Let’s not sugarcoat it, the path to financial independence is a grind. Even with an aggressive savings rate and an extended bull market run, you’re going to be at it for a while.

Setting the hard work aside, we also have to ask ourselves, what are we racing towards? Yes, of course, financial independence and freedom, but what would you do with that newfound free time?

This is where I’d like to insert the idea of mini-retirements. This intentional time off work can help us reenergize and explore what retirement life would look like. This is actually what our guest, Jillian Johnsrud, did. During her journey to financial independence, Jillian embraced 12 mini-retirements and now she coaches others on how to take a mini-retirement themselves.

I love the idea of mini-retirements. I’ve already taken one in 2020 and plan to take many more throughout my life. Looking back, it was one of the best decisions I made in my 20s but it didn’t come with some doubts. Most notably, is this temporary time off worth delaying financial independence? 

This is a question I asked Jillian and what she told me surprised me….mini-retirements didn’t delay FI for her, they did the opposite. They expedited it. Stick around if you want to hear that story and more.

I hope you enjoy my conversation with the master of retiring often…Jillian Johnsrud.

Key Takeaways:

• The importance of taking breaks on your path to financial independence
• What a mini-retirement is…and isn’t
• Different intentions for mini-retirements
• How to propose a mini-retirement to your manager
• How to structure mini-retirements so they don’t feel wasted
• Crafting your mini-retirement story
• Reconciling embracing mini-retirements and delaying your path to financial independence
• How to reduce costs during a mini-retirement
• Creating your mini-retirement go-bag

More of Jillian:

Website: www.RetireOften.com

Retire Often podcast: www.retireoften.com/podcast/

More of The Struggle is Real:

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

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

We always hear the importance of taking advantage of our 401K and IRA accounts. The tax advantages and employer match are too good to pass up on. But is this true for early retirees? If I’m planning on retiring in my 40s, should I be locking my money away in these accounts? How do I bridge the gap between early retirement and 59.5 - the age at which I can withdraw from these accounts penalty-free?

Well, the good news is that isn’t 100% true. There are ways to withdraw from these retirement accounts early without paying a 10% penalty and some of these strategies are fairly simple.

Sean Mullaney, President of Mullaney Financial & Tax and writer behind the informative blog, FITaxGuy.com, is here to share how to do this.

In this episode, we deep dive into a couple of the strategies to ensure that your money can be accessible to you if you retire before 59.5. Sean also shares a tax-efficient strategy for which accounts you should withdraw from first.

This is Sean’s 3rd appearance on the show. He also appeared in episodes 39 and 40 where we discussed what you need to know about taxes in your 20s and the mechanics of an HSA.

Every time Sean comes on the show I learn something new. Through this conversation, he actually changed my mind about how I am currently funding my Roth and Traditional accounts. He’s such a wealth of knowledge whenever it comes to the tax code and tax planning.

If you also want to learn from Sean, let’s get into it. I hope you enjoy my conversation with FI Tax Guy…Sean Mullaney.

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Justin and The Struggle is Real podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. 

Key Takeaways:

• A tax-efficient ladder for funding your life post-FI
• How to manage “uncontrolled income” in your brokerage account
• Long-term vs short-term capital gains and how they’re taxed
• Roth basis: contributions and conversions
• Other exceptions to withdrawing money penalty-free from your retirement accounts

Mentions:

Accessing Retirement Accounts Prior to 59.5: https://fitaxguy.com/accessing-retirement-accounts-prior-to-age-59-%c2%bd/

IRS Exceptions to tax on early distributions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributions

IRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502

More of Sean:

Blog: https://fitaxguy.com//

YouTube: https://www.youtube.com/@SeanMullaneyVideos

More of The Struggle is Real:

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

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

I love playing with compound interest calculators and one equation I’m routinely calculating is the number of years until I reach financial independence. Using the 4% rule, I multiply my living expenses by 25 to get my FIRE number. I use that, my current net worth and various contribution rates to predict when I’ll reach FI.

But then I started thinking about this equation. Instead of using my current expenses should I use an inflation-adjusted number that would more realistically match my future expenses? Also, now I’m second-guessing my average return rate. Does that include inflation or should I be adjusting that rate too?

All of a sudden, I’m a little turned around. Not knowing if the number in front of me is an undershot or overshot. I don’t want to be so far off the mark that my calculation isn’t giving me a realistic path to financial independence.

So what is the right way to account for inflation whenever running our numbers? Luckily Jesse Cramer is back so tell us the right way to go about this calculation.

Jesse has a way of simplifying topics. He is routinely doing this through his podcast, The Best Interest. Jesse takes complex financial topics and puts them into layman's terms. Jesse is so good at doing this that this is the 3rd time I’ve invited him on The Struggle is Real.

In this episode, we get straight into the topic of inflation and answer questions like why products get more expensive over time, 2 ways to correctly calculate your FI number, and how to protect your portfolio from inflation.

So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with TSIR’s most frequented guest (for now)...Jesse Cramer.

Key Takeaways:

• How products and services get more expensive over time
• How inflation is measured
• 2 ways to calculate your FI number without mistakenly leaving out or double counting inflation
• Does the 4% rule account for inflation?
• How to inflation protect your portfolio
• How concerned a 20-something should be about inflation whenever retirement planning

Mentions:

Accounting for Inflation in Retirement and FIRE Planning: https://bestinterest.blog/accounting-for-inflation-in-retirement-and-fire-planning/

More of Jesse:

Podcast: https://bestinterest.blog/the-best-interest-podcast/

Blog: https://bestinterest.blog/

More of The Struggle is Real:

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

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

As someone pursuing early financial independence, it is almost guaranteed that over time, a lot of your wealth will come from investment growth but as we all know, it takes money to make money.

The first $100,000 of your net worth is a lot of hard work: you need to make income, live below your means, and aggressively save. And through all of this, your career will be the backbone of this process.

Improving the skills that will make you more valuable is an important journey throughout your 20s. If you put effort in the right places, you will quickly become a high performer and be paid accordingly.

So with that in mind, what should you be focusing on? There are technical skills that will be in high demand in the future (think AI, cybersecurity, logistics) but these are industry-specific. There are also a set of skills that no matter what career path you pursue, will always pay dividends.

Today, I’ll be talking about the latter with Dave Lamont. Dave knows a thing or two about this subject as he’s built an incredible career for himself and not slowing down anytime soon. Dave is the CEO of Renfrew Business Group and president of Renfrew Chrysler, Lloydminster Nissan, and Royalty RV. In this episode, Dave shares 6 essential skills that led him to his success with the hope that you’ll find career success as well no matter how you define that.

So let’s get into it. I hope you enjoy my conversation with former hockey player, car enthusiast, and Author of Crank It!...Dave Lamont.

Key Takeaways:

• Learning work ethic through role models
• How hard work creates luck
• Simply strategies for effectively managing your time
• How to build rapport with colleagues twice your age
• The importance of learning
• Embodying true confidence
• Why looking out for others will pay off

More of Dave:

Crank It! A Playbook for Succeeding in Business and Life: https://www.amazon.com/Crank-Playbook-Succeeding-Business-Life-ebook/dp/B0CBL2J76J

More of The Struggle is Real:

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

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

You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.

It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.

But I help you with the hard things and it’s time. With this in mind,  how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.

To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.

In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.

Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.

Key Takeaways:

• How much a 1% advisor fee costs you over 40 years
• How to compare your advisor’s performance against the average
• A step-by-step process for breaking up with your advisor
• Responding to objections from your advisor
• Financial situations that might require professional help and who to hire
• Simple definitions of common financial jargon

Mentions:

Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725

More of Tess:

IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)

More of The Struggle is Real:

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

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

Dating is expensive. There is no way to sugarcoat it. Between dinner, drinks, parking, entertainment, and more…the costs quickly add up. I was reading an article and they surveyed 2,000 Americans to find out the average person has spent $3,025 over the last year on dating. That’s a little more than $250 a month and it didn’t include indirect costs like new clothes, make-up, and haircuts.

Even as someone in a long-term relationship where Gaby and I have similar financial goals, and the advantage of using coupons and hitting happy hours without social ridicule, we still spend a fair amount on dates.

It is because creating shared memories is important to us…but so is financial independence. So whenever it comes to dating, how can we maximize fun without breaking the bank? Well, that’s what I have in store for you today.

My friend Samantha Vigneau and I created a list of 5 affordable and fun date ideas. My challenge to her was each of these ideas had to be less than $50 for two people and she hit the mark with many ideas being little to no money at all.

This was a fun episode to make. I know many of us are dating right now let it be you’re looking for someone or in a relationship and going out and making memories together is important. So how do we find the balance between that and our financial goals? This episode will answer that.

I hope you enjoy my conversation with the Host of Single Status…Samantha Vigneau

Key Takeaways:

• Elements of bad first date ideas
• 5 affordable yet fun date ideas
• How do you discuss money with a new romantic interest?
• Signs to look for to understand someone’s money values
• What to do if you feel like you’re falling behind in life

More of Samantha:

Website: https://www.singlestatuspodcast.com/

Instagram: https://www.instagram.com/samanthavigneau/

More of The Struggle is Real:

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

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

If you’re interested in early retirement, you have to consider how you will afford life when a paycheck isn’t hitting your bank account every other Friday. Of course, my favorite method is investing in the stock market. This provides dividend income and the ability to sell your stocks when you need to but there is another obvious method out there - real estate.

I don’t know how we’ve gone 135 episodes without extensively discussing investing in real estate. It may be because it isn’t something I currently participate in but it has my attention. When I think about my draw-down method, there is hesitation on what I would do if I felt like we were in a down market and I’m wondering if rental income would give me much-needed stability through my early FI years.

So I’m putting some effort into learning about it and if you do the same, there is one educator you will likely run into: Dustin Heiner. Dustin is the Host of Master Passive Income and is on a quest to help one million people get started investing in real estate. He is of course a real estate investor himself and at the age of 37, was able to quit his job because he had enough passive income from his real estate investments.

In this episode, we discuss three common mistakes that Dustin wants you to know about before you buy your first property. Our goal in this conversation is to prevent you from making mistakes that Dustin had to learn the hard way early on.

So if you’re interested in real estate investing, let’s get into it. I hope you enjoy my conversation with the father of 5 and successfully unemployed…Dustin Heiner.

Key Takeaways:

• What you should do first before worrying about finding or financing your first property
• Rules you can set in place to make your real estate business more passive
• How to estimate the cost of common real estate expenses
• One rule to put in place so your property makes you money no matter what happens with the property value
• How to negotiate your offer
• How to create passive income through real estate

Mentions:

Free Course: https://masterpassiveincome.com/freecourse/

More of Dustin:

Website: https://masterpassiveincome.com/dustin-heiner

Instagram: https://www.instagram.com/thedustinheiner/

More of The Struggle is Real:

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

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

Even with an aggressive savings rate, reaching financial independence will take 10 to 15 years assuming the market plays nice with you. Stack on paying off debts and saving for large purchases like a wedding, a new car, or your first home, we can see how this is going to be an extended journey.

Throughout that journey, how do we stay committed and follow through with our goals?

This is not an easy answer, especially in the age of instant gratification and social media.

So I turned to my friend Matt Worthington who has followed through with many impressive goals. When he started college, he committed to graduating debt-free. This required working multiple jobs, saying no to distractions, and an unhealthy amount of frugality but he made it happen. Then he wrote a book about it which is a feat in itself. Finally, over the last year, he’s accomplished several physical challenges including completing a half-ironman, finishing 75 hard, and running an ultra marathon, which required a focused training plan and a lot of mental toughness.

It is easy to write off Matt as someone born with these gifts but I promise you that wasn’t the case. Don’t worry, we’ll get into that story.

My hope with this episode is you pull out inspiration to continue following through with your commitments, financial goals, or anything you have your mind set on right now.

So if you’re looking for that inspiration, let’s get into it. I hope you enjoy my conversation with Mister Reinvention himself…Matt Worthington.

Key Takeaways:

• Creating the belief that you can change
• Following through with your commitments even when they get hard or you hit an obstacle
• How to cultivate disciple
• Surrounding yourself with the right people
• Getting creatively thrifty 

More of Matt:

Instagram: https://www.instagram.com/matt_worthington/

Riser Network: https://www.risernation.org/

Riser Podcast: https://open.spotify.com/show/6WWt0CNuhVg5HSyKlEERWf?si=ix0gHEjFT72OXAKZcWVN3w&utm_medium=share&utm_source=linktree&nd=1&dlsi=3f4d5462c135468c

Ultra Productive: https://www.amazon.com/Ultra-Productive-Graduating-Debt-Free-Getting/dp/1946277835

More of The Struggle is Real:

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

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

When I say the word frugal, what comes to mind?

Do you think of your penny-pitching sibling? Or your coupon-clipping aunt? Your co-worker that always brings their lunch? The reality is, frugal means something different to everyone.

Frugality is a spectrum, and I believe it can be extremely beneficial to live your 20s with a healthy amount of frugality. Split rent with roommates. Shop at value-based stores. Avoid overspending on luxuries like new cars or fancy clothes. Winning these battles early on can pay dividends, literally and metaphorically, down the road.

But frugality can go too far. Your 20s aren’t the time to deprive yourself of everything at the expense of saving money.

So how do we find that balance? What are some signals that we’ve gone too far? And what can we be doing now so we don’t have to worry about frugality so much in the future?

Joel Larsgaard, Co-Host of How to Money, will be answering those questions today. Joel is a recovering frugalite. After experiencing his parents going bankrupt when he was 12, he vowed not to let money impact him in the same way. In his 20s, he worked two jobs, used his bike as a primary source of transportation, and scoured the internet for the best deals. As Joel entered his 30s, he realized he might have taken frugality a little too far. At times, being frugal tested his relationship with his wife and had him make short-sided decisions that might be considered cheap versus frugal. Joel will admit that he doesn’t have it all figured out now but I can tell he’s found a much healthier balance today. He still loves riding his bike but works less and isn’t afraid to spend money on quality items he loves.

I enjoyed my conversation with Joel because I can see myself following in his footsteps. I can often get lost in the bigger picture of financial independence. FI is not a number but instead, the flexibility to reimagine what life could look like.

So if you’re ready to experience what life could look like, let’s get into it. I hope you enjoy my conversation with the craft beer lover and co-host of How to Money…Joel Larsgaard.

Key Takeaways:

• A case for frugality: frugality gives you options
• Defining frugal (and when frugal becomes cheap)
• Frugal strategies for saving lots of money in your 20s
• The diminishing returns of frugality
• Frugality isn’t the only tool to use in order to reach FI
• Finding balance by identifying your craft beer equivalent

Mentions:

HTM Money Mission Statement: https://drive.google.com/file/d/1IhrgSguUq7A3-5OoqF8-0XaX65M2ixyc/view

More of Joel:

Website: https://www.howtomoney.com/

More of The Struggle is Real:

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

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

You’re a top performer at work. Your manager routinely praises you and you’ve been taking on more responsibilities as your team and your company grows. With all of these positive indicators, a thought has been in the back of your mind - “I deserve a raise.” Those 2 to 3% increases you’ve received the last couple of years aren’t making a major difference to your financial situation let alone keeping up with inflation.

Even with this information though, you haven’t gotten the courage to talk to your manager. Maybe your company is going through a difficult period or you have a great relationship with your manager and you’re afraid this conversation would add some tension or awkwardness.

So what are you going to do?

This episode is going to kick off with my friend Andrew Giancola breaking down some of the math behind why you can’t continue to ignore this problem. I’ll let him share the details but essentially, negotiating a raise every few years will make a drastic impact on your earning power. We are talking mid-6 figures or more!

This can’t be ignored…but it also needs to be handled professionally. Busting into your manager’s office demanding a raise because you’re fed up with being underpaid isn’t the solution either. So once again, what are you going to do?

The good news is you don’t have to answer that question because Andrew will do it for you. Andrew Giancola hosts The Personal Finance Podcast, where he helps listeners discover how to easily save, invest, and grow their money to build generational wealth. One of Andrew’s favorite topics to discuss is how to ask for a raise because he knows how impactful yet sensitive it can be.

In this episode, we are going to walk through his step-by-step process of asking for a raise including initiating the conversation, proving your worth, making the ask, and getting a yes. I love his system because it is built around intentional communication and it is going to make it easy for someone that is nervous to approach their manager. I also think his step-by-step process won’t leave you looking like someone ungrateful but instead, treated like a professional that knows their worth.

If you’re interested in making more money and getting on the path to early financial independence make sure to hit the follow button because we will be covering both of those topics extensively this year.

Alright, I hope you enjoy my conversation with…the man who went from living paycheck to paycheck to becoming a millionaire by 32…Andrew Giancola.

Key Takeaways:

• How a small raise compounds into a 7-figure accumulation
• When to start the conversation about a raise
• Script for opening the conversation with your manager
• How to demonstrate your value during the process
• Avoiding an awkward conversation with your manager
• How to make it so easy they have to say yes
• Common objections and how to handle them
• What to do if your manager or company says no
• How to ask for a raise when you work from home

Mentions:

Asking for a Raise E-Book: https://mastermoney.co/get-that-raise-ebook/

More of Andrew:

Website: https://mastermoney.co/

Podcast: https://mastermoney.co/podcast/

More of The Struggle is Real:

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

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