How to Get Rich Slowly, Take a Year Off, and STILL Retire Early

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Episode #436
“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!
Show Notes at:
www.biggerpockets.com/blog/mo...
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Finance Friday: How Sabbaticals Make You Happier, Healthier, and Wealthier: www.biggerpockets.com/blog/mo...
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Books Mentioned in This Episode:
“Your Money or Your Life”:
www.amazon.com/Your-Money-Lif...
“The Total Money Makeover”:
www.amazon.com/Total-Money-Ma...
“The Creative Act: A Way of Being”:
www.amazon.com/Creative-Act-W...
“Designing Your Life”:
www.amazon.com/Designing-Your...
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Connect with J.D. Roth on His Website:
jdroth.com
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Mindy: www.biggerpockets.com/users/m...
00:00 Intro
00:56 Money Moment
03:03 The Journey to Early Retirement
12:06 J.D.’s Retirement Lifestyle
24:29 The Pressure to Hustle
37:21 Taking a Year to “Decompress”
45:55 Connect with J.D.!
47:31 Design Your Life!

Опубликовано:

30 июн 2024

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Комментарии : 79

@lorigovi718 11 месяцев назад

I agree with J.D. Our society focuses a lot on being productive and always doing something. If a person is STILL and takes time to do NOTHING and explore, its looked upon negatively. It should be ok to take time for you and do the things you enjoy. Other societies and cultures ENJOY life and a better quality of life. The rat race in the U.S. is real.

@namegoeshere1 11 месяцев назад

Hyper Capitalism

@4656superman 11 месяцев назад

lol, the USA is the reason the other countries can "take it easy"

@zestpeet4614 11 месяцев назад

Agreed! I've spent my life being a hard worker and I know the moment I decide to "take a year off" my family will be questioning what I'm doing and why (endlessly). I think part of that is the saving vs. the non-saving mentality.

@wengers111 11 месяцев назад

My girlfriend and I (early 30s) are just wrapping up our 1-1.5 year of rest and travel. We did plan for her to quit her job maybe 1-2 years in advance to give some time to save up (both for the trip and just putting a big chunk into that FIRE goal). We certainly agree with JD that it's well worth it to take this time off and reflect and hopefully get some idea of what we want to do going forward.

@ElkeS-le2xy 10 месяцев назад

As a fellow human and psychoatherapist, I find that JD brings a much needed nuanced and balanced view to life, including an FI type of life. Making one's goals all about numbers and optimization is rarely, if ever, shown in data and research to be what we find most meaningful at the end of our lives. Yes, we obviously need to have a way to sustain ourselves but beyond that, in my view, it is important to take the time to reflect on what makes life meaningful to each of us and seek to support those aspects of our lives as much as possible. JD's own examples of creativity, health and mental health are prime examples but each of us will have our own areas that hold deep joy and/or meaning for us. Thank you for this lovely interview.

@jsbrooks72 11 месяцев назад

Good insights JD. I understand the concept about not wanting to "take your foot off the gas"while saving. I have taken a year off and it was the thing I could have done. I got sober and came back with a vengeance after finding this community. Thank you Mindy, Scott and JD.

@megwriter3power-gg6ml 10 месяцев назад

This is the best podcast experience I’ve listened on your platform. It’s so light 🇬🇧🇬🇧

@dengelbery 10 месяцев назад

Thanks for the insight. I am taking time off rn and i have guilt w not working and worrying whether its enough. NW of 1.1M at 47 single mom, nvr married. I appreciate you saying its ok.

@cindylopez4155 4 месяца назад

Same here single mom 48 and I’m on a leave putting myself first, spiritual, mental, health physical health, reading and family. I was wrapped up in a 9-5 job and plus hours. I’m praying to be led to what’s next.

@garrett7101 10 месяцев назад

Problem is that with most jobs you can’t take off a week or weekend much less a year.

@grasmi 9 месяцев назад

Quit, then find a new job afterwards.

@garrett7101 9 месяцев назад

@@grasmi not that easy with certain jobs

@FIRED13 2 месяца назад

What kind of job won't allow you to take a week off? Oh, that's called 'slavery'

@garrett7101 2 месяца назад

@@FIRED13 I was a police/fire/ems dispatcher with min # of people required no matter what.

@julies48a 10 месяцев назад

This was the best speaker I've ever heard on your vlog. He must've been in my head.

@sara7mk 11 месяцев назад

Great episode! Really appreciated J.D.'s insight, transparency and willingness to share his journey during this session.

@MegaRose1958 3 месяца назад

I would love to experience traveling in an RV. That is one of the items on my bucket list that I haven't done yet. 😊😊

@josephstupar3372 11 месяцев назад

I am closing on my 5th property, I’m 25. I could retire off cash flow if I paid all 5 off easy. I have been trying to think about the freedom I could have if I just focused on paying those off in the next 10 years, witch would be doable. And be free at 35. Or continue to scale and buy more. Great problems to have.

@lawrenciaansere1115 11 месяцев назад

That’s great! I’m 25 and just closed on my 3rd! Would u like to connect?

@LuLuLately 11 месяцев назад

Wow congrats! Out of curiosity Were your parents also investors? I wish I would have had that kind of knowledge and ability at your age. Hell I still don't Own my own house. I finally fixed my post separation credit (beware of mixing finances and relationships) & no longer living paycheck to paycheck. Unfortunately, it's still not enough to finance a property. Many of us know real estate is a great way to build longterm wealth but how to start, especially in this market, is the question. This has to be the worst time to invest but those that had your mindset pre Covid really hit the jackpot. Terrible ordeal but it also made many people into millionaires. Anyway, just wanted to say how amazing your success is altho I'm sure you've heard it many times before.

@freeestyleobsessed 10 месяцев назад

AMAZING WORK!! You’re soooooo far ahead! Keep doing your thing, you’ll be insanely successful if you just stay on your path

@pawelwisniewski6849 10 месяцев назад

@@LuLuLatelyjust get more education under your belt and you’ll see people still invest and find deals today , you need to change your mindset if you want to be investor Start with house hacking and watching RU-vid channels like One rental at the time and Dion talk financial freedom , it will show you it’s all possible and easier then you think today . Good luck

@donaldlyons17 10 месяцев назад

He is likely a though AS* because getting paid means being cruel towards people. I know b/c my mom's grandpa was "tough" and he was a business owner. Those people are nothing normally without using the law against others. Bad stuff all together. I have no issue with people in business where people have options but housing is a take it or die situation.

@CourtneyRobinson 10 месяцев назад

Thank you so much. My husband and I were late starters and have built a business that is now earning 10x what we had 10 years ago. We have continued to live on 30% and socked away quite a bit. We have one more year syndrome. This really helped me deal with some of my fears. Thank you.

@PS-ic4bp 9 месяцев назад

Hi Courtney late starter here. I am thinking of starting a business myself. May I ask which area is your business in and did you build the business or buy?

@CourtneyRobinson 9 месяцев назад

@@PS-ic4bpHello there. I am a yoga therapist who had a trade school and taught workshops. My husband was a police officer who did decks, fences and roofs on the side and also owned a dojo. We grew the construction business while fazing out everything else over ten years. We now focus only on roofing. It’s been like a snowball growing from about 20 roofs a year to 120 to 200 a year. We did have to hire more crews to keep up. We stayed in a middle class lifestyle while saving the rest. Wishing you the best of luck.

@PS-ic4bp 9 месяцев назад

@@CourtneyRobinson Fantastic- now I remember I saw you on the podcast. Very impressive. Very happy to hear your story.

@CourtneyRobinson 9 месяцев назад

@@PS-ic4bp thank you.

@teresah2964 11 месяцев назад

I also have a monkey mind. I relate to this story a lot !!! Thank you J.D. or sharing your wisdom.

@Midlifeanticrisis 10 месяцев назад

Same!

@megwriter3power-gg6ml 10 месяцев назад

I took a six year sabbatical with a young daughter, lived in my house that is now rented and brings me income. I left the USA so it could be paid off.

@andreawisner7358 11 месяцев назад

I love this guy. Do you think he'd be willing to mentor me? I know I'm critical of some of your episodes but this was great. He makes me want to start a blog. Probably call it Stay Poor Slowly. Mindy, I'm expecting you to do a book report soon!

@razorsharplifestyle101hard9 10 месяцев назад

Taking a year off on a spirtual retreat in thailand is definitely my schedule as i plan my early retirement to thailand in 7 years in my forties.

@Antandthegrasshopper 8 месяцев назад

Hi, can you share more about the spiritual retreat for a year? I’m interested in doing something similar.

@Jerome-iwnl Месяц назад

I don't help others because I'm putting them first. I help others because deep inside, it feels rewarding and satisfying to my ego. That feeling inside is enough gratification that I don't expect the people I helped to help me back when I'm in need. This means I won't feel cheated or bitter if they don't help me, and I'll feel infinitely grateful when they do (because I dont feel they owe me)

@NEVBB24 11 месяцев назад

Solid listen!

@clayhenss4687 8 месяцев назад

A little peek into the mind of a comic book reader: I’m enlarging the video so I can judge the content of this man’s bookshelf. Good stuff.

@nirui467 11 месяцев назад

What does JD do for health insurance?

@HattieMaeGotMoves 10 месяцев назад

When you financially on an up!! This type conversation is inspiring.. but when you out here still on the grind your need or want perspective is different..no matter how many books RU-vid videos I watch I still haven't been able to repeat non of these property investments no trucking start up no mutaul funds stocks...all that ish require money to make money... but hopefully one day I can have these testimonies

@holdencawffle626 7 месяцев назад

First, learn how to talk

@dunnaredside8460 11 месяцев назад

You all should do floating sensory deprivation tanks.

@PS-ic4bp 9 месяцев назад

13:15 hmmmm if your NW stays flat, then considering inflation it’s actually declining.

@serialmigrant 11 месяцев назад

I've been doing that since I'm 30 :-) not necessarily one year off at a time. But I applied the frugalness of FIRE to pay for yearly mini retirements between 1-6 mo. Exception has been COVID where I was working 2000 hrs a year (6 -8 mo a year), which helped me play catch up in my accounts

@meg8358 11 месяцев назад

What type of career allows you to be able to do that?

@pirateslife4me 11 месяцев назад

@@meg8358Hopefully she'll weigh in, but it sounds like contract/travel nursing

@serialmigrant 11 месяцев назад

@@meg8358 im an engineering consultant in a volatile market (mining projects, sometimes in emergent markets). At first though as an office engineer I'd just ask for a few weeks off w/o pay tacked onto vacation during our "low season" , Dec - January.

@melindarobb4529 5 месяцев назад

What kind of health insurance coverage for something like JD can have in Oregon that is affordable for retiree at such a young age?

@magdalenaalvarez4541 11 месяцев назад

😂😂😂😂I just realized I got the monkey mind 😂😂😂😂 love this episode… thank you!!!

@CampFI 11 месяцев назад

33:11

@gogirl8045 11 месяцев назад

👋👋 & thank you🙏 😊

@alexus-fu5ts 2 дня назад

The market trend can turn around very quickly. In fact, the indexes often switch from a bear market to a bull market when the news is at its worst and the mood of investors is at its lowest point. I read an article of people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?

@pacey-sd4il 2 дня назад

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

@strayhorn-dc1bq 2 дня назад

True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.

@trosien-nz3je 2 дня назад

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

@ginacardarella 10 месяцев назад

I've been doing the 3 day rule for years actually I do 1 to 2 weeks

@holisticallyme556 10 месяцев назад

The host was in ramit’ podcast despite her expressing to agreeing with the interviewee in reality her and her husband do not operate in line with it. My point is that you can have the mindset, lnow the theory and what you should do but operationalise it, practising it as a diff matter. Theory and agreeing with an approach doesn’t mean you are ready to apply it in your life.

@Kornheiser10 10 месяцев назад

Sorry JD...but Scott has the responsibility of a newborn. Comparing the day of a new father and that of someone with a lifestyle like JD is like comparing a Martian to a Venetian. It's great that JD can focus only on himself, but many (most) people can't because they have responsibilities outside themselves.

@holdencawffle626 7 месяцев назад

JD has zero kids right?

@jordanbey870 11 месяцев назад

Yes rush to retirement..life is only one..Stop listening to Banks and Investors..

@Kornheiser10 10 месяцев назад

Actually you only die once, you can live for a long time in retirement and you don't want your 70's and 80s to be eating cat food and shuffling around a park for fun.

@christinab9133 11 месяцев назад

❤❤❤

@70qq 11 месяцев назад

🤘🏻

@ravichprom4698 10 месяцев назад

I live in a 1 million dollar house, feel like washing, should cash out and add to my 1.5 million investment and retire., but we still want to work because jobs.