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Fire Drill

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.

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Financial Independence in a Big City without the Big City Salary | Reaching for FI

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 InstaKey takeaways from our chat with Erin from Reaching for FI1 - Always get referencesGwen 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 somehowErin 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 retirementErin 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 coolWhile 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.

39mins

29 Jul 2018

Rank #1

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Nicaraguan Finances in a Revolution

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: @ElaMVelaKey takeaways from our chat with Elaine1 - She became the blog she wanted to findElaine 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 pensionIt 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 dayElaine'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.

31mins

25 Jul 2018

Rank #2

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What We’re Doing 4 Years into FI | Millennial Revolution

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 MillionaireKey takeaways from our chat with Kristy and Bryce1 - The importance of finding your identity after FIKristy 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 SOAs 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.

31mins

3 Jul 2019

Rank #3

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

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 goalsEnjoy 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 MovementKey takeaways from our chat with A Purple Life1 - In the long run, living in the city is actually cheaperGwen 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 partnerA 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 blogA 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 perfectA 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.

44mins

30 Jan 2019

Rank #4

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How I Reached FI Without Saving 25 x My Annual Expenses | JT

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 strategyEnjoy 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 groupKey takeaways from our chat with JT1 - You don't need 25 times your annual expenses to quit your jobJT 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 agoJT 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 incomeJT'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.

34mins

8 May 2019

Rank #5

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Why Cutting Out Lattes Won’t Help you Reach FI | FIRE2Moms1Babe

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 selfishEnjoy 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 VenturesKey takeaways from our chat with Courtney1 - Cutting out lattes won't help you reach FICourtney 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 mortgageCourtney 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 rateEarly 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.

48mins

17 Jul 2019

Rank #6

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Retiring at 37 | Chris Reining

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 independentEnjoy 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 letdownKey takeaways from our chat with Chris1 - Quitting your job isn't always easyChris 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 winsChris 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 reasonsThere 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.

37mins

14 Oct 2018

Rank #7

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Why FI is About Living Life on Your Own Terms | Millennial Money

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 giveawayEnjoy 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 websiteKey takeaways from our chat with Grant1 - The good and the bad of FI eventsAt 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 bookGrant 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 addictionOne 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.

1hr 5mins

6 Feb 2019

Rank #8

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

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 EarlyEnjoy 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 ChautauquaKey takeaways from our chat with Tanja1 - Time goes by slowly when you're freeTanja 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 olderTanja 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 ideaAn 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.

22mins

13 Feb 2019

Rank #9

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Walking the Camino de Santiago and the EconoMe Conference

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

36mins

8 Jan 2020

Rank #10

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Why I’m Prioritizing Quality of Life | Zero

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 marriedEnjoy 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 IndependenceKey takeaways from our chat with Zero1 - The importance of prioritizing quality of lifeThe 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 pointZero 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 incomeZero 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.

43mins

30 Oct 2019

Rank #11

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My Path to Financial Independence as an Introvert | FI Introvert

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 FIEnjoy 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 TalkingKey takeaways from our chat with Drew1 - Why introverts have a larger desire for FIDrew 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 careerGrowing 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 goalDrew 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.

45mins

11 Sep 2019

Rank #12

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Reaching Cashflow FI in Our Late Twenties | Rethink the Rat Race

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 EuropeEnjoy 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 courseKey takeaways from our chat with James and Emily1 - Reaching Cashflow FIJames 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 strategyThey 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 jobsThey'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.

38mins

4 Sep 2019

Rank #13

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Managing the Scarcity Mindset | JD Roth

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 himEnjoy 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 subredditKey takeaways from our chat with JD Roth1 - Rent is the ceiling, the mortgage is the floorBoth 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 temptationJD 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.

35mins

10 Oct 2018

Rank #14

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Your 2019 Financial Goals!

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 2019Enjoy 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 PeaceKey takeaways from the chat between Gwen and J1 - Having a paycheck can be a huge reliefGwen 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 2019We 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 adviceGwen 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.

58mins

9 Jan 2019

Rank #15

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A Real Estate Strategy that Helped Me Build a Six Figure Passive Income Stream

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 investorsEnjoy 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 Jennifer1 - Getting started with real estateJennifer 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 tenantsWhat 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 lifestyleSince 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.

40mins

9 Oct 2019

Rank #16

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How Our Government Jobs Helped Us Reach FI | Our Rich Journey

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 abroadEnjoy 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 HiringKey takeaways from our chat with Amon and Christina1 - The journey starts with the right mindsetChristina 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 incomeThey 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 PortugalThe 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.

37mins

6 Nov 2019

Rank #17

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How We Manage Our 9 Rental Properties | Handful of Thoughts

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 goalsEnjoy 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 MustacheKey takeaways from our chat with Maria1 - Canada's maternity leave is pretty sweetIn 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 FIMaria 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 hacksAs 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.

32mins

20 Nov 2019

Rank #18

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The Top Places to Live as an Early Retiree | Community Episode

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 inEnjoy 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 PitchWireKey takeaways from our Community Episode1 - Knoxville, TennesseeChristina 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 MexicoDebbie 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 USMany 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.

27mins

28 Aug 2019

Rank #19

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When is the right financial time to have kids? | Financial Samurai

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 layoffEnjoy 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 TwitterKey takeaways from our chat with Sam1 - Family timing is hardSam'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 thinkSam 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 FISam 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.

43mins

5 Aug 2018

Rank #20