Fire Drill

Latest Episodes:

Why Cutting Out Lattes Won’t Help you Reach FI | FIRE2Moms1Babe Jul 17, 2019

Show notes

Courtney is a member of the LGBTQ community who reached FI earlier last year. Courtney has been on her FI journey for 10 years. She is now married and with one child, and her and her wife have decided to keep working since they are now expecting a second child. She has experience house hacking, paying off student loan debt and reducing her expenses down to $25,000 per year. You'll love that story. We also chat about... Courtney's journey to FI Her first career and income House hacking in Canada Why the 3% or 3.5% withdrawal rate is safer Making money does not have to be selfish Enjoy this chat with Courtney, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Courtney's Instagram: FIRE2Moms1Babe Courtney's blog: Modern FImily The Frugal Philistine All Options Considered Millennial Revolution Mad Fientist J L Collins Paula Pant The Frugalwoods ChooseFI Early Retirement Now Gold City Ventures Key takeaways from our chat with Courtney 1 - Cutting out lattes won't help you reach FI Courtney explains that cutting out small expenses such as lattes won't make a large difference on your path to financial independence. If you enjoy your lattes then there is no harm in buying one every so often. Courtney focuses on reducing large expenses such as her car and house. This value based spending approach has allowed her and her family of 3 to reduce expenses to $25,000 per year. 2 - Why Courtney decided to take a mortgage Courtney was house hacking early on - she bought a four bedroom townhouse and rented out the other 3 bedrooms. Over the years she was able to pay it all off and then sold it for a $100,000 profit. This was enough to buy a new home, but instead she decided to take out a mortgage so she would have more cash to invest in other places and to protect herself against a possible crash. Their goal is to pay off their current house by 2021. 3 - The 3% withdrawal rate Early Retirement Now explains that the 4% is a bit risky and that a 3 or 3.5% withdrawal rate is safer. Courtney explains that they could go as low as a 1.8% withdrawal rate since she's planning on receiving child benefits, making money through side hustles and taking advantage of the change rate between the US and Canada. What's your safe withdrawal rate? Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

From NFL Player to Van Life | Man Van Dog Blog Jul 10, 2019

Show notes

Joe used to be a professional football player for the NFL. And although he was earning a very high salary, he was surrounded by people who also had high expenses and were living paycheck to paycheck. He has now reached financial independence and lives the van life while drawing down from his nest egg. You'll love his story. We also chat about... How Joe was inspired to pursue FI The identity crisis of leaving your job How he managed his finances while working for the NFL His plans to work on several source of income The mindset blocker when it comes to side hustles Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Joe's blog: Man Van Dog Blog Joe on Youtube, Instagram and Twitter Key takeaways from our chat with Joe 1 - How to deal with an identity crisis Joe was working along players who were living paycheck to paycheck and were big 'stuff accumulators'. Joe himself admits that although he was making a couple million dollars a year, he still felt the need that he wanted more. As he discovered the FI community, he understood the importance of only buying things that add value; if you declutter your physical space, you're also decluttering your mind. 2 - Keeping perspective in the NFL Joe explains that NFL players do blow their money quickly, but there are some good examples of people saving. It's very easy for expenses to go up as a young NFL player - it's difficult to control all that money when you're young, since most times priorities are somewhere else. Once they retire, however, these players not so surprisingly find all their money has run out. Joe dealt with this by having a financial planner that helped him invest his money and set up a 5 year runway budget. 3 - Dealing with a mindset blocker A mindset block to getting started with side hustles is a matter of confidence. Joe says it's important to find what matters to you and to evaluate the amount of access to information you have - with that you can be whoever you want. He enjoys investing in other people's small businesses and helping other young entrepreneurs. He's also managing his blog and sells his very own t-shirts. J explains that it's not only important to start, but also to own/be proud of your 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.

What We’re Doing 4 Years into FI | Millennial Revolution Jul 03, 2019

Show notes

4 years into your early retirement... what do you see yourself doing? Kristy and Bryce have been financially independent for 4 years and are busier than ever. They write childrens' books, travel, attend conferences and are now releasing a book. As they say themselves, they are literally living the dream. You'll love their story. We also chat about... Kristy and Bryce's FI story Why it's important to find your identity after FI Their current activities The different Chautauquas Their 3 month plan Book release of 'Quit like a Millionaire' Enjoy this chat with Kristy and Bryce, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Blog: Millenial Revolution Episode: Canada’s Youngest Retirees and the 3 Paths to FI – Millennial Revolution Playing with FIRE Documentary Mad Fientist JL Collins Pop Up Business School Chautauquas Book: Quit Like a Millionaire Key takeaways from our chat with Kristy and Bryce 1 - The importance of finding your identity after FI Kristy and Bryce officially left work 4 years ago, so they have quite a bit of experience when it comes to being FI. After 1 year of decompressing and travelling the world, Kristy and Bryce realised that they needed to figure out what to do. We spend so many years of our lives working that our job is closely tied to our identity, and so leaving our job can cause a bit of an identity crisis. For this reason Kristy recommends thinking about what you want to do before even reaching FI. 2 - Chautauquas are a great place to bring your SO As early retirees, Kristy and Bryce travel the world and like to attend the Chautauquas. As Kristy says, the one she attended in 2017 was the best week of her life, thanks to all the strong connections she developed. J also explains that the Chautauquas in Ecuador were a great experience for her too, and it helped get her now husband on board with financial independence. Although not cheap, Chautauquas are a great place to help your SO understand what FI is about and meet like minded people. 3 - 'Quit like a Millionaire' Kristy and Bryce's new book is releasing in early July, and covers the different lessons that Kristy learnt going through all the different socio-economic classes she lived through. She started off in complete poverty in China, and eventually made it through to middle class USA and then a millionaire. This book is to show people that anybody else can reach financial independence, no matter what economic background you come from. The book also goes through how to reach FI with kids and why it's not just for one type of personality. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

BONUS: Side Hustle Course – Student Experiences and everything you need to know Jun 27, 2019

Show notes

In this episode, J shares everything you need to know about the side hustle course launching today and brings on current students to share their experiences. There are three courses: Blogging for Profit, Etsy Printables, and Freelancing. You pick one track up front. Go to Gold City Ventures to sign up for the course. A few of you have asked me questions about the course so I will answer them. If you have other questions, just leave a comment or email us team (at) goldcityventures (dot) com. #1: What success have other students had? We have 10 testers in the course right now. Many have never side hustled in their lives. The Etsy students were able to get their printables created and up on Etsy in the first week of the course! I interviewed all the students about their experiences so far in the course in the podcast episode linked above. If you'd rather read the transcripts..(and I had to cut some stuff for the podcast so these are the full transcripts).. You can read the transcript of my interviews with the Etsy students here: Etsy Printables Student Success Stories Here is a quote from James at Rethink the Rat Race. "I was lucky enough to get early access to the “Blogging for Profit” course as a tester. The content is literally incredible. I should mention, we’ve been blogging for two years and This. Shit. Blew. My. Mind. I didn’t realize how many things we were doing wrong or just incorrectly. Every video I watched, I gleaned at least one or two things that we could improve on. Emily came home from work, and I straight barraged her at the door about all the things we need to change. It is so exciting knowing how much better we could be doing with not a lot of effort. So, don’t be surprised if one day you come and our site is completely different." Here is a quote from Erik of The Mastermind Within, who has made $3,000 from freelancing. "I took a DIY approach to freelancing when I started last year and didn’t see much progress for a number of months. I wish there had been a resource out there like the Freelance Toolkit course, but unfortunately, I struggled through the first few months. As much as we love to hear about the self-made businessperson, there is nothing wrong with going to the experts directly and learning from them." I interviewed all the students about their experiences so far in the course on my latest podcast episode. #2: Are there deadlines in this course? I'm going on vacation next week. No deadlines! This is a completely self-paced course meaning you take it on your own time. You have access to all videos and the course forever and can go through it at your own speed. You can only sign up to join the course through Sunday but after that, you can take as long as you want to take the course. And you can start it whenever works for you too. #3: What is in the course? We have videos, text lessons, and a Facebook group. We also include bonus content in every course from experts with the different side hustles. And we have workbooks you can print out that teach you different skills. You can see exactly what is in the course in these YouTube videos. Click the one that interests you most: Etsy Printables Sneak Peek Blogging for Profit Sneak Peek Freelance Toolkit Sneak Peek #4: I'm not creative and have no ideas. Can I do this? Yes! The majority of students who have already signed up to take the course have no previous experience. And they are all different ages (people keep asking me if they can do this if they are not a millennial - I promise you, yes!) You might just have a little fun with this new side hustle! And make some money. We will teach you everything you need to know. #5. What is the 30-days of free coaching? In your first month we want to provide you with extra help to get started. You can join our VIP Facebook group just for course members which is where we do the coach...

My Journey from Space X to Financial Coach | Money Muse Jun 26, 2019

Show notes

Steph used to work at SpaceX and NASA... It's Steph's 1 year anniversary since she quit her job working as a rocket scientist. She reached FI by building an income through real estate in Greece, and now spends her time organising workshops and helping women with money as a financial coach! You'll love her story. We also chat about... Steph's strategy to reach FI How she acquired her property in Greece Getting over the fear of going to Europe What she currently spends her time on Her side hustles organising money workshops Enjoy this chat with Steph, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Blog: The Money Muse Steph on Facebook, Twitter and Instagram Gold City Ventures How they paid off $200,000 in debt in 5 years | Mr. and Mrs. rich & REGULAR Article: For These Women, a FIRE That Burns Too Male and Too White Requirements to become an accredited investor Mad Fientist Etsy Shop: The Swag Elephant Book: Broke Millennial Key takeaways from our chat with Steph 1 - The risk in buying a property overseas Steph was born in Greece but moved at the age of 3. She didn't meet her dad until she was 20, and that's when she was introduced to the concept of building villas and renting them out to tourists during the summer. So she started saving all the money from her job to allocate it to building a villa, and hiring her Dad as a property manager. Steph explains that there was a huge risk in this, and she decided to take a year off to see the villa get built and get to know her Dad. In the end it all worked out - she was willing to take the risk to maximise the return. 2 - How Steph decides what to do with her time It wasn't easy for Steph to quit, she first took on a part time contract before completely quitting. She then immediately took some barre classes, got a dog, volunteered at a pet shelter and finally had time to do all the things she wanted to do. Now she works at a co working space and runs a few side hustles including setting up events, financial coaching and talking about investing. She's realised that now that she's FI, she has the time to pursue activities that have a bigger impact. 3 - Not everything has to be tracked Steph does not identify as frugal or non-frugal; she's somewhere in the middle. She lives in Seattle and spends around $4k a month. Her priorities are education and health, and she is willing to spend money on things she finds important. She says that unlike others who reach FI, she did not really track her journey, but relied on her property in Greece to help her get where she wanted to be. As J says, there is no one size fits all approach to FIRE. 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.

My Side Hustle Tour Guiding Through Europe | Man Overseas Jun 19, 2019

Show notes

How about turning something you love into a side hustle? Brad took a one year sabbatical in 2015 after reaching FI at the age of 35. He owned 5 properties and had a strong work ethic, but decided to take a break when he realised his income wouldn't be increasing much more. He now tours people round Europe, has a blog, a podcast and does some real estate coaching. You'll love his story. We also chat about... How Brad reached FI His career trajectory Where he saved his income His real estate strategy Making the decision to take a sabbatical His side hustle touring people through Europe Enjoy this chat with Brad, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Blog: Man Overseas Brad on Twitter and Instagram Episode: Our FI Gap Year Travelling Across the US | Money Metagame Escape Houston Gold City Ventures Key takeaways from our chat with Brad If you want to get into real estate, first do it full time Brad recommends against starting real estate part time. He says the best way to start is full time, since this forces you to be surrounded constantly by people who are closing deals. Brad started out helping friends with real estate, and learnt as much as he could. He learnt to remove his emotions from the process and put up with clients. This is what gave him the opportunity to purchase 5 properties and for his passive income to exceed his expenses. Doing the work upfront pays off It's true that being a landlord can be quite a lot of work, especially if you have difficult tenants. However, Brad explains that the upfront hard work pays off in the end. By making an upfront effort, you ensure that the property will provide for you in the future, which in turns make it more successful. Brad vets his tenants like he would an assistant - he checks previous landlords, income, he interviews them, check their debt and anything he deems necessary to make sure he gets the right tenants. Turn your trips into a business After his 1 year sabbatical travelling around the world, a friend gave him advice to tour people through certain parts of Europe. Brad does several trips per year, books everything for the clients and tours them through the cities. It allows him to use his communication skills and gives the clients a personalised and comfortable trip. It's very informal and all his costs are covered except his flight. A handy side hustle for those who want to travel and make money at the same time! 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.

How I Negotiated My Position to Work From Home | Modest Millionaires Jun 12, 2019

Show notes

Have you ever tried negotiating for more flexibility at the workplace? That's exactly what Ms Mod did: she presented a proposal for better policies, and was able to negotiate with her employer to work from home for the same pay and benefits. She's also halfway on her path to FI and is mortgage free! You'll love her story. We also chat about... Ms Mod's path to FI How she got started with her career Negotiating flexibility How to present a policy proposal The Canadian path to FI Taking out money to pay off a mortgage Enjoy this chat with Ms Mod, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Blog: Modest Millionaires Ms Mod on Instagram and Twitter Cody at Fly to FI Gold City Ventures Article: 2018 Spending & Investments Review Book: Work Optional: Retire Early the Non-Penny-Pinching Way Blog: Our Next Life Mr Money Mustache Forum ChooseFI Episode: 088 | Career Hacking the Tech Industry | Millennial Boss Episode: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic Blog: A Purple Life Episode: How I’m Retiring Next Year on a $500,000 Nest Egg | A Purple Life Key takeaways from our chat with Ms Mod 1 - How Ms Mod is getting to FI Ms Mod is half way on her path to FI, with 5 and a half years left! Her and her husband currently invest in real estate and use investment vehicles to build their wealth. They started building their wealth in 2012, and as they say it takes longer to get to the first half than the second half. Last year they saved $45,000, and they use the 'Pay Yourself First' strategy to keep their savings on track. Ms Mod doubled her salary in 4 years thanks to a career change. 2 -How to create a proposal for a policy change Ms Mod had her second baby, and decided she wanted more flexibility in the workplace to be with her children. So after hearing ChooseFIs episode with J on presenting a policy proposal, she did the same to change her work environment. On a 3 page proposal she added everyone's reasons for wanting to work from home, the benefits, statistics, surveys, Q&As and potential solutions for problems that may arise. She then gave them several options for them to work with, and they did a trial period of 6 months. She now works full time from home. 3 - The Canadian path to FI and paying off the mortgage Ms Mod explains that as a Canadian you have two main tax vehicles to invest with: TFSAs and RSPs. She says that your best bet is looking at your taxes and understanding them, so you know which one to prioritise. This allowed Ms Mod to take out the appropriate amount of money to pay off their mortgage. They decided they would be happier without having to pay off their mortgage every month, and so paid it off all in one go. She says the feeling to be mortgage free is priceless. 💸 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.

Making a Full Time Income Selling Lesson Plans | April Smith Jun 05, 2019

Show notes

Ever heard of a teacher version of Etsy? April Smith makes a full time income from her side hustle selling digital downloads on Teachers Pay Teachers, a marketplace for teachers to buy and sell lesson plans. She talks to us about her side hustle journey, how she got started and how she designs and markets her lesson plans. You'll love that story. We also chat about... Making the decision to leave a teaching job April's financial journey from debt to financial freedom How she got started selling lesson plans The types of lesson plans she sells How she decides what to invest back into the business Marketing and sales strategies Juggling twins and travel Enjoy this chat with April, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Website: April Smith Podcast: Grow with Angie and April April on Instagram Teachers Pay Teachers Gold City Ventures Personal Capital Adobe Illustrator Canva Article: Hacking My Engagement Ring with Moissanite Key takeaways from our chat with April 1 - Sometimes it's better to have more money than a fancy college degree April went to a community college for 2 years and then a state university to finish her degree. Not once has anyone asked where she spent the first two years. Her husband saved for an online masters degree and got a certification from an affordable accredited online school. J and April both agree that a degree is more of a stepping stone, and that where you get it most times doesn't really matter. 2 - Growing a side hustle to a full time income April started selling digital products 7 years ago, when she started having ideas for lesson plans that she wanted to share with others. She started selling product based learning lesson plans which took off, and put several worksheets and plans into a bundle to sell to other teachers. After several years she started making a full time income from her side hustle, which she initially used to pay off student loan debt and now to reach financial freedom. Her success means she has much more flexibility and can spend more time with her children. 3 - Strategies to make your product stand out Having a good copy and marketing strategy is essential to getting your product out there. April explains the importance of branding and learning about colours and copy. She keeps her design minimalist and clean, and makes sure to use the right keywords and do SEO. She puts herself in her audiences' shoes to be able to communicate effectively what her digital product does. She also uses Pinterest and Instagram, and attributes her large amount of sales to having a lot of content on social media. 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.

How a Physician is Planning on Reaching FI | Doc of all Tradez May 29, 2019

Show notes

What is the best way a physician can reach FIRE? In this episode J talks to Jesse, a physician who is set to FIRE in 10 years. He is currently 43 with 3 children, and talks to us about his different lifestyle changes, his investment strategies and negotiation advice. You'll love that story. We also chat about... His plan and timeline for FI and his children's education The ethics of retiring early as a physician How he cut back on hours His plan on international travel Rebalancing his portfolio and his investment strategy How to negotiate from above Enjoy this chat with Jesse, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Jesse's blog: Doc of all Tradez The Physician Negotiator Unplugged Parents Physician on FIRE Seak Medicine Physicians helping Physicians Nuestros Pequeños Hermanos William Bernstein Dough Roller Episode: A to Z of the Startup Life and Cryptocurrency with Erica Amatori Crypto Zombie Youtube Krowns Crypto Cave Episode: How Negotiating Boosted My Income to a 6 Figure Salary | Financial Mechanic Stuart Diamond Key takeaways from our chat with Jesse 1 - The market for retired physicians is ready for disruption Quitting medicine early is a one way street since it's very hard to go back to being a physician once taking some time off. There are also some ethical questions behind retiring early as a physician, simply because physicians help save lives and are necessary to society, whereas someone working in the tech industry isn't as needed. However, Jesse argues that tele-medicine is already starting to be a thing, with retired physicians helping companies and individuals with their health from the internet. 2 - How to negotiate as a physician Jesse explains that physicians don't negotiate when they are first hired, causing the entire average salary to decrease. This is because in their first job interview they're happy to take anything. Jesse argues that as a physician you have a huge opportunity to earn a larger salary, even if you end at the bottom of your class. His three negotiation steps are: Use the data to prove what you're worth. Get them to like you Learn to deal with and use your emotions 3 - Rebalancing your portfolio Jesse has a slightly different investment strategy which includes rebalancing his portfolio every quarter and setting targets for bonds, alternatives and stocks. This follows a specific asset allocation strategy which offers a more balanced and personal approach to investing. Jesse also likes cryptocurrency and explains how owning bitcoin now could pay off a lot in the future. Crypto consists of 1% of his portfolio, but he advises that you should only invest what you're willing to lose. 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’s 3 Big Announcements May 22, 2019

Show notes

Today's episode has 3 big announcements! 🎉 In today's episode Gwen and J give us a rundown of their FI journeys and everything they've learnt through this podcast. Gwen loves DC and will soon be changing to a better job, J announces that she's pregnant and due in August! Sadly, Gwen announces that she will be leaving the FIRE Drill podcast. You'll love today's episode. We also chat about... How Gwen and J have changed after 155 podcast episodes Mental health and saving the right amount of money J's pregnant! Gwen's life in DC Gwen's decision to leave the podcast FIRE Drill's accomplishments J and Cody are launching a course together Enjoy this update, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Fly to FI Grant Sabatier: Millennial Money Course: Gold City Ventures Millennial Boss on Instagram Gwen's blog: Fiery Millennials Gwen on Instagram and Twitter Key takeaways from our updaten9y 1 - Gwen and J's view on financial independence have changed When Gwen discovered financial independence she started saving aggressively and now has over $200,000 saved up. But now she is less focused on the retire early side of FIRE, and is now focusing on building a life and career that will fit her best. She's taking her time to enjoy life, keep a pretty high savings rate of 30-40% and not taking it too hard. J's attitude has also changed. When she first started on her path to FI she was aggressively paying off her student loan debt. Now she realises she doesn't need 25 times her annual expenses to enjoy life, and so is focusing on funding businesses and her current job. 2 - J is pregnant! J's child is due in August, and she's very excited. She did not want to announce earlier because she wanted to tell her parents first in person, and was waiting for her job to give her a higher position so she could secure the raise. Her and her husband have decided now is a good time to have a child since they are planning on staying put for some time now, and they felt ready. Huge congrats! 🎉 She will also be launching a course along with Cody from Fly to FI to help others manage side hustles that actually make money. 3 - Gwen is leaving the show After 2 years of hosting the FIRE Drill podcast, Gwen has decided she needs space to grow in life. The podcast takes a lot of time to manage and grow, and she's decided she now wants to spend the time doing something else. She will still be posting on the blog, but will be cutting back considerably and focus instead more on her career, on enjoying what she does and being who she is. 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