096R | The Money Matriarch of the World & the Godfather of FI | Suze Orman & JLCollinsNH

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Money Matriarch Suze Orman and Jim Collins NH

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ChooseFI Favorite: top rewards card for beginners

Chase Sapphire Preferred Card​

Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

An in-depth conversation with JL Collins about a recent controversial interview given by Suze Orman, and clarification of what concepts are truly at the heart of the financial independence movement.

  • Frugal wins of the week from Brad & Jonathan: garbage pickup and cell phone batteries.
  • What questions did Dominick Q, from Monday’s episode, ask that were most impactful for Jonathan?
  • Jonathan explains how he uses a planner at night to set himself up for success the next day.
    • What three things does he want to accomplish tomorrow?
  • Shutting off notifications on his phone allows Brad to step away from him phone more effectively.
  • One of Dominick’s strategies for breaking the tie to various technology is a ‘digital detox’.
  • Leaving his phone at home during a family walk each morning helps Jonathan give quality, undivided attention to his family.
  • JL Collins, a.k.a., the Godfather of FI, talks about two recent interviews on the “Afford Anything” podcast with Suze Orman (personal finance expert and former CNBC talk show host).
  • Although Suze opposes the overall idea of FIRE, she advocates for many similar personal finance concepts and principles.
  • Brad and Jonathan wonder whether anyone would ever be able to retire based on the FI numbers that Suze suggested.
  • JL suggests that fear of what might happen in the future informs Suze’s mindset more than necessary.
  • Continuing to work doesn’t mitigate uncertainty about the future.
  • The only truly non-renewable resource is wasting decades of your life.
  • Is the FI community more prepared than most for bad things that might happen in the future?
  • Jonathan and JL wonder if Suze’s wealth has been accumulated through sound investing, or from a variety of businesses and her work as a TV personality.
  • It’s easy to sell books and products based on fear.
  • Was Suze’s interview actually good for the FI community?
  • The amount of money someone actually needs to retire is entirely dependent on the lifestyle that someone chooses to live.
  • Does the “FIRE” acronym add some concern and confusion about the FI community?
  • Being financially independent just means that you can do whatever you want.
  • Trying to pick individual stocks is a loser’s game.

Interested in More from JL Collins

Check out his incredible stock series at JLCollinsNH.com

We also have a 3 part podcast series with JL Collins

JLCollins also did a fantastic talk with Google which you can watch here

 

 

Links:

Afford Anything Ep #153: Why I Hate the FIRE Movement, says Suze Orman

Afford Anything Ep #154: You’ll Need at Least $10 Million to Retire Early, says Suze Orman

The Simple Path to Wealth – JL Collins

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13 thoughts on “096R | The Money Matriarch of the World & the Godfather of FI | Suze Orman & JLCollinsNH

  1. YES! Do a “Digital Detox”.

    I do a Digital Detox for a full week once a year. Actually, my wife and daughter do it with me.

    It’s easy because:

    A: I tell all my clients (aka: the boss) that I won’t be available
    B: Get everything I can done beforehand so I can check it off my to-do list (and not worry about it while detoxing)
    C: I put myself into a situation where I don’t have a choice to check email, FB, Twitter (or even voicemails)

    What’s the trick? We spend 7 days at a horse ranch in the mountains of Wyoming where there is absolutely no service. Yes, the ranch has their own internet and has a landline available to us at any time, but we pretend like those options are emergency-only.

    Granted, it’s much easier to do when any “emergencies” usually involve my wife and daughter who are with me. I’m certain that removing myself from all connectivity would be extremely more difficult if I were separated from them.

    But I have found “cutting the other cord” (aka: internet) is a wonderful thing when you can fill the void with other things…other things like hiking, scenery, riding horses, rising with the sun and setting with the moon. I would highly recommend others to give it a try, but begin with 3 days (2 days is too short and 4 days might just break you).

    Good stuff Brad and Jonathan!

  2. I wholeheartedly agreed with your comments about how masterfully Paula Pant handled her interview with Suze Orman (and its aftermath). Her background as a journalist really shined through as a strength.

    I also really enjoyed hearing JL Collins’ down to earth response to the Orman interview.

    “I love it. I love it. I love it.” – my cat, Milo, has a similar opinion about the FIRE movement. You can read his post “Cat on FIRE” at https://emusements.com/cat-on-fire.

  3. Yeah, those fees on the card probably paid for Suze’s private island. Conflating her net worth and her investment skill–bingo! Great to hear JL Collin’s take on the whole thing.

  4. I loved this episode, loved it, loved it, loved it. 🙂

    That rant from Suze definitely needed a response. It was so cool to see that many of us from the FIRE community responded the same way. I love being in a community that can see through the BS, take note of a couple truths hiddend in the hate, and see clearly the logical disconnects.

    It was really great to hear from JL Collins. His easy going, reasonable, logical discussion is the perfect response.

    I love your statement, “FIRE is about having power, automy and freedom.”

    Happy to be part of the crowdsource of financial learning that scares “the experts”

  5. Suze was not that far off, she was missed guided on what the term “retirement” meant. Just a few short years ago the FIRE movement just promoted “retire early”. If you were really to just work until you are 30 and stop earning money, (which is what retirement has always meant in the past), The odds really start to go against you in a 50-70 year retirement period. Only after the “followers” of the movement started questioning the “leaders” of the movement, did the leaders change their mantra to “retire to something you love, and earn money” In most instances, even yours, you are not retired in the sense of what the true meaning of retirement has been for the last 50+ years. The term FIRE needs to be changed, because switching careers to something you love doing is really stretching the meaning of the word.

  6. I had a Nexus 6p also. I was unfortunate to have the dreaded bootloader loop while on a trip (bye bye maps, phone numbers, reservation numbers). Kind of a forced digital detox… But then it turned into a frugal win when Google replaced it for free with a Pixel XL. $400 for the Nexus 6P and included a free upgrade to an $800 phone that I still use to this day.

  7. I would argue that not only the response of Paula was awesome but in fact the whole FI community did great. Everyone seems to stay calm and reasonable which is not what you typically see in the online environment when one’s believes get challenged. With most of the disasters and fears Suze describes being health-care related, I have concluded in one of my recent posts that here in the Netherlands (or most of Europe) the risk is not there, the health care system is great. In fact I feel strengthened in my FI believe. I also made a calculation comparing the risk of dying on the way to pension at 70 versus the risk of running out of money before that time which only reiterates that FI is the way to go! Thanks for the great podcasts and keep up the good work!

  8. Great episode! I, too, was not aware of Suze’s previous obviously wrong advice and promotion of a fee sucking debit card. Jonathan, thank you so much for sharing those examples. I have occasionally listened to Suze on and off over the years before I found FI and I even have two of her books. It always seemed like she was some kind of an expert and that I “should” listen to her to figure out what to do. Ha! Finding the FI movement and listening to real FI stars like Jeremy & Winnie of Go Curry Cracker, Paula Pant and J. Money of Afford Anything, Pete of Mr. Money Mustache, Brandon of the Mad Fientist, and Liz of the Frugalwoods was all the FI education I had been seeking for years! And even better the FI podcasts and blogs were presently efficiently, easy to understand, engaging and easy to make happen! Within a few months of discovering the FI community I had the foundation I needed, confidence and a plan and I have never looked back at Suze or Dave Ramsey other than to think of how much more time was needed to listen to them to gain a few small insights. Very poor ROI of my time in listening to Suze versus the FI community. I found it extremely satisfying to have my “hunches” validated that not only was there very little to learn from Suze but in fact she was promoting bad financial products. Good riddance to that old school self-promoting time-wasting personal finance “Money Matriarch” nonsense and huge thanks to the FI Community!

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