After decades of saving/investing, it's hard to immediately flip a switch and go into spending mode.

Spending is a skill that you should develop on your way to FI, so that you're better at it when the time comes to really do it.

Here's what worked for me over the last few years!

Highlights

• How to reframe expenses and recalibrate how you value money (e.g. College Calculation, 0.01% Rule, etc.)
• Why you should expect inefficiencies/waste as your net worth grows
• The benefits of splurge accounts and forced annual-spending targets
• Balancing the idea that "everything is free" with the benefits of incremental improvements
• The importance of prioritizing "now" over "the future", while still spending/saving for both
• How to give more while increasing the personal benefits of that giving

In 2021, I decided to stop doing annual updates.

At that time, I thought I had FI figured out and was just living a "normal" life (so no need to talk about it anymore).

Well, a lot has changed since then.

Turns out, I didn't have everything figured out :/

I explain more in today's short podcast episode!

Cody Berman and Justin Taylor, hosts of the FI Show, have both achieved financial independence but they've taken drastically different paths to get there.

Listen to this Podcast Takeover episode to hear the similarities and differences between an employee's path to FI (Justin's) and an entrepreneur's journey to FIRE (Cody's)!

Highlights

• Live-in flip vs. house hacking
• Sweet spot for buying used cars
• Why focusing on fixed expenses is important
• How to 5x your corporate income
• The unlimited upside of entrepreneurship
• How to get started investing if you're scared/nervous
• Nest-egging vs. cash-flowing your way to financial independence
• The benefits of a Solo-401(k) for entrepreneurs
• Why the corporate world is great for certain types of people
• Benefits and downsides of entrepreneurship
• Why it's important to not keep up with the FI Joneses either

Show Links

• The FI Show - https://thefishow.com
• The FI Show's Mega Backdoor Roth Episode - https://thefishow.com/mega-backdoor-roth-solo-401k-explained/
• The Mad Fientist's Mega Backdoor Roth Article - https://www.madfientist.com/after-tax-contributions/

 

Life has completely changed.

And because of this major change, I'm even more grateful for the freedom, flexibility, and time that financial independence and early retirement provide.

In this short episode, I fill you in on what's been happening and I discuss the reasons for my newfound appreciation of FI.

Welcome to another podcast-takeover episode of the Financial Independence podcast!

This time, Mathias from the Financial Independence Europe podcast takes over the show to talk to Luke Freeman (from Giving What We Can) and Rebecca Herbst (from Yield and Spread) about Effective Altruism!

Highlights

• What is Effective Altruism
• How to give efficiently and effectively
• Benefits of joining the effective altruism community
• How giving is evolving
• Differences between the US and Europe with regards to philanthropy
• How to give to charity while pursuing FI

Show Links

• Financial Independence Europe - https://financial-independence.eu/
• Yield and Spread - http://yieldandspread.com
• Give What We Can - https://www.givingwhatwecan.org
• Give Well - https://www.givewell.org
• Original Show Link - https://financial-independence.eu/uncategorized/episode-147-how-to-give-effectively-luke-freeman-and-rebecca-herbst/

Exactly 10 years ago, I released the first episode of the Financial Independence Podcast!

To celebrate this big birthday, I've collected all the best advice from my interviews with my very first podcast guest – Mr. Money Mustache!

Highlights

• Mr. Money Mustache's investing strategy
• Thoughts on real-estate investing vs. stock-market investing
• How to invest in a raging bull market
• The benefits of hitting FI before having kids
• Why you'll likely make money after retiring early
• Mr. Money Mustache's biggest splurge
• How to decide whether to pay off your mortgage early
• The best part of financial independence
• How to find meaning after early retirement
• Most challenging part of post-FI life
• The impact of financial independence on personal relationships

On today's episode of the Financial Independence Podcast, I speak to Patrick Aime from Aime to Invest!

Patrick's journey to FI is an incredible one. He…

• Moved from his home in Rwanda to attend high school in Europe and college in America
• Stayed in America after college and started working in the feast-or-famine world of sales
• Started his own company and grew it to $5 million in revenue in four years
• Used his success in business to invest in rental properties and live a lavish lifestyle
• Lost everything during the 2008 global financial crisis and had to declare bankruptcy
• Found FIRE and drastically reduced his expenses and started saving for the long term
• Rebuilt a smaller business and started investing in short-term rental properties in Mexico
• Utilized geographic arbitrage to lower his expenses even further
• Hit FI 8 years after declaring bankruptcy and became a millionaire 2 years after FI

Patrick shares everything he learned during his rollercoaster financial journey so hope you enjoy the interview!

I'm excited to share with you the first Podcast Takeover episode of the Financial Independence Podcast!

Carl and Doug from the Mile High FI podcast take over the Financial Independence Podcast to talk about their early retirement successes and failures.

Enjoy!

Highlights

• Test drive early retirement by going part-time or taking a sabbatical
• Why finding a community is even more important for early retirees
• How to give yourself permission to slow down and be inefficient/unoptimized
• Why you can (and should!) reinvent yourself after you leave your job
• How to stop worrying about running out of money
• Why meaningful work is still the key to happiness after FI

Show Links

• Mile High FI - https://milehighfi.com
• My interview on the Mile High FI podcast - https://milehighfi.com/podcast/048-mad-fientist/

I have some big news…

I am now a British citizen!

In honor of finally getting my UK passport, and therefore completing this long journey to citizenship, I am releasing my UK FIRE episode.

Barney, from The Escape Artist, joined me in my Edinburgh apartment (before the pandemic) to discuss all things related to financial independence and early retirement in the UK.

Hope you enjoy it!

Highlights

• The cultural differences between US/UK that affect pursuing FI
• How to escape from the prison we create for ourselves
• Translating US investing terminology to the UK (e.g. 401k→pension, IRA→ISA, etc.)
• Is it easier to reach FI in the US or UK
• Class structure in UK and how pursuing FI forces you to traverse all classes
• Why FIRE isn't bigger in the UK
• Difference between the different types of ISAs
• Is tax hacking possible in the UK
• Real-estate investing in the United Kingdom and the fantastic Rent-a-Room scheme
• How to use geographic arbitrage to reach FI sooner

Last year, I published an interview with one of my favorite financial writers, Morgan Housel.

You may remember that the interview was recorded as part of a Bogleheads meeting and the interview was actually conducted by my buddy, Gouri.

Well, Gouri recently invited me to join the Bogleheads to talk about life after FIRE and today's podcast episode is a recording of that discussion!

Big thanks to Gouri and the Bogleheads for making this happen and hope you enjoy it!

Highlights

• How your views on spending change after you retire
• Why you should treat FI as a spectrum rather than a finish line
• How to plan for all aspects of post-FI life
• The unexpected benefits and challenges of early retirement

If you've followed me for a while, you'll know that I've released an annual update every year since I quit my job.

It's now been five years since I stopped working so this is my fifth (and final) annual update.

Why is it my final one?

I explain in today's short episode.

Highlights

• How the pandemic highlighted the power of having savings
• Why FI is the ultimate shock absorber and cheat code
• The reasons this annual update will be my last
• What to do when money is no longer a source of motivation
• Why "Lean FIRE" may be a bad idea
• Warren Buffet's plan for leaving money to his kids (and why it may change your FI target)

On today's episode of the Financial Independence Podcast, I finally got to interview the person who introduced me to the concept of financial independence and early retirement in the first place…

Jacob Lund Fisker from Early Retirement Extreme!

To my mind, Jacob is the founder of the modern-day "FIRE movement" so hope you enjoy the interview!

Highlights

• What Jacob has been up to since stepping away from ERE
• His experience being a financial quant and how it impacted his personal investing
• The problem with set-it-and-forget-it index investing
• The importance of staying flexible with your investing strategy
• Predictions for the next decade and the post-COVID world
• A systems approach to lifestyle design and why it's beneficial
• Jacob's thoughts on early retirement how they've changed since publishing Early Retirement Extreme
• His current projects and his plans for the future

Saving up a bunch of money gives you power - power you can use to make your life better and your journey to financial independence quicker.

The only way to take advantage of the power though is to use it.

Full Article:

https://www.madfientist.com/power-of-quitting/

Last year, I conducted an experiment in Ultralearning that I hoped would help me achieve a lifelong dream of mine of writing and releasing an album.

I'm happy to say it was far more successful than I ever imagined it would be!

As I mentioned in the initial Ultralearning podcast episode, the hope for the 3-month experiment was that it would accelerate my progress towards my goal and make the process more enjoyable.

Well, it did all that and more…

I ended up finishing a song during that 3-month experiment and I can't believe it but I just released that single today!

Not only did I write a song during the experiment, I continued writing music since then and I now have enough material for an album!

Never in my wildest dreams would I have thought this experiment would help me make so much progress but it has!
In today's podcast episode, I go through everything I learned and explain why the Ultralearning Experiment helped me push past the self-doubt and self-destructive habits that have plagued me in the past.

I also describe the new routines the experiment helped me develop and why those new habits have allowed me accomplish more than I ever have before!

Highlights

• How to get your brain ready (and why it's essential for making progress)
• The best way to make developing new habits easier
• What you should focus on and why
• How to be original and creative
• Why you should make your project "real" (even if it makes you feel silly)
• When it's worth spending more money instead of less
• Why you should expect to encounter the "gap" and how to get over it

One of my favorite financial writers, Morgan Housel, is on the Financial Independence Podcast today!

I'm not the one conducting the interview this time though (all is explained in the episode).

Morgan's insight into how to handle uncertainty, market crashes, and this weird stock boom that we now find ourselves in is invaluable so hope you enjoy it!

Big thanks to Gouri, Morgan, and the Bogleheads for making this happen!

It's been four years since I left my full-time job and what a crazy year it's been!

To celebrate this anniversary and to recap the things I've learned during this last year of post-FI life (and the COVID market crash), I recorded a short podcast episode.

Bear markets are a normal part of investing but is this time different?

As the coronavirus COVID-19 spreads around the world, governments are struggling to limit the economic impact of the disease.

In today's unplanned episode of the Financial Independence Podcast, JL Collins (author of The Simple Path to Wealth) joins me to talk about this stock-market crash, how it differs from previous crashes, and what you should do about it.

Note: Apologies for the audio quality of this episode. Since this wasn't planned in advance, I didn't have my normal microphone so I had to use the microphone on my iPhone headphones :/

On today's episode of the Financial Independence Podcast, I'm excited to introduce Scott Young!

I first heard about Scott when he decided to complete MIT's entire computer science curriculum in a year.

Scott has taken on a lot of these types of impressive learning projects and he just wrote a great book about it – Ultralearning.

As you know, I'm attempting to tackle a very intimidating project myself so what better way to kick off that effort than with my own 3-month ultralearning project!

In today's interview, we dive into the details of ultralearning and we design a new ultralearning project from scratch.

Ultralearning projects seem perfect for anyone who is FI or hopes to achieve financial independence one day so hope you get as much out of this discussion as I did!

Highlights

• Why ultralearning can help you get to FI quicker (while making the journey more enjoyable)
• How Scott was able to complete MIT's computer science curriculum in one year
• Why the first part of learning something new is the hardest and how to use ultralearning to get past that phase sooner
• How to learn new languages as quickly and efficiently as possible
• Details about my own ultralearning project and how Scott suggests I design it
• The imporantance of breaking big goals into concrete stages
• Why limiting scope is so important when diving into something new
• What is meta-feedback and why it's important
• The power of direct practice and how to use drills to fix specific issues
• What to do when you hit a block or a plateau in your learning

I can't believe it but it's already been three years since I left my full-time job!

To commemorate this special anniversary and to recap the things I've learned during this last year of post-FI life (which happened to be the best one yet), I recorded a short podcast episode.

Personal-finance icon Ramit Sethi from I Will Teach You to be Rich joins me for an episode of the Financial Independence Podcast!

Ramit first published his New York Times best-selling book, I Will Teach You to be Rich, back in 2009 during the depths of the financial crisis.

He just released the second version today so we discuss what's changed in the last decade and also talk about FIRE (Financial Independence, Retire Early) – a concept that's taken the financial world by storm in recent years.

This is the first time Ramit has talked about FIRE so it was great getting his opinions on it, especially since he's often thought of as being on the opposite end of the financial spectrum (my first podcast guest, Mr. Money Mustache, has even jokingly referred to him as his "arch-rival in personal finance").

Ramit didn't hold back (does he ever?) so hope you enjoy this one as much as I did!

Highlights

• What Ramit likes about FIRE (and what he doesn't)
• When you should pay more instead of less
• How to cure yourself from extreme frugality
• Why you need to maximize for value instead of cost
• How to break out of the spreadsheet and start living life

On today's episode of the Financial Independence Podcast, I'm very excited to introduce author Cal Newport!

I've been a huge fan of Cal's writing for many years so it was a treat to get to talk to him.

We explore many important issues related to early retirement that aren't often talked about so if you're thinking about retiring early (or if you already have and are struggling to build the life that you envisioned before leaving work), today's episode is a must-listen!

Highlights:

• Why pursuing your passion is overrated
• How to love your job
• What is "Focused FIRE" and why it's likely the best option
• How to get good at something valuable
• Why you should replace relaxation with difficult, meaningful activity
• The importance (and increasing rarity) of deep work
• Why skillful management of attention is the key to a good life
• How to perform a digital declutter
• The importance of high-quality leisure activities
• Why technology could be ruining your personal life and how to stop it

On today's episode of the Financial Independence Podcast, my buddy Grant from Millennial Money joins me to talk about how he went from having $2.26 in the bank to $1.25 million in just 5 years, 3 months, and 6 days!

We dive into the strategies and tactics he used but we also go deeper and discuss some of the unexpected challenges of FIRE.

We also explore Grant's new book, Financial Freedom, which is out today and features parts of my own story!

Highlights:

• Why you don't need to hit FI or save a million dollars to get the benefits of saving
• How to make the most of your full-time job
• Why you should strive for peace instead of money or happiness
• How to find pleasure in mundane moments

It's easy to think that early retirement will be the answer to all your problems.

After all, how could you not be happy when you don't have to work anymore?

I've written about why early retirement is not a magic bullet but what if it actually makes your life worse?

On today's episode of the Financial Independence Podcast, I interview a reader named Tony who found this to be the case.

He's since decided to go back to the same career he retired from and is enjoying work (and life) more than ever.

During the interview, we dive into the overlooked benefits of work and the downsides of early retirement.

We also explore serious issues that aren't talked about enough, like depression and mental health.

Huge thank you to Tony for sharing his deeply personal story with us.

Highlights:

• The benefits of having a job that are hard to find elsewhere
• Why early retirement won't magically fix all your problems
• The importance of building human contact into your early retirement plan
• The dark side of having a driving passion and purpose
• Signs that you need to seek help for your mental health problems
• What it's like going back to work after early retirement
• The Office Space Effect and how FI can make you a better (and happier) employee

If you want to use money to make you happier, stop thinking about what you can buy with it.

Instead, think about how you can use it to remove the things in your life that make you unhappy.

Full Article: 

https://www.madfientist.com/happiness-through-subtraction/

I made two big mistakes when I was pursuing financial independence…

The first was I put off happiness until I hit FI.

The second was I also put off my health.

In today's episode of the Financial Independence Podcast, I chat to my personal trainer, Doug from Monumental Strength.

Doug has spent the past two years taking me from a puny computer programmer to a strong, healthy weightlifter!

It's been a fantastic journey, with numerous unexpected benefits, so don't wait until FI like I did. Start focusing on your health now and drastically improve your journey to FI (and your life beyond)!

Highlights:

• Why lifting weights is a perfect activity for improving your health
• How to build a good workout plan
• Why free weights are better than machines
• What to eat if you want to build muscle
• Why weightlifting is better than running for burning fat and losing weight
• How to progress to doing more difficult lifts
• The benefits of intermittent fasting

A challenging aspect of early retirement is the loss of identity you may experience when leaving a career you've spent a big chunk of your life building.

However, one of the most exciting parts of early retirement is that you have the time, money, and freedom to create a completely new identity!

How do you do it though?

Today, I had the privilege to speak to the writer who has been most helpful to me as I've started building my own new identity – James Clear.

In this episode, we discuss habits, deliberate practice, and how to best create a meaningful and purpose-driven life!

Highlights:

• What makes life meaningful and how to live better
• The importance of social connections
• How to deal with the "pain of discipline"
• The physics of productivity and why habits are so powerful
• The importance of having an easy on-ramp to a task
• Why a habit must be established before it can be improved
• How to find a keystone habit that can improve multiple areas of your life
• Why you should optimize for the starting line rather than the finish line
• The downsides of habits
• What is deliberate practice and why it's important
• How habits can change your identity
• Why rewards are good (but only if they don't conflict with your new identity)
• What is intermittent fasting and why it's beneficial

If you've been reading about financial independence for a while, you've likely seen that the topic is getting more popular lately.

Although FIRE (Financial Independence / Retire Early) is far bigger than it was when I created this site in 2012, it's still nowhere near mainstream.

That may change though…

A full-length documentary called Playing with FIRE is currently in the works and the film has the potential to reach millions of people that blogs or podcasts never would.

This is a huge deal.

I was asked to take part in the film and was lucky to get to know the talented people behind the documentary.

On today's episode of the Financial Independence Podcast, I'm excited to welcome the director and executive producer, Travis Shakespeare!

Listen to hear how the documentary came about, discover what Travis has learned about FI after spending the last year creating this film, and find out when you'll be able to see it!

Chad Carson from CoachCarson.com joins me again on the Financial Independence Podcast to talk about the various strategies you can use to retire early with real estate!

Highlights:

• The best real-estate strategies to use to reach financial independence and retire early
• How real estate can be a good investment while also enhancing your lifestyle
• What is the Mad Fientist's Peak Arbitrage™ strategy and is it a good idea
• Why you should buy utility but rent luxury
• Thoughts on internet-based real estate investing companies (e.g. PeerStreet, RealityShares, etc.)
• What you should look for when buying a long-term "Buy and Hold" rental

I can't believe it...

It's already been two years since I left my full-time job!

To celebrate this special anniversary, I decided to release a podcast episode containing my thoughts on my second year of freedom.

Find out what a day in my life is like now, hear all the ways early retirement is different than I expected, and discover the most valuable lessons I've learned since leaving my job!

On August 1st, 2018, it will be exactly two years since I left my full-time job as a software developer.

To celebrate, I've decided to release two podcast episodes that contain all the valuable lessons I learned during my first two years of freedom.

Today's episode contains everything I learned during my first year and on Wednesday (August 1st), I will release everything I learned during my second year of freedom.

It's been a wild ride so hope you enjoy the first of these two episodes!

On today's episode of the Financial Independence Podcast, I'm joined by the president of biggerpockets.com and cohost of the BiggerPockets Money Show, Scott Trench!

Scott breaks down the journey to financial independence into three stages and explains what you need to focus on at each step (and why)!

Highlights:

• The three stages of wealth creation on the path to financial freedom
• Why it doesn't make sense to worry about investing right away
• How to create a "financial runway" and use it to your advantage
• Why you should try to find a "scalable career"
• How to turn your biggest expense into an income-producing asset
• The one question to ask before buying your first house hack
• The multiple benefits of adding side hustles along your journey

My good friend Marla Taner joined me on the Financial Independence Podcast to go deep into some early-retirement topics that aren't often discussed.

Marla and I met in 2014 at Camp Mustache and we've had a lot of fun (and sometimes heavy) conversations over the years so I thought it'd be great to record one for the podcast!

Highlights:

• How to deal with a sudden early retirement
• Rethinking travel after leaving work
• Finding happiness from within
• Dealing with losing career identity and external validation
• How to care less about "success"
• The effort of happiness
• Focusing on progress rather than the end goal
• Doing the work to figure yourself out
• Justifying the decision to retire early

Last August, I was down in England with Vicki Robin (author of Your Money or Your Life) for the FI Chautauqua.

We were chatting about the new version of the book she was working on (which is out now!) and she mentioned that she created a game called "Money Talks" to go along with the new edition.

The card game consists of 52 different cards, each containing a different money question or topic. The idea is, you can use the cards to initiate conversations about money with family, friends, etc. (as you are probably aware, money doesn't often get discussed in real life so this game attempts to change that).

I thought it was a great idea so I asked Vicki if she'd be up for playing the game with a handful of Chautauqua attendees and I'd record it for an episode of the Financial Independence Podcast.

She agreed and that's what I'm sharing with you today!

Big thanks to Vicki Robin for teaching us how to play, to Ettington Park for the fantastic venue, and to Eduardo, Laura, Kimi, Matt, Brandon, Jason, Lena, and Meghan for taking part!

Today on the Financial Independence Podcast, I welcome back Liz Thames (a.k.a. Mrs. Frugalwoods)!

Liz was last on the show over two years ago and a lot has changed.

Since then, she's made her dream of retiring to a homestead in Vermont a reality, she's had two babies, and she's just published a book!

It was great to catch up with her to hear about everything that's happened over the last couple of years and to find out whether her early retirement dream is actually as good as she hoped it would be.

And since we've become good friends since our last interview, it was fun to challenge her on some of her more "borderline" frugal habits and also share my most embarrissing frugal hack :)

Highlights:

• What's changed since our last interview
• Has the Vermont homestead reality lived up to the dream
• Why you should just start things
• How to embracing a $0 budget
• Why you should eliminate everything and then add back the things you enjoy
• How the Frugalwoods go about buying things
• My super embarrasing frugal confession
• How to deal with the long slog to FI after initial period of excitement
• Why frugality can help build community

Out of all the episodes of the Financial Independence Podcast, this is the one I wish I heard when I was on my journey to financial independence.

Bill Perkins, author of Die with Zero, joins Chris Hutchins on the All the Hacks podcast to discuss what money is really for – maximizing net fulfillment.

This interview is incredible, so I reached out to Chris to ask if I could share it with you all, and thankfully he agreed!

Highlights

• Why you should maximize for net fulfillment rather than net worth
• When is the best time to allocate money to get the most fulfillment
• Why you should time bucket your experiences instead of having a bucket list
• How to break out of earning-saving-investing autopilot
• Why you should fear wasting your life more than running out of money

On today's episode of the Financial Independence Podcast, I interview my little brother while drinking wine next to a canal in Venice!

Brian, who is three years younger than me, isn't actively pursuing financial independence but he's done some really impressive things with his money and has used the power that money provides to fully pursue his passions.

In fact, he's currently in the middle of a ~6-month mini-retirement and is using the time off to travel and hopefully take his music career to the next level.

We dive into a lot of interesting financial topics but we also degenerate into some brotherly chat, which produced classic quotes like this one: "I took my solids elsewhere."

Highlights:

• How we are different when it comes to money (including his much more extreme level of frugality)
• Why he chose to live in a place with no heat, hot water, air conditioning, sink, or toilet
• How to save money as a musician/artist
• Why focusing on buying more gear misses the point and how you can avoid that common trap
• How to utilize the power of quitting even if you aren't financially independent
• What it's like tasting the early retirement lifestyle
• Why learning a language abroad is a great way to travel
• The pros and cons of having a day job when you're an artist
• How to get a dream job in the arts
• Using mini-retirements and part-time work to pursue your passion

On today's episode of the Financial Independence Podcast, I interview a serial entrepreneur who has achieved financial independence three different ways!

You'd think that selling a company to Google or buying San Francisco real estate before prices went crazy would be the best way to reach financial independence but that's not been the case for today's guest, Chris Hutchins from Grove.

Although he's done all of those things, Chris shares how consistent saving actually impacted his net worth more than anything else.

This episode is packed full of useful information, especially if plan to start your own business or want to do something meaningful after early retirement, so hope you enjoy it!

Highlights:

• What it's like being an investment banker
• How to get a job you really love
• Biggest business lessons learned from working at Google Ventures
• Why you should always say "Yes"
• The benefits of doing something interesting every month
• How aggressive saving can impact your net worth more than selling a company to Google or investing in San Francisco real estate
• Why you should "retire" before you hit your FI number
• My new favorite definition of retirement

It's been a while since I posted a new Financial Independence Podcast episode but I'm excited to share one with you today!

Mr. and Mrs. 1500 from 1500Days.com joined me live at FinCon in Dallas to interview the Physician on FIRE!

We sadly only had 25 minutes to record so it's a short interview but it's a fun one.

If you ever wanted to hear Mrs. 1500 rap, this episode is definitely for you :)

And if you ever wanted to hear what a podcast sounds like when two out of the three hosts are ridiculously hungover, this one is also for you (see if you can figure out which host is the sensible one).

I'll be back to my longer, more in-depth interviews soon but for now, I hope you enjoy this wild and entertaining conversation with the Physician on FIRE!

Highlights:

• How to separate your identity from your job
• Using geographic arbitrage to spend less while getting paid more (without ever leaving the United States)
• How to deal with sunk costs
• What it's like finding FIRE after already achieving financial independence
• Plus, an amazing (and original) gangsta rap verse performed by Mrs. 1500!

One of the internet's most-respected retirement researchers and financial planners, Michael Kitces, joins me for an episode of the Financial Independence Podcast!

You may remember that my Safe Withdrawal Rate post drew heavily from the incredible research Kitces has done on the topic so it was great to talk to him directly to dive even deeper into important topics related to early retirement.

During the interview, we discuss…

• Safe Withdrawal Rates and whether the 4% rule is still safe in the current market environment
• The unique challenges early retirees face that normal retirees don't (and also some of the unique advantages early retirees have)
• How Michael tackles early retirement from a financial planning perspective

If you're worried about figuring out how much you can withdraw from your portfolio after you retire, this episode is for you!

Highlights:

• Why Michael began researching safe withdrawal rates
• What the Shiller CAPE is and how it can be used to determine a better safe withdrawal rate
• Why the initial criticism of the 4% rule was that it was too low
• What would be a safe withdrawal rate to use today, considering current market valuations
• Human capital vs. financial capital and the advantages of having both
• How to find a financial advisor and what Michael would do if a client came to him with early retirement plans
• The biggest wild card that early retirees need to be concerned with that standard retirees don't

On today's episode of the Financial Independence Podcast, Jeff from The Happy Philosopher joins me to discuss the unique challenges that doctors and other professionals face on the journey to early retirement.

When you invest so much time, money, and energy into your career, it's no wonder that walking away from your job is much more difficult.

We discuss alternatives to early retirement, which provide a lot of the same benefits but limit the downsides, and we also dive into ways you can increase your happiness during your journey to FI!

Highlights:

• The unique problems that doctors face when pursuing financial independence
• How you can separate your identity from your job
• Why you should focus on happiness instead of FI
• The benefits of the best drug in the world
• Why you should stop watching news (and stop worrying about things you can't control)
• What is a 'job share' and why it's a great alternative to early retirement

To celebrate the 5-year anniversary of launching the Financial Independence Podcast, I've republished the very first interview I recorded back in 2012 with Mr. Money Mustache.

In addition to the original interview, this episode also contains an updated introduction that tells the story behind the interview!

Highlights:

• How Mr. Money Mustache and his wife retired in their early 30s
• Why he decided to start writing about financial independence
• The benefits of raising children after you've already retired
• What MMM likes most about early retirement
• Why you need to ride a bike

On today's episode of the Financial Independence Podcast, I had the pleasure of speaking with Steve from ThinkSaveRetire.com!

Steve initially planned to retire at the age of 40 but after making some drastic lifestyle changes, he ended up walking away from his job at 35.

One of the biggest factors that reduced his time to FI was his and his wife's decision to sell nearly everything they owned and move into an Airstream.

If you have dreams of spending your early retirement traveling around North America in an RV, this episode is for you!

We dive into the costs of RV life, the benefits of drastic downsizing, and Steve's advice for anyone who wants to hit the road after retirement!

Highlights:

• How to shed the golden handcuffs
• The problem with promotions and the joy of stepping off the ladder
• The costs of living in an RV full-time
• Using a health share ministry for health insurance and going to Mexico for dental work
• Why you should start with a smaller RV than you think you need

I can't believe it…

One of the founders of the financial independence movement, Vicki Robin, joined me for an episode of the Financial Independence Podcast!

Vicki and her partner Joe Dominguez wrote the book, Your Money or Your Life – a New York Times Best Seller that many people consider to be the bible of financial independence (the FI-ble?).

Your Money or Your Life is actually what inspired me to create the FI Laboratory many years ago.

Vicki has been a driving force in the FI community since the 1960s and has a wealth of knowledge and inspiring stories to share so hope you enjoy the interview!

Highlights:

• The story behind Your Money or Your Life
• How Joe was able to retire at the age of 31 in 1969 with $70,000 in the bank
• Why Vicki's quest to change the world didn't succeed (yet)
• How a stage-3 cancer diagnosis changed her plans
• What's going to be different in the new version of Your Money or Your Life
• What she believes are the most important steps in the Your Money or Your Life program
• How the book's investment advice has changed and what she is current investing in

Later this year, at the ages of 38 and 41, the couple behind OurNextLife.com will be quitting the stressful, time-consuming jobs that they've held for most of their adult lives and will be retiring to a life in the mountains.

This is particularly interesting to me because one of my dreams is to live on the side of the mountain and get a part-time ski patrol job. Because really, what could be better than waking up early after a big snowfall, grabbing a cup of coffee with your buddies, then strapping on your skis and heading up the mountain to throw bombs and trigger avalanches?

Join me for a Financial Independence Podcast interview with Ms. ONL to hear all about this exciting transition to the mountains and to find out what their next life has in store for them!

Highlights:

• What to do if you're not naturally frugal
• Why you should gradually trim your expenses if your spending is high
• The risk of losing your identity when leaving a long-term, time-consuming job
• Finding meaning after early retirement
• Using your money to help out your family
• What it's like living in a ski town
• The additional costs of mountain life
• How to transition from the big city to the mountains
• Preparing for the two phases of early retirement

 

To celebrate the release of JL Collins' new book, Pathfinders, I collected all the best advice from his Financial Independence Podcast interviews!   Jim has been on the show three times:  

• First, back in 2012 (he was my second guest ever!)
• Second, when his hit book, The Simple Path to Wealth, was released
• Third, during the depths of the Coronavirus crash

  That last interview may be my proudest moment as the Mad Fientist (I explain why during the show).   Hope you enjoy this jam-packed episode!

Highlights

• The power of FU Money and why it may be less money than you think
• Jim's biggest investing mistake and what he learned from it
• Why index investing is superior to active investing
• Are REITs and international funds necessary
• Why your house may not be a good investment
• Thoughts on stock picking and actively-managed funds
• What makes Vanguard unique and why it's best for investors
• The three keys to becoming wealthy
• Lessons learned from Black Monday
• How to prepare for the next market crash

After delivering an epic guest post on the tax advantages of investing in real estate, I asked Chad Carson from CoachCarson.com to join me on the podcast to hear more about his own experiences with real estate investing.

Chad started with only $1,000 in the bank and was able to build up a real estate empire that now consists of over 90 units!

It's an incredible story of hard work, intelligent money management, and perseverance so listen to find out how he did it. And if you've ever wanted to know what it felt like to be a full-time real estate investor when the entire housing market collapsed in 2008, hear how Chad survived despite making over 50 acquisitions in 2007 alone!

Highlights:

• How to get started in real estate with no money
• What is 'bird dogging'?
• Why you should invest in something that's simple and understandable
• The numerous ways to finance real estate purchases
• What it was like to survive the financial crisis as a real estate investor after making 50+ acquisitions in 2007
• The importance of having a cash reserve
• Why you should house hack or do a live-in flip if you want to retire early
• What Chad would do if he was starting again and wanted to reach financial independence as quickly as possible
• Why you need to be cautious when considering passive real estate investing options
• How buying real estate to live in is much different than buying real estate as an investment

 

On today's episode of the Financial Independence Podcast, Gwen from Fiery Millennials and Julie from Millennial Boss join me to talk about millennial finances and what young people should do to reach financial independence as quickly as possible!

Highlights:

• Thoughts on Chautauqua and Camp Mustache (including the awful financial advice Julie received in Ecuador)
• How Gwen landed her dream job and how Julie increased her income by 600% in 5 years
• The benefits of starting your own blog
• Why Gwen is the real-life Guinea Pig
• How to get a college degree for free (or as cheaply as possible)
• Why everyone should have a side hustle
• How to negotiate a higher salary (including Julie's story of how she earned an additional $80,000 by negotiating!)
• What to do if you already have an inflated lifestyle

On today's episode of the Financial Independence Podcast, I interview my wife, Jill!

It took a lot of persuading to get her on the show but I'm glad she agreed because her perspective is very different from mine so it was interesting to hear her thoughts on financial independence, early retirement, and this unconventional life we lead!

Highlights:

• When my wife found out I was a weirdo with money
• My lowest point as a cheapskate
• Why Jill and I kept our finances separate
• The importance of figuring out your perfect life
• How to get your spouse on board with FI
• Why you should start small when trying new things
• What I do that annoys my wife most

 

 

Joining me on today's episode of the Financial Independence Podcast are FIRECracker (Kristy) and Wanderer (Bryce) from Millennial Revolution!

Kristy and Bryce exploded onto the scene after a video clip of them attacking the religion of homeownership went viral (it is now the most-viewed and most-shared video on CBC.ca, Canada's largest news website).

During our interview, we dive into the viral video, explore why they believe buying a home is usually a terrible idea, and find out what they've been up to after retiring in their early 30s!

Highlights:

• Buying a house vs. retiring early
• Delusional homeowner math and how to avoid it
• Why you should rent everything
• The benefits of using a financial advisor
• How reaching financial independence is different in Canada
• Why you should follow your dreams on the side