Summary: Personal Finance Podcast of the Year Finalist. Join hosts Gwen & J on FIRE Drill podcast where they interview guests with epic side hustles, real estate investors, early retirees, online business owners, and other inspiring people rocking financial independence. Travel hacking, Mr. Money Mustache, Tim Ferriss and all things Early Retirement are broken down into simple, actionable steps for the average person. Step up your money game and renew your money philosophy with firedrill podcast.
Tired of spending money on rent? How about living in an RV! Joe and his wife have lived in an RV for over 4 years now and are loving every minute of it. They have also been working towards their path to FI, continuously accumulating FU money and allowing them to go travelling, to survive a lay off and for Joe's wife to start her own business. You'll love how inspiring his story is. We also chat about... Building FU moneyLiving in an RV for over 4 yearsJoe's layoffHis future FI goalsThe struggle of not knowing when to quit Enjoy this chat with Joe, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode OnTrajectory toolJoe on Instagram and TwitterBook: The Girl of the Sea of CortezBook: Stuck on an island Book: Sailing the Golden Sea Key takeaways from our chat with Joe 1 - The path to FI has its advantages Thanks to having FU money, Joe was able to survive his lay off even though his wife's business wasn't really making an income yet. He took advantage of his time off to go travelling and help his wife with her business. They had been saving for a few years and this allowed Joe to have more options - even though the lay off came as a surprise! This goes to show how FI is really not just about the number, but really about the journey. 2 - It's all about having your finances in order Joe tells us that companies need to make a profit, and sometimes that means letting employees go - there's not much you can do about it. The only thing you can do is have your finances in order and be ready if something happens. He says this FI lifestyle will give you the flexibility to do whatever works best for you, without having to depend too much on external circumstances. 3 - The 'one more year' struggle Joe could quit his job now if he wanted to and would essentially be Lean FIRE. However, he explains that he is comfortable at his job and is enjoying what he's doing at the moment, and so would rather continue working and accumulate more money just. He talks about how difficult it is leave your comfort zone and quit your job. All this into account, his job gives him a lot of flexibility and allows him to travel and achieve his dreams of hiking and exploring. Once again, if you're enjoying the journey, there's no rush to reach FI sooner
One of the keys to reaching financial independence is having certainty. Tyson created the amazing retirement tool called OnTrajectory, that helps people measure and plan for FI. It's a combination of the complicated financial calculations used by financial advisors with some great analytical visuals. Tyson also tells us his personal FI story and how came to creating such an amazing tool. You'll love his story. We also chat about... How he started programming at 13 The start of his money journey Certainty and electric shocks How he changed his mentality when he had to go to a combat zone The money dummy with OnTrajectory His personal FI story For show notes and takeaways: https://www.firedrillpodcast.com/how-he-built-the-personal-finance-tool-that-grows-with-you-tyson
Have you ever thought of building a business around travel? Andy Steves started his travel business in 2010, giving student tours to exchange students all around Europe. At first he was doing all the manual work himself (tours, guides, etc) but eventually learnt how to scale and grow his business. He currently lives in Medellin, Colombia. You'll love how inspiring his story is. We also chat about... Growing up with a travel lifestyle How he scaled his business His business and personal goals How do find off-the-beaten-path places as a tourist The emotional perspective of working and travelling. For show notes and takeaways: https://www.firedrillpodcast.com/building-a-travel-business-while-on-the-road-andy-steves
Is exploring the US by RV one of your dreams? Steve and Courtney retired in their thirties and are now travelling the US with an Airstream. They are both technologists and quit their jobs when they realised the better option was total freedom. They also travel with their two dogs and manage to do some hiking in the most beautiful places in the US. You'll love how inspiring their story is. We also chat about... Reaching FI Their definition of FI Their Airstream Types of US travels Travelling with dogs For show notes and takeaways: https://www.firedrillpodcast.com/exploring-the-us-with-an-airstream-think-save-retire
What are you planning to retire to? Bob has been semi-retired for two decades, and tells us his story of working his tail off and retiring at the age of 42 and immersing himself in art. We talk about how he feels watching his co-workers becoming successful, the importance of giving meaning to your life and market volatility. You'll love his story. We also chat about... How Bob reached FI Doing sculpture once he retired Watching your coworkers be retired The underlying need to make a difference What he feels about the market For show notes and takeaways: https://www.firedrillpodcast.com/semi-retired-for-2-decades-bob-clyatt
Have you ever considered living abroad for a year? Ellen and Michael have lived in Mexico, Ecuador and are now planning to spend a year in Costa Rica. They reached FI at the age of 36 and have two children - who are now bilingual. But they're thinking of starting to work again once their children get older and continue having a flexible lifestyle. You'll love their story! We also chat about... The Cost Rica trip Why Cost Rica Travelling while being vegan Their personal money journey Negotiating with your company How they manage healthcare For show notes and takeaways: https://www.firedrillpodcast.com/living-in-costa-rica-for-a-year-uncommon-dream
What are some FIRE horrors and treats you've been experiencing lately? Today we have a special Halloween episode where Gwen and J discuss Gwen's Halloween Heartbreak and some rough times for Gwen as she moves out of Minneapolis and gets back into the corporate world. We also hear some people's FIRE Halloween Horrors and some pretty sweet treats! You'll love the spooky stories! We also chat about... FIRE Breakups Experimenting with freelancing Facebook Live in November Halloween horrors and treats For show notes and takeaways: https://www.firedrillpodcast.com/halloween-horrors-with-gwen-j
Plan A is life. Financial independence in plan B. Do you agree with this statement? Today we have Doc G - a physician who reached FI before realising what he'd done. He then discovered the FI community and now focuses on the philosophical aspect of FI: finding your purpose, the importance of being employed and fulfilling your identity. You'll love his story. We also chat about... The emotional aspect of FI How he reached FI and discovered the community His blogging journey The amazing influence of the community Why he loves what he's currently working on Enjoy this chat with Doc G, and please subscribe to us in iTunes if you enjoyed it! Show notes and links from today's episode Doc G's blog: DiverseFI Doc G on Facebook and Twitter Episode: White Coat Investor Key takeaways from our chat with Doc G 1 - FI is a huge part of our identity Doc G explains how he felt when he realised he had reached FI: depressed for several months. This was because he realised that he no longer enjoyed his job, and quitting and being FI meant losing that identity as a physician. When you spend years working in one job, of course it becomes part of your identity. Reaching FI and quitting means you lose that identity - which can be very hard to accept. Doc G also explains how FI in itself can also become a huge part of your identity; you can get so involved in the goal that you forget that FI is 'supposed to be a plan B'. 2 - Life is Plan A, FI is Plan B What does Doc G mean when he says this? Basically he means that best case scenario you get a job that you love and want to dedicate your life to. This is what you want to be aiming for. Plan B is FI - if you get a job you dislike and don't want to do forever, then FI is your 'escape hatch'. This is what Doc G is doing now (also called FIOR, Financial Independence Optional Retirement), where he works 10-15 hours a week and devotes all his free time to his passion of writing, communicating and speaking. 3 - The FI community is life changing Anyone who's part of the FI community know how amazingly supportive it is. Doc G and Gwen talk about how they felt always out of place in school, work, college, etc. The FI community is a place where everyone is welcome and extremely supportive, and where people keep pushing you to become a better person, improve your life and lifestyle. As Doc G says, FI is irrelevant if you always know how to make money, what makes the difference is the community. Questions? Like or dislike? Leave us a comment! Want to support the podcast? Here are three things you can do. 1. Start tracking your net worth with Personal Capital using our link. It's free. 2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week. 3. Join our Facebook group and connect with other members of the FI community.
Have you ever thought of taking the leap to becoming an entrepreneur? Today we talk to PT Money, a well known in figure in the personal finance community. He manages his own blog as well as organises FinCon, the amazing annual personal finance event. He tells us how he got started as an entrepreneur, his plans for the future and his real estate experience. You'll love his story. We also chat about... How PT Money got started with entrepreneurship How he got his wife on board with quitting his job How the FIRE movement has developed His future plans Lessons learnt in real estate For show notes and takeaways: https://www.firedrillpodcast.com/from-cpa-to-entrepreneur-pt-money
How do you and your partner discuss money? Do you have a monthly budget meetup? Or is only one in charge of the money? Kine Corder is a financial planning couple coach. She set up Prosperity Club, where she helps couples talk about their ideas of prosperity, their financial goals and how to find the best connection for them. This episode is packed with a ton of actionable advice! You'll love how intriguing her story is. We also chat about... How Kine got interested in money and relationships The recurrent and main theme in a relationship with money How to put her advice into practice Advice for partners reaching FIRE Success stories For show notes and takeaways: https://www.firedrillpodcast.com/talking-prosperity-and-money-with-your-partner-kine-corder
Have you ever thought of building your own home? Today we're excited to be interviewing Mr Groovy, who retired in 2016 and is now building his very own 'Groovy ranch' in North Carolina. We explore something called 'domestic geoarbitrage'. You'll love his story. We also chat about... What he's been doing since he retired Why he chose to live in rural America The process of building a house Tips for the baby boom generation For show notes and takeaways: https://www.firedrillpodcast.com/build-your-own-home-mr-groovy
What if you could retire at 37? That's exactly what Chris Reining did. Chris Reining retired at the age of 37 after working in cyber security for over 10 years. He slowly increased his savings rate, made sure to keep his expenses low and invest in index funds and a few stocks. Classic FI strategy, and now he gets to do pretty much what he wants. You'll love his story. We also chat about... The difficulties of quitting your job The importance of focusing on your income increase Deciding what's best for health insurance The misconceptions about FIRE Chris' last two years as financially independent For show notes and takeaways: https://www.firedrillpodcast.com/retiring-at-37-chris-reining
What does your scarcity mindset look like? Today Gwen interviews JD Roth live at FinCon! JD started blogging over 20 years ago, and started his personal finance blog in 2005. He explains what growing up poor taught him about money and how he manages his temptations nowadays. You'll love how real his story is. We also chat about... How JD discovered FI Why buying an old house and repairing it is expensive How he controls his spending habits His scarcity mindset and what it means for him For takeaways and show notes: https://www.firedrillpodcast.com/managing-the-scarcity-mindset-jd-roth
Another amazing FinCon meetup! Today we talk a lot about FinCon, the Plutus Awards, an update on our lives and some great community wins and achievements. We also get some calls from guests who were on our show some while back. Some great side-hustle stories and resources shared! You'll enjoy our little chat. We also chat about... FireDRILL nominations and awards Life updates on our side hustles Some amazing wins from the community Calls from previous guests on the podcast For show notes and takeaways: https://www.firedrillpodcast.com/fincon-community-wins-and-firedrill-plans
It's not easy deciding where to put your money as an early retiree... Big Ern tells us where he puts his! Carston (aka Big Ern) retired this year in June and is currently in his forties. After working in finance and saving up, he has quite a few ideas on where to put his money to keep it safe: real estate, options and of course, index funds. You'll love his story and will probably learn an interesting investing strategy! We also chat about... How does it feel to be retired His travels and plans The 4% rule His alternative investment strategy Becoming an accredited investor For show notes and takeaways: https://www.firedrillpodcast.com/crowdfunding-real-estate-early-retirement