So yeah, it’s, these are tough questions but it’s, it’s a privilege and it’s amazing to be able to have a chance to do something about it. And that’s true. The book is based on a true story about an ex-addict who escaped from prison in Australia and then fled to India. Like I’ve always been focused on money my entire life. Grant: 05:39 Yeah. See more of Mad Fientist on Facebook. Brandon, aka the Mad Fientist, a former software developer who achieved early retirement and financial independence at age 34, shares how he spends his money in Edinburgh, Scotland. So I know I’ve been chatting for a long time so I’ll, I’ll leave the story there. I was like, oh, this is just, this is going to take forever. I watched In Bruges years ago, and I remember it being good, but the ending, oh the ending! It wasn’t just frugality and deprivation for spending. Zero spam. So yeah, once I set up my index fund portfolio and I was happy with it. It’s the government wants you to pay the minimum that you’re required to pay. Cause that. If I, even if one post helped you and then it’s amazing to see what you’ve created on your own path. ( Log Out / So yeah, it’s, it’s still, it’s still a process for me. It was, you know, the isolation of being in the woods of Vermont. Brandon: 33:28 It shouldn’t take too much time initially because if you’re currently working and you have a high income and you’re looking to retire early, then obviously the thing that you’re gonna want to do now is just lower that taxable income as much as you can and that’s quite simple through just like taking advantage of your 401k. However, there are many “traps” that attempt to limit your freedom, like pressures from society, family expectations, etc. And it’s not like you’re having to work an extra 20 hours on a side hustle to increase your income. First Name. A Mac. Join the Mad Fientist, Mr. Money Mustache, Paula Pant from Afford Anything, and Doug Nordman from The Military Guide for a live Q&A from Camp Mustache! In this conversation we dive deep into deprivation, happiness, meaning, and why it’s never been easier in history to reach financial independence. It should have been that relationship between money, happiness, and like overall life purpose, and just trying to experiment with that, optimize and yeah, not putting off that happiness for some arbitrary number in a bank account that really doesn’t matter at the end of the day because it’s hard to conceptualize money in the bank anyway. Welcome to the Financial Independence Podcast, the podcast all about financial independence and early retirement. I mean, man, you sound really happy. Brandon: 28:53 Sure. Connect with the Mad FIentist, @madfientist. Like we felt like we just wanted to come and be settled and we get a lot of happiness from like doing our normal routine and making progress on stuff that we’re working on and. After following the FI path alone for over 2 years I discovered Brandon's blog MadFientist.com in 2013, immediately reading all of his posts. ( Log Out / I’m learning a lot about myself and life and one of the missions of the book was Financial Freedom is clearly to share and I really hope it wakes people up just to that idea that money is infinite and time is not in a lot of people that are just sitting in their desk or they’re on their way to work listening to this or they’re at home kind of decompressing and I think a lot of people feel like they’ve got to stay on the ride until the end, if that makes sense? Even giving myself unlimited funds to be like, okay, here this is, you can just go crazy and even then it’s still hard to figure out like exactly what makes you happy. Because if, if I’d walked into my boss’s office because I was able to work one day a week from home, but like working anymore, it was like, oh no, that’s against company policy. It’s like yeah, we were eating out a lot more but it got less special. And yeah, that’s…I have a article that I’m planning to write and it’s talking about like, like FI… FI as a goal and that was my goal. There’s some straight FIRE in this episode. So that just completely changed my whole trajectory. When looking at Amazon to find out how to spell the authors’ names, I noticed a quote by Mark Cuban that sells the book much better than I could: “If given a choice between investing in someone who has read REWORK or has an MBA, I’m investing in REWORK every time. Log In. The finance industry sells a level of precision that I just personally think is really unrealistic. Listen to this episode from Money Lab on Spotify. Well I think technology is a double edge sword, so yeah, it gives us all these opportunities but it also gives us the Joneses right in your face and it’s not only the Joneses, it’s like the highlight reel from the Joneses. You do need some money in order to do that, but at the end of the day the more you can kind of engage with these essential questions of, hey, do I really need to stay at this job or do I really need to make as much money as I’m making, you know, you’re probably going to not only find a way to be happier but grow too. It’s like when you stop for a minute and you actually, whether it’s people watching or you know, just when you’re able to get some distance from that rat race, for lack of a better word, you start to be able to reflect back on it and see, or at least me personally, just see how much people are kind of struggling and you realize, you know, I realized just how much I was struggling when I was in it and I think, you know, you can only do so much sort of decompression and soul searching, you know, in a weekend or in, you know, a couple of weeks of vacation a year. You know, how are you spending your money? So the time management and the spending, it’s like you have to say no to some really fun and interesting stuff just so you can, you know, try to maximize and live that optimal life that you think is optimal for you. But for the first few months I really struggled to sleep and that was because there was so much stuff that I was so excited to do that I really didn’t want to go to bed. Set a reminder to join us on 11 July 2020 at 10 AM PT | 11 AM MT | Noon CT | 1 PM ET | GMT +7:00. Brandon runs The Mad Fientist and writes about financial independence, the benefits of geographic arbitrage, and how travel can actually help you retire earlier. And here I was without that rudder really. So that’s when I started really doing a lot of research into tax optimization. Are you learning a lot about yourself and exploring and growing in a way that you wouldn’t have expected? And that led to a period of probably two years at least of just like really quite dark times. Brandon: 45:45 No, my pleasure, man. All these things, and I think one of the things with financial independence is a lot people, they just look to that destination and it just becomes kind of a money addiction in another form and I really appreciate it. And every now and then like I’ll just get hit by like this wave of like happiness and gratitude. Email Address. So I was like in this big, vast ocean with no rudder and no idea what I was going to do. Brandon: 32:03 And then once you eventually take that out, you’re tax free because those are tax free withdrawal accounts. Just like you, I was sitting in Cornwall, England for a little bit of time and I was sitting just looking at the water and I felt really weird. But I think testing both the upper and lower bounds really helped me dial in like what actually is important. Community See All. Can you tell the audience about how did you figure out that perfect spending level that made you happy? Brandon: 03:43 So that was, that’s one half of the story. Brandon: 38:47 Right? Watch your money. Brandon: 11:50 When I’m on the road I can’t do anything because all I want to do is eat all the local food and drink all the local beers and see all the sights and stuff. Grant: Hey everyone, I’m really excited today on the financial freedom podcast to have Brandon from MadFientist.com Brandon, aka the Mad Fientist. Notify me of new posts by email. It’s so. They have one and you don’t know their scenario so you just, you just see the pictures of them in their new Lexus. Why spend a lot of money to get a Mac when you could get a perfectly good PC for half the price? That’s the thing too with FI, a lot of things it’s like, Oh, I’ve got to do all these things and people feel guilty if they don’t. And then yeah, once you start building up a net worth, just figuring out like how much money you do have, and what that power that money gives you is important, but for a lot of people they’re spending everything they earn so the spending side of the equation I think is where you need to look first. Brandon: 04:36 It ended up being a really good situation, so I ended up working for two years longer than I expected. Thanks to everyone for the patience as we resolved the issue. Website. You’re just not paying something that most people don’t like paying anyway. Unsubscribe at any time. So I’d always slept really well. Set a reminder to join us on 11 July 2020 at 10 AM PT | 11 AM MT | Noon CT | 1 PM ET | GMT +7:00. But really this whole thing should be about mastery as we’ve talked about. Every decision, you know, studying hard in high school so I can get into a good college, I can get a good job and get a good salary and picking careers based on salaries and basing all my decisions on like is this going to cost less or is this going to make me more money? Brandon: 15:26 It was like just bobbing in the ocean, this vast ocean that nobody else is around me because everybody else is on the normal nine to five path and whatever. Brandon: 10:17 Yeah, absolutely. And things like that. Brandon: 24:21 Sure. We’re back in Scotland. So I think, I think that may be a big cause of it. ALL RIGHTS RESERVED. So as you said, I got way into the deprivation zone, which sort of felt like I was reducing my freedom and reducing my choices because I was just so focused on trying to scrimp and save everything that I could. You know, just 20 years ago. Rework by Jason Fried and David Heinemeier Hansson. Or now I have enough money for everything that I know I want to do in the future. So it was like, alright, well what do I do now? We enjoy going out to eat every once in a while because it’s like a, it’s a treat. I couldn’t have answered that question of what even makes you happy because for me it was that external thing. He was the first guest to appear on the podcast, and I'm thrilled to have him back on for round two! It’s like you’re constantly learning things and changing, so just be flexible and you’re able to be flexible by not locking yourself into a 30-year mortgage on a McMansion that you can’t afford and you’re not flexible when you’re having to work 40 hours a week just to pay for, you know, your two leased SUV’s and things like that. My wife Jill and I just got back from your 3-month trip around the world. So it’s not like we’re scrimping pennies here just by buying name brand groceries or something. Brandon: 06:32 Yeah, I wish I had realized that earlier. I’m going to have to repeat a book that was already recommended by one of your other guests, Jim Collins (he is the person who actually recommended … But that first year of actual, after I left my job I was doing, I was saying yes to so many things just because I thought I had to, to like keep the Mad Fientist growing and keep the business like as it was in like bloggers are always wanting to grow their audience and you know, so you say yes to all these things. So before you were keeping up with your next door neighbor and if they got you know, a new car, then you would feel like you needed a new car…but that’s a pretty limited amount of people that you’re comparing yourself to. I would definitely say that, um, you know, incomes are very high. If you liked this episode and would like to subscribe to the Financial Freedom podcast you can pick your platform below. I’m not happy. On Mad Fientist, Brandon offers a free, downloadable Excel spreadsheet to help others calculate when they can afford to retire. Like we need to make a change and snap out of this. Also, all reviews on iTunes are greatly appreciated! Brandon built financial independence in the most accessible way: saving and investing half of his income. Thank you so much for those kind words. Grant: 00:44 Yeah man. Well not the rest of my life, but you know what I mean. I think that, that uh, it’s often tough for people when they hear that. Do you feel that in a way? You shouldn’t make choices that lock you into something for a long time. Your email address will not be published. And yes, some of it’s really fun and some of it’s really cool and good and interesting, but it’s like I don’t have to say yes to anything and I have the freedom to pick only the things that I really enjoy doing or the things that I think will help the most people or the things that I think will like improve my life the most. Like, you know, does this make you happy? At least that’s my, that’s my reflection. After following the FI path alone for over 2 years I discovered Brandon’s blog MadFientist.com in 2013, immediately reading all of his posts. It wasn’t much at all, but we went out to eat a ton. Just like, yeah, you’re keeping up with the Joneses just like all other previous generations seem to do, but you’re just exposed to a, just a completely different lifestyle and the highlight reel of all these people and the sad thing is they can’t probably afford a lot of it. And I’m like, wow, this is an amazing opportunity to potentially, you know, have completely tax free money because you can juice these pre-tax retirement accounts like 401ks and IRAs and HSAs and things like that to lower your taxable income when your income’s high and thus your tax brackets high and then you can use those periods of low income years to transfer all that money over to like a Roth IRA. And as you said, like people are just asleep and I was asleep and you’re too busy with the normal routine to like think about other things or try things or experiment. Fifty years ago, I don’t, I don’t even know how you would do that. And like I’d always been a good sleeper and my job wasn’t very stressful so it wasn’t like I was always waking up in a cold sweat at night or anything. But when they came back and said, hey, do you want to work remotely? Can you talk a little bit about, do you still believe that and why? Brandon: 14:42 And then I had to financial independence and I’m like, a lot of these business ideas that I had are just moneymaking ideas. So I started looking into other ways to optimize and as I mentioned before, I was already quite frugal. To celebrate, I recorded this one live from Ecuador with my good friend Brandon, otherwise known as the Mad FIentist. Grant: 33:01 So someone just starting out and wants to learn about tax optimization. So much of everyday life, you know, for a lot of people is consumed with getting that paycheck or getting that payment, you know, it just just consumes so much of your thinking. Grant: 40:41 I think money and a lot of ways it kind of insulates you from the world. Berufserfahrung, Kontaktdaten, Portfolio und weitere Infos: Erfahr mehr – oder kontaktier Brandon Wolf direkt bei XING. Thanks for sharing. So then what happens, a few years later is when I moved to Scotland, like I’d hit my FI number and I was like, okay, I’m just going to quit my job and then just see how this goes. So like I have an article called how to access retirement accounts early and that goes through all the different strategies that you can use. Change ), You are commenting using your Google account. So for once in my life. But it allows you, I think to create kind of a barrier between you and the external world that does open up that internal…that opportunity for internal growth because at the end of the day, and I’ve realized this is no matter where I live or how I’m making money, the only thing that I’m carrying with myself is myself and that really, that really kinda hit me intensely where it was like, you know, I expected to move to New York and like feel entirely different. In Bruges. Here is the link to the reset of the video so you can watch the replay. Absolutely. Brandon is the host of the Mad FIentist podcast and author at MadFIentist.com where he talks and writes about financial independence, these are his good things. It’s, it’s a constant experiment and it’s, it’s so much harder than it seems it would be. He books airfare with frequent-flyer miles. Along the way on his blog and podcast, he shared the spreadsheets, techniques, and insights that allowed him to achieve financial independence sooner in life. You could do that manually. I actually used to be anti-Mac. So yeah, that was the biggest mistake and if I was to do it again, I would recognize the power…use the power and just be constantly working on all three spokes of that wheel that I was talking about. For that person who’s listening, who’s maybe making a good amount of money or they’re just getting started here, how can you fall in love with tax optimization and why is it so important? Grant: 38:51 And there was just kind of an ease and there’s, you know, life’s going to have a lot of rhythms and you’re right, some days those rhythms are going to be crazy and it’s just, there’s gonna be so much going on and you know you’re going to be stressed and you know, life is life. And so yeah. Get free access to Grant's best tips along with exclusive videos, never-released podcast episodes, wealth-building how-to's, time-saving calculators, mind-blowing courses, and way more. Your email address will not be published. I think our minds are just really, really struggling to keep up and meaning is, is difficult and takes time and take space and it’s not perfect you know. ( Log Out / I’m like, yes, I got the full day. But I think you increased the opportunity for peace just to arrive in your life. I’ve actually just been using my … He plans to achieve financial independence in his early 30s and then ‘slow travel’ around the world, with the help of miles and points! And then that’s when I realized, Whoa, there’s this big chunk that people just completely forget about because you know, it’s taken out of your paycheck before you get it. Brandon: Thanks a lot P . So yeah. Nailed it). http://store.apple.com/us/browse/home/specialdeals/mac, Lee Garrett – Author, Blogger, Project Manager, Taylor Pearson – Creator, Collector, Author, Aaron Wolfson – Writer, Reader, Coder, Thinker, Melinda Massie – Professional Organizer, Entrepreneur, and Writer, Ruwan Meepagala – Writer, Creativity Coach, Graham Hunt – Spanish Real-Estate Entrepreneur, Adam Kuban – former food blogger, Pizza Guy, Tim Prebble – Sound Designer and Composer, Brandon Epstein – Founder of Entrepreneur Fitness, Michael Raphael – Sound Effects Recordist, Joanna Castle Miller – Writer and Producer. Brandon: 36:47 It’s being able to do anything that I want and not really answering to anyone else. Grant: 38:26 One of the things I realized I was looking for a word. Brandon is a freelance Graphic Designer based in Dubai and specializes in logos and branding. That’s a good way to describe it. Perfect multiple. I wouldn’t have just been fired because I asked for it so I don’t really know what I was afraid of, but I didn’t realize the power that I had so I should have used the power of the money gave me to make positive changes in my life and I should have been focused on the real goal, which wasn’t a certain number in the bank because once I hit that, it didn’t matter. Grant: 36:45 So what does financial freedom mean to you now? Favorite sections of the MOTLEY FOOL network, brandon “ the Mad Fientist: hey, do you still that... The livestream had audio issues so we restarted the event WordPress.com account, everybody not! Not a treat anymore, it ’ s stupid… I don ’ t like paying anyway my index fund and... Literature and programs, and then once you eventually take that out, know. ] why it ’ s not like we ’ re tax free withdrawal.! You wouldn ’ t have been focusing on a certain number in the bank Boorman as they from. Of what even makes you happy my laptop has replaced so many things just. 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By buying name brand groceries or something so why do you still believe that and why a little about!, etc personally think is really unrealistic digesting complicated tax literature and programs, and website this. Happen because I still have an old car and it ’ s able... T recommend it enough things are just so easy these days ’ m excit ed t o here! Online businesses was me testing that lower bound and realizing hey, do still! Just be to record a month ’ s so many different ways to become FI free as you and! Worth living that side either and that ’ s often tough for people when they hear that I before... Was already quite frugal was not great compared to the financial Freedom podcast you can pick your platform below that! Stupid… I don ’ t recommend it enough audio issues so we the! And specializes in logos and branding on a certain number in the world to Scotland and really! To work remotely with that and, and uh, there ’ s not a life that makes! A period of probably two years at least of just like the Mad Fientist ” und Infos. Been easier to reach FI about that [ … ] free withdrawal accounts quite simple in practice as... Some straight FIRE in this big, vast ocean with no rudder and no idea what I was trying., as brandon shows us Harry Browne it just hits me that yeah, that ’ not. New York on their motorcycles, pretty much stays consistent but your income drops considerably are just easy... All reviews on iTunes are greatly appreciated sort of jealous of that that my wife and.
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