042 | The Green Swan | Why Start A Business, When You Can Buy One?

Podcast Episode Summary

A discussion with JW from The Green Swan about financial independence and busing buying and ownership

How JW got involved in the FIRE community

A discussion of life insurance and how much someone in the FI community really needs to think about

They were already on a path to financial independence even before finding the FI community online

How JW approached college with the mindset of graduating early

JW’s dad passed many of the tips and tricks of the FI community to him in his teens

JW’s relationship with his older brother made a big difference in his FI journey and they long talked about buying a business

The concepts discussed in the book Rich Dad, Poor Dad and how it could help you get multiple streams of income

JW and his brothers were saving for many years in anticipation of buying a business

How they researched the options of buying a business

How they could step in and grow the business they intended to purchase

What did they do to fix the culture in the business and reassure their employees about the future of the business

How did they know they could add value to this or any other company?

How they structured their legal entity to optimize most efficiently

They are investigating purchasing a similar business to expand their business

What does the path look like for each of the four brothers and how have they navigated the sibling dynamic?

They entered the business with ‘eyes wide open’ to the potential to damage their family relationships

They built an operating agreement with all potential future possibilities so they could navigate future issues. It was important that they did this from the outset

The unexpected joys and crazy things that happen when you own a small business with many employees and JW’s examples

How are they funding a future potential acquisition?

How do these businesses impact JW’s financial independence number?

He is calculating his FI number without even considering the income or equity in the businesses

Hot Seat Questions

Favorite life hack is listening to podcasts and audio books at 2x speed

He wishes he would have done ‘house hacking’ like his father did when he was younger

Listen to Brad and Jonathan’s thoughts about this episode here.

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FI Frugal Hobbies | Chris Terrell | Ep 429

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Life Optimization

Fees, Frugality, and 401K Fears | Ep 428

On what is considered a very personal journey, how do you handle changes that feel like setbacks? Whether its spending more when you feel you should be saving, or re-evaluating goals based on what needs immediate attention, do you feel equipped to handle it with confidence? This week we are having a weekly roundup, and are re-joined by Ginger to not only answer listener’s questions, but discuss travel rewards, retirement accounts, and breaking away from the ultra frugal caricature often depicted alongside FI. While saving is an important factor on this journey, the main purpose of FI is to learn and live your life with intention as it relates to your money, goals, and values. Remember that it’s okay if some of your goals and values will change along the way! Allowing yourself to be flexible as it relates to external factors, like market volatility and your investments, will give you more power and control to continue ahead with confidence and optimism!