In this episode, we discuss how you can get started with the F.I.R.E movement today and start planning for your future now! We dive into the basics of the step by step guide and actions you need to take to get this process initiated. The one main thing to remember is that this is the that F.I.R.E movement is a lifestyle. This is not something you do in the short term and expect yourself to get rich quick. This required a lot of hard work and dedication to achieve financial independence!  

Ep 18 - (https://bit.ly/31vu8ed)

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Show Notes: 

How To Get Started With F.I.R.E (Financial Independence, Retire Early)

Create a list of your goals. What are you trying to achieve?

Financial Independence?

Work your own job?

Retire and settle down?

Find out what your expenses are

How much is your monthly expense?

Look at your past 30 days (or latest bank/credit card statements) and see where your extra costs are and cut them out

Remove wasteful costs

Mint 

Lower certain costs (rent, utilities, etc)

Live below your means

Start saving a lot more

Save about 50-75% of your income

Based off of the BLS, average Americans make around $50k a year. If you invested $25k a year, you can retire in 20 years with 1 Million dollars.

Create new opportunities to earn more income

The more money you have/make, the faster you can retire.

The same example as before, if you invested 30k instead of 25k, you could retire in 18 years instead of 20

Types of retirements

You don’t need $1M in the bank. If you can live off of 4% of whatever the dollar amount you have invested, you have achieved fire. Meaning if you need $40k a year, that means you need to have $1M invested in the market.

Places to get more knowledge

Reddit

In this episode, We talk about what the F.I.R.E movement is and what this means for you! We give a high level over view on how you can get started in becoming Financially independent and retiring early! 

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Show Notes:

What is F.I.R.E? (Financial Independence, Retire Early)

People generally save 50-75% of their income and invest this.

Who is this for?

People who wish to retire early

People who don’t like their current job and wish to do something else

People who wish to just settle down and live off their investments.

How can one get started?

Think of a plan after how long you wish to retire

Start to track your expenses monthly and start cutting them down drastically.

Start looking for ways to boost your income

In this episode, We discuss how to get a mortgage and the struggles you have to go through to actually get approved for one! I talk about my personal experience in how it was for me to get a mortgage and how the process itself took over 7 months! 

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Show Notes:

How To Get A Mortgage

Steps needed to take before getting the mortgage itself:

Make sure your credit score is in good shape

Get pre-approved for a mortgage

Find the right mortgage option

FHA

Conventional

Fixed or Adjusted rates

Find the right bank or lender to go to

Steps to take after submitting application

Provide all information requested.

Bank statements, proof of funds, job history, pay stubs

Credit report

Appraisal

Schedule home inspection

Depending in your local or state laws, get lead inspection or termite inspection

Preparing to close the property

In this, you discuss your final rates with the lender

See if you need discount points. 

You pay cash upfront to discount you in your rate itself.

Get homeowners insurance

Do final walk through

Get cashiers check ready

Close the actual property

Meet with the lawyers

Prepare to spend 2-3 hours signing documents

In this episode, We discuss the main advantages and disadvantages of short term rental and long term rental properties. We give both the pros and cons as well as our personal experience with the two different types of rental strategies.  

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Show Notes:

STR VS LTR

"Short term" could mean anything from day use to several months, opposed to a much longer term such as a year lease.

Vacation homes, subletting an apartment

Advantages/Disadvantages of LTR:

Your income is consistent 

Easier to manage (if applicable) 

Tenants pay some or all utilities

Fewer maintenance concerns 

Cheaper property management (if applicable)

Shorter vacancy periods

Advantages/Disadvantages of STR

Higher income potential 

Better maintenance

This is a bit weird but this makes sense because you always have to make your properties in top notch condition

You can adjust your pricing

You can use it for your personal leisure 

Can self manage (if applicable)

In this episode, We discuss what is credit card churning and how you can use that to your advantage to travel around the world for free! we talk about our experience on how we went to Tokyo, Japan, free of cost! We did not pay for the flight, hotel, and in some cases, transportation. This was all possible due to credit card churning! Be sure to listen until the end to get all our tips and tricks on how to utilize this technique! 

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Show Notes:

What is credit card churning?

So how can I travel for free?

Why do credit card companies do this?

Initial loss for them upfront 

But will make money from you through the interest 

Top ways to start credit card churning 

Sign up for credit cards that have a high sign up reward like chase sapphire reserve or Amex platinum 

This will tell you to spend an initial amount within 3 months like 3-5k to get like 1k in rewards.

Only spend this money if you were already going on 

Make sure they have a high dollar to point ratio 

To not spend extra money, start paying all bills through the credit card and paying it off right away.

Manufactured spending. We are not advising you to do this! But you can get prepaid visa cards from grocery stores or transfer yourself money through PayPal.

When to not churn?

Don't do this if you have a bad credit card score. You most likely won't get approved 

You are about to get a big loan or mortgage. This will hurt your credit card score

What to do after you get the bonus? 

Cancel the card if you do not need it anymore.

If it's free keep the card because the credit line will help you credit score 

If the fee is worth it, then keep the card.

In this episode, We discuss how to increase or fix your credit score. We dive into the different types of things we have personally tried to increase our credit score and bring it to the 750-800 range. We discuss on how to even get started into first getting a credit score as well trying to raise it if it was decreased due to late payments or other delinquencies. 

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Show Notes:

What is a credit score and why does it matter?

How to fix your credit score or raise it to a higher/better number. 

Run a credit report.

This can be through a service like credit karma.

Or you can get a detailed free annual report from annualcreditreport.com

Do not pay for one. Not worth paying any money because most services will do it for free

Find out what's impacting your score?

You have no credit history 

If this is the case. Apply for a new credit card.

If you're in college, apply for the Discover student card. Good credit card to start your credit history.

If not a student, apply for a basic credit card such as discover or chase freedom. 

Start spending less than 15% of the credit card usage and pay off on a timely manner.

Late payments can cause scores to decrease.

Utilizing the credit card over 30% 

Not having a high enough credit limit.

Accounts in collections.

How to fix it.

Start paying all cards in a timely manner.

If debt is large, pay a little more than the monthly payment.

Pay off accounts in collection to remove delinquency

Open more credit cards / increase credit limit.

In this episode, We discuss if it is worth going to college or not. We discuss our own personal take and experience on how it was like for us to go to college, and how you can take advantages of those situations we did. We also discuss alternatives and types of degrees and majors you should aim for.

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Show Notes:

Is it worth going to college?

Our experience

CUNY

Finance and Computer Science

Facts about college

They earn 1 million more dollars in their lifetime

Unemployment rate is at 2.4% whereas non grads is at 5.4%

Pew Research Center, 45% of recent job seekers said that personal and professional contacts were the most important resource in their search for employment

Now is this needed?

Most jobs don't even require college. Only certain types do

Example elon musk even says he doesn't care if you have a degree or not. 

Most tech companies do not have any college degree requirements.

Most colleges you will not learn practical skills, just book smarts.

Most benefit is truly from networking and connections.

Alternatives - trade school, own business, youtube.

In this episode, We discuss the pros and cons of buy and hold and flips. We discuss our own personal experience into how we have dealt with both situations and how they have boded for us. You really never know how each one will be for you until you experience it yourself!

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Show Notes:

Buy And Hold

Pros

Recurring income - Can turn passive.

Property value appreciates 

You can write off property taxes and other expense related to the property off at tax time

Can be used to refinance and purchase your next investment property.

Cons

Property can be vacant for a time and cost you.

Dealing with tenants and managing them.

If you have a property manager, just another added cost.

Legal issues such as evicting tenants.

Hidden repairs

Flips

Pros

Short term investments with high returns

Gain experience on the housing market for a better assessment on how to do flips

Networking and management insight 

Cons

Higher risk involved.

Can underestimate construction cost.

Capital gain Taxes to pay.

Ways to defer this using 1031

In this episode, we discuss what you need to do if you have been laid off, furloughed, or fired. We discuss in detailed on what actions you need to take to make sure you are prepared after this occurs and make all the right moves and choices. We talk about how you need to get your finances in order, connect with your network to look for the next possible opportunity, as well as making sure your employer is providing you everything you need and deserve! Be sure to listen until the end to get all the necessary information needed!

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Show Notes:

What To Do If You Have Been Laid Off, Furloughed, Or Fired

If you fall into one of these situations, you should:

Make sure to work out a severance package with your employer.

Discuss what benefits they are still providing even after being in one of those categories.

Make sure your finances are in order. Review your emergency fund and see how long it can last.

Keep an eye out on your investments. If you do not have one, you might need to liquidate for cash.

Review Health Insurance options if employer does not provide (e.g COBRA)

Apply for unemployment (And PUA for current situation)

Update your resume - Connect with your company's current recruiter. They might offer resume review services. Reach out to your college, they will assist for free as well.

Use LinkedIn to connect with your networks and let them know your situation. This is a great resource to use.

Mental Health

A lot of people do not consider this at a time like this. Getting into one of these categories can have a serious impact on your mental health

Try to get counseling to help you with this situation.

The Broke Millennial Finance Team brings you to our latest podcast, Broke Millennial Finance. Hosted by Mohamad Khan and Co-hosted by Fahad Jameel. Each week they talk about personal finance and provide financial literacy to everyone around the globe. From real estate and stocks to side hustle's and YouTube to much more, they take us into an immersive yet quick round-up of the most important financial news shaping our world today. New episodes every week! 

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