Once we really started to look at this; yeah, just for two people and some little toddler guys; and really decide, ‘hey, what can we do to bring this down? So, there’s not often a lot of chance to increase your income quite as much as there is on the expense front where people haven’t put any time in. In this whole personal finance journey, financial independence, financial freedom, whatever you want to call it; the most important thing and the most eye-opening thing is once you start putting your numbers down and you realize what you’re spending on. So, I think, yes, that’s the correct first observation, but it’s very frustrating when people are just like, ‘Oh, I can’t do it.
It wasn’t that I necessarily believed in car payments. It’s just $250 bucks a month, okay times 12. So I expect this to be the one and only car I ever buy in my entire life. That just, it adds up to such a significant amount of money.
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I’ve taken time to sit down and take my learnings out of that. It’s not all pop-up businesses, but they’re side hustles. Is that the approach that you’re talking about here? A couple of these, my agent and it seems like people are enjoying the book, have worked out. Spent a couple hundred bucks on advertising and didn’t sell anything.
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My business today, I have a team of 10 that help me run the PopUp Business School around the world. They could change at any time. How would you say that that lesson maybe, has shaped the way you approach business nowadays? Then suddenly the sun stopped shining and you’re left holding the bag with all of these expenses.
- It’s not all pop-up businesses, but they’re side hustles.
- I get a lot more than five.
- We wanted to get a little bit better tenant, is what we were looking at.
- Obviously you want to talk to an accountant about that but the farther you get along down the side of things, a lot of really cool options begin to materialize.
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That’s putting GM on the payroll. That’s one of the big things Dave says, is who are you going to put on your payroll? We’ve never had a car payment. We’ll figure out this time. analyze in material price and efficiency variances in cost accounting We just say, we figured it out the last time. So that’s one of the things I think that’s worked out well for us, is we’ve never had a road block.
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I think what Alan really brings to this discussion is the ability to do this at such low risk and with so little money in. Yeah, what is irs form 8379 it’s a great show today. I know a lot of bad jokes but they’re just usually not funny. This show is for anyone who has money or wants more.
And, quite frankly, my husband was a W2 employee and that he went to 1099 contracting and had to pay his own insurance, $20,000 is a pretty good estimate, although that was for the garbage level, I think it was called. So, we’re factoring that in. So, when we get to that point, if we get to that point where we need to look, I know that we need to have a good amount of money saved up. They have, you know, kids or they don’t have kids yet and they’re looking for kids.
We did a lot of corporate events, a lot of kind of catering to Disney travellers, that sort of thing. I was in Florida at the time, it is where I went to school. I graduated school and decided, hey, I am ready for this stable pay check again so I joined government service on the civilian side at that point. That was from 2009 until 2012 and 2012 is when I decided, hey, this business just is not cutting it anymore. Or did you kind of gradually become a little bit more adept with managing these types of things prior to that kind of FI revelation in 2014. Not having that foundation, I definitely think put me on that trajectory that make bad, poor financial decisions.
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- So, we are very excited about trying to do this cash route and yeah, it might take a little longer, but honestly, we’re in no hurry and we’re happy with the lives that we have right now.
- Had this kind of fear of money that morphed into the healthy assessment of money as an opportunity to live life on your terms.
- And then it’s a super easy read.
- It makes me want to work hard, makes you want to work harder, but you’re right.
Obviously you want to talk to an accountant about that but the farther you get along down the side of things, a lot of really cool options begin to materialize. One of the things that I always think about is once you achieve FI, I have not experienced this part of things, but once you achieve FI, you’re living off your passive income. What did they figure out that I haven’t and then figure out what piece of that you can implement in your own life? You need to find out, what are the people that have beaten the game? Obviously, his accountant is getting paid as an employee but Warren is paying his taxes based on capital gains.
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Yes, I started that in 2012. I had decided at that point like, okay, I want to pay down this debt. What year did you graduate and how long did it take you to get a job after you graduated?
It’s all about how it comes out of your mouth because I think we get really excited about things and we don’t want to sound showboat-y or not showboat-y, but just like we’re saying ‘hey, it’s a better way’. Now, the concept of sharing day-care or forming a mom’s club or doing whatever, it’s just not in your head because it’s not culturally what the people that you’re associating with are doing. So, is there a way that you don’t have to shell out the money, but you’re actually creating some sort of community system where you are helping out? You don’t have to actually completely have to pay or shell out all this money. A lot of people do that; they’ll live in one area and then they move to Colorado or move to DC or something like that, where they don’t have a lot of, you know, network. I mean that’s like a small little salary there by saving that much on groceries; same food, it’s a great store, you just don’t have as many frills.
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You’re going to be doing something that’s at least moderately healthy and that actually compounds with a lot of the other things you’re doing in life to work towards FI. If you put enough of that aside for a long enough, or hopefully short enough period of time, you’re going to get to this place where you’re earning enough money for you to support you for the rest of your life. An index fund is a great way to put your money into something while you wait and have a chance to learn because you’re never going to reach financial independence on your own salaried life. And so, I think that yes, complexity reflects real life and it’s fine but you don’t need to start with dual momentum, you know?
Like, oh, it’s just 1% over decades. I mean, you’re talking potentially over a 40-year compounded period, that even like a 1% fee, so if you find some mutual fund that has a 1% expense ratio, it sounds fairly innocuous, right? Well yeah, so the first one that you guys talk about is low-cost index funds. These are the pillars of financial freedom so we know— There are some things that I went through them and I all about irs tax refund accepted don’t disagree with anything that they say but I have some different thoughts on their ideas.
You can just watch somebody do it and it’s not that hard. You don’t have to be naturally handy. Whatever part you’re missing. So if you don’t know how to change out a light switch, you can find a YouTube video that shows you exactly step-by-step. I think they don’t have like self-open heart surgery videos, but everything else, you can find on YouTube.
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And who knows, I’m sure you’re awesome at building but who knows that you would have been able to make this. He engineered his own layoff and that’s great, but you also need to look at, okay, I got double salary for six months. And I had it and it was all laid out and I just didn’t even think about it.
It resolutely focused me on how I wanted to handle money in my life. It was just really going through childhood and then seeing that with job loss and then the bankruptcy, yeah it shook my whole foundation as a person. It all started really from my dad losing his middle management job. Even before that growing up, my parents, I remember, they argued a lot about money. Having enough money, that’s a big part of having security. They had to work really hard to pay for the things that they were buying that they didn’t need.