Mile High FI Podcast

Doug and Carl chat with Frances & Peter to analyze the couple’s financial situation and determine the viability of their Coast FI strategy.   They discuss investment strategies, personal financial goals, maintaining a balance between frugality & enjoying life, the potential of leveraging real estate, and other financial planning aspects. Note: This is a rebroadcast of MHFI episode 186 This episode is brought to you by GhostBed.  Doug has the GhostBed Luxe Mattress and loves it!  Take the 3 minute sleep quiz to see which mattress is right for you.  Save 50% site-wide on your new mattress, bed frame, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Save With Mint Mobile! (https://milehighfi.com/mint) New customers can get 3 months of unlimited premium wireless for $15/mo.  Doug’s phone bill went from $1440/yr to $360/yr for him and his wife.  It’s super easy to switch and you can use your existing phone.  If you use the MHFI link, it won’t cost you extra and it helps support the show. Buy 2 months, get 1 month free limited time offer available until January 2, 2025 at 11:59pm PST for new customers and at select channels only. “One month free” applied as $15 discount at checkout on 3-month 5GB plan only – upfront payment of $30 required, w/taxes & fees extra. One-time discount applied for first 3 months only. Not combinable/available with certain other promotions/offers. Looking for help with your estate plan?  Trust & Will provides online tools for creating, you guessed it… trusts and wills.  For those who don’t have any estate planning documents in place, this could be a good option to get started.  We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/trustandwill Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug & Carl pay for their Dumb & Dumber tuxedoes by providing support at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Modern Bookkeeping Services Carl Jensen The FIoneers on MHFI episode 084 Mad Fientist podcast, “1500 Days Podcast Takeover” Mr. Money Mustache Tim Ferriss, Mr. Money Mustache episode BiggerPockets Mr. Money Mustache, “What to Do About These High Interest Rates” Bill Perkins, “Die With Zero” Kindle Hardcover Paperback Audiobook Diania Merriam EconoMe Conference MHFI Facebook group Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 4:01 Coffee & asparagus 10:58 Coast FI definition 15:23 Retirement goals 21:08 Current housing situation 26:38 Roadblocks 32:02 Frugal in recovery 39:58 Envisioning the ideal life 45:42 Work situations & moving 51:58 Diving into the numbers 1:02:26 Resolving the housing situation 1:07:50 What would Carl & Doug do? 1:14:51 Soundcheck – The big event

Discover the inspiring journey of a psychology professor who went from zero to nearly a million dollars in just ten years. He shares insights on strategic real estate investments and how aligning values with financial choices leads to true fulfillment. The discussion also emphasizes work-life balance, the importance of personal connections, and the intertwined relationship between health and wealth. Dive into the complexities of real estate management and explore how lifestyle design can enhance happiness and well-being.

Doug and Carl chat with Chad Carson and Jeremy Schneider live from FinCon 2024 in Atlanta.  The group discusses the benefits of financial independence, their unique entrepreneurial journeys, working after achieving FI, the current state of the FIRE movement, and the need for tension in life.  They also discuss their opinions on both e-bikes & electric cars.  Jeremy introduces his startup, Nectarine, a marketplace for fiduciary financial advice, while Chad shares insights on his real estate-focused coaching and teaching endeavors. This episode is brought to you by GhostBed.  Doug has the GhostBed Luxe Mattress and loves it!  Take the 3 minute sleep quiz to see which mattress is right for you.  Save 50% site-wide on your new mattress, bed frame, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Save With Mint Mobile! (https://milehighfi.com/mint) New customers can get 3 months of unlimited premium wireless for $15/mo.  Doug’s phone bill went from $1440/yr to $360/yr for him and his wife.  It’s super easy to switch and you can use your existing phone.  If you use the MHFI link, it won’t cost you extra and it helps support the show. Buy 2 months, get 1 month free limited time offer available until January 2, 2025 at 11:59pm PST for new customers and at select channels only. “One month free” applied as $15 discount at checkout on 3-month 5GB plan only – upfront payment of $30 required, w/taxes & fees extra. One-time discount applied for first 3 months only. Not combinable/available with certain other promotions/offers. Looking for help with your estate plan?  Trust & Will provides online tools for creating, you guessed it… trusts and wills.  For those who don’t have any estate planning documents in place, this could be a good option to get started.  We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/trustandwill Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Black Friday is almost here and Doug has caught the fever!  Help him pay for all of his frivolous spending by providing support at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Chad Coach Carson website YouTube Instagram “Real Estate Investing With Coach Carson” podcast Friends of the Green Crescent Trail Connect with Jeremy Personal Finance Club Instagram Nectarine (We’re affiliates so we can earn a commission if you sign up) Carl Jensen Carl quitting on MHFI episode 235 FinCon Matt & Joel/How to Money Jillian Johnsrud Mr. Money Mustache Jacob Lund Fisker/Early Retirement Extreme Bill Perkins, “Die With Zero” Kindle Hardcover Paperback Audiobook BiggerPockets BPCON Grant Cardone MHFI Facebook group Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 7:11 Live from FinCon Atlanta 10:04 The entrepreneurship mindset 15:51 Working after reaching FI 21:20 Dealing with tension in life after FI 26:09 Experimenting with retirement 31:27 State of the FIRE movement 36:26 E-Bikes 42:32 Electric cars 47:06 Jeremy’s intro to Nectarine 55:02 Chad’s journey into coaching & teaching

Doug chats with Sean Mullaney (The FI Tax Guy) about the essential elements of estate planning.  Sean covers the importance of planning for everyone (not just the wealthy), stresses the significance of having a will, updating beneficiary designations, and creating trusts to protect assets & ensuring financial security for loved ones.  Special attention is given to estate planning in regards to kids (providing guardianship) and working with the correct professionals to plan for taxes. The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Doug and the Mile High FI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Guest appearances on the podcast do not constitute their endorsement of any sponsors of the Mile High FI podcast. Looking for help with your estate plan?  Trust & Will provides online tools for creating, you guessed it… trusts and wills.  For those who don’t have any estate planning documents in place, this could be a good option to get started.  We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/trustandwill Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine If you have any tips for talking about death & estate planning come share over at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Sean Mullaney The FI Tax Guy YouTube Mullaney Financial & Tax The FI Tax Guy, “The Church IRA” Sean’s podcast appearances Mile High FI ChooseFI Stacking Benjamins How To Money Sean Mullaney, “Solo 401(k): The Solopreneur’s Retirement Account” Kindle Paperback CampFI Amy on MHFI episode 160 Carl Jensen MHFI Facebook group Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 2:59 Importance of estate planning 8:10 Four funnels 14:17 Beneficiary designations & revocable living trusts 20:52 Tips for discussing estate planning 25:42 Planning for kids 33:16 Working with financial planners & lawyers 36:43 Tax planning 45:53 Discussions with aging parents 52:45 Soundcheck – Home renovations

Doug chats with Pete Adeney (Mr. Money Mustache) about a variety of topics centered around retirement, fitness, happiness, and sustainable living.  Pete also answers questions from the Facebook mailbag. Sam – What advice would you give to a young adult today that wants to retire early? Niel – Congratulations on becoming an empty nester. What are you most looking forward to in this new phase of life? Khang – What is something new you’ve tried recently that you would recommend to others? Rich – What is your sleep routine and are you a good sleeper? Katie – You mentioned that you consulted with someone who wanted you to review their retirement plan. So have you done more of these consultations and what have you learned from the experience? Andrea – You mentioned you want people to build new towns like Longmont. Do you have any thoughts on where the next Longmont might be given how expensive it’s become? Chris – What are your thoughts on the Culdesac model? And have you brought any ideas back to Longmont from your time down there? Kyle – What are your thoughts about the connection between the FIRE movement and environmentalism? Have you transitioned to socially responsible investing now that there are some low fee index funds for that?  Rakesh – How do you maintain your composure when it seems like everything around you is falling apart? Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug finally sell his gas-guzzler and purchase a new EV by providing support at Buy Me A Coffee. Links Pete Adeney/Mr. Money Mustache AARP, “Meet the Man Who Retired at 30” Tim Ferriss, Mr. Money Mustache episode Mr. Money Mustache blog posts: “Frugal Man Buys $52,000 Car – Why??” “It’s Never too Late to Ditch your Gas Guzzler” “Socially Responsible Investing: Is It Also More Profitable?” Mr. Money Mustache & Culdesac on MHFI episode 207 MHFI Facebook group Carl & Mindy on Ramit Sethi’s podcast Financial Independence Podcast, “Ramit Sethi – How to Spend (and Actually Enjoy It)” Culdesac Carl Jensen Mindy Jensen Scott Gallowway, Prof G Media Brad Barrett/ChooseFI Matt Walker, Sleep Diplomat Edge Esmeralda Gapminder KeySavvy Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 2:04 Comparing traditional retirement to FIRE 6:53 Pete’s fitness routine & diet 10:44 Reflections on 19 years of retirement 17:10 The 4% rule & current expenses 22:50 Experimenting with more spending 28:11 Question – Advice for young adults retiring early 33:19 Question – What are you looking fwd to as an empty-nester? 34:30 Question – Something you’ve tried recently 38:46 Question – Sleep routine 43:39 Question – Consultations & coaching 46:59 Question – The next Longmont 52:24 Question – Thoughts on Culdesac 58:28 Question – Socially responsible investing 1:01:44 Question – World falling apart 1:06:49 Soundcheck – EVs

Doug and Carl reunite at FinCon 2024 in Atlanta to say hi & catch up with each other.  They both discuss recent travels, preferences for staying close to home in Longmont, and dieting/cutting calories especially around the holidays.  Carl also provides a fitness update and an update on how his home projects are going. Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug pay for next year’s FinCon ticket by providing support at Buy Me A Coffee. Links Carl Jensen Mindy Jensen FinCon Pete Adeney/Mr. Money Mustache Tim Ferriss, Mr. Money Mustache episode Sean Mullaney, The FI Tax Guy Kristen Knapp on MHFI episode 238 EconoMe Conference Carl quitting on MHFI episode 235 Bob Haines on MHFI episode 210 BiggerPockets BPCON Brad Barrett/ChooseFI ChooseFI, “Masterclass on Muscle Building” “Mind Pump” podcast Darren & Jolene on MHFI episode 228 Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 5:36 Coming soon to the show 9:45 Live from FinCon Atlanta 13:09 Recent travels 19:53 Staying close to home 23:07 Fitness update 27:43 Dieting & cutting calories 31:28 Low-alcohol beer & time on the throne 34:22 Update on Carl’s home projects

Doug and Dusti answer questions from the Facebook mailbag. Sam – I’m Coast FIRE, currently working part-time to cover expenses without touching my portfolio. I have a NW just shy of $2M, with $1.5M in broad, low-cost ETFs, and the rest in my house and retirement account. My NW fluctuates daily, sometimes by $1K-$3K, or up to $10K-$30K with market volatility.  Here’s my dilemma: even with a solid NW, I still stress over expenses like a $600 home repair, higher home insurance, or an unexpected water bill. I spend time researching and finding the best deals, but I’m wondering if these minor expenses are worth worrying about when compared to my overall financial picture. Should I let go of the guilt and focus on long-term goals instead? Angela – Getting close to CoastFI.  We will need about 10 years worth of money to fill the “gap” until we hit 60.  Do we… A) Slow down our contributions to our 401ks, so that we just get our “free money” and then redirect those funds to our after tax brokerage account (we would obviously pay more in taxes on our income).  B) Continue what we are doing and keep maxing out 401k with “leftovers” going in to brokerage, buffer our HYSA account/cd ladder/whatever for 5 years, and just plan on doing Roth conversions for the first 5 years so we can access that money for the other 5 years.  C) Some other idea? Rakesh – Would you rather inherit a $500k house with rent income or $500k in index funds? Why and why not? Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug pay those taxes he loves so much by providing support at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Doug’s Instagram Connect with Dusti: Instagram Facebook Dusti on MHFI Episode 172 Episode 178 Episode 223 Episode 224 Mile High FI Facebook Group Barry Schwartz, “The Paradox of Choice” Kindle Hardcover Paperback Audiobook  Eric Cooper discussing the 72T BiggerPockets Money, “Dude ACTUALLY Withdraws From His 401(k) and Retires at 47” Forget About Money, “Secret IRS Rule 72(t) Explained! | Eric Cooper Reveals Early Withdrawal Power Move!” Darren & Jolene on MHFI episode 228 Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 2:06 Question – Letting go of guilt 8:08 Maximizers vs Satisficers 15:44 Question – Planning for CoastFI 18:55 Taxes 25:05 Question – $500K house or $500K in index funds 29:55 Real estate is scammy 36:56 Soundcheck – Phone issues

Kristen Knapp, a meteorologist from St. Louis, shares her journey to a part-time Coast FI lifestyle and the impact of her frugal upbringing on her financial independence. She discusses the importance of the FI community and how it influenced her decision to transition from full-time work. Kristen introduces her new venture, FI Friends Travel, designed for the FI community, and offers insights into balancing productivity and relaxation in semi-retirement. Her stories emphasize the joy of experiences over material wealth.

Doug and Dusti answer questions from the Facebook mailbag. Chris For Doug: I know this is a stereotypical interview question, but where do you see yourself in 5 years? With Elizabeth’s recent retirement and your continued involvement with the FI community, how do you see your life changing (or perhaps not) in the next handful of years? For Dusti: How is retirement going? Any updates or new observations since you were last on the podcast? Niel – I would be interested to hear more about your hobbies, even if you aren’t actively pursuing them at the moment. Homebrewing, cooking, BBQ, guitar, etc. Bonus points if you can relate it to FIRE but not necessary. Erin – Does living in Longmont make it easier to retire and have a social group where people understand? Are you also experiencing people around you busier due to the cost of living? Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug afford his own “I Love Camping” hat by providing support at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Dusti: Instagram Facebook Dusti on MHFI Episode 172 Episode 178 Episode 223 Episode 224 Mile High FI Facebook Group EconoMe Conference Bill Perkins, “Die With Zero” Kindle Hardcover Paperback Audiobook ChooseFI Local Groups Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 3:25 Question – Where does Doug see himself in 5 years? 6:47 Time-bucketing travel experiences 13:14 Question – How is Dusti’s retirement going? 20:04 Sleep issues & strategies 25:17 Question – Doug’s hobbies 33:03 Question – Is it easier to retire in Longmont? 38:07 Question – Are people in Longmont busier? 41:50 Soundcheck – Bears

Doug chats with Jesse Cramer from “The Best Interest” blog & podcast about retirement planning.  They discuss the impact of making overly conservative vs aggressive assumptions, exploring key factors such as investment returns, inflation, spending, tax rates, and social security.  Jesse highlights the importance of understanding personal risk tolerance, leveraging third-party advice, and continuous learning to make informed decisions about financial independence and retirement. Be sure to check out the new GhostBed Massage Topper.  Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Need a fee only advisor?  Nectarine is a network of financial advisors where you just pay for investing & planning advice.  Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up.  Thanks for the support. https://milehighfi.com/nectarine Help Doug contribute to his retirement fund by providing support at Buy Me A Coffee. Links Jesse Cramer, “The Best Interest” The Best Interest, “The Crushing Cost of Conservative Retirement Planning” Doug on “The Best Interest” podcast: Apple Podcasts Spotify FinCon Michael Kitces Jim Dahle/White Coat Investor The White Coat Investor, “Michael Kitces on the State of Financial Planning” ChooseFI Joel & Matt/How To Money Dave Ramsey MHFI Facebook group Doug’s site Check out Producer Chris’s new blog: Epic Financial Journey — Join the Mile High FI Club – It’s the email list! Get MHFi Merch – It helps support the show. Get t-shirts & 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 Email the show: doug@milehighfi.com 0:00 Introduction 3:21 Transition from engineering to finance 8:47 Conservative retirement planning 12:55 Impact of conservative vs aggressive assumptions 18:34 Social security & spending in retirement 24:08 Healthcare expenses & how to make a plan 30:20 Understanding the risks of investing 35:52 Asset allocation & alternative investments 42:54 Identifying blind spots