047 | The Cult of Home Ownership & Crushing Geoarbitrage | Millennial Revolution
Summary: Today we have Kristy and Bryce from Millennial Revolution on the podcast to discuss home ownership, international geographic arbitrage and much more...<br> <br> In Today’s Podcast we cover:<br> <br> * A discussion with Kristy and Bryce from Millennial Revolution<br> * They initially were contemplating buying a house and were shocked by the process<br> * This is what led them to finding the Financial Independence community<br> * Home ownership seemed like a “cult” to them<br> * What did their financial life look like before finding financial independence and how did they save so much money previously?<br> * Who might be naturally included to FI and how everyone can be open to it<br> * FI opens up creativity that you otherwise wouldn’t have the time for<br> * Voicemail from David from Canada<br> * How difficult it is societally to not purchase a house<br> * You need to do the math behind home ownership and don’t succumb to the ‘fear of missing out’<br> * All the other costs that are involved in home ownership that eat into your paper gains<br> * A house is not an investment, it’s a place to live<br> * The power of compounding and the Rule of 72<br> * How would someone do the math to compare renting versus buying?<br> * The 1% rule<br> * Introducing leverage into the scenario of buying a home<br> * What do they invest in? Low-cost index funds<br> * How often they rebalance their portfolio and how they came up with their 60/40 split<br> * It is less expensive for them to travel the world than live in Toronto<br> * 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<br> * How they believe everyone could live the same lifestyle if they were willing to break their mental block with owning a home<br> * How would they recommend people get started with international travel and geo arbitrage?<br> * Budget airlines and bus companies help them travel throughout Europe for a fraction of the expected costs<br> * What do they do with lodging when first visiting a city?<br> * The ‘secret’ location they’ve found in London to stay for a fraction of the cost<br> * How nobody else in the world worries about health costs like Americans do<br> * How much could you reasonably spend for a year of living in Thailand<br> * The little enclaves of expats that exist throughout the world where they’ve found to live for less<br> * Their summarized advice for David from Canada<br> * Hot Seat Questions<br> * They actually have a financial advisor, but they don’t outsource their knowledge to someone else<br> <br> Links from the show:<br> <br> * <a href="http://www.millennial-revolution.com/" target="_blank" rel="noopener">Millennial Revolution</a><br> * <a href="http://jlcollinsnh.com/" target="_blank" rel="noopener">JL Collins NH</a><br> * <a href="http://www.mrmoneymustache.com/" target="_blank" rel="noopener">Mr. Money Mustache</a><br> * <a href="http://www.millennial-revolution.com/rent/bought-house-back-2012/" target="_blank" rel="noopener">Would We Be Richer if We Had Bought a House at Millennial Revolution</a><br> * <a href="http://affordanything.com/" target="_blank" rel="noopener">Afford Anything</a><br> * <a href="https://www.airbnb.com/" target="_blank" rel="noopener">Airbnb</a><br> * <a href="http://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/" target="_blank" rel="noopener">Why Your House is a Terrible Investment at JL Collins NH</a><br>
