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The 7 Steps to Financial Independence, with JD Roth | Afford Anything Podcast (Audio-Only)
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- čas přidán 9. 03. 2021
- “What’s your FI number? What’s your FI date?”
People often talk about financial independence like it’s a fixed, static point. When your portfolio reaches $X value, or your monthly passive income is $Y per month, you’re FI.
“When did you reach FI?,” people will ask, as though it’s a one-way door with a distinct date, comparable to graduating from high school or college.
Today’s podcast guest, J.D. Roth, offers a fresh perspective: FI isn’t a fixed point. It’s a continuum, a spectrum.
He says there are seven stages along the road to financial independence, which include:
#1: Dependence
#2: Solvency
#3: Stability
#4: Agency
#5: Security
#6: Independence
#7: Abundance
In today’s interview, we elaborate on these seven stages. We also discuss seven rules for investing, how to calculate a lifetime wealth ratio, how to manage your career like it’s an asset, and much more.
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There are a lot of strategies to make tongue-wetting profit that the average joes don't know. . Personally, the financial-market for me seems the only way forward with my long time horizon (accrued roughly $457k in gains since Mid 2021 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe!
If you’ve got patience I believe it’s a great time to invest… I’m no expert but as Warren buffet said he’s seen this happen a number of times throughout his life
@@harrisonjamie794 I've known I had wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. I have $60k I want to transfer into an S&S ISA but it's hard to bite the bullet and do it. $457 is a huge milestone, Please what's your strategy? I will love to have an insight
@@jesbensommichael8397 I began with a fiduciary portfolio advisor by the name MARTHA ALONSO HARA. She’s verifiable and her works ethics is in accordance with the US investment act of 1940. Her approach is transparent allowing total ownership and control over my portfolio with fees very reasonable in comparison with my investment-income. Also, She covers things like investment insurance, making sure retirement is well funded, Go over tax advantages , ways to have a volatility buffer for investment risk. many things like that.
@@harrisonjamie794 Word of the day: fiduciary. do not talk to anyone who is not a fiduciary to you, who explains everything.
@@jesbensommichael8397 MARTHA ALONSO HARA really seems to know her stuff. I looked her up on the web using her full name and found her page, read through her resume, educational background, and qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I'll book a session with her
The "Gap" is your profit margin. If you receive a raise, you effectively increase your profit margin AS LONG AS YOU ADD IT TO YOUR GAP.
Great show!
Best explanation of the steps to financial independence I have ever listened to. Thank you so much.
Having F-You money is the best financial feeling. I love not being a slave to work. True freedom.
I don't know how many times I've listened to this episode, but it's at least two and I love it. So many amazing points brought up. Also, I realized while listening that I particularly enjoy the interview episodes more than the Q&A.
I love the point of following the suboptimal strategy that you can stick to rather than the optimal strategy you’re going to discard.
Hey Paula, Long time listener from the UK. Usually switch between podcast and CZcams.
After a couple of years applying the mechanisms that you’ve helped me put in place I’m finally starting to share the knowledge with others, and this could be a great place to start!
Thanks for all of your help over the past few years!
How do we save the kind of money these Americans talking about in the uk? We have higher taxes and lower salaries and higher living costs
Another quality podcast from Paula. Good information. Thank you to both of you!!👍👍
I remember this guy from Get Rich Slowly... nice interview
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline.
Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
Who would you recommend ?
I work with TARAMA DIANE HAGAN. best decision i ever took.
Found her website. thanks
Balance is key! Thanks for the video keep it coming 😁
Good advice on index funds. I consider them to be meat and potatoes. Sort of boring but it will get you there.
Love the podcast!! Mini Coopers are amazing! Own and totally paid 2015 F55 in Volcanic Orange. It’s like driving a go kart on the road!!
>This is a very interesting and informative video.
Are you someone who reads as much as possible about potential investments and asks questions about them? If so, maybe you don't need investment advice. However, if you are busy with work, children, or other responsibilities, or if you feel that you are not knowledgeable enough to invest on your own, seek professional investment advice.
Some financial planners and investment advisors offer a comprehensive financial plan that evaluates all aspects of your financial life and develops a detailed strategy to achieve your financial goals.
Planning for financial freedom, is a marathon and not a race, as the saying goes. Breaking your financial independence goals into bite-size pieces can help you stay on track while making the process a little more manageable and hopefully a little less stressful. Even if you are starting small, the important thing is to start.
The investment creates a safe haven for the future. Everyone needs it so you don't go bankrupt when you stop working
Speaking of financial freedom, I've been thinking about it a lot and the best option is to invest more because I don't think you can get very far depending on a single source of income.
Investing can be intimidating for many people because there are so many options and it can be difficult to determine which investments are the right ones. I would like a recommendation if you have any?
The thing is that I don't really like to make these kinds of recommendations. But there are plenty of independent wealth managers you can check out. I have been working with 'Sherman Williams Trading' for about four years and have had decent returns. If it meets your criteria, then you could continue >
Sherman Williams Trading
Housing also has shot up much faster than income gains so it is much harder than what it was historically to have the house be a smaller part of your income. Although I heartily agree there are a lot of things you can still do to lower that percentage.
This was terrific.
Arlington with you but I'm learning a lot.
Serf here diligently.... I'm new!
I thought the talk was about Roth IRA😂😂😂but I listened the whole thing 😅😅😅
Funny I had a Mini Cooper countryman, I sold it to reduce transportation costs
Are there any cons to front loading a 401k? Maxing it out by March of each year?
Yes. Some employers will only match if you spread out your contributions evenly over the year. I don’t know the specifics but make sure that you talk to HR and make sure you’re getting the whole match.
I’m on my way from stability to f-u money now
Good show. Bad advice on bitcoin. Do your own research.