In this episode: income-producing assets, REITs, the 4% rule, optimal spending, saving too much, and why you will never feel rich.
It is believed that in order to reach FI, cutting expenses and limited spending seems like the ideal way to your end goal, but are you missing out on ways to spend-to-earn because it feels right? Well, this week we are rejoined by friend of the show and guest host Brian Feroldi to interview Nick Magguilli, author of the excellent book Just Keep Buying: Proven Ways to Save Money And Build Your Wealth. Together we discuss using data to grow your wealth and fighting the stigmatization of spending your money. On the journey to FI it is easy to focus more on saving so much that we’re afraid to spend, however, by not spending we could be missing out on assets, both monetary and non-monetary, that could bring us greater fulfillment in the present and future! By rethinking your approach to spending, rather than looking at it as something that is negative, you may find that your money can go farther for you when its spent rather than saved!
- Website: ofdollarsanddata.com
- Book: Just Keep Buying: Proven Ways to Save Money And Build Your Wealth
- Twitter: @dollarsanddata
- Instagram: @nickmaggiulli
- 1:29 – Introduction
- 2:31 – Just Keep Buying
- 9:27 – Income Producing Assets
- 10:55 – Macro-Level Mind Changers
- 14:08 – REITs
- 16:57 – You Can Save Too Much?
- 21:40 – How Nick Thinks Through The 4% Rule
- 26:20 – Spending Optimally
- 30:59 – Catching Up Financially Through Exercise
- 34:01 – Examining 401k Maxxing
- 38:47 – Saving Raises
- 41:50 – Why You Will Never Feel Rich
- 46:16 – Investment Properties & Nick
- 47:55 – Conclusion
Resources Mentioned In Today’s Episode
- 3 words got me 3 MILLION SUBSCRIBERS
- “Die With Zero: Getting All You Can from Your Money and Your Life” by Bill Perkins
- “The Tail End” By Tim Urban
- Peter Attia
- Subscribe to The FI Weekly!
More Helpful Links and Resources:
- Earn $1,000 in cashback with ChooseFI’s 3-card credit card strategy
- Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
- Keep learning or start a new side hustle with one of our educational courses
- Commission-Free Investing with M1 Finance