#24 Military FIRE: Financial Independence, Retire Early

In 'The Psychology of Money,' Morgan Housel delves into the psychological and emotional aspects of financial decisions. The book consists of 19 short stories that illustrate how personal history, worldview, emotions, and biases influence financial outcomes. Housel emphasizes the importance of behavior over knowledge in managing money, highlighting the power of compounding, the dangers of greed, and the pursuit of happiness beyond mere wealth accumulation. He advocates for a frugal lifestyle, long-term perspective, and a balanced approach to investing, stressing that financial success is more about mindset and discipline than about technical financial knowledge.

In 'The 4-Hour Workweek', Timothy Ferriss presents a step-by-step guide to 'lifestyle design', encouraging readers to question the traditional notion of retirement and instead create a lifestyle that prioritizes freedom, adventure, and personal growth. The book teaches how to outsource life tasks, automate income, and eliminate unnecessary work using principles like the 80/20 rule and Parkinson’s Law. Ferriss shares his personal journey from a corporate workaholic to a location-independent entrepreneur and provides practical tips and case studies to help readers achieve similar results. The book emphasizes the importance of focusing on high-value activities, taking 'mini-retirements', and living life to the fullest in the present rather than deferring enjoyment until retirement.

Die with Zero presents a provocative philosophy and practical guide on how to get the most out of your money and your life. Bill Perkins argues against over-saving and under-living, advocating for investing in experiences early and maximizing positive life experiences. The book introduces concepts like 'time-bucketing,' 'net worth curve,' and 'fulfillment curve' to help readers optimize their life stages and make the most of their resources. Drawing from his own life experiences and insights from psychological science and behavioral finance, Perkins makes a compelling case for living large and accumulating memorable experiences rather than wealth.

This book is a DIY handbook that espouses the investment wisdom of John C. Bogle. It covers a wide range of topics from the basics of stocks and bonds to more complex subjects like tax-efficient investing, asset allocation, and avoiding common investing mistakes. The authors stress the importance of having a clear investment plan, starting early, and keeping costs low. The book also includes advice on choosing a brokerage, rebalancing your portfolio, and managing financial windfalls. It emphasizes that successful investing is more about discipline and patience than trying to pick the 'hottest' stocks or time the market.

In 'The Simple Path to Wealth,' JL Collins provides a clear and accessible roadmap to financial independence. The book, written in a conversational style, emphasizes the importance of living below your means, avoiding debt, and investing in broad-based index funds, such as Vanguard's Total Stock Market Index Fund. Collins discusses key financial principles like the 'F-You Money' concept, the 4% rule, and the dangers of engaging investment advisors. He shares his personal journey and investment mistakes, making the book relatable and inspiring. Although the book is heavily focused on the U.S. market, its underlying principles are applicable to a wide range of investors.

In this book, Burton G. Malkiel argues that stock market prices are essentially random and unpredictable, aligning with the efficient market hypothesis. He discusses historical financial bubbles, the futility of trying to beat the market through technical or fundamental analysis, and the importance of a diversified portfolio. The book also covers various investing techniques and theories, including modern portfolio theory, and advises investors to adopt a long-term, disciplined approach to investing.

This book, updated for a new era, provides a simple and powerful 6-week program to manage finances. Ramit Sethi focuses on behavioral psychology to help readers save more, earn more, and automate their finances. Key lessons include focusing on big wins rather than small savings, automating financial tasks, and spending guilt-free on things you love while cutting back on unnecessary expenses. The book also covers topics like crushing debt, setting up high-interest bank accounts, and long-term investing in index funds.

The book challenges the common perception that millionaires live in affluent neighborhoods and instead shows that many wealthy individuals live modestly in middle-class and blue-collar areas. The authors identify seven common traits among these millionaires, including being dedicated to a vision, making appropriate career decisions, valuing financial security over social standing, and efficiently spending time and money. The book also distinguishes between 'Under Accumulators of Wealth' (UAWs) and 'Prodigious Accumulators of Wealth' (PAWs), emphasizing the differences in their spending and saving habits.

This book, written by Dr. Jim Dahle, is designed to help medical students, residents, physicians, dentists, and other high-income professionals navigate the complexities of personal finance and investing. It covers topics such as graduating from medical school with minimal debt, escaping student loans, purchasing the right insurance, investing sensibly, and protecting assets from lawsuits. The book also provides advice on tax minimization, estate planning, and choosing the right business structure. It is known for its clear explanations and actionable advice, making it a valuable resource for those in the medical profession seeking to manage their finances effectively.

The Military Money Manual provides practical financial advice tailored for military service members and their families. It covers various topics, including tax-free deployments, the Thrift Savings Plan (TSP), and other military-specific financial strategies. The book aims to guide readers towards financial independence, offering actionable steps and investment strategies. It emphasizes the importance of a high savings rate and long-term investing in index funds. The book also addresses the unique challenges and opportunities faced by military personnel in managing their finances.

Doug Nordman's "Military Guide to Financial Independence and Retirement" offers practical financial advice specifically tailored for military personnel. It addresses the unique financial challenges and opportunities faced by those serving in the military. The book covers topics such as budgeting, investing, and retirement planning, providing actionable strategies for achieving financial independence. It emphasizes the importance of maximizing savings and utilizing military-specific benefits. Nordman's experience as a military member adds credibility and relevance to his advice.