Afford Anything

Category: Freedom

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The Importance of Using the Toilet Correctly (and Other Things I Learned Last Month)

When I was 18, I got a full scholarship for a one-month study abroad trip to Japan.

At the time, I didn’t have much interest in international travel. But free is free, so I spent a month in Japan during the summer between my freshman and sophomore year of college.

That trip changed everything.

That trip ignited the travel bug.

I came back so enthusiastic about exploring the globe that I’ve based every major decision in my adult life around the goal of traveling more.

Every major life choice, from my initial career in journalism, to my decision to quit my newspaper job to backpack around Southeast Asia, to my pivot to becoming a location independent, self-employed freelancer …

Every choice I’ve made has been based around whether or not this opportunity would allow me to travel. It’s the benchmark against which all my decisions are made. It set me on a meandering path that led to financial independence.

And it all started with that trip to Japan.

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This summer, I managed two businesses while traveling in five countries. Here’s how.

In June, I flew to Atlanta and toured a few of my rental units. This was the second visit I’ve made to these properties in four years.

During that visit, I met with my property manager and a few of my tenants, and I had lunch with my contractor. He and I met at a suburban Atlanta strip mall. 

We ordered a basket of spicy chicken wings and fries, then took out a water-logged spiral notebook and planned a $20,000 renovation.

Here’s what the early brainstormed edition of those plans looked like:

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Unusual Ideas about Self-Care … FIRE Edition

There are people who claim that ‘self-care’ requires wasting money.

They’ll encourage you to “treat yourself!,” because “you deserve it!”

Buy those shoes! Enjoy that upscale sushi restaurant! Upgrade to the nicer, newer car! You work hard. You deserve it!

Uh-huh.You know what else you deserve?

You deserve the relief that comes from wiping out a debt.

You deserve the joy that comes from buying an investment or a rental property.

You deserve the pride that comes from maxing out your contributions to a retirement account.

You deserve the stress relief that comes from taking a long walk in the park while listening to an audiobook, or taking a yoga class, or enjoying a hard workout at the gym.

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Six Percent is the New Four Percent

Today’s article is extra-nerdy. Pull on your Coke-bottle reading glasses and let’s run through a little bit of math.

Ready? Let’s go.

If you’re retiring on index funds, you might plan your retirement on the 4 percent withdrawal rule.

But if you’re retiring on rental properties, you could use the equivalent to a 6 percent withdrawal rule.

This holds true even if total returns on the two investments are the same.

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So I Gave a Talk at Google …

A few months ago, I got an invitation to speak at Google.

“Cool,” I thought. “That’s, like, grown-up stuff!”

The invitation came from one of my podcast listeners, David Moltz, who works at the company’s Los Angeles office and who hosted the hour-long Q&A.

“Could you talk about financial independence,” he asked me, “but maybe leave out the part about everyone quitting their job?”

“Haha! Sure thing,” I replied.

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17 Lessons to Improve Your Money & Life

I’ve learned a ton during the past decade, thanks to reading, interviewing, and massive trial-and-error. I’ve distilled many of these lessons into today’s blog post.

Here are 17 lessons that can improve your money and life.

#1: Money Can’t Make You Happy, But Lack of Money Can Make You Unhappy
They say, “money can’t make you happy.” But that’s false.

Researchers have examined the link between money and happiness — and guess what? Money can make you happy, to an extent. Multiple studies found a significant correlation between money and happiness among people in low-to-middle income brackets.

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“We are literally the millionaires next door”- says me, to the Washington Post

Guess what? The Washington Post published an interview with me about the Financial Independence, Retire Early movement (the FIRE movement).

They asked if it’s possible to save half of your income. They asked about the accuracy of Suze Orman’s statement that you’ll need $5 million to retire early. (Spoiler alert: No. You don’t.) And they asked if everyone who reaches financial independence then spends their time blogging about said topic, because if that’s true, then what’s the point?

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Why the FIRE movement is misunderstood

The FIRE movement is misunderstood. The drama of the last two weeks proves it. The question is, how can we fix this?

Ohhh we have a new supporter!!

Last week, Suze Orman called FIRE “dumb and stupid.”

“When I was 30 I was dumb and stupid as well, okay?,” she said in an interview with Yahoo! Finance, adding that she’s “pissed off” at people pursuing early retirement.

But since then, she’s taken more time to learn about the movement — and she’s in support.

In a Facebook post titled “What I Hate — and Love — about FIRE,” Suze writes…

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“Two Million Dollars is Nothing. It’s Pennies,” says Suze Orman

Want to retire early? You’ll need at least $5 million, more likely $10 million, says famous financial personality Suze Orman.

I should know. She said that to me, directly, on my podcast.

I asked Suze for her opinion about a frugal, flexible person who wants to retire early with a $2 million portfolio. She warned that retiring would be a massive mistake.

“Two million dollars is nothing,” Suze said. “It’s nothing. It’s pennies in today’s world, to tell you the truth.”

Wait, what?

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“Why I Hate the FIRE Movement,” says Suze Orman

A few weeks ago, I received an email from Suze Orman’s publicist, asking if I’d be interested in interviewing Suze on my podcast.

“Duh,” I replied.

Suze is a legend in the world of personal finance. She’s appeared on Oprah multiple times, published 10 mega-bestselling books, and hosted The Suze Orman Show on CNBC from 2002 to 2015. She’s one of the most famous voices in this space.

I read her most recent book, Women & Money, and sketched out a framework for the interview. Then I threw it away, feeling dissatisfied with my questions, and I turned to the Afford Anything community on Facebook and Twitter.

“I’m interviewing Suze Orman,” I wrote. “What would you like me to ask her?”

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