Link to the Show: 011 – Financial Freedom in Less Than Five Years with Joel from FI 180.
I started listening to the Bigger Pockets Money Podcast towards the beginning of 2020. I listened to this episode again on Saturday June 27, 2020 and wrote up my notes.
The focus of creating this article is to track my thoughts and reviews of each episode. My memory sucks so having a place on this blog to keep my notes was perfect.
Highlights
I like to listen to the full episode and then write what sticks out for me. There is always a lot of useful information and discussion that occurs during the show, but the following bullet points are what sticks out for me.
- 2007 recent graduates. Bought a house. Filled up the house. Spent $100k in one year.
- Wife got in accident, Mr. Money Mustache blog.
- Work stinks. Slaves to the work schedule. Design your life book.
- Cut back expenses, learned how to cook and purchasing groceries.
- Another 2007, 2008 housing debacle example.
- Pulled the “I need a break” with his employer.
- Seems to work well with his wife on their financial life.
Famous 4
Question: What is your favorite finance book:
Answer: Your Money or Your Life.
Question: What is the biggest mistake money/finance?
Answer: The first house, with the worst mortgage, Interest only for 5 years, no money down etc.
Question: What is your best piece of advise just starting out?
Answer: Don’t get overwhelmed. Take your time, make small changes.
Question: What is your favorite joke to tell at parties?
Answer: Did you hear that Walmart is giving away batteries? Yeah, there’re free from charge. What’s the best possible present you can receive? A broken drum, you just can’t beat it.
Review
Joel is a very talkative guy, interesting story. Made all the financial mistakes early in life right out of school along with his wife. Wife had a car accident, which was a turning point in the FI live. Worth the listen. I agree with the closing comments, Can you find someone who has a kid and changed their financial life.