In Today’s Podcast we cover:
Our guest: Jeremey from Go Curry Cracker
Jeremy and Winnie are living the geo-arbitrage life: currently in Taipei, Taiwan and then on to a four month trip to Europe
They are using travel rewards points to get nearly free business class flights from Taipei to Europe. Using Alaska Airlines miles on Cathay Pacific they got nearly 20 cents per point in value!
“Retiring in your 30s is simple but not necessarily easy”
The biggest contributing factor is saving a high percentage of your income
It’s easier to save a high percentage of your income when you have a larger income
Make unconventional choices to save a high percentage
2nd Generation FIRE and how college costs can be lowered
Jeremy had $40,000 in debt when he came out of college
They have already opened a Roth-IRA for their son and used the income he earned from ‘modeling services’ for Go Curry Cracker
He used the 80/20 rule to look at where 80% of their spending was going
Sold his car and rode a bicycle
Winnie made it so her cooking was the best food in town and they never wanted to go out to eat
They spend approximately $2 per person per meal for delicious gourmet home cooked meals
Most of their entertainment was community based with friends where they weren’t spending money
How did he get started on his FI journey? He took the first 6 years to pay down his $40,000 in debt. Didn’t take vacation, worked overtime to earn more money.
On his first vacation he realized he didn’t want to work forever and started formulating his plan
He set a 10 year plan and retired in 10 years plus 1 day from when he started!
What was it like when he actually quit his job?
The power of FU money and not needing to work plus how much more power it gives you while you are actually working
How is he investing his money? 100% of his money is in 2 index funds
Wait for compound interest to take hold so you can benefit over decades
Unpacking his article ‘Never Pay Taxes Again’
Harvesting Capital Gains and how it enables you to get up to $90,000 in tax free income each year and increase the basis in those funds so you are never paying taxes on the gains
Wash sale rules aren’t relevant to harvesting capital gains, only capital losses
Harvesting capital gains actually makes it easier to harvest capital losses in the future
They also do the Roth-IRA conversion ladder to effectively make their regular 401k tax free
Harvesting capital losses to offset other income
Avoiding the wash sale rules: Need to buy back another fund (example: Sell Total Stock Market Index fund and buy S&P 500 Index fund)
Hot Seat questions
Favorite blog: JLCollinsNH.com
Favorite life hack: credit card rewards points
Links from the show:
Go Curry Cracker
Frugalwoods
Podcast Episode: Introduction to Maximizing Travel Rewards points
Jeremy’s guest post on Budgets are Sexy
Stock Series on JLCollinsNH.com
Mad Fientist
Never Pay Taxes Again on Go Curry Cracker
Favorite articles:
How to Give Like a Billionaire on JLCollinsNH.com
They Will Kill You for Your Shoes! on Go Curry Cracker
Favorite purchase: Iphone 7 Plus
Google Project FI
Go Curry Cracker on:
Facebook
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Books Mentioned in the Show:
The New Artisan Bread in Five Minutes a Day
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