Mile High FI Podcast

Doug and Carl discuss the challenges of retiring during a market downturn.  They delve into the significance of Sequence of Returns Risk & inflation then propose strategies for financial management during recessions, such as cutting expenses, maintaining cash reserves, adjusting withdrawals, part-time work, and re-evaluating investments.  Note: This is a rebroadcast of MHFI episode 133 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) Head over to Buy Me A Coffee and help support us, so that we can FINALLY make the mesh t-shirts that we’ve been talking about since this episode originally aired in 2022. Links EconoMe Conference JD Roth/foldedspace JD Roth on MHFI episode 127 Go Curry Cracker, “The Path to 100% Equities” Michael Kitces, “Understanding Sequence Of Return Risk” Michael Kitces on BiggerPockets Money podcast episode 351 Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 4:11 Introduction 2 9:29 Taylor Swift 14:28 Retiring during a recession 18:37 Sequence of returns risk & inflation 23:11 Mitigating Sequence of Returns Risk & inflation 28:51 Other strategies for a downturn 34:28 First decade matters the most 38:43 Blooper- Failed quote

Doug chats with two recent retirees, his wife Elizabeth & friend Dusti.  They share vital tips and lessons they’ve learned, including financial planning, healthcare considerations, and the importance of flexibility and community in retirement.  The group also discusses real-life strategies like writing things down, engaging in fulfilling activities, and easing into new routines. 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) Want to support our new product, the 1500 Days bidet?  If so, head over to Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Elizabeth by reaching out to Mindy: Email BiggerPockets Twitter/X Connect with Dusti: Facebook Strava Instagram Elizabeth & Dusti on MHFI episode 223 Elizabeth on MHFI episode 212 Dusti on MHFI: Episode 172 Episode 178 Episode 179 Gretchen Rubin, “The Happiness Project” Kindle Hardcover Paperback Audiobook Leckerlee Cookies Robert Cialdini, “Influence: The Psychology of Persuasion” Kindle Hardcover Paperback Audiobook Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 2:19 Two paths to retirement 7:51 Advice when approaching retirement 15:41 Flexible but rigid 21:20 Healthcare & night terrors 28:41 Journaling 34:46 Take a trip 38:46 Trying new things & making lists 45:48 Misc quick tips 51:43 Soundcheck – Timeshare challenge

Doug chats with two recent retirees, his wife Elizabeth & friend Dusti.  The group discusses the transition to retirement, sharing insights on dealing with stress, maintaining productivity, and discovering new interests.  Elizabeth & Dusti also answer questions from the Facebook mailbag. Jamie – Have you decompressed yet from baseline stress?  Others have said you don’t realize how stressed you really are until you leave the job behind.  If so, how long did it take?  What’s been the biggest surprise in the first two months? AJ – Has your mindset about money and spending shifted at all in the last two months?  Do you have more or less anxiety about fun spending? Frieda – What were you grateful to have done prior to leaving your employer?  And is there anything that you wish you would have done in advance to your last day at work? Hallie – Do you have any thoughts about finding challenges or fulfillment once the “honeymoon stage” is over?  Or are you just enjoying the process of relaxing and unwinding for now? Catie – How are you balancing the productivity mindset versus relaxing/being present versus guilt for being able to do a lot more of ‘nothing’?  Curious about any new routines/structure of your day now too! Chris – What has been most surprising in the first two months?  And looking back, is there anything you would have done differently about leaving? Stephanie – Leading up to retirement, what did you think your biggest challenge was going to be in retirement?  And then now that you’re a few months in, what do you think the biggest challenge actually is? Khang – What MORE do you want to do now that you’ve had some time to acclimate?  Is it an activity you’re surprised to find out about yourself? Rakesh – When is Elizabeth going to join Dusti for running? Eric – How long until Elizabeth is tired of being around Doug for all of those hours in a day? Maggie – Does Elizabeth want to come to CampFI and do puzzles with me? Callie – There is a puzzle competition???!!!  How do you find out about those?! Mira – How is puzzle solving different pre and post 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) Do you have even more questions for Elizabeth or Dusti?  If so, head over to the Mile High FI Facebook group or support us at Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Elizabeth by reaching out to Mindy: Email BiggerPockets Twitter/X Connect with Dusti: Facebook Strava Instagram Mile High FI Facebook Group Elizabeth on MHFI episode 212 Dusti on MHFI: Episode 172 Episode 178 Episode 179 Huberman Lab supplements Saturday Night Live, “The Love Toilet” Bill Perkins, “Die With Zero” Kindle Hardcover Paperback Audiobook CampFI Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 3:16 Question – Have you decompressed yet? 7:30 Question – Has your money mindset shifted? 13:50 Question – What were you grateful to have done before retiring? 23:54 Question – Thoughts about finding challenges or fulfillment? 29:22 Question – Balancing productivity vs relaxing vs guilt 36:52 Question – What has been most surprising? 40:49 Question – Biggest challenge in retirement? 46:19 Question – What activity do you want to do more? 53:37 Soundcheck – Misc questions

Doug and Amberly discuss the ins & outs of when to consider using a financial advisor.  They explore the pros & cons of working with advisors, fee structures, the importance of fiduciary responsibility, how to avoid bad financial advice, and complexities of DIY financial management.  They share personal stories and experiences to illustrate the discussion, including Doug’s past mistakes with an advisor and Amberly’s insights from hosting financial discussions & events. 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) Want to support our new business venture, financial advisor/fiduciary hats?  If so, head over to Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Amberly: AmberlyGrant.com FinTalks FinTalks Cruise Instagram Facebook “Jump In Feet First” podcast Elizabeth on MHFI episode 212 Amberly on MFHI episode 216 Wealthsimple Jeremy Schneider/Personal Finance Club “Types of Advisors” “The Fees Add Up” “Cost of Advice?” Northwestern Mutual Conflict of Interest brochure Northwestern Mutual Conflict of Interest brochure (Marked up) Denver Asset Building Coalition Brian Feroldi on MHFI episode 213 Downshift Financial Nectarine, Advice-Only Financial Advisors FeeOnlyNetwork JL Collins, “Simple Path to Wealth” Kindle Hardcover Paperback Audiobook Mark’s Money Mind Podcast CampFI EconoMe Conference Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 3:27 Definition of financial advisors 9:14 Fees 16:22 Two hats 22:13 Sleep issues 27:35 Pros of working with financial advisors 38:12 Cons of working with financial advisors 44:27 When a financial advisor is useful 53:20 When DIY might be better 57:25 FinTalks Cruise 1:03:47 Soundcheck – Laid back with rules

The hosts tackle intriguing questions about financial independence, like how to balance retirement account contributions. They navigate the complexities of long-term care insurance, sharing personal experiences and some skepticism. The dating scene also gets a humorous spin, contrasting traditional interactions with the pitfalls of apps. Plus, they delve into teaching kids financial literacy and the importance of nurturing confidence over strict rules. There's even a tasty tangent about the iconic Hot Brown from Louisville, blending culinary adventures with life lessons.

Doug and Carl chat with Allison, delving into her unique journey as a nanny for high net worth families and some insights & takeaways from those with wealth.  Allison also discusses her path toward financial independence including frugal areas of her life, giving into the (lifestyle) creep, and finally attending an in-person FI event for the first time after being in the community virtually for so many years. 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) Want to support our new business venture, Pets on Jets?  If so, head over to Buy Me A Coffee. Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Allison on Instagram FinCon “Mindy On Money” podcast EconoMe Conference Vicki Robin & Joe Dominguez, “Your Money or Your Life” Kindle Paperback Audiobook Audio CD Pete Adeney/Mr. Money Mustache Early Retirement Extreme Brad Barrett/ChooseFI BJ on MHFI episode 217 CampFI Allison on Earn & Invest podcast, “How to Take Action (Live From Econome)” Allison on ChooseFI podcast, “The Courage to Take Action | EconoMe LIVE with Doc G | Ep 488” Jordan Grumet/Doc G Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 3:12 Life as a nanny for the wealthy 9:22 Insights on wealth & happiness 13:11 Sunk cost fallacy 20:28 Contemplating life with 100X current net worth 27:19 Discovering Financial Independence 37:35 Areas of frugality 42:58 Giving in to the (lifestyle) creep 49:22 Attending first FI events 55:19 FI in real-life 1:05:13 The perfect day 1:09:47 Soundcheck – Gray blobs

Doug and Carl chat with Vivi Ton who shares her bold decision to leave a stable career as an aerospace engineer to pursue her true passion in graphic design.  Vivi discusses entrepreneurship & her work with Personal Finance Club, her experiences with mental health & therapy, navigating the societal pressures of leaving a high-paying job, and offers insight into the importance of finding work-life balance. Note: This is a rebroadcast of MHFI episode 054. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Use coupon code MILEHIGHFI which is good for 20% off any Personal Finance Club products – individual courses or the bundle.  (Affiliate so we might earn a commission) Want to help us quit our job as podcasters?  Support us at Buy Me A Coffee so we can finally stop. Links Connect with Vivi on Instagram Personal Finance Club Website Instagram Courses Jeremy Schneider on MHFI episode 122 Nectarine, Advice-Only Financial Advisors Amberly Grant: FinTalks “Jump In Feet First” Podcast Vivi on “Jump In Feet First” Podcast episode 1 Mark’s Money Mind Podcast Doug’s Podcast Accelerator Pete Adeney/Mr. Money Mustache EconoMe Conference Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 4:49 Quitting engineering 10:52 Sunk cost & transitioning to graphic design 16:42 Entrepreneurship & identity 26:30 Reflections on changing careers 33:07 Therapy and personal growth 38:47 Discovering Financial Independence 43:41 Losing youth 50:49 Travel & social media 56:22 The perfect day 1:02:45 Soundcheck – Guilty pleasure music

Doug and Carl catch up briefly on a potpourri of personal topics including challenges of managing time, updates with the lazy book, fitness updates, and upcoming summer plans.  They also discuss changes in Google search, the impact of AI on search results, and the current state of SEO. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Feel bad that Carl and his kids are missing door knobs?  Support us at Buy Me A Coffee so he can afford new ones. Links Hoffman Process “Mindy On Money” podcast Doug’s other channel, “Niche Site Project” “Omnibus” podcast Google search: Doug Cunnington, “Google Publisher Success Stories vs Google Search” Omnibus podcast, “Kim’s Video (Entry 687.MT0542)”, Google discussion at 56:39 Edward Zitron, Where’s Your Ed At?, “The Man Who Killed Google Search” The Verge, “Google is getting even worse for independent sites” Brad Barrett/ChooseFI CampFI Physician on FIRE Ramit Sethi Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 1:05 Not enough time 3:55 Lazy book update 6:02 Changes to Google search 14:00 Mini-fitness updates 19:27 Summer plans 27:35 Soundcheck – Never-ending projects

Doug and Carl chat with Air Force veteran & physician B.J., who shares his journey toward Financial Independence and life beyond material success.  B.J. discusses how military benefits like pensions & healthcare can pave the way to financial success, the personal growth he experienced after achieving FI, and the pursuit of deeper happiness beyond owning dream items such as a Lamborghini.  Post-military retirement, B.J. emphasizes the importance of giving back to the community and explores his decision to continue working, motivated by a desire to serve others. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Are you looking to explore the “squishy stuff” but don’t know where to start?  Come over & start your research at Buy Me A Coffee, perhaps we can help. *Some affiliate links so we might earn a commission if you buy something. Links (*Some affiliate links so we might earn a commission if you buy something) EconoMe Conference Diania Merriam “Playing with Fire” movie Bill Perkins, “Die With Zero” Kindle Hardcover Paperback Audiobook CampFI FinCon Elizabeth on MHFI Episode 212 Jordan Grumet/Doc G Jordan Grumet, “Taking Stock” Kindle Paperback Audiobook Audio CD Bronnie Ware, “Top Five Regrets of the Dying” Kindle Hardcover Paperback Audiobook David Brooks, “The Second Mountain” Kindle Hardcover Paperback Audiobook Bill Yount & Jackie Cummings Koski/Catching Up To FI Dave Ramsey Military Dollar Doug Nordman/Military Financial Independence Doug Nordman, “The Military Guide to Financial Independence and Retirement” Kindle Paperback Chris Hutchins Jackie Cummings Koski/FInomenal Woman Kiersten Saunders/rich & REGULAR Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 5:18 Overcoming sunk cost fallacy 13:01 Military benefits 22:21 Living life & financial reflections 28:41 Community, connection, & finding fulfillment 32:41 The dream purchase 42:46 Reflecting on achievements & what truly matters 53:34 Additional military benefits 58:58 Financial literacy & education 1:04:55 Creating a life you want to live 1:14:39 Working on self, making a difference & squishy stuff 1:21:38 The perfect day 1:30:02 Soundcheck – Workouts

Doug and Amberly explore the intriguing reasons why many millionaires consider themselves middle class.  They discuss the technical definitions of financial classes vs. the challenging societal definitions of these same classes, how both of these relate to their own views, and the psychology of wealth & self-perception among financially successful individuals. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) Still confused by all these definitions of middle class?  If so, help us fund our own surveys & research by heading over to Buy Me A Coffee Links Doug’s Podcast Accelerator Connect with Amberly: AmberlyGrant.com FinTalks Instagram Facebook “Jump In Feet First” podcast Amberly on CNBC Make It Doug & Amberly discuss “failing” FI on MHFI episode 174 Erin Talks Money YouTube Erin Talks Money, “Reality of the Middle Class Millionaire” Yahoo Finance/Insider Monkey, “15 Reasons Why Millionaires Think They’re Middle Class” “Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial” Doug & Carl discuss feeling wealthy & rich on MHFI episode 203 Thomas Stanley & William Danko, “Millionaire Next Door” Kindle Hardcover Paperback Audiobook Investopedia Definitions: “Middle Class: Definition and Characteristics” “Working Class Explained: Definition, Compensation, Job Examples” “Upper Class: Definition, Salary, Example, and Other Social Classes” United States Census Bureau “Wealth, Asset Ownership, & Debt of Households Detailed Tables: 2021” “Income in the United States: 2022” David Chilton, “The Wealthy Barber” Paperback EconoMe Conference Morgan Housel Ramit Sethi Mark’s Money Mind Podcast Mile High FI Facebook Group Doug’s site 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-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 1500 Days, Carl’s Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com 0:00 Introduction 3:26 Millionaire net worth profiles 7:54 Interpreting survey results 13:41 Defining classes by income 24:07 Defining classes by net worth 30:27 The shrinking middle class 37:40 Why millionaires feel middle class 46:50 Millionaires’ mindset & class identity 55:53 Comparison is the thief of joy 1:01:22 Rich or wealthy 1:07:45 Amberly’s podcast, “Jump In Feet First” 1:16:06 Soundcheck – Catching up