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? (I answered a similar question in this week’s podcast episode, as well.) Here’s a snippet from the Washington Post[…]
Tag: financial independence
#161: Ask Paula – How Can I Get My Friends Interested in FIRE?
In today’s episode, I answer two questions about financial independence and the FIRE movement, followed by four questions about rental property investing. Matt asks: I’m interested in achieving financial independence, and I want to encourage my friends to pursue the same goal. What podcast episodes provide a light, digestible introduction to the world of financial independence and retiring early? Daniel asks: Do you have any opinions on the saturation of financial independence blogging and podcasting pursuit. It seems like everyone who pursues FIRE has a blog or a podcast. It almost seems like making extra money by blogging or podcasting about FIRE is a[…]
#160: The Paradox of FI — with Jonathan Mendonsa and Brad Barrett of Choose FI
When Jonathan Mendonsa was 18, he researched which college degrees lead to the highest income. Pharmacy was near the top of the list of high-paying degrees, so Jonathan decided to become a pharmacist. He wasn’t motivated by passion or calling. His decision was purely tactical. He wanted to make money. He spent four years in college, followed by another four years of graduate school. By age 28, he held a Doctorate in Pharmacy and an astounding $168,000 in debt. This debt burden might have been bearable if Jonathan loved his chosen profession. For people who love their fields,[…]
#158: What I Love About the FIRE Movement – with Clark Howard
Clark Howard loves the FIRE movement. That’s because he’s one of us. Clark began investing in real estate at age 22, started a travel agency at age 25, and retired at age 31. He sold his travel agency, moved to the beach and relaxed for four years; then he started a second career as the host of The Clark Howard Show, a popular radio show that’s syndicated nationwide. Today, he’s a personal finance celebrity. His website receives more than 50 million views per year. He has more than 1.1 million followers on[…]
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: “Financial independence – count me in! “Retire early[…]
“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[…]
#153: Why I Hate the FIRE Movement, says Suze Orman
A few weeks ago, Suze Orman’s team reached out to me and asked if I’d be interested in chatting with Suze on my podcast. “Duh,” I replied. Suze Orman is one of the most famous voices in the world of personal finance. From 2002 to 2015, she hosted The Suze Orman Show on CNBC. She’s the author of 10 mega-bestselling books, she wrote a financial column for O, The Oprah Magazine, and she’s made multiple appearances on The Oprah Winfrey Show. I read her latest book in preparation for the interview, but I felt at[…]
#149: Tell me about something that scared you — from Camp FI
Welcome to the September 2018 First Friday bonus episode! We recorded this episode at Camp FI, which stands for Camp Financial Independence. It’s a gathering of people who are pursuing financial independence; we spend a few days eating, drinking, and having late-night poolside conversations about money. There are several Camp FI’s throughout the year; I recorded this bonus episode at the Camp FI at Joshua Tree National Park in Southern California in early August. I invited several of the people at Camp FI to come to the microphone and share one thing: “Tell me a story about something you did that scared[…]
How Much is Enough?
The idea behind financial independence is that your passive income — typically through investments — is enough. But how much is enough? Enough for what? The typical reaction that many people have to this question is to define “enough” based on their current standard of living. For example: “Right now, my spouse and I are 27 and 29, with one child, age 2, and we live in San Diego, and our expenses are $5,000 per month. That’s our definition of enough, and as soon as we reach $5k per month in passive income, we’ll be financially independent (FI).” Hmmm. I don’t think you need to be a master logician to spot the holes in this[…]
#131: How We Slashed Our Costs 70 Percent and Gained Happiness — with Scott Rieckens
Scott Rieckens and his wife Taylor enjoyed a classic Southern California lifestyle. They lived near a gorgeous beach in sunny San Diego. They frequently dined at sushi restaurants. They drove a BMW. But after the birth of their daughter, everything changed. Taylor, an intelligent, career-driven, independent woman, suddenly didn’t want to spend any time away from her new baby girl. And Scott had no idea what to do. Their luxury lifestyle depended on dual[…]
