7. Avoiding common mantras of the broke by tracking your net worth, investing in index funds, and keeping your financial plan simple | Jeremy from Personal Finance Club.
This episode kicks off another one of my podcast dreams, interviewing INVESTORS. Specifically talking about how it is NOT scary or hard to save and learn to invest your own money. Jeremy and I have very similar brains, so this one was super fun for us. He talks about his early days, how he learned to invest via reading, and how he has developed a passion for helping people better understand investing though his Instagram and Blog, the Personal Finance Club. He dishes on how he too thinks the idea of “FIRE” makes the movement sound lazy which is untrue (so we both prefer the idea of “work optional” life), how he loves a 50% savings rate and how one of his claims to fame is dressing up as a giant, scannable CVS receipt. Jeremy has been “work optional” since age 34. He talks about how to avoid the world of monthly payments, how the obsession with credit scores in our country is crazy, and how everyone should know and track their net worth instead. We even dive into Dave Ramsey’s investing advice, and how we choose a slightly different path. I enjoyed Jeremy’s take on financial advisors, mutual vs index funds, the market today, and the beauty of a SIMPLE financial plan. You will also hear how I am the LEAST fun person to invite to your child’s birthday party, because I can’t even with bad investment advice, and why I have decided to stock some additional canned goods in my pantry. OH -- and don't forget to see that CVS receipt costume (there is a VIDEO!) Learn more: Why your net worth is WAY more important than your credit score. The ONE book to read: The beginner’s guide to investing (100 pages WITH charts). The millionaire next door. Why Michael Burry’s Index Fund bubble prediction does not matter. What is a stock How do I buy stock FZROX vs. VTSAX: The hidden cost of Fidelity’s zero-fee index funds. My top 3 quotes from this episode: I really feel like, with 30 minutes of my time, I could make someone a millionaire 30 years from now. I could change someone’s financial future, and that really pumps me up. The mantra of the broke, the rat race people get caught up in, is the world of monthly payments. People are then super concerned about their credit score, which is crazy to me. The credit score is just this metric of how banks make money off of you. --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support