Podcasts about fi180

In Episode 31 we explore the gut wrenching question of when it is time to finally quit. The panelist share their insight on the retire early portion of the FIRE movement. Joel from FI180.com Early Retirement Dude Chris Claiber Travis Hornsby from Student Loan Planner

What will you with your time once you retire early? We know you've wanted to hear more from early retirees, so today we interview Chris, who retired at the age of 41 after working for 15 years as a physical therapist, and now lives in Utah with his wife and daughter. You'll love his story. We also chat about... His job as a physical therapist His emotions when leaving his job Moving from Pennsylvania to Utah What he's currently doing with his time Figuring out the healthcare situation His plans for the future 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: Can I Retire Yet? Episode: How to Learn from Mistakes and Turn Your Life Around with Joel from FI180.com Article: Does FIRE Make Life Harder? Article: Are Health Care Sharing Ministries A Viable Alternative To Health Insurance For Early Retirement? Article: Navigating ACA Tax Credits to Purchase Affordable Health Insurance Article: Exploring the Pros and Cons of Retiring Before Your Spouse Article: A Week In The Life of a FIRE Household Article: Order of Operations for Tax Advantaged Investing Key takeaways from our chat with Chris 1 - You can have a great job and still want to leave Chris had a great job as a physical therapist. He worked at the same company for 15 years, and found the job very rewarding. He would experience every one of his patients getting better, and was working in a family atmosphere between workers. Even though he was very lucky with his working conditions, he tells us was ready for a change. There was a lot of bureaucracy and the repetitiveness made the job a little mundane. In any case, his last day on the job was full of emotion since he felt both happy and sad. As he says, leaving your job is rarely a black/white situation. 2 - What Chris does with his time As an early retiree Chris spends most of his time outside. He moved from Pennsylvania to Utah with his wife and daughter to really live right in the middle of nature. During the winter he goes skiing 4-5 days a week, and during the summer he spends his time hiking on trails. He truly is able to go out every day, and in addition has now taken up blogging and writing. He has time to take care of his daughter, and has the freedom to do as he wishes. 3 - Being FI as a team Chris' wife is still working remotely, since she enjoys her job and doesn't feel the need to retire. They are now working as a team and have made up their own rules when it comes to managing the family. They're currently living off Chris' wife income, which in turn allows their investments to grow until she decides to leave. They've also switched their mindset to investing their money in the right accounts, and not only in tax advantaged vehicles. Although one spouse being retired while the other one works is a very much debated topic, Chris explains that they are a team, and each person is in charge of different aspects of the household. 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.

032 | In today's podcast we discuss the Milestones of FI with Joel from FI 180; this is a new look at the path to FI and the milestones along the way. In Today’s Podcast we cover: The ‘Milestones of FI’ with Joel from FI 180 We welcome Joel as our first repeat guest on Choose FI The Milestones of FI as a ‘master’s degree’ journey after Dave Ramsey’s baby steps Joel plans to be fully FI in January 2018 Joel is completely debt free and is shooting for $25,000 per year in other spending FI creates a “magic money making machine” that spits out yearly ‘checks’ (the 4% rule) FI is the ultimate luxury purchase to save for this ‘magic money making machine’ The Dave Ramsey Baby Steps explained To get started on the Milestones of FI: Debt Free and/or $1 of positive net worth First FI Milestone: $100,000 net worth when you first start getting calls from Personal Capital to setup a phone consultation 2nd FI Milestone: ‘FU Money’ set; 2-3 years of yearly expenses saved up 1st and 2nd milestone can be similar depending on your yearly spending The 3rd milestone is ‘Half FI’ which puts you halfway to FI in total spending, but actually more than that in terms of time on your FI path The path to FI is not linear and Joel explains Milestone #4 is ‘Lean FI’ which means you have enough money to stop working forever if you cut out the discretionary aspects of your budget (about 30% of Joel’s budget) Lean FI is an ‘emergency fund that would last forever’ as it covers your housing, food and other essentials Lean FI is perfect for people with a side hustle to do it with no risk The ‘crossover point’ could be another Milestone of FI. This is where your portfolio increase is more than the income you’re earning from your job The next milestone is ‘Flex FI’: This is a ‘5% rule’ or 20x your annual spending in your total net worth Flex FI is only viable for people who can build flexibility into their lives from year to year depending on the market returns, etc. FI is not one milestone but a smooth continuum towards this goal Flex FI has an 82% chance of success according to the Trinity Study (75% stocks, 25% bonds) Financial Independence is the 7th 25x your annual spending. All the work you do after you reach FI is completely optional. Now you can do what you want with your time. When you reach FI you can pick and choose what you want to do at work and in life The 8th milestone is ‘Fat FI’: This is 30x your annual spending which is the “closest thing to a sure thing” you can get in life Where is Brad in milestone continuum? Where is Jonathan? What does Alexis and Joel’s milestone celebration look like? Links from the show: The Milestones of FI at FI180.com Mad Fientist’s FI Laboratory cFireSim Early Retirement Now Fiery Millennials Personal Capital (affiliate link) Slowly Sipping Coffee

024R | In today's Friday Roundup we discuss Episode 24 with Joel and Alexis from FI180 as well as some expert voicemails from Chad Carson about real estate plus Ken talking about ESPP options. In Today’s Podcast we cover: Friday Roundup after Episode 24 with Joel and Alexis from FI 180 Camp Mustache tickets for January 2018 are available for sale, so come and join us! The letter Joel wrote to his younger self and the emotional value of it The sacrifice for living an opulent lifestyle is too great in our opinion as you have finite resources and have to make the best choices Joel and Alexis had a true choice and inflection point where they chose Financial Independence They looked at FI as a game and had fun trying to gain a quicker path to FI. It made them happier and brought them closer together The 72 hour no buying rule that Liz from Frugalwoods informed us about Brad’s new favorite card game: Monopoly Deal Feedback from the audience: Austin’s email about his path to FI with a career that didn’t require a Bachelor’s Degree. He is now earning 6-figures at 25 years of age Itunes review from Derek who is teaching his 5th grade students how to look at money, index fund investing and much more. Geri’s question about reinvesting dividends when you invest in mutual funds. You generally want to reinvest the dividends Question from John about investing in VTSAX in a “taxable” investment and what bucket to put it in? Our advice is to open a standard brokerage account and invest in VTSAX Index fund investing is the most tax efficient investing since there is low turnover and thus lower capital gains that would be taxed in the current year Email from Matt describing how he’s thinking more deeply by listening to our show and reading FI blogs ChooseFI mentions on other blogs FI hack from Ken on ESPPs and Jonathan’s response since he can benefit from it at his job and purchase his company stock at a 10% discount Follow up from our in-house expert on real estate: Chad Carson who gives us a background on how to evaluate the financials behind a rental real estate purchase Travel rewards question about how to review flight and alliance award options. Our  thought is to look at traveling differently and build in flexibility and find saver award availability Travel rewards question about combining Chase Ultimate Rewards points Hot Seat intro music update Itunes reviews and The Simple Path to Wealth book giveaway Links from the show: FI 180 Monopoly Deal card game Winning Williams The Green Swan article: Never Pay Taxes Again Done by Forty article:  Spending is Arbitrary Ken’s blog: TheOptionToSell.com Chad Carson’s articles: How to Run the Numbers for Rental Properties How to Travel & Invest in Real Estate - 10 Essential Tools of the Trade Award Hacker

024 | Today we have Joel and Alexis from FI180.com on the podcast.   They changed their financial lives dramatically, going from spending over $100,000 per year to having an 85% savings rate and on the path to FI in just a few short years. In Today’s Podcast we cover: Joel and Alexis from FI180.com tell their story of how they went from spending over $100,000 per year to having an 85% savings rate FI can only be a few steps away and this story is the perfect example They bought new cars, a new house and didn’t track their spending at all In 2014 Alexis was in a terrible car accident and that led to the awakening that changed their financial lives. They took the $10,000 they received from the car and invested it in Vanguard The costs (financial and health) and opportunity costs of a long commute Every month they tried to make one change to improve their finances Their savings rate was only 7% at their lowest and last year it went up to 85% (since lowered to about 75%-80% to add happiness) Joel’s brother is also on a path to FI now and is “racing” them to FI It isn’t a race though – it’s about enjoying the journey and finding happiness Their happiness has increased after finding this path to FI. “Happiness is the goal” “We were using our spending as a way to try to numb the effects of a workday” They have learned how to cook at home and save money and eat better. Previously were going out to eat twice per day! Line items from their ‘Our Savings Snowball’ article on what they were previously spending and what they are spending now The awakening when they chose to pursue FI after the car accident in 2014 There are certain things that are in your control and others that aren’t. Focus on what is in your control Hot Seat Questions Favorite blogs: Mr. Money Mustache and The Wealthy Accountant Favorite life hack: Alexis was not allowed to go shopping without a list and couldn’t buy anything not on the list. As well as not using a shopping cart or basket Food shopping game called the “$3 rule” where they tried to see how many “luxury items” they had over $3 at Aldi each week How to save big at Aldi on your food bill