FIRE the Family Podcast (Financial Independence Retire Early)

Nick and Kayla discuss her recent job change and how important job satisfaction is, what it's been like teaching during COVID, and an update on how they like living in Texas compared to Washington after relocating their family across the country.

Nick and Kayla discuss their perception on work and retirement. In short, work should be enjoyable and if it doesn't meet your expectations, find something else to do. Retirement is more of a state of mind than it is a status. We're living the life we will probably be living once we are retired. The only difference is our reliance upon our jobs for income. The idea that FIRE enthusiasts want to quit the workforce is simply not true. The truth is that work is simply providing value to society in return for money. 

Nick and Kayla discuss how they furnished their new home on a budget. By planning, saving ahead, and sticking to the plan, they were able to furnish their 3,400 sq ft home without breaking the bank, payment plans, or credit cards. They share strategies and tips they use to save up cash for big purchases and how they decide what big-ticket items to buy.

Nick and Kayla discuss sending their kids back to daycare during COVID-19, Kayla going back to teaching (virtually), and quite a bit more. This episode marks Season 4 of the podcast and will likely remain the episode format for the foreseeable future. We want this show to be relaxed, non-scripted and to discuss the real-life workings of our family as we pursue the financial independence retire early (FIRE) journey.

I can't thank Mr. Inspire to FIRE enough for being the first guest on the FIRE the Family Podcast. We cover a lot of ground in this episode. From the current COVID-19 epidemic to his own experience on the financial independence journey. Mr. Inspire to FIRE provides us insight into his pharmacy career and thoughts about his own future if/when he becomes financially independent.  Learn more about Mr. Inspire to FIRE at www.inspiretofire.com Follow him on Instagram and Twitter I finally launched my Instagram, so be sure to follow me there as well! I hope you enjoy this episode as much as I enjoyed speaking with Mr. Inspire to FIRE!

I’m a firm believer in investing in yourself and I believe your 20’s are the best years to do that. This list of ways to invest in yourself is not a list of hobbies. It’s a list of actionable ways to invest in yourself that will provide a return on that investment (ROI).

I’m 28 years old and have done nearly everything on this list. I can speak to the fact that it has led me to where I’m at today and has given me a more fulfilling life. It’s your existence, get to work. 

Every day we’re inundated with fear. Fear of war, fear of death, fear of the next recession. There’s little to no doubt that there’s a recession on the way. How do I know this?

The million-dollar question is how will the next recession affect the FIRE movement? I believe the next recession will greatly help me achieve financial independence retire early (FIRE), and it can help you too. 

Retirement planning sounds complex. The financial industry uses language and jargon to confuse the general public. The more confused you are, the more likely you’ll pay someone to do it for you.

Let’s talk about the most important aspect of retirement planning. How much you can withdraw during retirement and not run out of money. The Trinity study is often quoted and the 25x rule has become a source of truth in the financial independence retire early (FIRE) community. 

I deleted my YouTube Channel that had over 8,000 subscribers and 3 million views. Why would anyone do that? This is why! 

Resources Mentioned in the Episode:

I officially completed all of the requirements of the Masters of Business Administration (MBA) degree through Western Governors University (WGU). This is my review of the WGU Masters of Business Administration (MBA) program. 

Index funds are a great way to invest for the long term, but there are many to choose from. Each having there own strategy, expenses and other defining factors that set them apart. 

The higher your savings rate, the more you can invest each month the quicker you can reach financial independence. In order to increase your savings rate, you need to be able to save money each month. 

Today's episode is about the upcoming recession. A recession is defined as, “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.”

It’s not so scary when you call it what it is. It’s a temporary period of time when there is a contraction in the economy, not expansion. We all know the saying, “what goes up, must come down.” The stock market wouldn’t be the stock market if it always increased in value. An indefinite bull market wouldn’t work. There would be no exchange. Just as the value of a single stock fluctuates throughout the day, week, month year, so too does the economy. It’s just the way it is.

Today's episode is about budgeting. Developing a way to understand and control your finances. Too many times have we got to the end of the month and realized we didn't have enough money in checking to buy groceries or get gas. So we have to then transfer money from savings to checking. It's frustrating and can be the cause of many arguments. This was us about 3 years ago. 

Separating from the military and going through college on a shoestring budget was not easy. In fact, it was the hardest thing I've ever had to do. Luckily, when the idea of a budget came up, Kayla was all for it. Her mom was a budget believer and Kayla saw how much a budget allowed them to do on a lower income. 

Today we just bought a 2017 Used Honda Accord from a dealership. In this post, I’m going to break down for you why we made the decision we did, how it fits into our budget and some tips you can use if you ever decide to purchase a car. 

 Wow, that sounds like the ultimate clickbait title. It’s not. I got paid an average of $1200 a month to go to college for 5 years. Not only that, but I still received financial aid, grants, scholarships, and my tuition and books were completely covered. How did I do this? 

The reason I had this amazing benefit was because of my military service and the crazy generous benefits that exist today. This post is largely for those influential youngsters out there. Unfortunately, the older you are the harder it may be to join a branch of the military.

 The Post 9/11 GI Bill is an education benefit service members may be eligible for from serving in the United States Armed Forces. If you meet the criteria (time in service, honorable discharge) then you likely have access to this benefit. Here are the basics: 

 Doing rough math (because math is hard) my undergraduate was at an in-state branch campus university. The tuition was about $5,000 a semester. I attended for 9 semesters. Tuition alone would have cost me upwards of $40,000. I also received about $1400 a month in basic allowance for housing (BAH) to total about $55,000. It’s safe to assume that I received over $100,000 in value from my Post 9/11 GI Bill benefit.  

 The Financially Independent Retire Early movement has swept the nation in recent years. Though the concept has been around for decades, it’s been seen as a millennial-driven craze. The same people that talk down on my generation about laziness, willingness to work etc… are the same ones that are about to be left behind when it comes to retirement. In other words, they’re salty because they seeing people half their age with 10x the net worth. 

Financial independence has various definitions. To me, it means that I have enough net worth to decide when, where and what projects I work on. It means I can walk into the office tomorrow and tell my boss that I quit (I can’t do that… yet). It means I can pay myself a salary from my investments. The basic definition is as follows: Financially independent people have assets that generate income that is at least equal to their expenses.