You DON’T Need to Be "Debt-Free" to Reach FIRE
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- Опубликовано: 9 июл 2024
- Being “debt-free” could add YEARS to your FIRE timeline. If you really want to reach financial independence and retire early, ditching the “debt-free” mindset could help you get there far faster. We know this goes against everything that the FIRE movement has told you. It’s always been about paying off debt as quickly as possible to invest that money back into the market. But we’ve got a “Fat FIRE” chaser on the show to show you why keeping some of your debt is a better move.
Meet Chloé Daniels. Five years ago, Chloé had $70,000 of debt chained to her. Student loans, auto loans, credit card debt, you name it! She had a plan to pay off all her debt by thirty-three so she could achieve FIRE even faster. But plans changed, and she realized that paying off her debt was NOT the best move to make. Now, she works for herself, with no boss to answer to, investing thousands a month, and has a BIG FIRE goal to hit, and she’s doing it all WITHOUT worrying about debt!
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Should You Pay Down Student Debt or Start Investing?
www.biggerpockets.com/blog/pa...
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Resources Mentioned in This Episode:
ChooseFI: www.choosefi.com/
Millennial Revolution: www.millennial-revolution.com/
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Connect with Chloé:
Instagram: @clobaremoneycoach or / clobaremoneycoach
Website: clobare.com/
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BiggerPockets: @biggerpockets or / biggerpockets @CloBareMoneyCoach
00:00 $70K in Debt!?
01:50 You’re NOT Good With Money”
06:27 Being Debt-Free is OVERRATED
09:01 Eating, Drinking, and Spending a LOT
11:27 Start Investing with THIS
13:19 Fat FIRE by 47!
15:38 What Chloe Invests In
17:38 FI Changes Everything
19:29 Advice for Those New to FIRE
21:02 Connect with Chloe!
My hubby and I reached FIRE years ago, long before it was a movement. We bought our first house in 1981, put it on 15 year mortgage. and paid it off in 10 years. Although we had subsequent houses, we paid cash for them. Meanwhile, we maxed 401Ks and other company matched funds, banked/invested bonuses, drove older care, carried no other debt i.e. credit cards and car loans, packed our lunches, did our home repairs and updates, etc, etc. Fast forward and we retired at 52 and haven't looked back ... total freedom!
Thank you so much for having me, Mindy! It was so fun chatting with you!
Wow very insightful and inspiring! Bummer we couldn't meet in person. I hope you guys can find your way back. Best of luck.
I'm a real estate broker, investor, and small developer. I loved your story and thank you so much for sharing it. I will highly recommend you investigate real estate investing for a variety of reasons. lower tax bills, appreciation on properties, Renter's paying down your mortgage, and more control overt the stock market. I have nothing to sell and love to teach people the power and basics of real estate investing. I can do a 30 minute presentation for you that will blow you away. Let me know if you're interested. Bravo for your foresight for your financial future happy trails! Mark Rickert
Love this message! My goal is to retire at age 50, I'm a physician but I don't spend like one keeping a close eye on my fixed costs, though I do focus on experiences such as eating out and traveling and saving and investing the rest.
This was a refreshing take bc I’m on the same boat with still having student debt. I switched my mentality from trying to be “debt free” to building wealth while still having debt and it’s been a game changer in so many ways. Great story!
I needed to hear this. Thank you so much for sharing your life and knowledge CloBare! You just reiterated and confirmed the thoughts I have for myself!
Amazing guest!!!
If it wasn’t for debt, I would have to work.
When you getting on this podcast? Your BP episode was amazing!
She must live illinois.Jewel
❤❤❤
Hmmm I’m 33 now… maybe I should make the switch. Right now interest rates suck though unfortunately.
Recently sold a home and using the funds from that sale to invest in ETFs as a beginner. I signed up for a financial advisor with Facet and I have my first meeting tomorrow. I am hoping to invest roughly 700k. I wish there was a calculator I could use to figure out what I can make off of dividends annually, and figure out what I would need to live comfortably as that money continues to grow. Do you recommend one?
Just use an interesr calculator, search on google, doing an etf and set for average of 7% and it be estimate around there. Do more research. Etf are pretend safe.
Better to own tangible assets
Please be careful with the fees charged. A low cost ETF invested in the S&P . I have heard vtsax is a good one for Americans. Hope you do well 🙂
Would