After graduating college, Chris Reining took a job in corporate America, and a few years later bought a condo and BMW. Happily living the American dream. One day, he was sitting in his cubicle and thought, “This is it? I just have to do this for the next 40 years?” He then put together a plan and at 37 he was finally able to quit his job. Chris has been featured on major news outlets including the New York Times, Business Insider, CNBC and others.
Welcome!
[3:43] A lot of people are unfamiliar with the FIRE moment, can you talk a bit about what FIRE means to you personally?
● Freedom to have the financial means to be independent
● A ton of people get the RE part incorrect
● Chris emailed his list and nobody mentioned the doing nothing part or early retirement.
[7:58] You have a post about how much you really need to be financially independent, so what’s your magic number? 🙂
● Be able to support the lifestyle that you want, do you want to live on $60k a year of $100k a year?
● The magic multiplier is 25x, multiple $40k by 25 = $1million
[10:35] If you’re trying to achieve financial independence and you’re young and want to do it quickly there are a few key components which you outline on your website, saving more money (so cutting expenses), earning more money (take home more money) & investing to build wealth. Why do you think so many people fail at these components and which do you think is the most important one?
● The idea sounds great of having financial independence
● You really need self discipline to stick with it for a very long time
● Just like being healthy
● Young people have no interest 🙂
[17:59] Being financially independent is a major mindset shift. You no longer need to work and that obviously changes your lifestyle quite a lot. What is something you didn’t expect to come about when you reached FI or put another way is there anything you wish you knew before you took the leap?
● Reached FI goal and worked 2 additional years
● Walking away from a 9 to 5 routine and a lot of attachments (co-workers, relationships, etc.)
● You always feel that you always need more money
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[21:16] Check out Katie’s guide to tracking your spending – https://www.chainofwealth.com/resources/why-you-need-to-track-your-spending/
Value Link Round
[21:41] What is your saving or retirement plan?
● Not really trying to make a ton more money, more trying to help other people with their money.
● Completely FI 🙂
[22:25] Do you have any other books or podcasts you can recommend?
● The Art of Living
[23:5] Favorite Quote?
● Be fearful when others are greedy and greedy when others are fearful
[23:48] Parting piece of advice?
● The world is made up of people, you need to decide what you want your life to be
