The Financial Independence Show

Today's episode features Erica Ballard from Erica Ballard Health.

At first, Erica struggled with her self image and finding out what "healthy" really meant.

Through experimentation and education, she unlocked how to really help others achieve their peak health.

Now she's helping others and educating the world on what real health is.

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

Erica's Background

Erica thought looking good was the key to her happiness

She also thought she was doing fitness and health the right way

Erica was actually working at a non-profit promoting healthcare and wellness

Unfortunately, this non-profit wasn't promoting the best practices

Eventually, she came to the realization that wellness isn't one size fits all

It took her a while to find what worked for her

Creating an Experiment Mindset

The program that Erica went through pushed you to challenge your wellness beliefs

It would convince you to be vegan and then highlight the benefits of meats

Eventually, you start to see what makes real sense to you and not just following a narrative

Then we discuss problems with the food pyramid and breakfast being the most important meal of the day

To find what works for you she promotes experimenting

Introduce one new piece to your wellness journey at a time and keep what works for you

Crowding In vs Eliminating

Erica promotes that you bring in the things that you want instead of focusing on the cut

Add in more grains and more water, the things you're cutting out will eliminate itself

Challenge yourself on the things you are hanging onto that are keeping you from wellness goals

How are those bad habits serving you?

Then Erica drops all kind of knowledge on us around sugar

Healthy People Perform

We discuss how health and wellness goes beyond life expectancy

It also impacts your job performance and thus your profit margins

Entrepreneurs love to boast about performing on four hours of sleep

That's impressive

But imagine how well they'd perform on eight hours of sleep!

Turn your good (which might be great for everyone else) into your great

The All-Important Sleep

Don't eat close to sleeping (2-3 hours between food and sleep)

Get off the phone before bedtime

Don't drink caffeine after 2 pm

Sleep is the first thing Erica recommends you to work on for wellness

We need 7-8 hours per night!

Performing on four hours of sleep isn't interesting or impressive

Key Takeaways

One size fits one: Erica highlights over and over just how personal that fitness and wellness are, experiment!

Good Intentions: Even though Erica was working at a non-profit promoting health, she was still unknowingly a part of the problem

Call to Action

Experiment with your own health and wellness journey. Pick one thing this week to add. Whether it's exercise, water, or greens, just add one thing. If you see an improvement, keep it, and add another.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

Looking for a low-cost cell phone service provider with great coverage? Look no further. Mint Mobile provides the same premium coverage you’re used to, but at a fraction of the cost because everything is online. All their plans come with unlimited talk and text and you can choose the data plan that’s right for you and get the plan shipped to your door for free! Go to MintMobile.com/FiShow to get started now for just $15 per month.

 Erica's Information

Website: Erica Ballard Health

Instagram: @EricaBallardHealth

Podcast: The Lies We've Been Fed

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Terrie Chantel from TerrieChantel.com.

Terrie is a successful speaker and business coach.

She teaches teach business owners how to monetize their skills, uplevel their personal brand, create profitable offers, and convert followers into buyers.

Being an entrepreneur wasn't always comfortable for Terrie.

Check out how that changed for her and how she's helping others do the same.

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

Terrie's Background

Terrie graduated high school at age 16 and college at age 20

Both of her parents were “workaholics"

This made Terrie believe that "amount of work = financial benefit"

At 17, her uncle wanted her to co-sign on a car to build her credit

That gesture changed her life

At age 22 she went on to buy a house and really understood money

Passing Down Money Lessons

Terrie has three boys, ages 10, 15, 17

Her #1 tool she uses is to “paint a millionaire vision in their mind”

This is the act of making wealth achievable in their mind

She also gets them to use her debit card to pay bills online

Just getting them involved in finances and eliminating the taboo

Now her 17-year-old is already an entrepreneur

Bondage vs Freedom

Her uncle was like her dad and went towards the plan he set out

She graduates college and goes directly into corporate

Terrie stayed there for 10 years

5 years into that career, she started moving into management

The pressure was increasing, work was coming home, and the money didn’t seem worth it

That’s not what she envisioned

It felt more like bondage than freedom

Seeing a New Way

She didn’t have other peers she could turn to who felt this way

Terrie was always the girl, the youngest, and often the only black person 

Being surrounded by all these 6-figure earners, Terrie saw how high earners spent money

But everyone worked themselves to death and just watched their vacation pile up

Simply put, Terrie had no idea there was another option

So Terrie started her own side-hustle

Through this, she begins to meet other entrepreneurs

Then she did realize there was another way

Can't Let Go of Stability

Terrie gets laid off around the holidays and gets pregnant with her second child

So she really starts taking her side hustle serious

In her first month, she had 100 clients through a lot of hustle

She would even set quotas for handing out business cards

But even with all that success, she still went back to corporate work

It just felt too secure

Terrie did keep the business going by hiring and training someone

She admits not everyone is driven to be an entrepreneur

But if you have that passion, you have to follow it

Tips for Starting that New Business

She says some people jump to marketing too fast

To help others you need to be financially stable yourself

She focused mainly on customer service and building a solid product

Once those frameworks are set, then you can focus on other things like marketing

If you can’t consistently hit the number you need for bills, that’s a bad sign

This means it’s time to take a pause and look at your processes

She likes to look at it in three-month chunks

Terrie says you should be seeing a consistent profitability to know your frameworks are set

Valuing Yourself

Then we talk about valuing yourself

This includes charging a premium for your services

Stop focusing on yourself and think about the client

Think about how you’re going to change their life

Then you’ll see just how much you're really worth

Key Takeaways

Security is addicting: Terrie had trouble walking away from her normal W-2 job. It's a valid feeling!

Don't Jump To Marketing: Solidify your product offering and take care of your clients, let marketing come later.

Call to Action

Get creative with that work ethic. Terrie showed how far she was willing to go to get her business off the ground. That type of effort makes a difference as an entrepreneur or at your W-2.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

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 Terrie's Information

Website: TerrieChantel.com

Instagram: @TerrieChantel

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Bob Lai from Tawcan.

Bob and his wife are both dual citizens living in Vancouver, Canada.

He has a big passion for geo-arbitrage, slow travel, and dividend investing.

Hear how he's reaching FI while traveling and having three weddings! (spoiler alert, only one bride)

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

Bob's Background

Bob’s family grew up in Taiwan with a farming background

Money was never taboo and stuck with him

Frugality was a big point of emphasis

His dad retired in his early 40s

Bob had a cousin who retired at 42

And then another cousin who hit FI and kept working

Bob talks about the influence that had on him

Geo-arbitrage

Geoarbitrage is the act of moving somewhere to lower your cost of living

Think San Francisco resident moving to Montana

This can be within your own country or abroad

It’s important to consider your earnings also dropping

This typically works best if you’re not working or working remotely

Some jobs like doctors actually get paid more in small cities

With the pandemic, this is possible for many more workers who’ve gone remote

Exchange rates can also be your friend

Living 181+ days in another country can also help you avoid U.S. income taxes

Citizenship is obviously a big hurdle in certain countries

Some countries give residency based on wealth or homeownership

Geo-arbitrage can save you 50% or more

Slow Travel

Often we look at travel as short spurts (1 – 2 weeks at a time)

This leads to trying to pack in as much as possible

You end up so tired, you need a vacation when you get back

Slow travel is the idea of spreading that over 3-6months

This allows you to spread out costs of flights

It also lets you book apartments vs hotel rooms

Bob goes over how much more enjoyable it is and affordable

He also talks about the benefits of having a home base when traveling

Three weddings under $7000

Bob got married three times….

Remember that his wife was from Denmark

This meant they both had families abroad

His first wedding was mostly his family

Bob’s wife made the cake and her dress!

Of course, they used a coupon after the wedding to eat

A month later they had a wedding with friends and her family

They hired a friend who would go on to go to culinary school

And their photographer was just starting out

His wife actually altered her own wedding dress for the second wedding

A year later they decided to do a wedding actually in Denmark

This time it was at a small-town school and his picture did photographs

Bob even took some of the photos

Rounding out the Episode

Bob talks about how he could retire now if he wanted

He's happy with his job currently

Their home is also very valuable in the crazy Vancouver market

But life is good and his kids have a friend group

Key Takeaways

Slow down: Bob breaks down the power of slow travel which this show is a big fan of

You have options: Don't think that just because you live or were born in a certain area that you have to stay there.

Call to Action

Look at your next planned vacation or one you've done in the past, compare those numbers with the slow travel version of it. How much per day does a six day vacation compare to a six month?

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

Express VPN is one of the leading virtual private network service providers in the industry. Before I learned about Express VPN, I used to use incognito mode when I wanted to protect my information and browsing history. But I was wrong. Your internet service provider can actually still legally sell your information even if you’re using an incognito browser. But when you use Express VPN to surf the web, the software encrypts your web traffic and masks your IP address to give you real privacy. Use limited-time offer ExpressVPN.com/FiShow for 3 months off a 1-year subscription. Start protecting your privacy today!

Bob's Information

Website: Tawcan

Twitter: Tawcan

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Grumpus Maximus, author of  The Golden Albatross and creator of the Grumpus Maximus website.

Grumpus was three years away from a pension when he had a breakdown.

This pushed him to gather all the information he could on his pension to choose on staying or going.

Ultimately, he stayed and from then on became focused on teaching others how to understand and utilize their own pension plans.

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

Grumpus' Beginnings

In the spring of 2016, he suffered a mental breakdown

This was while serving in the military

He was only 3 yrs from a pension

This made him do a lot of investigating into his pension

He gives people advice on how to balance mental health and personal finance decisions

We also talk about how to decide when to stop chasing the pension

This is important because there's often such a long time to earn the pension

Varieties of Pensions

Grumpus highlights the vast differences in pensions

These differences make them more or less valuable

Differences include healthcare and inflation adjustment

One thing to look out for is how well funded the pension is

If it is only 50% funded, then it could be a riskier and less attractive pension

What is a Pension?

Generally, it's some percentage of money based on your salary that you receive forever

You might have to work X number of years and at that point, you're fully vested

Some allow you to ramp up your pensions vs all or nothing

Think partial vs cliff vesting

The main reason for a pension is for retention

If you're ready to leave, they may offer you a lump sum

It's important to consider tax implications and how much value you're giving up

Grumpus also highlights that all plans must offer survivor benefits

This is where your spouse or dependent would get a part of your pension after your death

Rely Only on Your Pension?

Simply put, you shouldn't only rely on your pension

The closer you get to vesting, the more you can assume you'll have it

You also need to study how likely your pension is to actually exist

This is on top of understanding how likely you'll be able to handle a single job for 20-30 years

Grumpus Moves Abroad

He moved to New Zealand and enjoying the conversion rate

We then discuss how the pension is taxed based on state/country you live in

Grumpus is a big fan of the range of activities available in New Zealand

Cody couldn't agree more!

Key Takeaways

Know Your Pension: The pension system isn't as simple as we thought, so study your specifics

The future is uncertain: At times we don't take action because we're pessimistic but then, unfortunately, we make future assumptions based on overly optimistic projections

Call to Action

Study your pension! Even if you don't have a pension, chances are that you or your spouse has some type of benefits. Really dig in to make sure you fully understand and maximize those benefits.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

Looking for a low-cost cell phone service provider with great coverage? Look no further. Mint Mobile provides the same premium coverage you’re used to, but at a fraction of the cost because everything is online. All their plans come with unlimited talk and text and you can choose the data plan that’s right for you and get the plan shipped to your door for free! Go to MintMobile.com/FiShow to get started now for just $15 per month.

Grumpus' Information

Website: Grumpus Maximus

Book: The Golden Albatross

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Dr. Steve Yacovelli, author of  Pride Leadership and creator of TopDog Learning Group.

Steve brings an incredible amount of expertise on leadership as well as diversity and inclusion.

He also brings an interesting backstory where he went from working on a Disney Cruise line to being hired by Disney as a consultant on those very cruises.

Steve will teach us all how to listen, build trust, empathize, and ultimately to lead.

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

Steve's Leadership Foundation

He got his first taste of leadership in his fraternity in College

Steve calls out how people just simplify leadership at times to just having people skills

He has distilled his leadership principles into six areas

Being authentic

Having leadership courage

Having empathy

Building relationships with those around you

Effective communication

Shaping the culture around you

Listen to Understand not just to Respond

He talks about how you should listen to understand and not just to respond

This is avoiding that feeling you get when you feel like you can't wait for someone to stop talking so you can make your point

In reality, you can't be empathetic to someone if you can't get to really know and understand them

Inclusion is Good for Business

When hiring and building a team, it's important not to hire people just like yourself

Not only does it increase your chances of missing a great hire, but it also opens you up for more risk

This risk is because you'll hire people with your strengths but also your weaknesses

By hiring a more inclusive group we not only support people without bias, but we also cover our blind spots

Steve says it's better to strive for conscious inclusion instead of just working on your unconscious bias

Later in the episode, Steve goes into more metrics of why inclusion impacts the bottom line and not just social initiatives

Leadership in LGBTQ+

Steve makes it clear that he's not trying to say being straight or not means you won't be a better or worse leader

Instead, he helps the LGBTQ+ community see how they can use something like their sexual orientation as a strength

One example he gives is authenticity

If he hid the fact that he had a husband, that wouldn't be very authentic, and he helps this community spot these opportunities

There's More Diversity to Diversity than you think

Sometimes we only think of diversity as race, sex, and sexual orientation but there's a lot more

Steve prefers a specific model that is illustrated by layers and rings

In the center is our personality

Your personality is completely unique

Next out are those items we traditionally think of (sex, race, sexual orientation, etc)

Those are dimensions that typically don't change frequently

Then you have the external dimensions which can change frequently

In this section, you have pay, parenthood, income, habits, physical appearance, etc

Next, you have the organizational dimensions (hourly, manager, legacy groups, etc)

Finally, you'd have the country in which you're operating

This is important just because there are many different cultural norms to consider

Key Takeaways

Listen: It's always a good idea to really listen. Maybe you don't know the person, fully understand the problem, or even know what you're supposed to be doing. Listening can fill all of those holes.

We're all leaders: Steve made a point to call out that we can all practice leadership even if we don't have people reporting to us.

Call to Action

When in conversation this week, make a conscious choice to really listen to others. Listen with the goal to understand and not to look for holes to poke in their argument or to show how smart you are with a great question. Instead, really listen to learn from them and understand their points.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

If you're a rental property investor or business owner, you'll definitely want to check out igloohome. Have you ever had to give out a door code or leave a key under a mat for people to enter your property? Not anymore. igloohome's smart locks work entirely on an app + Bluetooth connection so there's no need to sacrifice security. Check out their products today at igloohome.co and get 15% off with promo code FISHOW.

Steve's Information

Business: TopDog Learning Group

Book: Pride Leadership

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features James Lowery from Rethink The Rat Race

James is a repeat offender back from episode 36.

In that episode, he dug into his background and how he and his wife retired in their 20's after amassing real estate in just two years.

This episode we dive more into his accomplishments in the health and fitness arena.

From lifting, cardio, diet, and more all through the lens of someone on their FI journey.

Listen, learn, and let us know what you think about this awesome episode!

Episode Summary

James' Background

As a refresh, James and Emily saved heavily

Invested that into real estate properties in Huntsville, AL

Then when they retired, they moved to Cyprus

Obviously COVID-19 had other plans and they had to return to the U.S.

Now they're putting a little effort into some of their rentals

And looking for their next adventure

James' Diet

He refers to his diet as "Freegan"

This is because he's 95% Vegan but will make exceptions

These exceptions are for non-vegan meals that avoid food waste

So if the food is already there and it's free, he'll eat it

James' fitness ventures

James has done bodybuilding competitions, lifting, and helped with physical therapy

He takes some time to break down the positives of each of these

Then we start ways to mix it up because cardio doesn't have to be just running on a treadmill

James loves trail runs, HIIT training, weight lifting, and the huge amount of content out there on YouTube

He recommends you recognize your body can do more than you think but also be careful of going to some extreme right off the start

Keep It Simple

James mentions how entire food groups do not have to be eliminated

Extreme style diets are so hard to be successful with long term

He recommends mostly vegetables / not too much mindset

That just means understanding the calories you have coming in but making veggies the prominent part of your plate

Also don't overthink the amount of weight your lifting

Keep it light if your form starts to slip, don't stress about breaking records

Also, don't forget the simple parts like hydration

Hydration can impact your calorie burning, energy, and cognition

Also don't stress about finding the perfect ratio of Fat/Carb/Protein

Don't Get Intimidated 

This journey doesn't have to be expensive

The food costs can be reasonable

James & Emily actually only spend $40/week per person and eat a ton of healthy foods and veggies

Then you don't have to pay a ton for a gym membership

There's plenty you can do at home, outside or for $20/mo at a Planet Fitness

And if you need to earn some extra cash, James actually covers side hustles that are great for your fitness

Also, don't get intimidated with bulking up to fast

Lifting weights doesn't magically make you get bulky

It can be a great way to get toned and burn calories

 

Key Takeaways

Get Creative: I loved the story of James doing this floor exercise to replace a pull-up movement

It doesn't have to be complicated: Too many people sit on the sidelines because they're looking for the perfect diet or workout plan when simple balanced eating and getting active is an amazing start.

Call to Action

Start a fitness or health challenge with someone. Maybe even put a little money on the line to keep up the motivation.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

If you're a rental property investor or business owner, you'll definitely want to check out igloohome. Have you ever had to give out a door code or leave a key under a mat for people to enter your property? Not anymore. igloohome's smart locks work entirely on an app + Bluetooth connection so there's no need to sacrifice security. Check out their products today at igloohome.co and get 15% off with promo code FISHOW.

 

Express VPN is one of the leading virtual private network service providers in the industry. Before I learned about Express VPN, I used to use incognito mode when I wanted to protect my information and browsing history. But I was wrong. Your internet service provider can actually still legally sell your information even if you’re using an incognito browser. But when you use Express VPN to surf the web, the software encrypts your web traffic and masks your IP address to give you real privacy. Use limited-time offer ExpressVPN.com/FiShow for 3 months off a 1-year subscription. Start protecting your privacy today!

James's Information

Website: Rethink The Rat Race

Instagram: Rethink The Rat Race

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features John Soforic, author of The Wealthy Gardener.

John gives his passionate story of how he went from $200k in debt to over $200k in passive income.

The lessons he learned led to a book he wrote for his son titled The Wealthy Gardner.

The story starts with a stroll through the graveyard but certainly has a happy ending.

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

John's Background

John takes a walk when he was 30

He just goes walking in his town

Then he walks into a graveyard and sat there for a half-day

John was just contemplating life

He had two kids, long hours, and $200k in student debt

Then he read a book called "How to Think and Grow Rich"

Then he set a goal to have $240k in passive income before the age of 50

Fast forward and John retired at age 49

He would then go on to write The Wealthy Gardner as a way to communicate the lessons he learned to his son

Building His Passive Income

Step one was leveraging all 112 waking hours and not just 40

He was working 40 hours in his clinic and 30 hours outside

Then he started educating himself on real estate

John also hired teams to help him

That allowed him to have 500 hours of work a week to his goals

This included buying 8 duplexes at once

It was an incredible deal where he got them at half price

He was able to do this because he offered to buy them all

The sellers were part of an estate and looking for quick cash

The Wealthy Gardener Book

John wrote the book in hopes that his 19 yr old son would be influenced by it

He convinced him to be his editor to make some money

During the process, John asked him to argue points with him

Today his son is 25 and saving over 50% of his income so it seems to have worked

He also fought to keep spirituality into the book to keep it true to him

John originally self-published and book that has now been translated into three languages

 

Key Takeaways

Leverage: John created so much leverage through teams and real estate which allowed him to unlock his earning potential

Stay True to You: I loved how John is open about his beliefs and how he didn't let the prospect of money change them

Call to Action

Investigate passive income streams. Don't get stuck thinking only on huge goals -- just start small and start soon.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

If you're a rental property investor or business owner, you'll definitely want to check out igloohome. Have you ever had to give out a door code or leave a key under a mat for people to enter your property? Not anymore. igloohome's smart locks work entirely on an app + Bluetooth connection so there's no need to sacrifice security. Check out their products today at igloohome.co and get 15% off with promo code FISHOW.

Express VPN is one of the leading virtual private network service providers in the industry. Before I learned about Express VPN, I used to use incognito mode when I wanted to protect my information and browsing history. But I was wrong. Your internet service provider can actually still legally sell your information even if you’re using an incognito browser. But when you use Express VPN to surf the web, the software encrypts your web traffic and masks your IP address to give you real privacy. Use limited-time offer ExpressVPN.com/FiShow for 3 months off a 1-year subscription. Start protecting your privacy today!

John's Information

Website: WealthyGardener.com

Book: The Wealthy Gardener

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Kanwal Sarai from Simply Investing.

Kanwal shares with us his unique investing style.

This style is a combination of value investing like Warren Buffet and a focus on dividend payouts.

Kanwal takes our questions in stride and makes some really great points.

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

Kanwal's Background

Kanwal graduated with a computer science degree at age 24 in 1996

About three years in, he realized traditional work couldn't be a forever path

This was before anyone was calling it "F.I.R.E"

His first side hustle attempt was purified water

Long story short...the side hustle was a flop

Neither of them knew anything about marketing/sales

Building His Own Investment Method

In 2003 Kanwal started developing his own investment strategy

His son was just born and was keeping him up all night

One of those sleepless nights he grabs an investing book and was hooked

At the time he was paying 2.5-3% fees for advisement

His main focus came down to strong dividend-paying companies

He calls it "Dividend Value Investing"

This is a combination of undervalued companies that also pay dividends

12 Part Checklist of Dividend Investing

1. Do you understand the product or service

2. Will people still be using the product/service in 20 years

3. Do they have a low-cost lasting advantage (think Coke's secret recipe)

4. Would you use the product that people would use during a recession

5. Do they have consistent earnings growth

6. Do they have consistent dividend growth

7. Do they have a low payout ratio (dividend vs earnings)

8. Do they have low debt %

9. Do they have a good credit rating

10. Do they actively buy back their shares

11. Is it under or overvalued

P/E 25 or less

The current dividend yield is higher than the 10-year average

Price to Book ratio <3

12. Keep your emotions out of investing

Kanwal publishes 227 companies that meet these criteria as part of his Simply Investing Report

Even with all these rules, you still may find a dud

That's why diversification is still so important

Kanwal recommends 25-50 funds

Why Dividend Investing Over Index Investing

Holding the total market (index funds) means that you're going to own some poor quality stocks

Getting cashback in your pocket to diversify instead of simply seeing appreciation in one company

Kanwal reinvests dividends across all his dividend stocks and not right back into the company that originally paid it

The average annual yield Kanwal sees from his dividend stocks are 3.5-5%

 

Key Takeaways

Take The Emotion Out: Kanwal's 12 rules help create a systematic process without being clouded by human emotion

Set Goals, Be Patient: Don't get sucked in to get rich quick schemes, find quality companies and make continual progress.

Call to Action

Leave a review on iTunes, share it with us, and then we'll select two lucky listeners for a prize. One listener will get a year subscription to the Simply Investing Report and the other will get full access to the Simply Investing Course. That's $500+ of value!

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Kanwal's Information

Website: Simply Investing

Simply Investing Report

Simply Investing Course

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Nikko from Nikko Industries.

What a cool and unique guest who is on his way to making $250k this year off his 3-D print business.

This business was no easy task as Nikko didn't become a U.S. citizen until he was 25.

What started as Nikko just trying to be an awesome dad, quickly turned into a life-changing money endeavor.

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

Nikko's Background

Nikko's parents were not good with money

Nikko and his family immigrated to the United States

At a young age, he made a vow that he would not be the same way

He would provide and be smart with his money for him and his children

Due to being an immigrant, he wasn't able to think about college or many things until he was 25

Nikko joins the military after getting married and becoming a citizen

Then he realizes how much more money he could make on the outside

From there he takes a traditional commercial role but keeps an eye on entrepreneurship

Nikko's Entrepreneurial Journey

Nikko talks about all the failures he had along the way

He had so many setbacks that at one point he just quit

But then things turned around for him

He says, When I stopped chasing money, money started chasing me

Nikko says you really have to love what you do to be successful

The business venture that really turned things around for him was 3D printing

Birth of Nikko Industries

Nikko's drive was to find something that helped him enjoy his time with his kids

His son loved things like Thor and Iron Man etc

Nikko came across someone on Instagram who had printed pieces to a costume

He put the 3D printer on the back-burner for a month to make sure he was serious

After a month he couldn't stop thinking about it and bought one

He started by building a community and youtube channel

Then he started looking to actually sell products

Scaling a Business

Nikko admits that he doesn't know how to design these products from scratch

He leverages others to make the designs and market it

His biggest skill is delegation and making sure he's tapping into the right products

His 1st year he made 50k in revenue

2019 his revenue grew to $130k

In 2020 he's on pace to make over $250k in revenue

Most of this revenue is just off of the digital files

He says that he spends about 4 hours per week

And now he's coaching others to build 3D printing businesses

Then a person can take these files and use their own printer to make them

Nikko also has a big focus on giving back

During the Covid outbreak, he was printing free face shields for frontline workers

 

Key Takeaways

Stop Chasing the Money: Nikko talks about how things started turning around when stop solely focusing on the money.

Maximize Your Skills: Nikko never designs a file yet makes so much money on them, he uses his skills of delegation to the max

Call to Action

Just go educate yourself in 3D printing. Whether it's Nikko's side hustles, medical advances, or even housing solutions, it's such a cool topic that everyone should check out.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

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Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

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Nikko's Information

Website: 3D Printed Profits

Youtube: Nikko Industries

Instagram: Nikko Industries

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Dustin Heiner from Master Passive Income

Dustin vividly remembers a march to the boss with kids waiting at home, knowing he was about to lose his job.

He knew from that day, he needed to build his own income streams away from traditional employment.

30 real estate properties later and he had the freedom he always wanted.

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

Dustin's Background

Dustin is a serial entrepreneur

Websites, pizzeria, graphic design, and even a skateboard manufacturing gig

He refers to a traditional job as "Just Over Broke"

During this journey, he stumbled upon real estate investing

His first one was profiting $350 per month and he was hooked

Dustin learned the hard way

There weren't any good courses or coaches out there at the time

He talks about how much he learned from his mistakes

Breaking Away from Tradition

Dustin also went to college just because it was what he felt like he should do

This led to a ten-year career in IT at a government agency

He walks us through the fearful moment when he realized he didn't want to rely on someone for employment ever again.

That fearful moment was when Dustin got laid off with 4 children

He did continue to work in IT but he swapped his perspective

From then on, he would introduce himself as a real estate investor

9 years and 30 houses later, he was able to step away from that traditional career

Dustin could have stepped away earlier but admits it is tough to walk away from stability

Dustin's Real Estate Investing

Dustin started out living in California

Prices didn't make sense there so he looked out of state

He was investing in Ohio, Texas, etc

Out of all the houses he's purchased,  he's only traveled to see one in person

This requires a network of people you can trust

The key here is the property manager, they are the quarterback

His requirement for a house is a minimum of $250 per month profit

We also talk about renting vs owning

401ks & Real Estate Investing

Dustin talks about cashing out or borrowing from 401k to buy real estate

He actually doesn't like investing 401ks at all

This comes off his assumption that he can make so much more from real estate

So his argument isn't that 401ks are intrinsically bad

Common Real Estate Mistakes

Not accounting for paying for a property manager

Not putting back money for repairs

Buying a house with really small margins

Buying a home in an area where everyone is leaving

In general, overestimate expenses and underestimate rental income

 

Key Takeaways

Your Paycheck is not your value: Companies pay you just what they need to so that you stay but they're as profitable as possible.

Overestimate the bad, underestimate the good: Dustin recommends this mindset when looking at real estate.

Call to Action

Look into real estate as an investment. If your stuck on the fence, especially due to prices in your local area,  then do like Dustin did and grab a property manager to invest out of state.

Join the Community

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Dustin's Information

Website: Massive Passer Income

Twitter: Dustin Heiner

Instagram: Dustin Heiner

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)