015R |The 'Joneses' Are Bankrupt

015R | In Today’s Podcast we cover: How much we appreciate our listeners and the feedback and comments we’re receiving Recap of guest appearance of Justin from Root of Good Justin is living a relaxing and chill life set for himself in early retirement. This is what FIRE is all about! It was only a 10 year journey for him to make this happen. No matter when you are starting, you can make this happen and become financially independent in 10-15 years. The Jones’ went into foreclosure! Something we plan to discuss in-depth in the future: Hacking college and finding a way to do it more cost effectively. Edmund Tee and Seonwoo Lee are producing content to show how to hack college and save tens of thousands of dollars. The FIRE community learns the rules and help maximize and we see this with college, taxes, health care, etc. True wealth is not about income, it is about net worth. You must save money! The only thing your children care about is you spending time with them. Try to create some separation from your phone and computer and set boundaries where you shut them off at a certain time. Creates a much happier life. Comments from the audience: Kyith had a comment about allocation as you approach true FIRE and moving all money to Vanguard and just blindly investing in the market. Brad thinks taking action is the most important thing. Inertia is so powerful that you need to just take that first step. Question from Paul: Where to put your savings? Online bank like Capital One 360. Vanguard investments like a low-cost ETF and take advantage of dollar-cost averaging Jonathan would max out his Roth-IRA as a savings vehicle since you can withdraw your contributions tax and penalty-free at any time Brad’s win of the week: Took some money from large cash position and invested in VTSAX If you had a paid-for home, would you go out and borrow money at 3 percent to invest? Brad’s struggle with paying down his mortgage and would he do this investment strategy with a paid-for house. Itunes reviews of the week Matt’s comment about effective altruism Cohousing community in Georgia that members of the FIRE community are investigating creating How powerful it would be to live in a FI community instead of ‘keeping up with the Jonses’ Travel Rewards questions: Does Southwest accept transfers from Chase Ultimate Rewards and have them count towards the points needed for the Companion Pass? Ruth’s question: If I don’t plan on traveling much in the next 3 years should I focus on the Companion Pass sooner than that? Links from the show: Podcast Episode: Justin from Root of Good Article on how the Jones went into foreclosure Get Rich Slowly Capital One 360 Article: Best Online Banks The Simple Path to Wealth by JL Collins Richmond Savers Guide to Disney World using Travel Rewards points