Happiness, Tipping Culture, Changing Careers - Chris & JT | MHFI 256

Doug chats with friends Chris & JT from a partially-disclosed location in Breckenridge about a potpourri of topics.  The trio discusses happiness, dives into the controversial & confusing topic of tipping (with input from listener Kris), and provides their thoughts on high net-worth individuals (based on a correction pointed out by listener Bill). The group also analyzes Amber’s ambition of reaching FI by age 40-45 (full details below).

Be sure to check out Chris’s music… His first single releases in March: http://chrisrusin.com/

Details of Amber’s Case Study:

• Midterm goal is to reach “Flamingo FI” ($625k) and then find a job to keep active and covers expenses until investments grow into full FI number ($1.25M).  Ultimate goal is to reach FI by age 40-45 and continue living a similar lifestyle, but not retire completely.  Will be turning 27 in less than 2 months.
• Owns a home and house hacks (with parents as renters).  Planning for herself at the moment but hoping to get married in the future at which point she would kick parents out of the house!
• “Goldilocks” budget is about $50K/year and includes the monthly mortgage payment as part of the expenses, with no plan to pay off the house early.
• Current financial numbers:
  • Salary – $80k
  • 401k – At least get the match, but have maxed out for the past 2 years and plan to continue
  • Roth IRA – Always Max Out
  • HSA – Always Max Out

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Links

(*Some affiliate links so we might earn a commission if you buy something)

• Connect with Chris
  • Chris’s Music
  • Life Outside The Maze
• Carl Jensen
• Carl incorrectly quoting Warren Buffet’s Net Worth on MFHI episode 248
• Forbes, “Warren Buffett Profile”
• Forbes, “The World’s Real-Time Billionaires”
• Jordan Grumet
• Jordan Grumet, “The Purpose Code”
  • Kindle
  • Hardcover
  • Paperback
  • Audiobook
• Jordan Grumet on MHFI episode 249
• Cal Newport
• Daniel Kahneman’s happiness studies
• Happiness study that Chris references, “Happiness, Income Satiation, and Turning Points Around the World”
• CampFI
• EconoMe Conference
• MHFI Facebook group
• Doug’s site
• Check out Producer Chris’s blog: Epic Financial Journey

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**Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals.**

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Email the show: [email protected]

0:00 Introduction

9:48 Tipping

16:56 Deliveries & haircuts

24:26 High net worth individuals

29:29 Amber’s case study

34:35 Reflections from Chris & Doug’s FI journeys

40:20 Earn money & leveraging experience

47:54 Happiness

54:11 Soundcheck – The Tape Technique