How to Cut Back on Clothing and Housing

"I still don't spend a lot on clothes relative to other people's budgets. It's just I've changed how I spent," he says. "Spending money on something to keep up with the judges when you don't even care about it is ridiculous" He adds: "A fancy hotel is wasted on me. So I stay in the cheapest possible place."

Play episode from 13:58

chevron_right

Transcript

chevron_right

Transcript

Episode notes

“Get rich slowly” is a concept that most people in the FIRE community can get behind. “Time off,” on the other hand, seems to go against the idea of grinding to financial independence now and waiting until later in life to enjoy the spoils. Today’s guest is bucking this trend—using his financial freedom to support a “retired” lifestyle that includes traveling the world, discovering new hobbies, and learning new skills!

Welcome back to the BiggerPockets Money podcast! Today, we’re speaking with J.D. Roth, founder of the personal finance blog, Get Rich Slowly. Initially launched to document his quest out of debt, this popular blog helped J.D. fast-track his journey toward financial independence. He now considers himself “retired,” although the more risk-averse person might say it’s a little too soon.

If you’ve ever considered taking some time away from work but fear you don’t have the nest egg to support it, this is the episode you need to hear! J.D. tackles a handful of issues that FI-focused individuals don’t always touch on—including the importance of mental health and using a “mini” retirement to decompress. He also talks about why he’s not worried about his modest portfolio and shares the three five-year plans you need to prepare for any curveball life might throw in your direction!

In This Episode We Cover

How to implement a “mini” retirement on your journey to FIRE

Prioritizing your mental health in a fast-paced, work-first culture

How to take time off from work without blowing your nest egg

A day in the life of someone who is taking a year off from working

Important tips for saving more money and retiring even earlier

And So Much More!

Links from the Show

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Join BiggerPockets for FREE