Fire Drill

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Reaching FI with Real Estate | Chad Carson Sep 16, 2018

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Real estate is the golden key to passive income. How can you use it to reach FI? Chad Carson got started with real estate right out of college. Him and his business partner started flipping houses and securing good deals on houses. Now he owns 90 properties and does amazing mini-retirements (in Ecuador!) while teaching others about real estate on his blog. You'll how interesting his story is. We also chat about... Why and how you should treat real estate like a business How Chad picks houses How he got to FI What he manages currently Chad's 17 months in Ecuador Medical costs overseas Enjoy this chat with Chad, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Chad's website: Coach Carson Chad's Real Estate Start School (the course closes on the 18th, but you can get on the waitlist) Chad's 7-day free real estate course. Realtor app Retire Early with Real Estate <- Chad's book The E-myth <- book we talked about in the episode Our YouTube review of Chad's Course Key takeaways from our chat with Chad 1 - Getting out into a neighbourhood is a great way to search for houses Chad's favourite way of looking for house deals is to go for a walk in a neighbourhood for 2/3 hours. He takes notes, asks neighbours and has his Realtor app to see how much the property is selling for. He looks for something interesting and then does some following up to see if it could be a good deal, many times before the house is even on the market. 2 - Treat real estate like a business You need start building it from the beginning: have an operations manual, test the metrics and keep account of all the numbers. Chad says you need to act as if you're going to teach someone else to do the job. Not only does that create efficient systems but it removes a lot of stress and work. 3 - Should you get into real estate? As Chad says, you should get into the aspect that you're good at and that you're passionate about. He says he's terrible at designing and fixing up houses himself, so he outsources all that. What he loves is negotiating and seeing the transformation. He's also good at implementing systems and management, which is what he does most when managing all his properties. 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.

Super Frugal Teacher with Penny from She Picks Up Pennies Sep 12, 2018

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A myth about the people going after financial independence is that they're all dudes in high paying tech jobs. Penny defies all those stereotypes. Her and her husband are teachers on the path to financial independence. It's almost as far from high paid tech bro as you can get! They live simply and cheaply after getting their finances off on the wrong foot. Literally. Penny had a problem buying designer shoes. In this episode she covers their shift in mindset about their finances, their debt pay down strategies, how much debt they've paid off so far, and how they're living simply to do so. You'll love their story! We also chat about... Mindful consumerism Funny looking veggies Low cost cell carriers Penny's timeline to FIRE Enjoy this chat with Penny, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Imperfect Produce - $10 OFF first box Turo - rent your car out Instant Pot Boost mobile Google FI Penny's Blog Penny's Twitter Key takeaways from our chat with Penny 1 - It all started with Jimmy Choos Penny was getting paid decently for a first year teacher and side hustling like crazy. The money was rolling in and she was thrilled at 22. So thrilled, that she went out and spent the first $800 on a pair of silver Jimmy Choo shoes for her wedding. She had the income part down, but needed to work on the spending side. 2 - They've paid off $$$$ in debt on $ income Penny and her husband doubled down and paid off a TON of debt in the last few years. All of the side hustle money they earned went to pay down debt. Side note - all of this debt is their mortgage debt. They decided they didn't like having that money hanging over their head, so they buckled down and are trying to pay down the mortgage. 2015 - $24,000 2016 - $27.000 2017- $30,000 That is some super impressive debt pay down numbers on a double teacher salary. 3 - They don't eat like crazy One of the reasons they've managed to pay off so much debt is the food they eat. They eat the same thing every day (almost) for breakfast and dinner. This allows more variety for dinner meals. Their grocery bills average $200-$250 a month! They also garden and eat well from what they grow in the background. Keeping their food costs low is important as Penny's salary is completely maxed out. Her students might mock the peanut & jelly sandwhiches for lunch, but Penny will get the last laugh! 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.

Digital Nomading on a Sailboat | The Wayward Home Sep 09, 2018

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Imagine if you moved out of your home and started living in your car. Would you be able to survive? Kristin decided the rent of her apartment was too high and started living in a car with her partner. They used the gym for showers and wifi and had storage for clothes and food. Now she lives on a sailboat and uses her van to travel all over the US. A very inspiring story that you'll definitely want to hear more about. We also chat about... Kristin's story Why and how she started living in her car How she makes money online Her different income streams including house sitting and freelance writing Her goals for the future Enjoy this chat with Kristin, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Kristin's blog: The Wayward Home Kristin on Instagram and Facebook She Explores House sitting: Rover FIREDrill episode: Fly into Early Retirement with Miss Mazuma Find remote work with Pangian Key takeaways from our chat with Kristin 1 - It's not impossible to live in your car Kristin says she did need a bit of adjustment to the new alternative lifestyle of living in a car, but she soon adapted and loved it. She loves living in tiny places and says it's much more practical for cleaning, packing and being a minimalist in general. It also means it's easier to travel and your bills every month do decrease drastically. 2 - You can have several income streams online Kristin earns her money through the blog, voice overs, freelance writing and house sitting. She pitches magazines and different websites for writing gigs and does some house sitting to earn some money on the side. She's constantly hustling and now earns $1,000 a month from her blog! Her goal is to earn double that so she can travel more on the sailboat. 3 - You can design your life how you want By writing a blog about alternative lifestyles and travelling, Kristin sees first hand how people design their life how they want, including her! She went from a 9-5 job to living in a car, and then a sailboat, and she couldn't be happier! A great inspiration to anyone who feels currently stuck in their job and feels the need for a change. 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.

Civil Engineer to Retired Stay at Home Dad | Justin Root of Good Sep 05, 2018

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Justin went from hard-working civil engineer to hard-working stay at home dad by the age of 33. He had dreams of one day being a lawyer and quickly realized he liked engineering better. While he did like engineering, he also really enjoyed staying home with his growing family. He and his wife did the math and realized they could make it happen in just a few short years. The rest, as they say, is history. We also chat about... what the true definition of retirement is Justin's net worth their portfolio allocation what their kids think of FIRE Enjoy this chat with Justin, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Zero to Millionaire in 10 Years Intro to Travel Rewards (a guest post from Brad from ChooseFI on Coach Carson) Roth IRA Ladder Justin's heckin awesome blog Justin's Twitter Justin's Facebook Key takeaways from our chat with Justin 1 - Paying less taxes helped Justin retire faster There's a fine line between tax avoidance and tax evasion. Justin was on the right side of that line. He took advantage of the many loopholes and exclusions in the US tax code to lessen taxes paid each year. He estimated they were able to save up to $15,000 a year just by putting money into various retirement accounts and having kids. An extra $15,000 a year will boost anyone's timeline to FI! 2 - Justin is more conservative now Now that their primary way of earning money isn't high paying careers, Justin and his wife are more concerned with keeping the money they have. When the market crashes, their net worth is going to fall precipitously. Justin would rather play it safe with his hard earned stash than eek a few more percentage points in growth out of his portfolio. 3 - The whole family travels Justin and his wife have 3 kids for a family of 5 but they don't let that stop them from traveling. Instead, they use travel rewards to significantly reduce the costs of travel. They use credit card sign up bonuses to accumulate points and make strategic purchases. This reduces the costs of their airline tickets and can even be used to get hotel rooms. The other way they lower expenses is with slow travel. They take their time exploring, which means they see more and are relaxed while doing so. Most people cram way too much into vacations, but not Justin. Their last trip was to the Bahamas where they did nothing more stressful than wandering the beach during the hot part of the day. 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.

Build the Freelance Dream with Facebook Ads | Laptop Empires Sep 02, 2018

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Did you know doing Facebook ads for other companies is one of the fastest ways to make money freelancing? Mike built his own $100k company starting with his own fitness business and then as a Facebook ads freelancer. He now manages several businesses and creates courses so others can earn money doing what he does. He is also a stay at home dad and has big dreams to own and live in a winery. You'll love how inspiring his hustle story is! We also chat about... Mike's background How he decided to be a stay at home Dad How he started freelancing How to get started with Facebook Ads His thoughts on FIRE as an entrepreneur. Enjoy this chat with Mike, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Mike's website: Laptop Empires Bobby's website: Millennial Money Man Their New Facebook Ads for Bloggers Course The Facebook Ads Side Hustle course Key takeaways from our chat with Mike 1 - Doing Facebook ads for other companies is a quick way to make money online Mike explains his journey as to how he got started doing Facebook ads for local companies. After a ton of experimenting, testing and learning, he could charge good money for getting leads for companies. This means crafting good offers for them, targeting the right markets and collecting the right leads. He now has 3 courses teaching others to do the same. 2 - There are 2 paths to making money online The first one is freelancing for other companies and the second one is building an audience to sell products to. Mike recommends doing both at the same time as this will pay in the short term as well as the long term. Both bloggers and freelancers take note! 3 - Don't be scared to charge more Mike says it really comes down to what you're confident charging with. However he also says that if you have the guts and hustle to charge what you want, you'll get the job. He quotes some of his Facebook Ads clients getting their own clients even before they finish the course and one who got a $5,000/month client! 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.

Freelancing on Fiverr with Alex Fasulo Aug 29, 2018

Show notes

Alex was stuck. She hated her job and couldn't stand to be at her cubicle one more second, but she had bills to pay. One day, she realized she could turn her side hustle into her full-time hustle..... and quit the very next day. Her side hustle? Doing paperwork for others like writing press releases through Fiverr! Since then, she's learned a ton and made more money than she ever could have dreamed of! We welcome her to FIRE Drill Podcast to share her insights on how to hustle on Fiverr. You'll be inspired by her story! Enjoy this chat with Alex, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Fiverr fiverr.com/faswaldo <--Alex's profile Key takeaways from our chat with Alex 1 - Alex hit rock bottom She took a chance on a big job in the big city. She was miserable at her tech job but couldn't leave because she had a lot of expenses that come with living in New York City. She was already editing a little on Fiverr, but inspiration struck one day and she quit her horrible job to go at it for herself. It took a lot of courage to step away from the guaranteed income and hustle like crazy for her income. 2 - Buyer's Request This allows you to apply for jobs that are posted. You can find it under the orders tab. Many people don't know this exists, but it's a fantastic way to build up your credentials which will allow you to raise your prices down the road. 3 - From $50 to $22,000 a month Alex started at super low amounts for some of her services to build up her reviews. As she grew her reviews and got more confident, she was able to raise her prices. She went from 10 orders a month to now 15 orders a day. She started out making $50 a month and now makes over $22,000 a month! Alex is a pro on the platform, meaning she's in the top 1% out of everyone on Fiverr. This means she has to charge a minimum of $100 an order - a huge jump in price from where she started! She's also a top rated seller on Fiverr, so she can also have more gigs than other sellers. More gigs + more money per gig = $$$$$$$$ 4 - Find something to offer that everyone needs Everyone needs editing. Dissertations, manuscripts, resumes, press releases.... all of those have vast audiences of potential customers. Find a gig with a lot of competition and stand out from the crowd. 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 Portfolio Manager to Online Businesswoman | Mama Fish Saves Aug 26, 2018

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Quitting your day job to start your own business sounds risky... but what if you have a cushion? Today we interview Chelsea from Mama Fish Saves, an ex-portfolio manager who started in the finance world and now manages her own online business along with raising two kids. You'll love how inspiring and interesting her story is We also chat about... How Chelsea got a job with Goldman Sachs The difficulty of having kids along with a demanding day job The identity crisis The importance of having a cushion What FIRE looks like to Chelsea Enjoy this chat with Chelsea, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Chelsea's blog: Mama Fish Saves Chelsea on Facebook and Instagram. Chelsea's In Case of Emergency Binder. Financial Samurai Mr Money Mustache YNAB app Key takeaways from our chat with Chelsea 1 - Networking is key to getting a job in finance Chelsea explains to us how she got her job in Goldman Sachs and gives us some additional tips: Research what you would do in the company day to day Talk to everyone at networking events Be yourself and show your own thought process 2 - Have a good cushion before taking the leap She had bonuses and a great cushion lined up before quitting her job. Her financial cushion consisted of a mix of retirement assets, the stock market, bonds and high interest savings account. Diversification = good. She is also safe if she doesn't make enough money in the next 2 years; her husband can easily get a job and provide for some time. 3 - It's important to set goals for yourself as a freelancer Chelsea was freelancing while having two kids to manage with her husband. The thing is, her office is in the house, so kids can be easily distracting and she would only work 'when she had time'. Now, she has a strict schedule with a 4 week rotation. She now has a great focus, can condense way more work into it and is measuring her progress! 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.

Choosing Financial Independence with Brad & Jonathan of ChooseFI Aug 22, 2018

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Live from Podcast Movement! We got a chance to chat with Brad & Jonathan of the ChooseFI podcast at Podcast Movement. We got the scoop on big events in their personal lives, updates coming to their podcast, and more! Brad (a former accountant) and Jonathan (a former pharmacist) teamed up last year to create one of the biggest podcasts in the Financial Independence space. They offer actionable tips, interviews with the best and brightest of the FIRE community and more! You'll have a blast listening! We also chat about... changes coming to ChooseFI podcast coming up Brad & Jonathan's life updates where they see the FIRE movement in 5 years Enjoy this chat with Brad & Jonathan, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode ChooseFI <--their awesome site Dave Ramsey Mr Money Mustache White Coat Investor M1 Gwen's episode on ChooseFI <--great tips about getting college scholarships! Pillars of FI episode 28 Pillars of FI episode 38 Key takeaways from our chat with Brad & Jonathan 1 - Brad & Jonathan both sleep well Both Brad & Jonathan don't have any worries that keep them up at night now that they've "made it". Both of them sleep the night through knowing all their work has paid off and they're set for life. J and Gwen are still stressed out by things happening in the work world :( 2 - Life is about taking chances Brad and Jonathan both took huge risks when starting on the path to FIRE. Jonathan spent 12 years in school to get a high paying pharmacist job and walked away from it all. Brad left a stable accounting job. However, both of them felt comfortable taking the risks because they'd paid down all their debt (Jonathan paid of over $120k!) and had careers that were in demand. If need be, both of them could have gone back to work. 3 - Their Favorite Money Hacks Jonathan's favorite money hack he's learned from being part of the FI community is M1 Finance. They let you buy fractional shares, so you don't need to have, say, $10k to invest in VTSAX anymore. Navigating the site is easy to do and easy to understand. Brad's favorite money hack is reframing his mental thoughts about college and the costs of attending higher education. He thought you had to spend at least $40,000 on getting a college degree, but exposure to people in the community has changed his mind. Scholarships, grants, and community college credits are all great ways to lower the cost of college. 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.

Getting Out of Consumer Debt | Popcorn Finance Aug 19, 2018

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Have you ever had to deal with consumer debt? How did you pay it off? Chris from Popcorn Finance one day realised he had way too much consumer debt. He tells us how he moved back in with his parents, stuck to debit cards and established a strict budget to get rid of it all. You'll love how inspiring and interesting his story is. We also chat about... How he got into debt How he got a raise His FI strategy His failed side-hustles Enjoy this chat with Chris, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Chris' blog: Popcorn Finance The Podcast Movement Journey to Launch episode: How to take Mini Retirements and Enjoy Life Now Mad Fientist FI spreadsheet Mr Money Mustache FI spreadsheet ChooseFI Episode: The Millionaire Educator FireDrill Episode: Religious Obligations and Financial Independence with Shawn from Camp Mustache Paychecks and Balances podcast Rich and Regular Chris on Instagram, Facebook, Twitter Personal Capital - get $20 for signing up Key takeaways from our chat with Chris 1 - Consumer debt can come out of nowhere Chris explains how he racked up so much consumer debt without even realising it. After paying for his wedding and simply not keeping track of his credit card, he ended up $26,000 in debt. It wasn't until he took a good look at it that he decided to get rid of it: by moving in with his parents and keeping on a strict budget. 2 - Not all side-hustles work out Chris tried a number of side-hustles, including an amazon and ebay business. He was trying all kinds of stuff to earn a side-income, but soon realised his efforts were better put into trying to increase his salary. This worked out for the best and he got a higher paying job. Sometimes a side-hustle isn't the best option... 3 - It's good to have a plan once you reach FIRE Chris is working towards Financial Independence: he has a big emergency fund, and is very cash heavy. What he would like to do once he retires early is to focus on the podcast, be more politically active and travel. What is your plan once you reach FI? 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.

The Financials of Infertility | Living Life Loving Us Aug 15, 2018

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Jenny and Jimmy are the All-American couple. He was the hot firefighter that fell in love with the ER nurse. Little did they know they were a little too average. Jenny and Jimmy are part of the statistics in America on infertility. They didn't realize how hard it was going to be to conceive. After a long and expensive struggle, they were rewarded with a bouncing baby girl. We were lucky enough to have them on the podcast to talk about their experience with IVF. If you or someone you know struggles with infertility, Jenny and Jimmy gave us some great advice on how to cover the cost of IVF. We also chat about... How they met how they paid off $120k in debt Jenny's side hustles Enjoy this chat with Jenny & Jimmy, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode MOST VALUABLE IVF RESOURCE Infertility grants/scholarship list Their Twitter Their AH-MAZING Instagram! Jenny and Jimmy's blog Key takeaways from our chat with Jenny & Jimmy 1 - Don't ignore your body Get things checked out! Even if you're nervous. You should go because you're nervous! If you have a feeling something is wrong, go get it checked out. Jenny and Jimmy knew things were going to be a little funky, but they didn't know how bad they were going to be. They started investigating and discovered they needed to start trying to have kids right away. 2 - Cashflow when you can Check your insurance plan to see what is covered and what isn't. 15 states require IVF coverage, so you've got a decent shot at having at least part of it covered. If it's not covered by insurance, they recommend cash flowing when you possibly can and only taking on debt when you absolutely have to. Try to negotiate the price of services or find a cheaper source for the drugs. 3 - Find infertility scholarships Some large companies offer grants for infertility treatments. There are also non-profits out there that give out grants. They vary from year to year and in amount, so you might have to resubmit for the same thing and it might be different. You might have to fill out a bunch of paperwork, tell your story, and prove you have a legit medical need, but it would be so worth it. It might only be $5,000 but when your total bill is $90,000..... anything helps. 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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