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Would you be able to pay off $200,000 of your mortgage in 5 years?
Julian discovered FIRE in Graduate school, and this is what pushed him and his wife to pay off their debt in such a short time-frame. They are very disciplined, although they always allow space for luxuries. They currently use rental properties and a very high savings rate to reach their FI goal.
You’ll love how inspiring that story is.
We also chat about…
- Their ideal FIRE journey
- Their budget and luxuries they allow
- How they use real estate to increase their wealth
- How they cook regularly
- The obstacles when talking about FIRE within the African American community
Enjoy this chat with Mr Rich and Regular, and please subscribe to us in iTunes if you enjoyed it!
Show notes and links from today’s episode
- Instant Pot
- Blog: Rich and Regular
- Mr Rich and Regular on Instagram, Facebook and Twitter
- FIREDrill Podcast Facebook Group
Key takeaways from our chat with Rich and Regular
1 – FIRE is about doing more
Mrs Regular explains her ideal FIRE life means doing more of what she loves. This means more giving and helping, more travel and more time solving the problems that really matter: poverty, climate change and others.
2 – The small luxuries are important too
Although they are very disciplined with their budgets and save 50-70% of their income, Mr Rich and Regular always allow space for luxuries; a $3 soap instead of a $1 one, good and healthy food and the right gadgets. They also plan on moving to bigger house since their kid is taking up a little more space than they expected.
3 – There are obstacles to reach FI in the African American community
Mr Rich and Regular explain the attitude of their close family and friends when they talk about FI with them. Because of the harsh history, their family always expects them to help out since the community of taking care of each other is still there. Most don’t understand the dream of FI and how to get there.
Afreen Malim says
I was so grateful to hear this podcast and the topics of socioeconomic inequities that it touched upon! Thanks for bringing on such thoughtful guests. I’m not the one to go online and comment, but after hearing this particular episode, I felt I had to say thanks to you guys!
firedrillpodcast@gmail.com says
Thank you for the support and for listening! It makes us feel good to know it’s resonating.
Camille A says
This was one of your best podcasts so thank you for putting it into the world. I loved that Mr. & Mrs. R&R shared their method of paying off their current residence, hoarding cash, and then setting themselves up so that the income from their rentals pays 50%-60% of the mortgage on their new home thereby ensuring that their monthly outlays stay roughly the same even though they’re buying what I assume is a brand-new home.
I also appreciated the frank discussion of the repugnant and enduring impacts of slavery, segregation and Jim Crow laws on the black community and how they have inhibited the accumulation of intergenerational wealth. While there was no expectation that all aspects of that history could be discussed or solved within this one podcast, I do appreciate that these issues are being raised within the PF-blogoshpere.