Episode 31

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Published on:

29th Mar 2021

How Happiness and Investing Your Money Can Be Congruent Goals I E31 Joel O’Leary aka 5am Joel

How would you feel about retiring 5, 10, even 20 years earlier than you planned? This probably raises some skeptical eyebrows but hundreds of people are doing just that through a movement called FIRE: financial independence, retire early.

Inside groups pursuing FIRE, it’s common to hear of a couple who retired in their mid-40s. With time, discipline, and understanding of basic financial concepts, I believe you can do this as well.

Joel O’Leary is here with me today to talk about his experience with FIRE and how he’s found balance with this popular movement.

By listening to this episode, you’ll also hear us discuss the epiphanies Joel has had during his 3 year sabbatical, how he built and continues to grow his real estate portfolio, and why he believes happiness is a choice (along with a good story to back it up).

 

Key Takeaways:

[1:52] Why Joel took a sabbatical and what he has learned since quitting his job

[15:34] The impact Joel’s parents had on his financial habits

[22:34] How Joel uses real estate to create wealth

[28:59] What is FIRE and where is Joel on his journey

[39:08] Debunking common myths about FIRE

[42:52] Joel believes happiness is a choice

 

Favorite Quotes:

[6:14] “I missed like 50 paychecks in a row…$0, $0, $0. Talk about facing your fears”

[30:32] “It’s a bit of an immature mindset because they think that achieving FIRE is going to magically improve their life.”

[36:05] “I don't want to make decisions based on money anymore. It frustrates me that I have to think about how much this is going to cost me or how much this is going to make me.”

[42:19] “You can achieve financial independence on a very small salary as long as you are spending less than you are earning.”

[43:49] “I personally think happiness is a choice.”

 

More of Joel:

Subscribe to 5am Joel email list: http://www.5amjoel.com/

Learn more from Joel: www.budgetsaresexy.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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Show artwork for FI Minded: Achieve Financial Independence & Have Fun Doing It

About the Podcast

FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve financial independence without missing out on the fun?

FI Minded is for anyone who wants to achieve financial freedom, live life on their own terms, and, most importantly, enjoy the journey along the way!

Whether you’re just starting to think about financial independence or already deep into the process, FI Minded gives you the tools and inspiration to make FI a reality - without giving up the things you love.

Each episode, we’ll cover topics like:
*Financial Independence Strategies: Simple, actionable advice to reach FI faster (if that’s your goal).
*Work Optionality: Transitioning from the corporate grind (no more "one more year syndrome") to a life of freedom and flexibility.
*Lifestyle Design: How to build a life that aligns with your values, goals, and dreams.
*Stories from the FI Community: Real people sharing their journeys to FI and what they’ve learned.
*Fun with FI: How to save your future and enjoy your current life through CoastFI, mini-retirements, travel, or just making the most of your time.
*Fighting Burnout: Balancing saving for your future while staying mentally healthy.

Some of our past guests include:
Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Jill Sirianni (Frugal Friends), Jacking Cummings-Koski (Catching Up to FI), Jesse Cramer (Personal Finance for Long-Term Investors), Diania Merriam (Optimal Finance Daily), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Joel Larsgaard (How to Money), Erin Lowry (Broke Millennial).
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