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.
[3:14] 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.
[7:29] 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
[10:6] 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 🙂
[17:30] 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
[20:47] Check out Katie’s guide to tracking your spending – https://www.chainofwealth.com/resources/why-you-need-to-track-your-spending/
Value Link Round
[21:12] 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 🙂
[21:56] Do you have any other books or podcasts you can recommend?
● The Art of Living
[22:36] Favorite Quote?
● Be fearful when others are greedy and greedy when others are fearful
[23:19] Parting piece of advice?
● The world is made up of people, you need to decide what you want your life to be