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015R | The ‘Joneses’ Are Bankrupt

Why are you spending so much effort keeping up with the Jone’s? They Are Bankrupt!!

  • How much we appreciate our listeners and the feedback and comments we’re receiving
  • Recap of guest appearance of Justin from Root of Good
  • Justin is living a relaxing and chill life set for himself in early retirement. This is what FIRE is all about!
  • It was only a 10 year journey for him to make this happen. No matter when you are starting, you can make this happen and become financially independent in 10-15 years.
  • The Jones’ went into foreclosure!
  • Something we plan to discuss in-depth in the future: Hacking college and finding a way to do it more cost effectively. Edmund Tee and Seonwoo Lee are producing content to show how to hack college and save tens of thousands of dollars.
  • The FIRE community learns the rules and help maximize and we see this with college, taxes, health care, etc.
  • True wealth is not about income, it is about net worth. You must save money!
  • The only thing your children care about is you spending time with them.
  • Try to create some separation from your phone and computer and set boundaries where you shut them off at a certain time. Creates a much happier life.
  • Comments from the audience: Kyith had a comment about allocation as you approach true FIRE and moving all money to Vanguard and just blindly investing in the market.
  • Brad thinks taking action is the most important thing. Inertia is so powerful that you need to just take that first step.
  • Question from Paul: Where to put your savings? Online bank like Capital One 360. Vanguard investments like a low-cost ETF and take advantage of dollar-cost averaging
  • Jonathan would max out his Roth-IRA as a savings vehicle since you can withdraw your contributions tax and penalty-free at any time
  • Brad’s win of the week: Took some money from large cash position and invested in VTSAX
  • If you had a paid-for home, would you go out and borrow money at 3 percent to invest? Brad’s struggle with paying down his mortgage and would he do this investment strategy with a paid-for house.
  • Itunes reviews of the week
  • Matt’s comment about effective altruism
  • Cohousing community in Georgia that members of the FIRE community are investigating creating
  • How powerful it would be to live in a FI community instead of ‘keeping up with the Jonses’
  • Travel Rewards questions: Does Southwest accept transfers from Chase Ultimate Rewards and have them count towards the points needed for the Companion Pass?
  • Ruth’s question: If I don’t plan on traveling much in the next 3 years should I focus on the Companion Pass sooner than that?

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