1943: Luck, Credit, and the FIRE Movement by Sean Mullaney

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 30 June 2022

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Sean Mullaney of FI Tax Guy talks about luck, credit, and the FIRE movement Episode 1943: Luck, Credit, and the FIRE Movement by Sean Mullaney of FI Tax Guy on Building Your Financial Future Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, Inc. Mullaney Financial & Tax, Inc. offers fiduciary, fee-only, hourly, and advice-only financial planning. Sean established Mullaney Financial & Tax, Inc. after a lengthy career in public accounting. He worked in the tax departments of both Deloitte & Touche and PwC, including over 6 years in PwC’s Washington National Tax Services practice. Sean is a Certified Public Accountant licensed in California and Virginia. He is a member of the American Institute of Certified Public Accountants and an associate member of the National Association of Personal Financial Advisors. Sean has degrees in accounting, law, and taxation and a certificate in financial planning. The original post is located here: https://fitaxguy.com/2020/12/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Optimal Finance Daily, episode 1943.
0:04.0	Luck, Credit, and the Fire Movement by Sean Mulaney of 5TaxKai.com
0:11.0	and on your host and personal finance enthusiast, Diana Mariam.
0:15.0	Now let's get right to it as we optimize your life.
0:22.0	Luck, Credit, and the Fire Movement by Sean Mulaney of 5TaxKai.com
0:29.0	Recently, the Fire Movement has come in for some criticism.
0:33.0	Here's one prominent example.
0:35.0	While I don't want to speak for the critics, some of the arguments boil down to a version of the following.
0:41.0	Fire, or fire, I prefer fire, but let's not argue over terminology.
0:46.0	Over emphasizes personal responsibility and individualism.
0:50.0	As most financial outcomes are the result of luck and the work of others.
0:56.0	For example, if you invest $250,000 in real estate and local property value skyrocket,
1:03.0	such that your investment is now worth $600,000, most of the value of your investment is not attributable to anything you did.
1:12.0	While I appreciate the perspective provided by these commentators, I respectfully disagree with the criticisms.
1:20.0	My journey with fire.
1:22.0	Before I addressed the criticisms, I thought it would be helpful to share a bit of my perspective on fire.
1:28.0	My journey with personal finance mostly starts in college.
1:32.0	When I began to become interested in some of the tactics of personal finance, things like the Roth IRA and passive investing.
1:40.0	For me, the tactics were like the courts, countertops, cabinets, and ceiling beams on a home construction site.
1:48.0	Shiny objects drawing attention, but by themselves not all that impactful.
1:53.0	As applied to personal finance, when you add in the five framework, you transform shiny objects into a house.
2:01.0	Having the five framework and goals ultimately drives better choices and better luck.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.