ChooseFI Logo

047 | The Cult of Home Ownership & Crushing Geoarbitrage | Millennial Revolution

Today we have Kristy and Bryce from Millennial Revolution on the podcast to discuss home ownership, international geographic arbitrage and much more…

Podcast Episode Summary

  • A discussion with Kristy and Bryce from Millennial Revolution
  • They initially were contemplating buying a house and were shocked by the process
  • This is what led them to finding the Financial Independence community
  • Home ownership seemed like a “cult” to them
  • What did their financial life look like before finding financial independence and how did they save so much money previously?
  • Who might be naturally included to FI and how everyone can be open to it
  • FI opens up creativity that you otherwise wouldn’t have the time for
  • Voicemail from David from Canada
  • How difficult it is societally to not purchase a house
  • You need to do the math behind home ownership and don’t succumb to the ‘fear of missing out’
  • All the other costs that are involved in home ownership that eat into your paper gains
  • A house is not an investment, it’s a place to live
  • The power of compounding and the Rule of 72
  • How would someone do the math to compare renting versus buying?
  • The 1% rule
  • Introducing leverage into the scenario of buying a home
  • What do they invest in? Low-cost index funds
  • How often they rebalance their portfolio and how they came up with their 60/40 split
  • It is less expensive for them to travel the world than live in Toronto
  • Their annual spending their first year of travel was $40,000 but they were able to cut that to roughly $30,000 in year 2
  • How they believe everyone could live the same lifestyle if they were willing to break their mental block with owning a home
  • How would they recommend people get started with international travel and geo arbitrage?
  • Budget airlines and bus companies help them travel throughout Europe for a fraction of the expected costs
  • What do they do with lodging when first visiting a city?
  • The ‘secret’ location they’ve found in London to stay for a fraction of the cost
  • How nobody else in the world worries about health costs like Americans do
  • How much could you reasonably spend for a year of living in Thailand
  • The little enclaves of expats that exist throughout the world where they’ve found to live for less
  • Their summarized advice for David from Canada
  • Hot Seat Questions
  • They actually have a financial advisor, but they don’t outsource their knowledge to someone else

Blueprint to FI book preview

Choose FI: Your Blueprint to Financial Independence

Discover the framework for success from dozens of people who have found their own path to financial independence. Learn how to spend less, earn more, and live a fulfilling life of abundance. Download your free sample chapter today!

Links from the show:

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser. Disclosures.
More To Explore
You Might Be Interested in...
Something New at ChooseFI harnessed the power of AI to provide in-depth transcripts for all ChooseFI podcast episodes. Each section of the transcript is clickable so you can listen to the podcast at exactly the point you’re looking for

Other episodes
Share This Post