great info!

By CurtFire - Aug 27 2019
Read more
Great topics, well put together, and very relatable!

Love This

By Harrisburg Al - Aug 08 2019
Read more
I love your podcast thank you

iTunes Ratings

291 Ratings
Average Ratings
242
18
13
6
12

Great info!

By CurtFire - Aug 27 2019
Read more
Great topics, well put together, and very relatable!

Love This

By Harrisburg Al - Aug 08 2019
Read more
I love your podcast thank you

Listen to:

Cover image of Fire Drill

Fire Drill

Updated 7 days ago

Read more

Join hosts Gwen & J on FIRE Drill podcast where they interview guests with epic side hustles, real estate investors, early retirees, online business owners, and other inspiring people rocking financial independence. Travel hacking, Mr. Money Mustache, and 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 firedrill podcast.

Rank #1: The Great Mortgage Payoff Debate

Podcast cover
Read more
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.

Mar 13 2019

46mins

Play

Rank #2: How I Reached FI Without Saving 25 x My Annual Expenses | JT

Podcast cover
Read more
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.

May 08 2019

34mins

Play

Rank #3: How I’m Retiring Next Year on a $500,000 Nest Egg | A Purple Life

Podcast cover
Read more
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.

Jan 30 2019

44mins

Play

Rank #4: A Real Estate Strategy that Helped Me Build a Six Figure Passive Income Stream

Podcast cover
Read more
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.

Oct 09 2019

40mins

Play

Rank #5: Why Cutting Out Lattes Won’t Help you Reach FI | FIRE2Moms1Babe

Podcast cover
Read more
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.

Jul 17 2019

48mins

Play

Rank #6: What We’re Doing 4 Years into FI | Millennial Revolution

Podcast cover
Read more
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.

Jul 03 2019

31mins

Play

Rank #7: Reaching Cashflow FI in Our Late Twenties | Rethink the Rat Race

Podcast cover
Read more
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.

Sep 04 2019

38mins

Play

Rank #8: How I Turned a Facebook Group into a Full Time Income | Grouptize

Podcast cover
Read more
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.

Oct 23 2019

41mins

Play

Rank #9: Your 2019 Financial Goals!

Podcast cover
Read more
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.

Jan 09 2019

58mins

Play

Rank #10: My Path to Financial Independence as an Introvert | FI Introvert

Podcast cover
Read more
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.

Sep 11 2019

45mins

Play

Rank #11: Why FI is About Living Life on Your Own Terms | Millennial Money

Podcast cover
Read more
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.

Feb 06 2019

1hr 5mins

Play

Rank #12: Work Optional, Retire Early; A 2 Phase Savings Approach | Tanja from Our Next Life

Podcast cover
Read more
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.

Feb 13 2019

22mins

Play

Rank #13: Using House-Hacking to Get out of $100,000 in Debt | Even Steven Money

Podcast cover
Read more
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.

Apr 03 2019

38mins

Play

Rank #14: The Top Places to Live as an Early Retiree | Community Episode

Podcast cover
Read more
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.

Aug 28 2019

27mins

Play

Rank #15: BONUS: Side Hustle Course – Student Experiences and everything you need to know

Podcast cover
Read more
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...

Jun 27 2019

1hr 6mins

Play

Rank #16: Earn Money While you Travel with VIPKID | Grateful Gypsies

Podcast cover
Read more
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.

Aug 21 2019

32mins

Play

Rank #17: Planning for a Family and FIRE

Podcast cover
Read more
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.

Apr 17 2019

55mins

Play

Rank #18: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic

Podcast cover
Read more
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.

May 01 2019

47mins

Play

Rank #19: How We Saved Over $87,000 by DIYing House Renovations | Grit and Polish

Podcast cover
Read more
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.

Jan 23 2019

54mins

Play

Rank #20: Being Financially Independent as a Team | Can I Retire Yet?

Podcast cover
Read more
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.

Mar 20 2019

35mins

Play