ChooseFI | Financial Independence Podcast

Go Curry Cracker | Capital Gains, Losses and The Roth Conversion Ladder

33 snips

Apr 10, 2017

Guest Jeremey from Go Curry Cracker shares his journey to retiring in his 30s through high savings and unconventional choices. They discuss using travel rewards for nearly free business class flights, mindful spending on food for $2 per person per meal, maximizing income and minimizing taxes for financial independence, upcoming podcast guests and life hacks.

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ADVICE

High Savings Rate

Save a high percentage of your income, ideally 50-70%, to retire early.
Make unconventional choices, like biking instead of driving, to boost savings.

ANECDOTE

Second-Generation FIRE

Jeremy and Winnie opened a Roth IRA for their son using his modeling income.
They aim to help him build a nest egg early, separate from financial aid considerations.

ADVICE

Slash Expenses

Apply the 80/20 rule to identify major expenses, like transportation, then optimize them.
Jeremy sold his car and biked for two years, saving significantly.

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Jeremy retired at 38 after saving 70% of his income for a decade — then figured out how to never pay federal income tax again. The blogger behind Go Curry Cracker walks through the mechanics of retiring early while traveling the world with a young family, paying zero in taxes, and spending far less than you'd expect. Jeremy and his wife Winnie achieved financial independence through a combination of aggressive savings, index fund investing, and what he calls "geo arbitrage" — living in low-cost countries while their investments grow. But the real revelation is how they've structured their withdrawals: by strategically harvesting capital gains and timing Roth conversions, they legally avoid federal taxes year after year while funding a life most people assume costs six figures.

Timestamps:

00:00:00 - Introduction to Jeremy and Go Curry Cracker
00:03:34 - Travel Rewards and Maximizing Travel
00:06:07 - High Savings Rates for Early Retirement
00:09:19 - The Importance of Eliminating Debt
00:38:57 - Tax Optimization Strategies
00:54:23 - The ChooseFI Hot Seat

Key Points:

70% Savings Rate: Jeremy and Winnie saved the majority of their income to reach financial independence in their thirties. [00:06:07] "Retiring in your thirties is simple, but not easy."
Debt Elimination: Paying off debt is the starting point for financial freedom. [00:09:19] "Eliminating debt is key to financial freedom."
Index Fund Investing: The couple invested their savings in index funds for long-term growth. [00:32:14] "Investing is essential for long-term wealth growth."
Travel Rewards: They leverage credit card points and airline miles to drastically cut travel costs. [00:04:09]
Capital Gains Harvesting: By carefully timing the sale of investments, they minimize or eliminate federal tax liability. [01:05:05] "Strategically harvesting capital gains can minimize taxes."
Geo Arbitrage: Living in countries with lower costs of living while earning or drawing income from U.S. sources. [00:02:29]

Resources:

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