Episode 31

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Published on:

29th Mar 2021

How Happiness and Investing Your Money Can Be Congruent Goals I E31 Joel O’Leary aka 5am Joel

How would you feel about retiring 5, 10, even 20 years earlier than you planned? This probably raises some skeptical eyebrows but hundreds of people are doing just that through a movement called FIRE: financial independence, retire early.

Inside groups pursuing FIRE, it’s common to hear of a couple who retired in their mid-40s. With time, discipline, and understanding of basic financial concepts, I believe you can do this as well.

Joel O’Leary is here with me today to talk about his experience with FIRE and how he’s found balance with this popular movement.

By listening to this episode, you’ll also hear us discuss the epiphanies Joel has had during his 3 year sabbatical, how he built and continues to grow his real estate portfolio, and why he believes happiness is a choice (along with a good story to back it up).

 

Key Takeaways:

[1:52] Why Joel took a sabbatical and what he has learned since quitting his job

[15:34] The impact Joel’s parents had on his financial habits

[22:34] How Joel uses real estate to create wealth

[28:59] What is FIRE and where is Joel on his journey

[39:08] Debunking common myths about FIRE

[42:52] Joel believes happiness is a choice

 

Favorite Quotes:

[6:14] “I missed like 50 paychecks in a row…$0, $0, $0. Talk about facing your fears”

[30:32] “It’s a bit of an immature mindset because they think that achieving FIRE is going to magically improve their life.”

[36:05] “I don't want to make decisions based on money anymore. It frustrates me that I have to think about how much this is going to cost me or how much this is going to make me.”

[42:19] “You can achieve financial independence on a very small salary as long as you are spending less than you are earning.”

[43:49] “I personally think happiness is a choice.”

 

More of Joel:

Subscribe to 5am Joel email list: http://www.5amjoel.com/

Learn more from Joel: www.budgetsaresexy.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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Show artwork for FI Minded - Financial Independence Without the Extremes

About the Podcast

FI Minded - Financial Independence Without the Extremes
Achieve Financial Independence & Have Fun Doing It
Pursuing financial freedom, a work-optional lifestyle, or early retirement often leads to the same questions: “one more year,” “do I have enough?” “what does life actually look like after this?”

FI Minded helps you think like someone who’s already financially independent so you can make smarter decisions about how you work, spend, and live.

From Coast FI and Slow FI to lifestyle design, career transitions, healthcare, and self-employment, each episode explores the real decisions behind building a flexible, work-optional life…without burnout, over-optimization, or missing out along the way.

We cover:
* Smarter ways to reach financial independence (without burnout)
* Designing a flexible, work-optional lifestyle
* Coast FI, Slow FI, and enjoying your time along the way
* What life actually looks like after FI (and how to prepare for it)
* The tradeoffs behind big money decisions

Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), and and others helping you rethink how to approach financial independence.
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