This teacher who retired early is navigating FIRE after divorce | FIRE Starters: MarketWatch
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- Опубліковано 4 жов 2024
- Joe Olson and his then-wife, Ali, left teaching at 29 after living frugally and investing in Las Vegas real estate. After three kids, a move to Seattle and a divorce, Olson has asked himself the same question he had when he first retired early: Will I have to go back to work?
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I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
To new investors: Buy good companies stocks and hold them as long as they are good companies. Just do this and ignore the forecasts and market views which are at best entertaining but completely useless.
Agreed. I've traded for several months. I barely knew anything about the markets when I started but recently, a friend advised I get a financial advisor that has good experience. I did and things changed. My portfolio grew by 150% in 8 months. How was she able to achieve that? She invested my money in reputable companies which their stocks must always rise after any dip.
Mine had always ended up with losses.
@@devdaniel3225 My consultant is *PRISCILLA DIANE AIVAZIAN* I found her on a CNBC interview where she was featured and reached out to her afterward. She has since provided entry and exit points on the securities I focus on. You can look her up online with her name if you care about supervision. I follow her trade pattern and haven’t regretted doing so
@@helenoliver4838 thanks for the info. Found her website and it was really impressive
Mrs. *PRISCILLA DIANE AIVAZIAN* really knows her way around trading, it's evident from her deep knowledge of how the market works, and reading signals to perfection, I feel very safe trading with her.
Finally: a FIRE member who doesn't make money from their blog. Real estate makes so much more sense 👌
It really doesn't. As someone who's worked in real estate, you couldn't pay me enough money to be a landlord. But it is nice seeing someone who's not claiming they FIRE'd when really all they did was become an influencer.
Majority of wealth is built through real estate in states. People that were lucky enough to be there and ready when crash happened they profited BIG TIME. It is really hard for person with middle class good income to have one rental property these days. What he achieved was pure luck. 80k was just our downpayment for small starting home for our family, yet they could buy cash houses for that price. Its great that they managed that and took advantage of unprecennted times that will likely never repeat.
@@OscarHanzely It’s actually through equities
@@nataliefontane real estate gives leverage. Few rental properties are easy
@@nataliefontane real estate isnt about quality of the investment, but its about quantity. Wouldnt u love to receive 2% for free of whatever amount u could invest in real estate with mortgages??? Its whatbu do after that that matters. With the real estate proceeds invest in VOO or VTI, and build the ladder
"I have learned to seek my happiness by limiting my desires, rather than attempting to satisfy them." -John Stuart Mill
Not sure how much I stand behind this, what wrong with satisfying your desires?
@@FitzDunk It's alluding to superficial desires like brand name bags, shoes, buying a mansion, etc. I'm sure you know someone who flaunts their wealth, a person who seems never satisfied with what they have (an example: celebrities who have closets filled with unused Hermes Birkin bags). You don't need to have 100 pairs of shoes if you only need and use 10 of them. You can't buy a Supreme jacket because that will result in you having credit card debt with 25% monthly interest. That's what "limiting my desires" mean.
@@akirebara agreed with that portion 100% but what I was referring to was getting successful enough to do what it is your heart desires without limits. Like maybe you want to take a 5 day vacation at an all inclusive hotel but you limit that to a 2 night stay in the a motel etc. I don’t think most people want mansions & birkins, they want to live life to the fullest without having to compromise on what they truly I think that is what will be happiness
@@FitzDunk It's not always extremes, like your example though. Like Andrei Jikh. He's a millionaire now. But did he buy a Tesla (even though he wants to)? No. He is still driving the same Toyota that he and his girlfriend bought way before he got rich. He went on a vacation in Hawaii with her a couple months ago. He didn't stay at a luxury resort but chose a secluded Airbnb. Not a motel or hostel, but somewhere in between, even though he could easily afford $1K+ a night suite. His desire was "go on vacation in Hawaii". Did he achieve the experience he wanted? Yes. But he limited his expenses to a decent amount. When you start living for the goal of FIRE, something is changed with your outlook in life. Desires are more manageable and less stressful, because you are willing to do somewhere in between instead of "the best" or "the most expensive".
@@akirebara I get where you’re coming from but I do disagree, in your Hawaii vacation I don’t think it’s the same experience of the hotel and airbnb I’d argue to say a 1k has a way better value. But I’m the FIRE movement spending your money has to be paced because any big purchase could throw off your calculations and you’d have to go back to work. So buying a Tesla even tho within his budget would have to take in how much he is allowed to spend each month. But I’m 100% with you on not attaching your happiness to a specific thing but the fact still remains if you can buy the things you desire you’d be happier than if you can’t. I just don’t want people to compromise everything to be happy, yes the simple thing are great but you should be able to buy that Tesla if you want to
Just watched this whole series tonight. I’m 33 years old and just worked about 13 hours today. I’ve been feeling burnt out and having feelings on giving up but watching these videos reminds me why I work so hard and also reminds me of why I don’t have a fancy car or expensive things. I’m feeling better now. I needed this inspiration.
Yoi are not alone my friend!
your not alone Im done with tax season lol
Haha yea audit season here too
Yes, I understand been working two full-time jobs for a while....after awhile you feel like a hamster on a wheel going round and round.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets. get a financial assistant
I currently work with TERESA JENSEN WHITE a financial expert i met in a seminar
I recently watched TERESA JENSEN WHITE on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
His commitment to donating to charities is inspiring. I couldn't imagine taking care of my 3 year old son without the daily support from my husband. Must be really hard to be a single parent with 3 kids
tax wirte off
A CNBC news host spoke so highly of this💕 lady Christine Lynn Saitta and her loss prevention strategies been trying to get to her ever since
Investment now will be wise but the truth is investing on your own will be a high risk. I think it will be best to get a pro👌
@@ericalorraine7943i just lookup her name and found her accreditation with qualifications on FINRA and SEC, she seems really solid. I already leave her a mail on her webpage🙏
I was able to paid off my $692000 debt within 8 months with Madam Christine help! So happy we are finally onto baby step 4, 5 & 6! Amazing! 🇨🇦
Poor guy, you can tell in his voice that she’s the one that wanted a divorce
That's obvious, whichever parents got dumped with custody of the kids is the one that got divorced
They have shared custody, seems 50/50 based on his on week/off week comment
How I. The world does he pay only $25 a month for medical insurance for himself and 3 kids?
Feels like I picked the worst time to get into real estate in the last decade. I own some rentals now, but the returns aren't super great. Wish I had someone teach me this stuff when I was 19~ back in 2009~. Being frugal alone won't cut it in this environment; you need a good income to drive towards investments.
Quite the likeable guy. I hope he can keep it up and stay just as positive as he is!
I work as a Math Teacher in high school. Getting paid about 60K per year. I am trying to do FIRE before I turn 50. I hope it works out.
I'm 38 and started the fire as well. What strategies are you doing?
his story is unique. He was able to FIRE when he bought all those rental properties at probably 40%-50% discount. Las Vegas was crushed in the real estate bubble of 2008-2010
It’s not going to happen
If you invest, maybe. Good luck and thank you for being a high school teacher!
@@auroramothergoddess
How do you know? We have no Idea of the posters current net worth or expenses.
If you can invest 60-70% of your salary you can retire in 10 years.
It is possible making under 6 figures and those who have made it their primary goal can always find a new job that pays more.
If he can invest 20k a year and live off of 40k he can retire with a million. If he can live off of 20 k a year he can retire with 500k.
If he makes 150k a year, lives in a posh house, likes designer clothes and has to drive the newest Tesla - he will never be able to retire. It is all relative.
Honestly, I would cut out the donations and just donate your time instead. Not a lot of people have enough free time to really get involved in causes. It sounds like you'd be more help to local charities by using those off weeks to volunteer. Not going back to work so you can throw a trivial sum (at the end of the day, compared to what they receive from wealthy donors) at a charity.
I would cut out the ex wife, and keep donating to charity.
Actually a really great suggestion
They’re tax write offs
Investing in rentals allowed me to reach FIRE at 28. I think it's the fastest way to reach FI.
How do you spend your time? Do you get bored?
Stock market for me, hit 7 figures last year at 27 but I didn’t “RE”. Instead just use my paychecks to have fun. 😅
Really earned my respect but the "donating" rule he has for himself is the biggest one that grabbed my attention. Great job!
Managing a real estate portfolio is not retirement; it's a job.
You can get close by paying property managers however it will still require some time and energy to manage.
Peoples definitions of retirement can be different when you’re not working for solely the money
I agree. I retired 20 years ago at 45. Been a landlord a few times for short periods...it sucks. I don't even like investing. Doesn't interest me. And it stresses the hell out of me when markets go down. I've done no investing at all other than the house I live in which I do fix up and sell and repeat every 5-7 years. I enjoy fixing up a house once in awhile when there's no deadline. I've funded my retirement just on the profits of those house sales.
Really who is your boss?...oh yourself 👍. Not that it is always easy. But you still control your number one asset TIME.
After all that, a divorced? That sucks
Makes me sad to watch these young kids growing up without their parents being together.
Such an interesting fire story. Good to see stories that are not all perfect and ideal in every way.
This is very unique so I'm thankful Joe and his ex wife were willing to tell their story. They reach FIRE but eventually divorced but they both are still able to live their lives according to what they want, with not being tied to jobs they hate.
His ex wife said nothing. He’s the real mvp
@@wolfangstrike2220 he told THEIR story, of how THEY BOTH reached financial independence at a young age. How THEY met, how THEY traveled to different countries when they were younger, how they budgeted, when they had their kids. Yes, their romantic relationship ended but they are still in each other's lives for THEIR kids. Stop being a misogynist. Be better.
@@akirebara why is he speaking for her. His ex wife has a voice. You’re supporting the patriarchy. You’ve been indoctrinated by the right wing political machine. She probably left him for a reason. Cause she didn’t talk so. Mmm. How about you be better, use your brain. Woman can speak for themselves.
@@wolfangstrike2220 Some women don't want to talk in front of the camera because of men like you. She probably trusted him to speak about their FIRE journey but know how toxic people are towards women in divorced couples.
Right wing political machine? What does that even mean? "Woman can speak for themselves." And I'm the one who needs to use my brain, when you can't even type in a cohesive, grammatically correct sentence. 🤣
@@akirebara I don’t have to type in a cohesive structure. Cause nothing you have ever stated, present nor past has ever sent the listener/reader to the dictionary. 😊
This story is so inspiring. Joe if you see this im a single dad to if you start a support group for FIRE for single dads I would join in a heartbeat!
It's horrible to divorce like this..
That's a good idea! I married a single dad and he was not doing great when I met him. I just a little love and this guy blossomed!
Single dad's need support.
@@Bambotb This dude did everything right. Great father, great husband, early retired his whole family. Ungrateful modern Westernized wife still divorced him. Genuinely seems like a nice guy too. This video sounds like a bad romance novel. He's like I showed my wife the entire world, we traveled, and then we got divorced. It's like what the hell kind of punchline is that?
As a man living in the West, getting married is absolute suicide. Do not get married. Don't do it.
@@Re3iRtH i am arab..it's easy for us to seperate feminazis from wife material...however you never know who is to blame in this relationship..but yeah thann god we still have traditional values here plenty of options ..
@@Bambotb where are you located? I am fortunate to be financially free via real estate passive income so next year at age 37 I will stop working to travel the world. I want to do a year in Mexico and taiwan, so far those are my favorite places for feminine traditional women.
Glad you're doing well Joe. You were always giving the smartest and best advice on the MMM forums. I'm loving my FIRE life too although it isn't always sunshine and rainbows. I still think living below your means and investing the rest is the cheat code to life, but sometimes the cheat code ruins the game because it becomes too easy. I haven't fallen into that trap but I could see how it could be a problem for some.
I’d like to invest but don’t know where to start. Any tips would be appreciated?
It’s so sad they divorced. He seems great, maybe he lost a sense of purpose after ‘FIRE’? I don’t think it’s possible to do nothing, even if it’s unpaid, humans need to do something..
I think the wife didn't want to have kids. when they had kids, she was forced to stay home everyday with him. i can see why he has to stay home dad, daycare for 3 kids would be like 4k per month in Seattle
@@cutehumor Yeah maybe it’s because they were all at home. Not sure if she didn’t want kids, but it makes sense that maybe they were at home on a budget and got on each other’s nerves
This post needs to be pinned!!!!
He's not doing nothing. He raising 3 children.
If you have four kids you can't do nothing. They are work. Is that why they divorced.
Great story and enjoyed watching, FIRE is the journey I too am on. At the end of the day, I have really come to understand that is never how much you have earned, but how much you are able to save and moreover grow... Less really does become more when you get your time back and now I am off to Thailand soon to continue to enjoy the dream!
Starting early is the best way of getting ahead to build wealth, It's such a pity most folks spend more and invest less while intelligent people always try to harness any investment opportunity not minding the risks involved.
Finding the very best stocks right now isn’t as easy feat.
@Joe Robert I need more info on Dan Raziel’s services, you got any means of connecting with him?
Not all passive income investments are created equally. The stock market may seem like a safe bet, but might end up declining in value depending on the whims of the market.
@@rohitmajumdar1579 Superior fundamentals and technical action, and buying at the right time, are all part of the process to succeeding in the stock market
There is something being left out of this story.
Three kids, nice house with expensive, furnishings in an expensive area with high taxes. with kids outings and stupid virtue signalling causes. Blew a lot of money traveling, giving birth in a foreign country, twice. Who was managing the properties?
This is all not adding up!
property manager looks after the houses ....
@@cazpk6840 So with their cut, plus repairs which he no way does himself is there even positive cash flow on them? This story is bunk all around.
They've been in the media about FIRE since 2017; story has never added up. The now ex-wife wrote romance novels as supplementary income. That tidbit is left out of this piece. STILL...
They worked in a notoriously low paid profession (teaching, bachelors degree only) for under 10 years. Bought 15 properties - more than 1 property per year worked as a teacher in a crappy underfunded state, extensive international travel concurrent with having 3 babies in under 4 years, Mex-Canada RV trip, preaching frugality but little evidence of it (SEATTLE?!). Divorce. Covid impact on landlords. Does not compute. . .
@@AyakoTachi I own 5 properties. And I'm single with no kids. The maintenance on my properties is not a lot, and they're local so I do it myself. This dude has 3 kids and doesn't seem very handy at all. This show really is blowing smoke up our ass!
@@AyakoTachi There just has to be family money in there somehow. Maybe grandma died?
I'm curious how his health insurance is so low!
Probably paid through his business,... Mine pays mine!
He’s a paid actor
How the heck is he able to pay $25 for health insurance / month with 3 kids?
He uses the depreciation from the rental assets to reduce his gross income and can game the system with Obamacare subsidies. This is a common trick that wealthy people use. They might have a million dollar real estate portfolio and bring in 150k per year, but they can depreciate the total value of those assets over 27.5 years and reduce their gross income below the 45k mark for Obamacare subsidies. Thus a program designed for poor people is enjoyed by the elite. Is it legal? Yes. Is it ethical and moral? I don't think so, but some people feel if the law is written that way, then they are fine with it.
I want to know as well? Perhaps his ex wife pays the rest.
This guy is barely making it after the divorce. Especially living in the Northwest in Seattle where it’s highly expensive.
I doubt that😂
It's quite interesting to hear about this story of having achieved financial success and yet being divorced since divorce is generally looked upon as a failure.
Divorce is a failure
@@Dre2Dee2 Depends on who you ask. Some people may say it's the beginning of untapped potential and endless possibilities.
It is a failure. He's debating going back 2 work
@@Onestopshop23 Where does he say that?
@@Onestopshop23 Elon Musk, Bill Gates, Jeff Bezos are all divorced. I don't think anyone would say they're failures.
Very interesting, love his honesty about the effects of the divorce
He seems like a genuine likable smart guy. Wish him good luck
It looks like she picked cash and he picked assets. Good choice Joe, you gonna be just fine. And good luck 👍
Marianna, it think either decision is good . with cash she can put a down payment for a decent flat. and start over .
Absolutely, but I haven’t had any intention to comment their relationship/divorce. It was pure “financial” comment. Assets produce passive income. As an investor, I think he made a better choice. Of course, we don’t know wether she will use a cash to invest 🤷♀️
At 7:18, nothing is mentioned about property insurance, property taxes, repairs, maintenance, property management fees from his rental properties. So I think it's higher than $5.8K.
Monthly personal budget is different than the property management/ownership costs. Those expenses are taken from the income of those properties, not paid monthly by Joe.
I learned that it's not more money and things that keep you happy, but rather less overhead you need to worry about. I made less while back but I was single and didn't have much overhead to worry about. Now I have more and make more but stress has increased.
He seemed to have made a great life. I don’t understand divorcing that
Maybe he was bumming around the house 24/7 while she was running after three children (a full-time job).
Or maybe she was bumming around the house 24/7 while he was running after three children (full-time job). Or maybe they had a dog and every time the dog barfed on the carpet he would kneel down and lick it up and she found that super disgusting. Or something else altogether. We’ll never know.
Marriage is hard. We don't know which of them initiated the divorce, but we can sympathize and wish them our very best.
@@mark9294 😂
@@janebaker4912 😂
Teacher here, so I find this story even that much more inspiring! By the way, this guy is such a TFA type. I've worked with tons of them over the years so I definitely know! : )
@@slydawwg I commented on how the gentlemen in this video inspired me, is of TFA caliber, and it triggers you? Why?
TFA?
@@ummistar teach for America
@@ummistar total Fooking awesome
Moral of the story, buy low during a global financial crisis and don't get married. He did one out of two right.
Don't marry young or don't marry the wrong person 🤷 if you read millionaire next door "being married and never getting divorced (and having a frugal wife)" is one of the big three. The other being a business owner. The next live below your means.
This was all from data. My husband has himself a frugal wife and he earns ten times more than when I met him.
I'm so curious why they got divorced thouh
@Delta 8 if he wasn't married? Guess we'll never know
Very inspiring! Thank you for sharing your story. Side note: how is the medical insurance spending at $25/month? Where does that exist, please?!
My insurance premium through work is $10 a month but I assume since he is retired he is getting a Marketplace plan
@HZa all income isn't the same, when you have a business you have all types of business deductions. It is not uncommon to end up with a $0 insurance premium in the Marketplace after credits. I see it all the time, I work in Financial Counseling for a large health system and we help sign people up. What you qualify for is based on taxable income.
@HZa Me too!
@@charity7273 Interesting! I had no idea. Mine is employee sponsored through my government job, but they still deduct over $800/month for a family plan. I’ve never heard of health insurance under the $200-$400 range. $25 a month or less sounds incredible!
obamacare. if he has 50k year income with 3 kids, his insurance will be dirt cheap under a HSA high deductible plan
$25 for medical insurance in the USA? That's impossible. Someone is lying.
That was my thought as well. I commented above and another viewer said under Obamacare with a HSA & high deductible, it was possible. I’ve never seen something that low. But I’m in CA. You’re either below the poverty line and get Medi-Cal, or you pay with a different limb every month. There’s no in between!
@@afw3929 not sure about where he is but in NJ a single parent and 3 kids they'd get free/heavily discounted medical insurance through the state. Or the Ex is paying a chunk of it.
He has rental properties and no W-2 income. He uses the depreciation on the properties to reduce his gross income to the lowest level possible to get the highest amount of affordable care act subsidies. This is a common move by high net worth individuals who can manipulate their income. Legal? Yes. Is it ethical to use subsidies designed for poor people to maintain this lifestyle when you have a 7 figure net worth? You can decide that I suppose...
@@Zoltarswim I would say good for him. If I were in the same spot I would do the same. Just another reason to change the income tax rules.
@@briancollora481 nah its still gross he has money and doesn't need to be eating up all those subsidies that lower income folks ACTUALLY NEED
Such an interesting story. Thanks for sharing it. And what a great positive attitude too.
Really inspiring to see how he is going about life
Wow. Ali really screwed him over. Wth.
And Im a woman commenting.
First FIRE video I've seen dealing with divorce. IMO divorce is the biggest risk to FIRE. Few people can divide assets and still be able to stay retired. When people see that big pile of assets they're likely going to start getting their own ideas on how to spend that. Once retired couples have all this free time that has to be allocated, each wanting different things. When working a couple really doesn't spend much time together and time is allocated for them...working, taking care of the house and kids. They too busy to butt heads on free time ideas.
There's also the saving phase that can cause problems. Two people on the same page for a long period of time is rare. Marriage is filled with compromise.
I retired 20 years ago at 45. I was married at the time and didn't tell my wife I had retired. I was a software engineer and said I was working on my own project. I had the money to cover expenses and my wife did not like numbers so she never figured out I wasn't working. She was a teacher and there's no way I wanted her to retire...that would ruin my freedom. That went on for 15 years and we finally divorced. She wanted to take my house (only asset she knew about) which I'd bought before marriage (married 3 years before I retired) but when I explained I hadn't worked in 15 years so she'd have to pay me alimony and part of her retirement funds she went white. She dropped trying to take my house in exchange for not paying alimony and keeping her retirement funds. I handled the divorce and 90 days later it was done. What's crazy is she only had $55k saved for retirement, she was 63 at the divorce. She was super protective of "her" retirement funds. What a joke only saving $55k on a salary of $39k and I was paying for the house, utilities, her car. So about $585k in income and saved $55k, Shae maybe saved 5% with almost no expenses. That's mainly why I never told her I'd retired. She would quit her job too and devoted her time to spending my assets. Probably gone in 4 years.
IMO a person seriously interested in FIRE should really think hard about marriage. If there are any issues that big pile of money is going to solve those problems in divorce. Better to divorce and then save.
I'm fixing up my central Phoenix house now to sell. Plan to move to SE Asia. Probably get married to a young woman and have kids. I never had kids in the US. Now i have the resources and time to be with my kids. Pretty sweet to have this option. Life is good.
I don't think it’s easy to have kids at that age but best of luck to you.
@@bbb_888 is easy when you have money and time. I retired $12 million and had 2 kids at 52. I was young with plenty of energy.
You are a dishonest person. You were omitting the truth about your circumstances to your wife. Hopefully another “younger women from Asia” will know not to marry you-let alone have children with you.
65 year old going to asia to find a young wife and have kids🤣 So you might have 10 years untill you pass away after that your going to leave your money to a gold digger. Might as well stood married to your first wife she made almost 40k 20 years ago. Those young chicks out there dont even work. They are looking for fools like you to have sex for money and support them. That doesnt sound smart computer man 😃
Sounds like you lacked communication about finances.
exactly how is Joe only spending $25 /mo on health insurance while still not having formal employment? im calling BS!
Exactly. I pay $700-something, with no history of medical problems. Non-smoker.
He doesn't have income + kids so he gets Obamacare subsidies. My unemployed sister only pays $25/month for her plan
Cheap insurance
how does he only pay $25 for health insurance? and what about $40 for air travel? those numbers don;t add up
The air travel is likely his yearly air travel expenses divided by 12 months, so he likely spends about $480/yr. I can't comment on healthcare as we pay ours through taxes (universal healthcare).
Travel hacking with credit card points
Same here bro. We became debt free and even paid off the house. A few months later she cashed out the marriage. Now I'm the stay at home parent and she has a full time job. Guess she thought the grass was greener on the other side. Keep pushing forward! Life is good.
Mine did the same. Paid off house, cars, money in bank... she filed for divorce and took 50% for herself then got another 42% for child support. I got homeless and broke.
How on earth is a 29 year old "retired" person paying $25 for himself and his kids?
(timestamp 7:18)
He's 36! But 25$ seems ridiculously low
What an interesting angle! Thank you for being so candid
I admire that he’s willing to donate so much but I’d be curious to know how much he has put away for his three children.
Oooohhhhh 🔥 yes
Obviously they didn't put their children first getting divorced in the first place.
@@thedopplereffect00 yeah but you can't set yourself on fire to keep others warm.
@@thedopplereffect00 🙄Obviously you dont know what TF you’re talking about - since their situation has never been discussed with you.
Seems like he spending far more time with his children than most parents do. Time with children is FAR more valuable than money.
I love how he sets a goal toward charities!
How is his health insurance $25 dollar. I need details on that policy
Divorced with kids would be my biggest fear about FIRE.
Fire primarily has high earners living on less.
A disgruntled ex-spouse spouse would just have to claim that you have a high earning potential and are choosing not to work in order to short change the kids.
So essentially, you have to work twice as hard as you ever would to satisfy the selfish behavior of your ex. Even though you would never intend to live or raise your children with such extravagance.
It's literally happening to @techlead rn. You nailed it.
Did you not watch it, they split things equitably, he speaks without bitterness about her, their goals and interests diverged.
@@evanh4376 watch his latest video on what happened recently. She took him to the cleaners...
She got an American Lawyer to take him to child support court. He was paying for his child obviously but now since she's taken him to court , he's being shanked by the system
Thank you for sharing your story. Very admirable. 🥰
All of his assets are illiquid. That makes me nervous for him. He is brave! Love that he gives to charitable causes.
Good point.
Cash out refi's and HELOCs can help with liquidity, especially with home prices skyrocketing - but yes, it's a pickle, especially with rates following them.
How much liquidity does he need? He has more than a dozen rental cheques rolling in every month for the rest of his life. I’m sure he has enough cash/stocks to cover emergencies.
You should be more nervous about the 56% of Americans who don't have enough money to cover a $1,000 emergency. I think he'll be just fine lol
I think most FIRE people go through this. Unless you have several million, there's a really high chance you'll have to go back to work, and people don't want to hire someone who's been out of work all that long.
He chooses to spend 100k a year. A person doing FIRE could live on a lot less.
I mean it depends if it's just 1 person/couple or if they decide to have kids... I don't think the $60k/year accounted for the kids very well
The world always needs more bartenders
wife and kids killed your fire homie
lmaooo
Really inspiring!! Making the right decision at the right time is more important.
To the Men watching, first step to FIRE...DONT GET MARRIED!!! Hell, thats the first step to anything involving keeping what you acquire.
🤝
As a person, one has to discover who they are. I came to the realization that I am by nature a frugal person. I am happy with that! I use to feel bad because early in life friends would make fun of me. Material things just don’t matter that much to me.
Donate to causes? There are problems in your own backyard…..start there! If you give directly, you don’t have to wonder where the money went or how it is being used. It is a wonderful feeling to help someone you have heard needs help and go and do that. Send a money order if you don’t want them to know you helped them.
It’s actually no one’s business how he chooses to help. Stop being judgmental !
7:52 that’s a very weak quote. Basically saying, aim low and have lower standards. Don’t aim high, and you will not be disappointed. You can have FIRE, and still have strong goals
Sorry to hear about your divorce. I'm glad you both had the courage and conviction choose the difficult but happier path while maintaining an amicable relationship.
Regarding the impact of your separation on your financials, don't think of it as " losing half of your net worth". That was never really your half to begin with. It was hers.
Moral - do not get married
"Don't get divorced"
In Paraguay 10K is like 100k in great old debt city America.
Joe you are a fantastic person!
15 properties, how much property tax?
All respect, sir. You're a young guy and every other week you essentially do nothing. You'll be more fulfilled when you find something meaningful to do on your off weeks.
He is fulfilled, he raises his kids and paints, just because he isn't doing it for money does NOT mean he's not fulfilled, he is more fulfilled than someone working at a job they hate paying of things they buy to make up for the job. If he donates a lot to charity he may also volunteer.
He should stop with the charity stuff. He is the person who needs or will need charity. Blood from a rock my man
Unfortunately... He is going to get crushed... Ex wives usually burn you
@@jasonjason5325 Yup. Thinking the same thing.
Wow the donation/charity part... I take me hat off sir.
Hello Vera how're you doing.?
Wow. Incredible timing, hard work, and luck on his part. The discipline to live in a tiny condo in order to save 65% of gross pay, the timing of having enough money to start buying real estate just as prices dropped through the floor, and the luck that rental rates have skyrocketed as they have in the last 10 years. So few people can work as a teacher for 10 years and then have that provide the lifetime of rental property income. Too bad about the divorce, at least the kids still have a good life it seems
How are the health care expenses so low?
I think it's great that things ended on a nice note with them splitting everything 50/50 and still working together as co parents, co team mates.
Health insurance and spending =$25 per month?? Must be a typo.
Wow F.I.R.E. Doesn’t work unless your single. They achieved everything and did everything and that wasn’t enough for her. Plus she took the retirement fund, liquid assets and he pays her the difference from the real estate portfolio. How is that 50-50.
Wowwww, his mindset is inspiring. One thing is for sure he’ll always have cause he always gives…
Most of my portfolio is dividend investments. I am really liking the results.
How in the world is he paying $25/mo on health insurance with 3 kids? My bronze plan costs $150/mo just for me, and that includes the subsidy.
High Deductible plan?
What a trooper 👏 and great father keep it up
Don’t you have home owners insurance, life insurance, property taxes?
It's probably inside the mortgage value or he has a business that manages all of that and has most of his properties paid off
Something seems to be missing… like maintenance/repair on all the properties and insurance for him and the kids. And taxes… property tax for all the properties, income tax for all the rental income… I don’t know.
Are the kids going to get some support if they want to go to college/university? Or if they want a car?
And finally, his art… why is he painting on the floor? Can’t he afford a chair or something?
Maintenance, property taxes, appliances are incorporated into the rent. This is why most Landlords earn a minimum 3% net return up to 15%. Tenants pay for everything, they just don't see it
It’s still a remarkable situation. Without regard to taxes, he needs to clear an average of $350 per property per month to earn $60k/year…which seems to have increased to $100k/year ($550/property/month). I’m deeply impressed that 15 properties, owned for less than 15 years, are able to produce that much net revenue. Anytime we get close to such numbers, the county jacks up the property tax!
@@jaredflurry937 he probably has some (or most) of the properties paid off already.
Since he is uncertain about his finances after the divorce, why not cut out the $900 per month of charitable donations until things stabilize? It is his 2nd highest expense. Seems out of whack to me.
People get bored without a purpose. He's too young to retire. Hanging around at home they just get on each other's nerves.
@Reese B I don't think ambition is gendered. I think both genders can want not to work. I don't want to work but I have autism so I find the world overwhelming
@Reese B I cannot understand how I've been at home with my kid for a year now and thank goodness I found a job that I can start next month!!
Older retirees also get on each other's nerves.
@Reese B Pretty weird comment.
So, let me get this straight. After him being the man of the house and leading his family to financial freedom. After 15 years of building together and 3 children now they get divorced? 50/50 split. Why do I get the strange feeling she left him.
She probably did leave him..he looks like the underachiever of the couple. She wanted a participant not an observer
@@mobilemoke What do you mean? He’s really active with his kids and got into real estate. Maybe she just wasn’t sold on ‘Fire’, as while you’re young it’s still a good idea to work for some money, even if it’s part time.
You can't force what isn't working for yhe sake of your kids. Happy parents= happy kids
Perhaps they are both really awesome people whose marriage came to an end. Why does there need to be a villain?
@@FaithWolper no such thing. We both have been alive long enough to realize in marriages someone always throw the towel first. Your comment doesn't even make since regarding divorce statistics. 80% of all divorces in the USA are filed by the woman.
Admire his honesty and altruism. Not sure I understand giving away almost $900 a month, with 3 small children. On another note, the graphics editing is higly irritating.
Definitely head scratched about the $900 for charity too. It’s nice that he wants to give so much, I’m just curious on if he is setting up trust funds/ investment accounts for his kids as well. Seems like a waste of opportunity that his children in the future would benefit greatly. Then again, who knows? He probably already has that covered.
So, Joe and Ali held down regular jobs for about 5 years.
At $25/mo for health insurance, it looks like he must be on a heavily-subsidized ACA plan (and, therefore, shows a very low AGI).
Managing out-of-state rentals is very difficult; and property managers eat into an already skinny profit margin and need to be watched. He doesn't talk about the work involved in managing 15 rental properties, and seems to not have to do any of that.
The pie charts at 7:13 illustrate a pension - he only worked 5 years, how could he vest in any pension plan?
The monthly expenses at 7:18 seem to not include his investment real estate expenses? We need to see the income side of that statement.
A lot of questions with this profile,. I'm guessing that this guy is on the brink of bankruptcy.
We also give ten percent of our money and always have since we were in college and making barely anything. Generosity is so important as you build wealth. It’s unusual to see some one giving so much in their budget! Very inspiring!
Where do you get insurance for $25/month?
Hello Teresa how're you doing.?
Excellent and inspiring. I am divorced with a teenager, so easier most times, and my ex and I are both involved in her life and mutually supportive regardless. I think we get along better divorced lol.. Never reached FIRE but so awesome for these two and with young children, this is the best spending time with them rather than having to get a baby sitter all the time.... Well done !!
Mad respect for actually managing to FIRE at such a young age, but come on dude, painting on the floor at 6:45 ? Get on Craigslist and buy a used Ikea table for $10, or perhaps an easel or something. There's frugal, and then there's cheap.
Make a UA-cam channel. Talk about on those feelings. Good luck to u man!
Wow, that is messed up! How and when the divorce went down.
Hello redblondechick how're you doing.?
How is your health insurance and expenses $25 a month?
He seems like an incredible guy.
I'd be in his situation had I not been broke and experiencing job insecurity from 2009-2013. Which was the best time to buy real estate properties.
I could retire right now if I sold my real estate. Most people I know can. Because my market is LA. My friend is in the process of selling his home in a hinterland of LA for 1.3 million. He's moving to Spain.
Good for him. Spain is amazing and cheap too if he doesn't want to live in a big city
You are awesome.
Great video. Thanks
He is so respectful to everyone. A lot of people take advantage of him but he doesn’t speak bad of them. He gives as well. Decent guy.
Who is taking advantage of him? He and his ex built up their net worth together, and they split it 50/50. He hasn't mentioned anybody taking advantage of him
Just because your marriage failed doesn’t mean you failed. Picking one person and mating with them for life is a social construct, not a biological one
Good for him. But he says he loves teaching. So why quit? The salary and benefits are a nice plus. Another reason not to quit is that he can teach kids all the lessons he’s learned about personal finance. That’s something children are in desperate need of.
agreed but do you really want to be talking to kids about money as their teacher?
He could just teach them, I mean he is right there with them.
Health insurance for family $ 25 per month?!
He's unemployed, so the kids probably qualify for medicaid and his insurance thru Obamacare subsidies is $25