112: FIRE – Financial Independence, Retire Early

Invest Like a Boss

Sam Marks Johnny FD Derek Spartz

Investing, Business

4.8 • 518 Ratings

🗓️ 5 December 2018

⏱️ 85 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Sam Marks and Johnny FD has officially hit FIRE, meaning that they are financially independent with an early retirement. They’ve both reached their success in such unique ways that will inspire you!

During this episode, Sam and Johnny FD will share how they hit FIRE including how YOU can do the same. Find out how much money you actually need to retire and how to calculate it. Understand the 4% rule and learn to apply it to your life. Listen to the end to hear about the downside to the FIRE movement and what you can do even after you hit your ultimate FI number.

Link:

Where we are:

Johnny FD & Sam Marks - Chiang Mai, Thailand

Discussed:

Recommended:

ArtofFX – Start with just a $10,000 account (reduced from $25,000)
Fundrise – Start with only $1,000 into their REIT funds (non-accredited investors OK)
Betterment – Get up to 1 year managed free
PeerStreet – Get a 1% yield bump on your first loan

Book:

The Total Money Makeover - Dave Ramsey

Time Stamps:

03:54 - How Johnny FD and Sam hit financial independence
10:17 - The benefits of being financially independent and retiring early
13:35 - How much money do you actually need to retire?
19:07 - Managing your expenses and location arbitrage
27:26 - Foreign income tax exclusion and legal loopholes
34:41 - Earning more money and creating more income streams
45:04 - Utilize debt to your advanced
47:41 - Understanding the 4% rule and applying it to your life
58:40 - “The number one fear in the world is running out of money when you’re still alive” - Sam Marks
01:06:09 - The downside to the FIRE movement
01:15:14 - Working after you reach your FI number

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Transcript

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0:00.0	This is a test.
0:01.4	Testing.
0:02.7	Sammy's mic. What are you testing? Sammy's blue mic. Yeah. Yeah. And this is my beta voice. Oh, yeah. Oh, come on. This is my hi voice. And how does this sound? This is that normal? I think you have to like test normal, like actually speaking the way we're going to speak.
0:27.5	Mm-hmm. Yeah. So this is my normal voice and I'm looking at my Q4 allocations of assets.
0:32.9	Okay. Sounds good. Welcome to the Invest Like a Boss podcast. I'm Sam Mart and I'm Johnny FD. We're self-made entrepreneurs who invest our own money and use modern technology to invest like a boss.
0:37.6	Join us each week for exclusive interviews
0:39.3	with our network of modern investors, business owners,
0:41.7	and multimillionaires to discover new ways
0:43.7	to invest our hard-earned cash.
0:47.2	Hey guys, this is Johnny,
0:48.5	and welcome to episode 112 of the Invest Like a Boss podcast.
0:53.0	I'm sitting here in Changai, Thailand with Sam Marks. Welcome to the show.
0:57.5	Thanks, Johnny. Looking forward to this episode. It's been a long time coming, buddy. Yeah, this has been one of the most highly anticipated episodes. People have been asking for this. And I think this is also one of those episodes where you will want to share with your friends and your family, maybe some of your coworkers that you really like. And it's been one of those things. So if you guys
1:15.6	don't know what fire is, it is financial independence with the option of retiring early. F-I-R-E
1:24.8	fire. Yeah. So big shout out to Mr. Money Mustache, who popularized the term, as well as the guys in the
1:31.6	Choose Five community, as well as all the kind of fire people out there. There's a ton of people
1:36.2	who are into financial dependence, with the option to retire early. And Sam and I are very
1:42.5	fortunate. Well, I don't know if the word is fortunate but we figured out
1:45.9	some away we both have retired early and we figured out a lot of things on the way so this episode
1:52.4	we're going to be talking about not only our personal journeys but how you guys can do it as well
1:55.9	absolutely i'm looking forward to it and i think everyone before the fire fire FIRE movement really got popularized. It was always around, right? I mean, our parents and our grandparents always thought about retiring early, financial independence, not having a job, doing what they do with what they want to do. I think with the internet, there's just been this massive influx of information and material around
2:18.3	ways to do it. And now it's becoming a really popular movement. And there's a lot of back studies and a lot of
	...

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