“The number one fear in the world is running out of money when you’re still alive”

Sam Marks

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.

Listen to ILAB 112 on iTunes here or subscribe on your favorite podcast app.

ILAB 112 Show Notes

Link:

Where we are:

Johnny FD & Sam Marks – Chiang Mai, Thailand

Discussed:

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

Blog Post:

All About FIRE – Johnny FD

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

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