Fire Drill

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From CPA to Entrepreneur | PT Money Oct 24, 2018

Show notes

Have you ever thought of taking the leap to becoming an entrepreneur? Today we talk to PT Money, a well known in figure in the personal finance community. He manages his own blog as well as organises FinCon, the amazing annual personal finance event. He tells us how he got started as an entrepreneur, his plans for the future and his real estate experience. You'll love his story. We also chat about... How PT Money got started with entrepreneurship How he got his wife on board with quitting his job How the FIRE movement has developed His future plans Lessons learnt in real estate Enjoy this chat with PT Money, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode PT Money's blog: PT Money FinCon Dave Ramsey PT Money on Twitter PT's real estate series Key takeaways from our chat with PT Money 1 - Attempt to find what makes you happy as soon as possible PT Money admits that one of is regrets is not looking for what made him happy sooner. He worked as a CPA and then quit in 2010 to be able to work on his businesses. He had figured out that he really loved financial blogging, and as he says himself, 'not blogging' was not an option. He says if he had learnt how much running his own thing made him happy early on, he would have started sooner. Have you ever thought of starting sooner? 2 - FIRE raises the standards PT is very much aligned with the FIRE movement because as he says, it raises the standards for other people to improve their finances. Now it's not just saving 10% of your income, it's saving 30% and investing it. Not just getting rid of debt, but staying out of debt and building an emergency fund. Now the goal is freedom, not just healthy finances. PT loves this because the FIRE movement allows you to discover why you care about money and why you are pursuing this goal. 3 - Lessons learnt in real estate PT dabbled in real estate, and now has a sustainable income coming from a rental unit he bought. He learnt a few things: It's not as scary as it looks You do need to educate yourself You just need to get your feet wet; get started PT's selling strategy is to sell after living in that house for a couple of years. This is in order to avoid the huge tax burden of capital gains if you sell a property which isn't your main residence. Nice hack! 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.

Talking Prosperity and Money With Your Partner | Kine Corder Oct 21, 2018

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How do you and your partner discuss money? Do you have a monthly budget meetup? Or is only one in charge of the money? Kine Corder is a financial planning couple coach. She set up Prosperity Club, where she helps couples talk about their ideas of prosperity, their financial goals and how to find the best connection for them. This episode is packed with a ton of actionable advice! You'll love how intriguing her story is. We also chat about... How Kine got interested in money and relationships The recurrent and main theme in a relationship with money How to put her advice into practice Advice for partners reaching FIRE Success stories Enjoy this chat with Kine, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Website: Kine Corder Book: The Art of Starting Over Kine's free course Prosperity Club Kine on Instagram, Twitter and Facebook ClassPass Key takeaways from our chat with Kine 1 - The main theme in relationships Kine explained this brilliantly: prosperity. Partners clash when they have different ideas on what prosperity means for each one. Prosperity could be about earning more, saving more, giving more. When two people have a different idea on what prosperity means for them and can't decide how to work together, Kine has a solution: A Marriage Money Mission. This means writing down what you and your partner want to do with: Earning money Growing your money Protecting your money Giving It's important that both you and your partner are on the same page for your goals, because as Kine says, the further away you are from your idea of prosperity, the unhappier you are. So in order to be able to work on those goals together with your partner, you need to follow a process. Kine describes it as: Awareness -> Acceptance -> Adjustment -> Plan -> Progress Kine explains this in detail on the episode. 2 - Putting this into practice In theory it all makes sense, but the hardest part is, as always, putting it into practice. Thankfully, Kine has pretty awesome resources to do this. Not only does she have a course (in show notes above!), but she helps you use the right words when talking to your partner. The most important ones are: 'I feel like xyz, and I need xyz' So for example: 'I feel like my idea of prosperity is to earn more money, and so I need to work on this side-hustle' She also recommends taking turns with your partner. One day, you talk about your goals and your idea of prosperity. The next day, it's your partner's turn. You ask him/her questions, you do your research, you try to understand why this is so important for them. Kine does this with her clients at least once a month. 3 - What if my partner is not interested in pursuing FIRE? A very important question that comes up quite often in the FIRE community. And Kine has an awesome answer for it. As illustrated before, you each take turns in explaining what your goals and what your idea of prosperity is. You pour it all out. And then can do these three things: Connect Compromise Celebrate Connect means doing his/her dream, and the doing your dream. Taking turns and going full on with each one. Compromise means sacrificing a little bit to gain something else; trust and love. Meeting in the middle. Celebrate means celebrating what you are doing together and the work you're putting in to live out each others dreams. By working together to reach each other's dreams, you get to experience both a fulfilling life and a healthy and happy relationship. Kine does this face to face with clients, helping them determine what their dreams are and how to communicate them to their partner. At the end she also shares with us an awesome success story and how you can get started on communicating efficiently with your partner. Questions? Like or dislike? Leave us a comment! Want to support the podcast?

Retiring at 37 | Chris Reining Oct 14, 2018

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What if you could retire at 37? That's exactly what Chris Reining did. Chris Reining retired at the age of 37 after working in cyber security for over 10 years. He slowly increased his savings rate, made sure to keep his expenses low and invest in index funds and a few stocks. Classic FI strategy, and now he gets to do pretty much what he wants. You'll love his story. We also chat about... The difficulties of quitting your job The importance of focusing on your income increase Deciding what's best for health insurance The misconceptions about FIRE Chris' last two years as financially independent Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Blog: Chris Reining Suze Orman on Paula Pant's podcast Becoming a millionaire is a letdown Key takeaways from our chat with Chris 1 - Quitting your job isn't always easy Chris tells us it took him 2 years to pull the plug because he didn't feel ready. He wanted to make sure he had enough money to retire and that all his investments were in place. He wanted it to be all planned and disciplined in order to reach his goal - and the good news is that it has and everything has been going pretty smoothly! But he does admit it takes courage and a certain kind of personality to quit your job. 2 - Focus on the bigger wins Chris explains the importance of focusing on increasing your income instead of just being as frugal as possible. As he says, there's a maximum at which you can decrease your expenses (diminishing gains), however your income can always increase. For this reason he encourages others in the FI community to focus on the income increase, on side hustles and bonuses, as well as removing the consumerism. 3 - People FIRE for different reasons There is a misconception that being financially independent means sitting on a beach lathering yourself with coconut oil all day. But this is completely wrong; being FI means finally being able to work on the things you enjoy and value. This could be a job, it could be a side-hustle, it could be travelling around the world - it really is up to you. For Chris, it wasn't his job, so he decided to quit and now focuses on enjoying the present. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

Managing the Scarcity Mindset | JD Roth Oct 10, 2018

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What does your scarcity mindset look like? Today Gwen interviews JD Roth live at FinCon! JD started blogging over 20 years ago, and started his personal finance blog in 2005. He explains what growing up poor taught him about money and how he manages his temptations nowadays. You'll love how real his story is. We also chat about... How JD discovered FI Why buying an old house and repairing it is expensive How he controls his spending habits His scarcity mindset and what it means for him Enjoy this chat with JD Roth, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode JD's blog: Get Rich Slowly Paula Pant's blog: Afford Anything Financial Independence subreddit Key takeaways from our chat with JD Roth 1 - Rent is the ceiling, the mortgage is the floor Both Gwen and JD agree that fixing up an old house can be very expensive and can be a never ending hole in your pocket. After repairing the house, JD then wanted a hot tub and a nice deck, which meant even more expenses he hadn't planned for. So as Gwen says, the good thing about rent is that it stays the same every month and won't go higher (hopefully), whereas a mortgage is the minimum you'll spend, and can easily increase. Keep this in mind next time you plan on buying a house! 2 - If you had a spending problem as a young adult... JD tells us how he grew up poor and had some crazy spending habits when he started earning money. Gwen had the same issue growing up, which explains why she bought so much 'stuff' once she had money. This is the scarcity mindset that a lot of people who grow up poor deal with. JD explains it as some kind of 'FOMO' (Fear Of Missing Out); he's scared that he might need the thing in the future, so he buys it just in case. Gwen describes it as a big fear of being poor again. After quitting her job, the lack of income caused some stress and worry as it brought her back to her 'dark days' of poverty. This goes to show how your money situation at a young age can deeply affect how you deal with money as an adult. 3 - How to avoid temptation JD loves spending money on comics and videogames, and so has to control himself to make sure he doesn't overspend. He does this through avoidance. To make sure he isn't tempted, he simply stays away from comic book stores and videogames - he doesn't even check the subreddit anymore! By managing the triggers and reducing exposure, JD is able to control better his spending. Go JD! Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.

FinCon, Community Wins and FIREDrill plans Oct 07, 2018

Show notes

Another amazing FinCon meetup! Today we talk a lot about FinCon, the Plutus Awards, an update on our lives and some great community wins and achievements. We also get some calls from guests who were on our show some while back. Some great side-hustle stories and resources shared! You'll enjoy our little chat. We also chat about... FireDRILL nominations and awards Life updates on our side hustles Some amazing wins from the community Calls from previous guests on the podcast Enjoy our chat, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Plutus Awards winners and nominations The Money Nerds Journey to Launch Episode: From Quitting Your Job On a Whim to Six Figures with Millennial Money Man Episode: Build the Freelance Dream with Facebook Ads | Laptop Empires Mad Fientist Episode: Kristie Wolfe & Her BIG Empire of Tiny Houses Episode: How Laura Turned her Passion for Printables into a Thriving Online Business – I Heart Planner Bitches Get Riches Dumpster Dog Blog Blog post: Get Your Home Ready for Sale with these 10 Upgrades Travel Blogging Course FIREDrill's Facebook Group FIREDrill's Youtube Channel FIREDrill's Resource page Mastermind Travel Blogging Course Episode: How to Invest in Real Estate with No Money | Mark Podolsky the Land Geek Job Spotter App Blog: Frugality and Freedom Key takeaways from our chat 1 - FinCon is an amazing way to meet like-minded people FinCon is not just awards, it's also an amazing opportunity to meet some extremely interesting and nice people. From amazing entrepreneurs like Paula Pant to podcasters like ChooseFI and cool bloggers from literally everywhere - you are certain to find someone who will inspire you, relate to you and become your friend. It's also a great place to compare personal finance strategies ('oh you invest in this?') with people who have experience and are willing to exchange opinions. 2 - Gwen has some great projects lined up for the future Although the summer was stressful, Gwen is now settling down as a freelancer and is planning on doing more and more masterminds and coaching with others. She's aiming for $1,000/month on passive income and is optimistic about the future. FIREDrill has some more lives streams and masterminds planned, including some more interactions with guests and listeners! 3 - The community has made some amazing wins We read out some of the wins that you have sent us, and they're pretty amazing: Ben found a side-hustle where he gets paid $2200/month to host two students from China. Josh reached his net worth aim 4 months early. Lynne is house hacking with Airbnb and crushing it. Sean helped some graduates get a job and got a sweet little bonus from it. We love hearing your wins and sharing them with others! 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.

Crowdfunding Real Estate in Early Retirement | Big Ern Oct 03, 2018

Show notes

It's not easy deciding where to put your money as an early retiree... Big Ern tells us where he puts his! Karsten (aka Big Ern) retired this year in June and is currently in his forties. After working in finance and saving up, he has quite a few ideas on where to put his money to keep it safe: real estate, options and of course, index funds. You'll love his story and will probably learn an interesting investing strategy! We also chat about... How does it feel to be retired His travels and plans The 4% rule His alternative investment strategy Becoming an accredited investor Enjoy this chat with Big Ern, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Karsten's blog: Early Retirement Now The DIY Withdrawal Rate Toolbox Safe Withdrawal Rate Series Brit + Co's Brit Morin: Women in Tech are underestimated Blog: The Military Guide Key takeaways from our chat with Big Ern 1 - The 4% rule is like a pair of shoes Karsten makes a great comparison of the famous 4% withdrawal rule to a pair of shoes. On his blog, he writes arguments against the 4% rule, explaining that this percentage cannot work for everyone. Like a pair of shoes, each person must calculate the percentage that fits them best. And to make sure you can do that, he's got an awesome spreadsheet (check the show notes above!). 2 - Why not try some alternative investments? Karsten explains how he invests in real estate: through a private equity fund. This is basically crowdfunding to invest in real estate. The crowdfunders create a limited company and pool all their money together to then go out and buy properties. The best part: Karsten doesn't do any of the picking. He leaves that to the experts. There are a few requirements though: To be an accredited investor To start with at least $100,000 But he says it's a great investing strategy for early retirees! 3 - Early Retirement is not always a big surprise Karsten did not feel a big change from the 1st of June (when he left his job) to the 2nd of June (when he was officially retired). He was happy before, and also after. This is most likely because he did feel his job was fulfilling and he describes it as a 'good gig'. However it goes to show that you probably won't have some epiphany on the day you retire - but you will have achieved the final great dream! 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 Digital Nomad Earned $4,000/month in Passive Income | Sharon Tseung Sep 30, 2018

Show notes

Everyone glorifies the digital nomad. But what does it really mean to be travelling and working around the world? Today we interview Sharon Tseung, who quit her job and started living the digital nomad life for 2 years. She managed to build a passive income of $4,000/month and explore Europe, Asia and parts of North America. She then decided to go back to the Bay Area and get a job again, so she could focus more on her online businesses You'll love how refreshing this story is. We also chat about... Finding a balance between work and travel How much it costs to travel The reality of the digital nomad The network she made Her different income streams Her current focus on future goals Enjoy this chat with Sharon Tseung, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Sharon's blog: Digital Nomad Quest Sharon's second blog: Me Want Travel Sharon on Instagram, Facebook Sharon on Youtube FIREDrill's new Resources page FIREDrill podcast on Youtube Amazon Merch Key takeaways from our chat with Sharon Tseung 1 - It's not easy to balance work and travel Sharon explains (and Gwen agrees) that when you suddenly have so much time and so much to explore, it's not easy to balance work and travel. You want to enjoy the city your visiting and get to know the culture, and yet you also want to get as much work done to earn more money. It's not always easy to find a balance, and it's something many digital nomads struggle with. 2 - Travelling doesn't have to be expensive Sharon spent a whopping $600/month when she was in Thailand. This goes to show that travelling might actually be cheaper than staying at home, and this is why digital nomading is more achievable than it might seem. She talks about the spreadsheets she uses how she keeps in control of her expenses. She ended up actually saving money while travelling! Amazing! 3 - Digital nomading might not be the best option It's refreshing to hear of someone who decided to go back to a full-time job instead of sticking with the digital nomad lifestyle. Sharon explains that she felt a lack of fulfilment when working on her passive income streams, and she also wanted some more stability so she could put more money into her online businesses. Many people glorify the digital nomad, but fail to see what it really consists of. Sharon realised this in her 2 years travelling, and this has given her energy and insight to do what she really wants to do: more singing, and building online businesses she loves. 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 Within the LGBTQ Community | Queer FI Sep 26, 2018

Show notes

Have you ever looked at FI through the lens of the LGBTQ community? BBR and her partner are part of the community and have some extra hurdles to get through on their journey to FI. We touch on issues such as pregnancy, marriage, healthcare and multi-generational households. You'll love the angle this story takes. We also chat about... How to save up for a pregnancy The LGBTQ experience with healthcare Sharing FIRE goals with your partner Multi-generational households Enjoy this chat with BBR, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode BBR's blog: Queer FI Queer Eye TV show BBR on Twitter Key takeaways from our chat with BBR 1 - The LGBTQ community has extra obstacles when reaching FI BBR tells us the different complications that arise when trying to reach FI as part of the LGBTQ community. The first issue is pregnancy; it costs $10-15,000 for an IVF and even an adoption is costly. Then to get married, you do have to plan to get two engagement rings instead of one! The next one is healthcare. BBR says they haven't had too much of an issue, but she says in the Transgender community some people have been denied healthcare. BBR also mentions that LGBTQ adults might not have parents with a secure financial background to fall back on - caused by family issues. 2 - There isn't enough information out there BBR struggles to find information for LGBTQ members - whether their on a path to FI or not. IVF seems to be orientated more towards infertile women and there isn't much information on retirement for the queer community. It's also true that there aren't many members of the FI community that talk about LGBTQ issues, meaning BBR has to really research her information. 3 - FI with a multi-generational household? Not many people talk about living in a multi-generational household, something that may not be as common in Western countries, but is common in Asia. Since BBR's partner is Asian, she is expecting her in-laws to be moving back with them in the future. This raises questions such as: healthcare for in-laws, larger vacations, paying rent or not, and other questions. A very interesting discussion that raises some pretty new questions. What do you think? 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.

Sustainability and FI Through Dumpster Diving | Laura from Triple Bottom Line FI Sep 23, 2018

Show notes

Have you ever thought about dumpster diving? Do you think the only people who dumpster dive are homeless or super poor? Well, there's a whole subculture of people out there who don't fit those stereotypes. They're called "freegans" and want to make the world a more sustainable place. Laura is a dumpster diver. In Laura's world, few things go to waste and that's the way she wants it! She dumpster dives for food, goods discarded from local thrift shops and even plants! She then uses the items in the course of her daily life or resells the objects she can't use. You'll come away with a whole new opinion on dumpster diving after listening to this episode! We also chat about... how to turn wilted greens into farm fresh eggs regenerative practices socially responsible investing Enjoy this chat with Laura, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Imperfect Produce Vicki Robin Laura's email Laura's awesome blog Key takeaways from our chat with Laura 1 - Laura is not the typical dumpster diver She says most people she sees dumpster diving appear to be far worse off than she is. She started dumpster diving when she was making a decent living in DC, so definitely not someone you would think would dumpster dive. 2 - Dumpster diving = thriftiness It's not limited to just food in the dumpsters behind your local grocery store or Chinese restaurant. Laura also dumpster dives behind local thrift stores. Christmas decorations, clothes, books and more are all things she finds overflowing from the dumpsters. Americans have so much stuff, even the thrift stores can't keep up and chuck stuff they don't have room for. Local, independent thrift stores are the best for this over Goodwill or Salvation Army who are so big they have things like trash compactors. Laura takes the things she finds, uses what she can, and flips the rest on eBay, making 3 - Laura has multiple streams of income renting a room to a tenant dumpster diving backyard nursery While she's not a numbers person, the world runs on money. She owns her own house outright, so the rental income covers the minimal expenses and leaves plenty left over. The dumpster diving provides the second biggest stream as she resells the things she finds on her local Facebook marketplace, OfferUp, Craigslist and other sites. (The food she finds also lowers her expenses greatly!) Often, Laura finds plants in the dumpster. She rescues them, gives them a new home, and then sells them to people who will take good care of them as part of her backyard nursery. She also sells dirt from her compost pile which is what she calls "black gold". Questions? Like or dislike? Leave us a comment!

How they paid off $200,000 in debt in 5 years | Mr. and Mrs. rich & REGULAR Sep 19, 2018

Show notes

Would you be able to pay off $200,000 of your mortgage in 5 years? Julian discovered FIRE in Graduate school, and this is what pushed him and his wife to pay off their debt in such a short time-frame. They are very disciplined, although they always allow space for luxuries. They currently use rental properties and a very high savings rate to reach their FI goal. You'll love how inspiring that story is. We also chat about... Their ideal FIRE journey Their budget and luxuries they allow How they use real estate to increase their wealth How they cook regularly The obstacles when talking about FIRE within the African American community Enjoy this chat with Mr Rich and Regular, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Instant Pot Blog: Rich and Regular Mr Rich and Regular on Instagram, Facebook and Twitter FIREDrill Podcast Facebook Group Key takeaways from our chat with Rich and Regular 1 - FIRE is about doing more Mrs Regular explains her ideal FIRE life means doing more of what she loves. This means more giving and helping, more travel and more time solving the problems that really matter: poverty, climate change and others. 2 - The small luxuries are important too Although they are very disciplined with their budgets and save 50-70% of their income, Mr Rich and Regular always allow space for luxuries; a $3 soap instead of a $1 one, good and healthy food and the right gadgets. They also plan on moving to bigger house since their kid is taking up a little more space than they expected. 3 - There are obstacles to reach FI in the African American community Mr Rich and Regular explain the attitude of their close family and friends when they talk about FI with them. Because of the harsh history, their family always expects them to help out since the community of taking care of each other is still there. Most don't understand the dream of FI and how to get there. 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.

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