Today we have Kristy and Bryce from Millennial Revolution on the podcast to discuss home ownership, international geographic arbitrage and much more...
In Today’s Podcast we cover:
A discussion with Kristy and Bryce from Millennial Revolution
They initially were contemplating buying a house and were shocked by the process
This is what led them to finding the Financial Independence community
Home ownership seemed like a “cult” to them
What did their financial life look like before finding financial independence and how did they save so much money previously?
Who might be naturally included to FI and how everyone can be open to it
FI opens up creativity that you otherwise wouldn’t have the time for
Voicemail from David from Canada
How difficult it is societally to not purchase a house
You need to do the math behind home ownership and don’t succumb to the ‘fear of missing out’
All the other costs that are involved in home ownership that eat into your paper gains
A house is not an investment, it’s a place to live
The power of compounding and the Rule of 72
How would someone do the math to compare renting versus buying?
The 1% rule
Introducing leverage into the scenario of buying a home
What do they invest in? Low-cost index funds
How often they rebalance their portfolio and how they came up with their 60/40 split
It is less expensive for them to travel the world than live in Toronto
Their annual spending their first year of travel was $40,000 but they were able to cut that to roughly $30,000 in year 2
How they believe everyone could live the same lifestyle if they were willing to break their mental block with owning a home
How would they recommend people get started with international travel and geo arbitrage?
Budget airlines and bus companies help them travel throughout Europe for a fraction of the expected costs
What do they do with lodging when first visiting a city?
The ‘secret’ location they’ve found in London to stay for a fraction of the cost
How nobody else in the world worries about health costs like Americans do
How much could you reasonably spend for a year of living in Thailand
The little enclaves of expats that exist throughout the world where they’ve found to live for less
Their summarized advice for David from Canada
Hot Seat Questions
They actually have a financial advisor, but they don’t outsource their knowledge to someone else
Links from the show:
Millennial Revolution
JL Collins NH
Mr. Money Mustache
Would We Be Richer if We Had Bought a House at Millennial Revolution
Afford Anything
Airbnb
Why Your House is a Terrible Investment at JL Collins NH
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