3117: Be An Inflection Point To Someone by Mr. 1500 of 1500 Days on Financial Independence

[00:00:00] This is Optimal Finance Daily, Be An Inflection Point To Someone by Mr. 1500 of 1500days.com Last week, a film crew came to our home to record our lives for an upcoming documentary. The crew consisted of a director slash producer, a cinematographer, a sound engineer, and Josh, a production assistant.

[00:00:25] Josh was the youngest, and early in the day, he started asking me questions about my life and investing. I could tell that this was his first exposure to FIRE, and probably investing too. He was enthusiastic, so I talked to him throughout the day about the importance of starting early, compound interest, and index funds. When the shoot was done, I gave him a copy of The Simple Path to Wealth and encouraged him to read it.

[00:00:52] I also followed up with an email, encouraging him to attend a local meetup. I can't change the world, but... I started a blog mostly to document my journey to financial independence. Writing gives me a way to hold myself publicly accountable and forces me to get my thoughts in order. It also gives me an outlet to do something that I've always loved, playing with words.

[00:01:19] But there's an even better, unexpected effect of the blog. Once in a while, someone will tell me that my words changed their life. They'll tell me how they discovered the blog and decided to get their finances in order and pursue financial independence. It feels incredibly awesome. I never thought anyone would read my stuff. However, my reach is limited.

[00:01:43] People who found my blog most likely landed here because they had the disposition to pursue fire. My words were the tipping point. I was the teacher that happened to appear when the student was ready. I'm not magically changing the minds of haters or folks caught up in the throes of mindless materialism. But that doesn't mean that my work isn't worthwhile. Perhaps young Josh will remember this day with me.

[00:02:12] Maybe he'll go home and read The Simple Path to Wealth and open an account with Vanguard. Maybe he'll send me an email in 20 years thanking me. I can dare to dream. Bag of Books If you see me out in the town, I'll probably have a backpack. In that backpack will be at least one copy of The Simple Path to Wealth. I carry copies of this book in case I encounter someone like Josh.

[00:02:38] I'm not going to stand on a street corner yelling at passing humans about brimstone and fire like a crazy preacher. However, I will talk about fire when I hear someone open up about financial struggles or that needs help with investing. And I encourage you to do the same. If you're hearing this, you're already money savvy. You may not have a million dollars saved yet, but you have the knowledge to get there. And knowledge is power.

[00:03:08] And with power comes great responsibility. Just kidding. Maybe. Don't underestimate yourself. You have the ability to make a difference. A big one. Imagine this scenario. A friend tells you that they're struggling with money. Because you have stealth wealth, your friend doesn't know that you drive the old pickup truck because you're frugal. You open up a bit.

[00:03:33] Show him that you can leave your job in less than two years because of the magic of compound interest. You lay out all the details. Cut out cable. No more new cars. Airbnb the basement. Open an account with Vanguard. VTSAX. A decade later, your friend thanks you for changing his life. Cue the unicorns, rainbow, and beer waterfall. You changed a life. How to make a difference. My assignment for you isn't an easy one.

[00:04:02] Changing a life is serious business and requires tact. First of all, I'll tell you what you shouldn't do. Never preach, act judgy, or talk down. Telling someone that they're foolish for buying a new car or season tickets to their favorite sports team isn't going to do any good. It'll probably have the opposite effect. Your friend will take offense and defend their position. Just don't do it. I know from experience.

[00:04:31] Do this instead. Lead by example. Show him how getting money right has made a difference in your life. Don't brag, but it's okay to drop subtle suggestions. We saved a lot of money after cutting the cable bill. Renting out our home when we were away has generated some nice income. My wife doesn't like her job, so may leave. I'm thankful that our finances allow us to do this.

[00:04:59] Wait for the other person to ask questions. Like, how are you able to only work part-time and make ends meet? How are you able to take a three-month sabbatical? Wait, you're going to Spain over winter? How? How? Or you may hear a friend say something that suggests something ominous. We're struggling right now. There may be layoffs at Joe's job and we're concerned. Or I have no idea how to get started investing.

[00:05:28] And then you pounce. Let your friend know that you're there for them. Open the door. Show them your path. Don't be too aggressive or they'll think that you're a nutter. But start by showing them some basics of financial independence. Here are my favorite resources. Playing with fire. Getting someone to read a book is a tall order. Invite them over and watch a 90-minute film instead.

[00:05:56] Choose five local groups. So much of what we do in life is motivated by our interactions with others and what we think they expect of us. Life is a lot more fun when you're surrounded by motivated folks with the same goals. Join a local Choose Fi group and start meeting people. The Simple Path to Wealth I haven't read a better book on investing. V-T-S-A-X is the answer for most.

[00:06:25] This book explains why. Who will you help? We all know someone who struggles with money. I guess that most folks in my circle would be in a world of pain after just a couple of months of unemployment. You know people like this too. We all do. When you sense an opening, invite them to a local meetup or show them playing with fire. Be an inflection point for someone.

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[00:09:14] and start selling today at shopify.com slash OFD. Go to shopify.com slash OFD. Shopify.com slash OFD. Figuring out my finances has been one of the most rewarding experiences of my life. But at a certain point, your finances become so secure and automated that you don't really have to think about it much anymore. And it's natural for your thoughts

[00:09:44] to shift to life's bigger questions. Like, how do I want to spend my time? Who do I want to spend it with? What do I want to create? And what kind of impact can I have? I think that's why so many people who have freed themselves from having to worry about money feel such a strong desire to help others do the same. And I would put myself in this camp. While I don't claim to be an expert when it comes to money, I absolutely love talking about it

[00:10:12] and encouraging people to recognize the opportunity in front of them. And as much as I struggle with imposter syndrome, I also recognize that I wouldn't be where I am today if it weren't for others having the courage to talk about this stuff. What if Mr. Money Mustache decided that no one would care about his thoughts around money and so he shouldn't bother with starting a blog? Perhaps I would still be gallivanting around New York City swiping my credit card with abandon.

[00:10:43] That blog changed the course of my life and is the single reason why I have the privilege to be here with you right now. And who knows, maybe someone listening to this will have a similar awakening and go on to be a resource for someone else and so on and so on. I totally agree with the advice here to not be pushy though. Money is a pretty sensitive topic for most people. I take the open door approach.

[00:11:11] My door is always open to talk about personal finance, but the other person has to take the initiative to walk through it. That should do it for another edition of Optimal Finance Daily. I'll be back tomorrow as usual, so I'll see you there on the Wednesday show where your optimal life awaits.