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112: FIRE – Financial Independence, Retire Early

By Sam Marks / Johnny FD

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: 4% Rule Math Spreadsheet Boss Lounge Where we are: Johnny FD & Sam Marks - Chiang Mai, Thailand   Discussed: ILAB 01 – Sam Marks Personal Millions + Show Introduction ILAB 02 – From $1k to Future Millionaire: Johnny FD’s Investments ILAB 23 – From $0 to Self Made, How to 300X Your Investment Life Changes Quick Book NomadSummit.com 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   If you enjoyed this episode, do us a favor and share it! Also if you haven’t’ already, please take a minute to leave us a 5-star review on iTunes and claim your bonus here! Copyright 2018. All rights reserved. Read our disclaimer here.  

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