The radio show Financial Quarterback with Josh Jalinski had me as a guest on January 18th, where we discussed my latest book, Unbounded Wealth. All in all, it was a lot of fun. You can listen to our session here.
I’ve been on major news outlets — CNBC, Fox, Bloomberg — in the past, but this was by far the best interview to date.
What was originally intended to be a 30-minute interview turned into an hour-long chat. We had plenty of time to go in-depth on a variety of topics. It wasn’t a circus-like the major outlets can typically be — a producer yelling in your ear, the hosts wanting your three top stock picks that will double in the next 72 hours. All that is poppycock. That wasn’t the case with my time spent on Financial Quarterback.
One topic that came up was about a chapter in Unbounded Wealth I wrote called “An Hour Without Oprah.” It’s about the importance of taking care of your health. If you’re not healthy, you’re not wealthy. Almost a third of bankruptcies in the U.S. are healthcare-related.
Mr. Jalisnki referenced another interviewee; an author who “retired” early. He wanted my opinion on a few holes in their strategy. Though I have heard of the author, I had not read their book. The topic, form what I was told, is a hot one. It’s called F.I.R.E. — Financially Independent Retire Early.
Well, it’s a load of shit.
The Issue with F.I.R.E. Doesn’t
I’m sure my brain plays some tricks on me and biases creep in unknowingly, but this is mostly how it goes…
There’s a software engineer. We’ll call him Dave.
Dave works for a big technology company, or even a tech start-up. He works and works, and then works some more. He’s working 18 hours or more a day as a software engineer.
Dave eats at the office — the company provides free food. It’s not so much a perk as it is an effort to entice workers to stay on campus.
(I’ve been to Google’s headquarters. I’ve eaten at their cafeteria. The food is great! That said, offering up this fare is a ruse to keep employees working all hours of the day and not leave the office. Not for one minute.)
Because Dave has no life outside of work, he meets his eventual partner at the office. The partner is also a software engineer, which is typically how it works out. Combined they might make $250,000 a year or more.
They have stock options, as well as other investment opportunities through the company.
After 10 years, Dave and his partner realize they haven’t seen the sun in a decade. Both of them are burned out.
Altogether, they’ve saved up $1.5 million. So, they retire.
The thing is, they don’t really retire…
Dave and his partner start a blog where discuss how they got burned out as a software engineer took the money they never spent since they didn’t leave the office and stuffed it all in index funds.
They earn money promoting financial products, while the companies get a cut from their blog.
Dave and his partner do this while traveling the world, posting Instagram selfies from far-flung places.
It’s a wonderful life. All has worked out okay so far.
Lucky for them, here’s been no bear market in 10 years. If there was, all the index funds, which are highly correlated, will get kicked down. Dave and his partner’s 401(k) will become a 201(k).
If that does happen, they might have to go back to work. The horror!
For now, they’re safe — but that’s not guaranteed to last…
The Harsh Reality of Retirement
This scenario unrealistic for a lot of people. Very few make that kind of money. Even worse, about a quarter of those that do still live paycheck to paycheck.
Here’s how Unbounded Wealth is different.
It’s not about retiring. If I’m being honest, the thought of retirement horrifies me. What will I do?
After about a week of touching up paint around the house and throwing some fallen branches in my yard through a chipper, I’ll be bored out of my gourd. There only so much golfing I can do before it loses its flare. The rounds are six hours these days with the groups in front of me who often line up their two-footers like it’s the U.S. Open.
Instead, the idea is to break free of “The Man”; to live life on your own terms.
It took me about 10 years. The same can happen for you, too. You just need a roadmap to get there. That’s what I provide in Unbounded Wealth. One that actually works, regardless of your financial status.
You might not bathe in Dom Perignon, or fire up the helicopter to reach the top of the ski area in Gstaad because you don’t want to ride the chairlift with common folk. But there’s no reason you can’t reach the top 5% — then top 1% if you stick with it.
Unbounded Wealth is about sound principles, and basic blocking and tackling. All stuff the average person doesn’t do. If they did, they wouldn’t be broke.
It’s about monetizing a skill you have and fulfilling a need in the community to generate high-margin revenue, even if it’s a side project, and I provide examples from a variety of people I know that make good income.
Yes, you do save.
Yes, you stuff some into the markets.
However, when the market hits the crapper, there’s some protections built into the portfolios. This gives you staying power.
So, take two hours of your time and give it a read. Those two hours could amount to much more.
It’s an easy read with illustrations to walk you through the ins and outs of what I’m preaching. It’s the most important project I’ve worked on. When I set out, my goal was to write an investing book that everyone and anyone could understand, hopefully even enjoy.
I know these principles work; I’ve lived by them. I know they can work for you, too.
Best of all, you only need to pay for shipping and handling. Aside from that small cost, the book is all yours.
So, what are you waiting for? Click here to grab your copy today.