Fire Drill

Latest Episodes:

How to Earn a Full-time Income Flea Market Flipping Aug 12, 2018

Show notes

How does a family of 5 have a sustainable life flipping items full-time on the flea market? Rob and Melissa have 3 kids and earn their living buying weird items on the flea market and selling them online. They will buy any kind of item and aren't scared of shipping something huge (a Harley Davidson sign??!), and the profits they make can be pretty sweet. They have quite an unusual and interesting story, you'll love hearing how they hustle to make an income. We also chat about... A typical day flipping items How much money they make Where they buy and sell Their personal goals Advice to people getting started Enjoy this chat with Rob and Melissa, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Rob and Melissa's blog: Flea Market Flipper Rob and Melissa on Twitter and Instagram Youtube channel Key takeaways from our chat with Rob and Melissa 1 - Hustle pays off Rob and Melissa have been hustling for a long time, and now it provides for their entire family and even travels. Their hustle spirit means they're willing to go the extra mile and aren't scared to try new things. It's both inspiring and pretty incredible. 2 - Do your research If something catches your eye, do your research and try to estimate how much you could sell it for. Then try to negotiate with the vendor - the mental game is to make sure they don't realise their profit loss. Eventually, you'll start to recognise name brands and good quality materials - practice and more practice. 3 - You can start too Rob and Melissa explain how easy it is to get started: go to a flea market or garage sale, do some hunting around and then mark up the price online. The key is consistency and to have a system. Be open to testing and trying new things, who knows what little gem you can find in a flea market. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

An Inside Look at the Nomad Lifestyle with Pauline Paquin Aug 08, 2018

Show notes

We got the chance to sit down with Pauline Paquin for this episode! Pauline is a digital nomad - originally from France and now living most of the year in Guatemala. She hustled straight out of the gate in her teenaged years that translated into massive success as an adult. Massive success being a fairly robust nest egg and a healthy passive income stream, of course. She now travels when she wants and get to do only things she wants to do. You will love her story! We also chat about... Dog sitting in Guatemala Building a rental property in Colorado Enjoy this chat with Pauline, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Upwork (hiring freelancers) Flippa (buying websites) Pauline's Blog Pauline's Twitter Key takeaways from our chat with Pauline: 1 - Pauline hustled early and often When other teenagers were hanging out with friends at the movies or the mall, Pauline was hustling. She was tutoring younger kids on the piano, moving boxes, and babysitting. This set her up well for college, which then snowballed into setting her up well for life. 2 - It's hard to get credit when you're self-employed Pauline wanted to buy a rental property but was blocked..... because she was self - employed and banks don't like to give you credit when you don't have regular income from a "regular" job. Gwen found this out the hard way when she applied for a basic zero percent balance transfer credit card after leaving her career job. She'd never been denied for a card, until that application. She will also be shut out of real estate for a very long time as she won't be able to get a mortgage from a bank. Although, there are alternative options to get a rental property if you can't go to a bank. Private lenders, partnerships, and seller financing are all ways to avoid going through a bank. 3 - Pauline values her time She works on things that interest her. 5 years ago, that wasn't building, but she needed a place to live and decided to build it. One house later she was hooked! She doesn't do things that don't interest her, which is a real rarity in today's world. She travels the world for 6+ months at a time and lives on a beautiful lake in Guatemala. Thanks to her hard work in the past, she has a healthy passive income stream Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

When is the right financial time to have kids? | Financial Samurai Aug 05, 2018

Show notes

How do you figure out the right time to have kids? After leaving his job at the age of 34 (with a very sweet severance package), Sam from Financial Samurai didn't feel ready for kids. Quite a few years later, he wishes he had had them sooner. Where do kids fit in your FI plan? Sam has a very interesting story and you will love hearing his advice and family planning tips. We also chat about... The quick path to FI The middle-class families with $300,000 incomes His biggest mistakes when family planning Why you want a severance package How to engineer your layoff Enjoy this chat with Sam, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode The Financial Samurai Podcast Sam's blog: The Financial Samurai Sam's book: How to Make Money Quitting Your Job ($35 off using the code 'Firedrill') The $300,000 per year Middle Class Income Sam on Twitter Key takeaways from our chat with Sam 1 - Family timing is hard Sam's biggest mistake was thinking he needed too much money and time before having kids. Now he wishes he started sooner. The truth is that having kids screw up your FI plans. You could end up trying for ages and delaying your FI plans, or you may have to try other methods such as IVF or surrogacy, costing you more. Kids take energy and time, so the sooner you start the better. 2 - You have more power as an employee than you think Sam explains how he engineered his layoff through a pretty sweet severance package. The trick: understanding that you have more power than you think. Your company wants to be on good terms with you: losing you on bad terms could cost them a lot of money and stress. Not only do they need to find and re-train someone, but leaving an angry message on social media can cost them their reputation. Sam explains that once you realise this, you can negotiate a good severance package with your company and stay on good terms. 3 - How to accelerate your path to FI Sam lives in the Bay area and explains that middle-class families living there have an income of $300,000 (wow!). Why? Because they work in tech companies and have huge starting salaries. If you want to make good money and reach FI quickly, the key is having a job in an industry that pays well (yes, Bay area). Study a degree that will pay you the most, and then work, save and invest till your FI number. It's not for everyone, but you'll end up retiring at 34 just like Sam! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

FIRE Drill Stories with Gwen & J Aug 01, 2018

Show notes

J & Gwen bring you another special solo episode. It's EXTRA SPECIAL because we recorded LIVE at Podcast Movement 2018 in Philadelphia! Don't worry, only one drink apiece was harmed in the recording of this episode. We get deep into who Gwen & J are and how they came to be from some of their earliest memories. We also talk about some of the really cool podcasters we met at PM18 and give an update, or two, on how the rental property business is going for both Gwen & J. If you liked what you heard, please subscribe to us on Apple Podcasts! Show notes and links from today's episode Vicki Robin Afford Anything episode VetStory podcast Letters from War (aka most emotional song ever) Letters from War podcast Without Warning podcast Congressional Dish podcast Soarpreneur podcast Key takeaways from our chat: 1 - J is very family oriented J & Gwen talk about some of their earliest and most defining memories from growing up. Gwen shares a cute story of learning how to whistle, while J talks about the dangers of growing up with a Boston accent.... duh duh duh duhhhhhh. It's interesting to hear the differences in childhood as J grew up as a member of a loud, boisterous tribe and Gwen grew up in basically the polar opposite lifestyle. 2 - Gwen & J survived the semi-sketchy Airbnb Despite worrying about the apartment burning down while we slept, we made it through the week just fine! The sketch AirBnb did not burn down or get burgled. Gwen did leave a less than glowing review of her stay, in case you were wondering. 3 - The Power of Community No matter where you go, almost around the world, you can find people in the FI community. J & Gwen had an absolute blast meeting up with people in Philadelphia at the Podtastrophe meetup. We got to hear from and have conversations with real people who listen to FIRE Drill. We got feedback on the podcast, celebrated wins with some people and commiserated over real estate stories. So, if you're ever in Seattle or wherever Gwen is, hit us up! We'd love to hang out! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

Financial Independence in a Big City without the Big City Salary | Reaching for FI Jul 29, 2018

Show notes

How are people making less than $50,000 in massive cities working towards financial independence / early retirement? We have Erin from Reaching for FI here to share her story. She doesn't fit into the stereotypical FIRE mold (male, software engineer) which we say 50 times in the episode - whoops! Erin is a twenty-something living on a modest non-profit salary in DC. We chat with Erin about: Her student loan debt Budgeting Her hesitance to share her FIRE date FIRE dating & more! She was an absolute delight to speak with! Enjoy this chat with Erin from Reaching for FI and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Reaching for FI - Erin's blog! Instagram, Twitter Personal Capital - get $20 for signing up Military Dollar's episode with us The Mad Fientist - get the spreadsheet when you sign up for his email list Saver's Credit, American Opportunity Credit, Student Loan Interest Deduction Our episode with Dandan Navigation Nowhere on Insta Key takeaways from our chat with Erin from Reaching for FI 1 - Always get references Gwen didn't get references on many occasions with her rental property and it ended up disastrous. In this latest unfortunate event, she ended up with the dingle house. 2 - While you don't always need a budget, you need to keep track of your spending somehow Erin doesn't religiously budget but she does use the free app Personal Capital to keep an eye on her spending in various categories such as food, entertainment, etc. This approach works for her and she's still crushing it. 3 - Increase your income to speed up the path to early retirement Erin works three jobs at present and is a serious hustler. Her day job pays less than $50k so she is working on weekends and now blogging (the latter has more of a hobby pay with a job commitment). Increasing income is a way for people without six figure incomes to speed up the path to early retirement. 4 - Frugal friendly dates are cool While asking someone you just met on a hike can seem creepy, other frugal friendly dates are OK. Erin suggests asking someone out for coffee and a stroll to check out a new neighborhood. She doesn't recommend coming across as too v0cally-frugal right off the bat. Money talk is good but proclaiming your frugality might scare away the date! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

Nicaraguan Finances in a Revolution Jul 25, 2018

Show notes

Today's guest is Elaine. She is a blogger and podcaster from Nicaragua. Unfortunately, the government of Nicaragua is corrupt and the people are protesting against the government. We talked to Elaine about the current environment, how the people are handling the changes, what the government is trying to do and what normal life looks like in the middle of protests. Most of you are US Centric which means we only know what's happening in the US. The mainstream media isn't great about covering news outside the US so we were astonished to hear what all has been happening the last few months. Elaine has a very important story and we think this might be one of the most useful episodes we release this year. She was an absolute delight to speak with! Enjoy this chat with Elaine, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Elaine's blog FinCon conference Elaine's podcast Twitter: @ElaMVela Key takeaways from our chat with Elaine 1 - She became the blog she wanted to find Elaine looked for a Nicaraguan personal finance blog but couldn't find anything online. The financial system looks completely different from the US, so much of the personal finance advice isn't applicable to Nicaragua. She was trying to find resources but came up empty, so she became the blog she wanted to find. If you can't find anything that fits your situation, start what you want to find! 2 - Nicaraguan's are wholly dependent on their governmental pension It takes 750 weeks to qualify for pension/social security in Nicaragua. There isn't anything else available for saving for retirement, so you can understand why they'd be upset when the amount they pay in went up, and the amount they got out of it went down. To put it in perspective, minimum wage is $200/month. Basic living expenses are about $400 per month, so there's a gap that needs to be addressed. There's also no transparency into national security system.... which means they can't even guarantee the extra money will go towards it's intended use. There's a lot of corruption in the current government and funds have mysteriously disappeared. 3 - Take everything day by day Elaine's advice is to take everything day by day. It's next to impossible to plan for the future so take in as much as you can each day. Don't be afraid to give yourself a day off now and then too. Toppling a revolution doesn't happen overnight - it takes sustained effort over a period of time. Make sure you can last longer than the government!! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

I’m retiring early and moving my family to Panama | Route to Retire Jul 22, 2018

Show notes

Have you considered an early retirement abroad? Jim of Route to Retire is stepping away from his corporate job of 20+ years and is moving with his family to Panama. He reached a $1MIL net worth which is allowing him to fund his dream lifestyle. He'll officially early retire at the end of 2018 at the age of 43. You'll love Jim's story and the knowledge he has to share about planning for expat life in Panama. We also chat about... Timing for an early retirement Getting credit when you don't have a W2 job Why he decided on Panama Health care Enjoy this chat with Jim of Route to Retire, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Jim's Blog - Route to Retire Considerations for Planning to Retire Abroad The Game Plan Jim on Twitter Numbeo Is Retiring on a Cruise Ship an Affordable Option? Roth IRA Conversion Ladder Facebook Groups: Young Expats in Boquete Expats in Panama Expats in Panama Young Expats in Panama & FIRE Drill Podcast Facebook Group Key takeaways from our chat with Jim of Route to Retire 1 - He sold his rental property to fund the Roth IRA Conversion Ladder Jim didn't want to sell his rental property but needed to get access to his 401(k) money. He had a killer 401(k) match at his company so he funded that account fully before saving in a taxable account. This means that he'll have to leverage the Roth IRA conversion ladder to get that money out penalty free. Although, Jim doesn't mind selling his rental because it's been a bit of a headache. 2 - He's leaving now because it's the perfect time for his family Jim is worried that his daughter won't want to leave her friends if they wait any longer to make the big move. She's currently at the perfect age where she's excited about the trip and hasn't hit the teen years where she's forming the super close bonds. He doesn't want to wait and jeopardize that she won't be up for leaving. 3 - He gave his employer ample notice, because it's the right thing to do in his situation Jim has worked at this company for years and has a great relationship with his boss. He gave a length notice because it was the right thing for him to do in his situation. Not everyone will be able to share their early retirement plans so far in advance. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

Your First $100k with App Development and Merch | Benny Hsu Jul 18, 2018

Show notes

Benny worked at his family restaurant and was sick of it. He felt like he was wasting his time doing things he had grown to hate. He wasn't motivated and wasn't inspired. He hit a low point and said, no more. He put in a lot of hard work and dedication into changing his life after that moment. He dove head first into making money online - first through apps on the iTunes store, then selling t-shirts, and then selling various products through print on demand services. Now, Benny lives a life that challenges and inspires him to live his best life. We chatted about his life and how he turned it around in this episode! You will be majorly inspired by his story! We also chat about... app development process how to come up with products how Facebook ads work He was an absolute delight to speak with! Enjoy this chat with Benny, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Pat Flynn - Smart Passive Income Upwork (freelance marketplace) Teespring Bobby Hoyt's Facebook ads course Benny's blog Get Busy Living Benny has a podcast too! Key takeaways from our chat with Benny 1 - You are responsible for your life Benny was miserable. No one was forcing him to stay in his job. He was a product of his own decisions. He realized the only thing keeping him from success was, well.... him. He got down to business and got inspired and completely changed the course of his life. This isn't something only Benny can do - you can do it too! If you don't like your life, work on changing it to something you do like. 2 - You don't have to know how to do things If you want to make an app, you don't have to learn how to code an app. You can hire someone to do the work for you! *Mindblown* You see an app or a product and go, I could do that better. *You* don't have to be the one to make it better! If you don't have the time or skills to make something, hire it out! There are many successful people that sub out some work so they can focus on the high level work in their business. 3 - Don't be afraid to try new ventures Things online don't stay the same. What worked last year or last month won't necessarily work this month. Benny struck gold with his very first app and made $30k! However, his new few apps were duds and lost money. So, he pivoted. He changed his strategy to making different versions of successful games. Then, when the process started to get old, he pivoted to an entirely new product and set out to conquer that area of commerce. 4 - Perseverance is key Benny didn't fail 21 times. He figured out 21 t-shirt designs that didn't work. He found success on the 22nd design. He didn't get discouraged. He didn't give up. Instead, he kept improving and eventually made $100k in 5 months! Check out a screen shot below of his more recent earnings. He's crushing it! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

A to Z of the Startup Life and Cryptocurrency with Erica Amatori Jul 15, 2018

Show notes

Thinking about joining a startup? How do you know how much money and equity to ask for? Erica Amatori has worked for multiple startups (and one traditional Fortune 100 company) and shares all the details on compensation, salary negotiation, and equity. We also chat about... Cryptocurrency and Erica's new startup! Benefits (healthcare & retirement) Tech accelerators Getting involved in the startup community & more! Erica was an absolute delight to speak with! Enjoy this chat with Erica Amatori, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Erica on Twitter, Linkedin, Instagram Email her erica@thebitdaily.com The Bit Daily (Erica's crypto startup) Rize Burrow (startup where she works now and loves) AngelList Lean Startup Coinbase The Skimm Kristie Wolfe episode Bad Crypto podcast, Blockchannel, Unchained, Epicenter Blockfolio Key takeaways from our chat with Erica Amatori 1 - Everything is a negotiation with a startup Erica advised that everything is on the table when negotiating for a startup job. This can mean you can ask for more salary, equity, shorter vesting schedule, etc. Depending on the stage of the startup (seed, etc) you may have more or less wiggle room with your salary. The earlier the startup is in the process the lower your salary and the more equity you may take. Don't be afraid to ask for $40,000 more than you think you would get. You never know. They might meet you in the middle! Also keep in mind: You may or may not get health care and retirement benefits depending on the startup. That can be wiggle room in the negotiation since you are taken on added personal cost and risk. 2 - Seek help with the negotiation from experienced startup employees If you attend startup events, you will make friends that can help you in the negotiation process. You will know a better sense of what to ask for in terms of equity, vesting schedule, etc. Try to reach out and meet some people in the startup space that can help you evaluate your office and come up with a game plan. When you do sign an equity agreement, make sure it's in writing and legit with a government contract (depending on the amount granted). 3 - Consider attending a tech accelerator to get your idea off the ground Accelerators offer accounting and legal services, introduction to investors, support and mentorship in exchange for a small amount of equity (although some don't take any equity!) Here is a list of startup accelerators. 4 - Diversity is super important in crypto! J, Erica, and Gwen chat about how it seems that more male engineers are opting into crypto than any other group and it's critical for everyone to learn more about it, even if they don't plan to invest in it. Blockchain and crypto are the future and right now, the future is in the hands of very non-diverse group. Probably a bad idea? If you are part of the crypto majority, invite a diverse friend into the space - whether that's attending an event or sharing a podcast you like. Questions? Like or dislike? Leave us a comment!

Camp Mustache and Community with Joe Goldberg Jul 11, 2018

Show notes

Today's guest is Joe Goldberg, a 40 something year old guy in Seattle on the path to FIRE. You might know him as one of the OG members of the MMM forums, or as one of the founders of Camp Mustache. Yes, that very same Camp Mustache that Gwen & J recently attended. As it turns out, there is far more to Joe than just being on the MMM forums or founding Camp Mustache. We dive deep into his story and you will love it! We also chat about... including FIRE on your linkedin profile if FIRE is a solo journey how to get into political activism where to find fellow local FIRE people He was an absolute delight to speak with! Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Simple Dollar Get Rich Slowly MMM Clown Car article <--- Classic MMM Gold Standard Goods (Joe's wife's food business that you NEED in your life if you're in Seattle) Adorable BBC video FIClubs.org @tenaciousjoe Key takeaways from our chat with Joe: 1 - What is Mustachianism? Mustachianism is about finances, at it's heart, but it's so much more than that. Mr. Money Mustache says his blog is an environmental blog that masquerades as a finance blog. The thing is, both taking care of our world and doing what's best for your finances and health go hand in hand. Biking is better for the environment, your wallet, and your health. 2 - Male Privilege in Tech Joe is very aware that as a white Caucasian straight man he has it easier in tech than other groups of people. The thing is, though, is that Joe takes advantage of it for all the right reasons. He advocates for others who don't have the same privileges as he does. One example that came up during the conversation is talking about FIRE at work. J doesn't talk about FIRE at work as she worries that it will negatively impact her career progression and make it look like she's not invested in her job. Joe hosted a TED-style talk at work about FIRE over lunch as part of a series. There's a little bit of a difference there. 3 - Retiring Early is an Escape Something that's come up recently in the FIRE community is using early retirement as an escape. Gwen can tell you that was the case with her. She was stuck in a job she didn't like, with coworkers who didn't like her. Early retirement gave her something positive to focus on that would allow her to escape the terrible job. Are you looking to retire to something, or retire from something? 4 - Find a Purpose Beyond Your Profession How do you find a purpose that will take you beyond your working life to your FIRE life? After a few years (or months, for some), you might find your FIRE to-do list empty. You need to find a passion and a purpose for your life outside your career job. Political activism could be one, volunteering is another option, even sharing the wonders of charcuterie could be on the list. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

Our TOPPODCAST Picks

Follow Us

Stay Connected

Related Podcasts

Links

Stay Connected