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. Read our book: FIRE The Family: The Ultimate Guide to Achieving Financial Independence With a Family
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 societ...
Nick and Kayla discuss how they have earned 5 college degrees without student loan debt. By utilizing every option available to them, they were able to cashflow their Master's degrees before the age of 30. Not only did we accomplish our educational goals, but we did so while having and raising 3 kids and working. For the show notes please visit: www.firethefamily.com/podcast-episodes/37
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. For the show notes please visit: www.firethefamily.com/podcast-episodes/36...
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. For the show notes please visit: https://www.firethefamily.com/podcast-epi...
Nick and Kayla discuss adding a lawncare service during the hot summer months or adding a monthly cleaning service. Nick wants one, Kayla the other. We have a real-time discussion about this and it ties in really well to our episode on budgeting. Learn all about how we have implemented a Zero-Based Budget and what it has done for our marriage, family, and finances. For the show notes please visit: https://www.firethefamily.com/podcast-episodes/34
We're so excited to be back. As many of you know, we took some time off to relocate our family (geoarbitrage) across the country. We moved from Washington to Texas and this episode is all about the move! Joined by my amazing wife Kayla, we discuss the good, the bad, and some funny stories during our big move. There are some hidden tips if you're considering relocating your family. We have some big updates launching the coming weeks/months. We're turning half my office into a recording studio and...
I'm so pumped about this episode. I proposed the idea to my lovely wife Kayla to be my new permanent co-host on the FIRE the Family Podcast. She has so graciously agreed and now we're forging a new podcast path together! She has a voice fit for radio by the way! I have so many ideas on where this could go and I want to thank you for sticking with the podcast through a few recent weeks without content. I assure you, we have every intention of creating as much audio content as possible. We're in t...
I hope you enjoy listening to this episode with Melanieof Money Savvy Mamma. She's located in Australia and was gracious enough to join me for a conversation about parenting, budgeting, investing, side-hustles and more. This episode is packed full of goodies and actions you can take as a parent to be a little more frugal, minimal and a great partner and parent. You can find Melanie on Instagram @Money_Savvy_Mamma you can follow me on Instagram @FIREtheFamily and if you're interested in improving...
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 launch...
This has been a tough couple of weeks. Between the virus, the recession, and now being hit with lay-offs and reduced pay. I want to take a few minutes for gratefulness to talk about the reality of job loss and to introduce a new project that I'm working on. Visit https://www.firethefamily.com/ to learn more!
The coronavirus has begun in Washington and the United States. Our family lives in Washington and is dealing with the fallout of the lockdown measures that have been imposed by the government. In this episode, I talk about the challenges we're facing, the recession we're likely in as well as working remotely.
This week's episode is a roundup where I talk about current events, recent news. FIREtheFamily.com Topics covered Marriage Retreat Stock Market Correction Oil Prices Coronavirus (Washington State)
The economic fallout as a result of COVID-19 has been widespread. It’s affecting far more people than the virus itself and has the potential to throw us into a global recession. By now, the virus is likely wreaking havoc on your retirement accounts. Unless you’ve been hiding under a rock as of late, there’s no doubt you’ve heard the news. COVID-19 is in dozens of countries around the world and it’s not likely to slow down anytime soon. https://www.firethefamily.com/home/protect-investments-from-...
A financial plan is essential if you want to build wealth for your family. A financial plan is a comprehensive evaluation of your current household income and expenses and projected household income and expenses. A financial plan allows you to project your financial variables into the future to align it with your long term financial goals. By knowing your current financial variables, you can predict future income, assets, and make plans for retirement withdrawals. https://www.firethefamily.com/h...
Getting started in real estate investing can be a daunting experience. Where do you get started? Two of the most common ways to get started in real estate investing is by owning physical real estate or a Real Estate Investment Trust (REIT). https://www.firethefamily.com/home/reit-vs-physical-real-estate
Investing FOMO is the fear of missing out on stock market gains. Watching stocks you may have nearly invested soar to new highs while you sit on the sideline. Investing FOMO can make you feel anxious, depressed and behind your peers. https://www.firethefamily.com/home/investing-fomo-fear-of-missing-out
LeanFIRE is the minimalist approach to financial independence retire early. It’s saving just enough money that your minimum expenses are covered in retirement. We all need to reach financial independence at some point in the future. This has become my personal mantra. Whether your aim is to “retire” in your 40’s, 50’s or 60’s. There will be a point in time where you no longer desire or are capable of working for an income. It’s at this point where you need to have enough money saved up to live o...
This episode is focused on the most frequently asked questions I get about the financial independence retire early (FIRE) movement. Hopefully, it's educational, enlightening and worth your time. Thank you so much for your support. View our FAQ page here: https://www.firethefamily.com/faq
In March of 2020, Kayla will begin her Master’s in Curriculum & Instruction through Western Governors University (WGU). The same school that I earned my MBA through in 2019. The WGU Master’s in Curriculum and Education is PERFECT for our financial situation because we can cash flow the entire degree. This means that we’re able to pay for her Master’s degree 100% without student loan debt. We’re able to save enough of our income each month to simply pay for it outright. https://www.firethefamily....
Lifestyle creep is dangerous. It comes on slowly, under the cover of darkness and before you know it, you’re left with little money despite a higher income. Lifestyle creep is also called silent inflation. It’s a phenomenon that’s defined as spending more resources on lifestyle and wants rather than necessities. https://www.firethefamily.com/home/how-to-avoid-family-lifestyle-creep-silent-inflation
VTSAX stands for Vanguard Total Stock Market Index Fund Admiral Shares and it’s the most popular index fund in the financial independence retire early (FIRE) community. VTSAX is one of many investment funds provided by the Vanguard Group, the largest provider of mutual funds and the second-largest provider of exchange-traded funds in the world. The Vanguard Total Stock Market Index Fund (VTSAX) provides diversified exposure to small-, mid-, and large-cap companies traded on the Nasdaq and New Yo...
Income trajectory is defined as the growth of an individual’s income over time. Think of a line on paper moving through space from the bottom left to the upper right and back down again. A trajectory or flight path is the path that an object with mass in motion follows through space as a function of time. At some point, the line will reach a peak and begin to decrease. This is your income trajectory. It’s different for each person and is based on their experience, education, location, gender, ab...
Kayla and I got married at the young age of 19 and just celebrated our 9-year anniversary. As much as marrying my high school sweetheart sounds like a fairy tale, it hasn’t always been happily ever after. I love my wife more than I could ever imagine. She has pushed me further than I ever thought possible and each year my love for her deepens, but marriage is a roller coaster. Filled with ups, downs and periods of expansion and contraction (much like the stock market). It’s been a beautiful ride...
The best thing Kayla and I ever did for our marriage (and money) was to combine our finances after marriage. We got married at a young age, I joined the Air Force and we moved to Wichita Kansas. That decision kicked off a series of transitions and financial challenges over the next 10 years. If we didn’t combine our incomes, savings, and goals, I’m confident our marriage would have suffered. You and your spouse are on the same team. It’s time to stop these financial problems from keeping your ma...
My framework to put you on track to achieving financial independence retire early is The B.E.S.T Method. Financial independence isn’t a get rich scheme, I once thought that way. I found that by understanding and teaching the concepts in the B.E.S.T Method people can’t dispute what they know is true. You should control your money You should save for emergencies You should increase your savings rate You should invest in the stock market If you make these 4 life choices, you greatly increase your p...
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. Full Article: " 22 ...
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. Full Article: " How Recessions Help The FIRE Movement " Resources Mentioned in the Episode: FIRE Goal Wor...
52% of American workers say they’re behind where they should be in retirement savings, according to a new study by Bankrate.com . 16% say they are right on track, and 11% feel they are ahead of where they should be in terms of saving for retirement. 20% of respondents say they don’t know if they’re on track or not. Full Article: " How Recessions Help The FIRE Movement " Resources Mentioned in the Episode: FIRE Goal Worksheet Money Marriage Checklist FIRE Flowchart FIRE Calculator Imagine i...
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. Full Article: The Sci...
