Mile High FI Podcast

Doug and Dusti are back for Part 2 on cognitive biases and how they shape our financial decisions. How a scarcity mindset can hold you back Desire to be like everyone else Decision paralysis Default bias Holding onto bad investments Are we more motivated when we're close to reaching a goal? Do you love Mile High FI? Support us over at Buy Me A Coffee. Do you really love Mile High FI? Buy Us Two Coffees! and we’ll quit! You win either way! Links Connect with Dusti on Instagram Doug’s site - Check out the NEW Sleep Post. -- Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 2:50 Having a scarcity mindset 8:14 The ''what the hell'' effect 13: 35 Social proof and the desire to be like other people 19:08 The cost of friction and decision paralysis 25:34 Default bias 37:20 Why we hold on to bad investments 45: 18 Getting more motivated at the finish line 55:12 Our favorite desserts

Doug and Carl talk about the bad parts of the FIRE movement. Cheap people Dogmatic approaches How the mainstream media writes about FIRE Lack of nuance (must we discuss the fv^%ing 4% Rule again?) It’s OK to work From the listeners Living off $40,000/year isn’t realistic Credit card hacking isn’t for everyone Do you love Mile High FI? Support us over at Buy Me A Coffee. Do you really love Mile High FI? Buy Us Two Coffees! and we’ll quit! You win either way! Links Support Mile High FI: Buy Me A Coffee Doug’s site - Check out the NEW Sleep Post. Carl’s blog: 1500 Days -- Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 4:30 Mr. Mustache HQ - What's new? 7:50 Doug's health updates 10:38 How you can support us 14:25 Carl's number one issue with FIRE 22:31 Applying a dogmatic approach to FI 28:00 Is having a job necessarily bad? 36:20 Paying attention to details 39:04 Portrayal of FIRE in the media 43:20 The 4% rule (again) 50:30 Annoying things FI people do 53:43 Courses 59:04 Can you live on 400k a year? 1:01:09 Credit card rewards 1:02:50 Teaching teenagers a FIRE mindset 1:04:26 Shifting into decumulation 1:07:26 The ''Spending is bad'' mindset

Doug and Amberly chat about what they've been up to lately and answer some intriguing real estate questions. Advice for beginners Creative buying strategies Managing a property Responding to inquiries Should pets be allowed on properties? Real estate books suggestions Do you love Mile High FI? Support us over at Buy Me A Coffee. Is “love” too strong of a word? Good news! You can still support us. Links Whole Life News (get the back story here: Setting Up Wills and Trusts - MHFI 147 Contributing to a retirement account: MHFI 062 Connect with Amberly Grant! AmberlyGrant.com FinTalks Instagram Amberly on Facebook -- Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 1:30 What's Amberly been up to 10:30 Doug's whole life insurance policy 23:47 Deciding on a number of properties 27:15 Aversions for building up a rental property 30:36 What would Amberly do differently in her real estate journey 33:44 The MOST important advice for beginners 34:04 Where to obtain a rental application 35:05 Creative buying strategies 37:37 Property management 38:54 Maintenance requests 39:53 Should animals be allowed on a property? 41:24 Real estate investing books 41:58 What Amberly is currently investing in

Doug and Carl talk to Longmontian Justin Robbins about how to broach the subject of FIRE with other humans (and if it’s even a good idea)! Background Childhood How Justin turned getting laid off into a great experience Discovering FIRE Telling non-FIRE people about FIRE Carl is a FIsplainer How Justin quit his job Why are American identities so tied up in work? Is FIRE a cult? And will it ever be mainstream? Justin’s biggest challenge in retirement Why Carl thinks FIRE is the best life hack ever Do you love Mile High FI? Support us over at Buy Me A Coffee. Is “love” too strong of a word? Good news! You can still support us. Links Justin's Instagram Justin's Youtube Channel Justin's TikTok Justin's Twitter Longmont's Tower of Compassion Doug’s site - Check out the NEW Sleep Post. Carl’s blog: 1500 Days -- Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 2:17 Justin's background 8:17 Discovering the FIRE movement 15:15 Thoughts on retirement and going back to work 19:17 The importance of having a supportive partner 22:23 Telling non-FIRE people about FIRE 24:31 Misunderstanding FI 26:32 The ''What do you do for work?'' question 32:18 Should we bother telling other people about FIRE? 36:59 Is the FIRE community a cult? 38:20 Why FI will never be mainstream 43:45 Advice for approaching early retirement 45:36 Exercising your mind 47:00 Hiking 49:54 The impact of inflation on early retirement 53:51 Lessons and challenges 59:21 Why FIRE is the best life hack 1:03:36 The perfect day 1:05:31 Where to find Justin on social media

Doug and Amberly are back for another Mail Bag episode! They answer your questions on a range of topics: Funding children's college education Hiring a (financial) coach To have or not to have kids Renting vs nomadic living Starting a landlord journey Should I max out my 401k or buy a house? As a bonus, our hosts reflect on their personal goals by writing a letter to their future selves. Links Free Link to ChatGPT Cheatsheet Video on ChatGPT to Descript ChatGPT For Beginners -- Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 3:39 What's Amberly been up to 7:20 What's Doug been up to 8:35 Chat GPT is kinda awesome 14:56 Funding kids' college tuition 30:09 Do you NEED a (financial) coach? 42:16 To have or not have kids 46:22 Buying a house vs living as a nomad 50:05 Starting a landlord journey 51:42 Should I max out my 401k or buy a house? 55:22 A letter to our future selves 01:01:38 How you can support us

Carl discusses his crazy $10,000 semi-spontaneous purchase. Buying a private concert with The Webb Brothers Memory dividends Mindy approves The Big Event Philosophical Musings What Doug thinks about all of this What would Doug spend $10,000 on? Stuff versus experiences Why your purchases may become irrelevant someday To budget or not to budget… Staying thoughtful about spending It’s cold in Colorado. The Mile High FI studio in Doug’s basement is even colder. Help keep the studio warm and get cool stuff: https://www.buymeacoffee.com/milehighfi EconoMe: Doug and Carl are going to EconoMe again and are planning a meetup. Get your ticket here and enter MILEHIGHFI at checkout for a discount. See you in Cincinnati! Links The Webb Brothers Kickstarter Maroon (perhaps the Webb’s greatest work) Liar’s Club In A Fashion   -- Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com   0:00 Intro 4:59 Carl bought a concert 16:03 Thoughts on spending money on experiences 19:02 What would Doug spend 10k on? 21:55 More ideas 27:20 Stuff vs experiences 28:33 Do purchases ever become irrelevant? 35:13 Budgeting one crazy purchase per year

It’s another Mail Bag episode! Doug and Carl answer questions about Umbrella insurance policies Does the 4% Rule still apply in light of recent market declines? Is it OK to own a Tesla? (and why is the FI community so judgmental?) Coast FI Reader case study: I’m a late comer to the FI movement Send questions and comments for future Mail Bag episodes to doug@milehighfi.com or carl@milehighfi.com. If you’re reading this, you must love the show. If you love the show, support us. Hey, we’d do it for you! https://www.buymeacoffee.com/milehighfi EconoMe: Doug and Carl are going to EconoMe again and are planning a meetup. Get your ticket here and enter MILEHIGHFI at checkout for a discount. See you in Cincinnati! Links Mile High FI interview: David Baughier Mile High FI interview: Jake Simon Big ERN’s Safe Withdrawal Rate Series Michael Kitces on the 4% Rule S&P 500 PE Ratio Death March to Financial Independence MMM HQ Coworking Doug’s site Carl’s blog: 1500 Days - Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 1:20 Dry January recap 7:28 How you can support us 10:29 We got some interesting feedback! 12:36 What is an umbrella policy? 16:55 Does the 4% rule still make sense today? 25:57 Investing in a Tesla car 37:56 Join us at Econome! 39:40 Coast FI (again) 47:27 Moving towards FI as a late bloomer

Having kids is a lifestyle change that has a big impact on our finances. But how much does parenthood really cost? In this episode, Doug and Amberly explore the expected and unexpected costs that come with having children. They talk about the importance of budgeting and share some tips on how to shop wisely for new parents. The (unexpected) costs of having kids Health insurance and dental costs Schooling and tuition Are human parents and dog parents alike? The do's and don'ts of choosing a gift for new parents Tips for navigating friendships as a parent Amberly hosts FinTalks Do you love Mile High FI? Support us over at Buy Me A Coffee. Do you hate Mile High FI? Send us a large sum of money and we’ll quit! You win either way! EconoMe: Doug and Carl are going to EconoMe again and are planning a meetup. Get your ticket here and enter MILEHIGHFI at checkout for a discount. Connect with Amberly Grant! AmberlyGrant.com FinTalks Instagram Amberly on Facebook - Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 2:41 Budgeting and planning for kids 7:57 Is having children similar to dogs? 10:31 The cost of having kids 25:05 Children and health insurance 32:29 Why kids' clothing is a terrible gift idea 36:33 As kids grow, so do their expenses 39:40 How to get free babysitting benefits 41:04 Why do parents count their baby's age in months?! 42:34 Schooling and tuition expenses 46:47 Navigating friendships as a parent 52:10 Amberly is on FinTalks 53:22 Fin Talk's retreat and Camp FI

After taking a break, Carl comes back to catch up with Doug. Here is what they talk about: Carl loses $2,000,000 (and is happy about it) Doug’s health issues Camp FI Southeast Carl’s 3-day fast No alcohol Meet Doug and Carl: EconoMe and NYC Do you love Mile High FI? Support us over at Buy Me A Coffee. Do you hate Mile High FI? Send us a large sum of money and we’ll quit! You win either way! EconoMe: Doug and Carl are going to EconoMe again and are planning a meetup. Get your ticket here and enter MILEHIGHFI at checkout for a discount. Links Downshift Financial Mile High FI Interview with Chris Rusin, the Indiana Jones of FIRE Mile High FI Interview with David Baughier Mile High FI interview with Jake Simon Logan Leckie Doug's website - Check out the NEW Sleep Post. Carl's blog: 1500 Days - Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Intro 1:12 How you can support us 2:40 What has Carl been up to 9:00 Doug's health issues 16:07 Carl's been fasting 25:48 - What has Doug been up to/Dry January 43:19 - Carl's house updates 45:16 - Doug has a new tattoo 47:54 - Doug tested ChatGPT 55:40 Doug and Carl are at Econome!

Doug and Amberly are back to discuss the pros and cons of different types of financial security, such as wills, trusts, and life insurance. They also talk about why whole life insurance isn't for everyone and explore some unusual scenarios. Wills vs. trusts Benefits of wills and trusts Choosing a trustee Potential scenarios in case of a divorce Life insurance Doug's story on whole life insurance Who can make medical decisions on your behalf Accelerated death benefits Connect with Amberly Grant! AmberlyGrant.com FinTalks Instagram Amberly on Facebook - Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out. Join the Mile High FI Club – It’s our email list! Get MHFi Merch – It helps support the show. Get t-shorts & more **Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals.** Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 - Intro 6:20 - Amberly's trust fund story 8:32 - Wills vs. Trusts - which is better? 10:24 - How to choose a trustee 14:04 - Benefits of a Trust 15:25 - Doug's situation 16:13 - What could happen to your money when you die 21:09 - Funding your Trust 22:28 - Life Insurance 24:50 - Is Whole Life Insurance worth it? 39:38 - Accelerated death benefits 41:21 - Trusting someone with your life 46:16 - Financial coaching and mentorship with Amberly