Financial Independence Podcast

Latest Episodes:

Elizabeth Willard Thames – Meet the Frugalwoods Mar 05, 2018

Show notes

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

My Brother – Using the Power of Money to Pursue Your Passion Feb 08, 2018

Show notes

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

Chris Hutchins – Why You Should "Retire" Before You Hit Your Number Dec 19, 2017

Show notes

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

Physician on FIRE – Geographic Arbitrage, Sunk Costs, and Gangsta Rap Nov 14, 2017

Show notes

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!

Michael Kitces – The 4% Rule and Financial Planning for Early Retirement Aug 31, 2017

Show notes

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

The Happy Philosopher - Semiretirement and Finding Happiness Jul 17, 2017

Show notes

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

Mr. Money Mustache – Early Retirement Made Easy (Rebroadcast) Jun 12, 2017

Show notes

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

mr-money-mustache-intro.mp3 Jun 12, 2017

Show notes

Think Save Retire - Selling Everything and Retiring to an RV May 16, 2017

Show notes

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

Your Money or Your Life – An Interview with Author Vicki Robin Apr 05, 2017

Show notes

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

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