Episode description

047 | Today we have Kristy and Bryce from Millennial Revolution on the podcast to discuss home ownership, international geographic arbitrage and much more... In Today’s Podcast we cover: A discussion with Kristy and Bryce from Millennial Revolution They initially were contemplating buying a house and were shocked by the process This is what led them to finding the Financial Independence community Home ownership seemed like a “cult” to them What did their financial life look like before finding financial independence and how did they save so much money previously? Who might be naturally included to FI and how everyone can be open to it FI opens up creativity that you otherwise wouldn’t have the time for Voicemail from David from Canada How difficult it is societally to not purchase a house You need to do the math behind home ownership and don’t succumb to the ‘fear of missing out’ All the other costs that are involved in home ownership that eat into your paper gains A house is not an investment, it’s a place to live The power of compounding and the Rule of 72 How would someone do the math to compare renting versus buying? The 1% rule Introducing leverage into the scenario of buying a home What do they invest in? Low-cost index funds How often they rebalance their portfolio and how they came up with their 60/40 split It is less expensive for them to travel the world than live in Toronto Their annual spending their first year of travel was $40,000 but they were able to cut that to roughly $30,000 in year 2 How they believe everyone could live the same lifestyle if they were willing to break their mental block with owning a home How would they recommend people get started with international travel and geo arbitrage? Budget airlines and bus companies help them travel throughout Europe for a fraction of the expected costs What do they do with lodging when first visiting a city? The ‘secret’ location they’ve found in London to stay for a fraction of the cost How nobody else in the world worries about health costs like Americans do How much could you reasonably spend for a year of living in Thailand The little enclaves of expats that exist throughout the world where they’ve found to live for less Their summarized advice for David from Canada Hot Seat Questions They actually have a financial advisor, but they don’t outsource their knowledge to someone else Links from the show: Millennial Revolution JL Collins NH Mr. Money Mustache Would We Be Richer if We Had Bought a House at Millennial Revolution Afford Anything Airbnb Why Your House is a Terrible Investment at JL Collins NH