Episode 4

4 - Financial Independence, Retire Early movement (FIRE), and How to Achieve It?

Episode Summary

In this episode of Get Real Wealthy Season 3, Quentin talks about the FIRE - Financial Independence and Retire Early movement and its relevance for young adults.

Quentin says that being a part of such communities can be greatly helpful for young adults as the financial landscape these days is very different from what it used to be three or four decades ago. He adds that there are various approaches to doing this, and one of them is the FAT FIRE movement, which is having a large nest egg and being able to live off of that. It may take you five years, ten years, or 20 years to create something like this, but you live off that. There is also a LEAN FIRE community that is really about being frugal and living minimalistically. This allows you to create an environment where your monthly freedom number is so low that it becomes easy for you to have that financial freedom.

Quentin says there is also another movement called the BARISTA FIRE movement, which means that you continue to work while you're retired but get additional benefits. It's like you've created the financial freedom part, but just not all of the pieces. He adds that there's the COAST FIRE movement as well, which is about investing early enough to generate income to retire later. He says that the other thing you need to understand is the difference between assets and liabilities. Assets pay you to own every month, whereas liabilities are things you have to pay every month. He further stated that this is an interpretation from Robert Kiyosaki. He also recommends reading his famous book Rich Dad, Poor Dad for more gems like this.

Quentin adds that it is also important to know the difference between good debt and bad debt, and how it can be an asset or a liability. He further talks about the Golden Handcuffs. It's when you're in a situation where you get a lot of income but end up spending it because of your lifestyle. It prevents you from growing and having financial independence. In conclusion, he says that the best thing you can do is explore the FIRE acronym, and if you want to learn something, you must be around other people who are doing the same thing.

Important Links and Resources

·        Rich Dad Poor Dad by Robert T.


·        https://www.instagram.com/qmanrei 

·        quentin@getrealwealthy.com

·        https://EducationREI.ca

·        https://GetRealWealthy.com

·        https://DurhamREI.ca

About the Podcast

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A Real Estate Investers Journey

About your host

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Quentin DSouza

Quentin D’Souza is a multiple award winning Real Estate Investor, and a trusted authority on real estate investing. He is an Ontario Certified Teacher and holds two university degrees, which includes a Master’s in Education. Quentin has appeared on local and national television and radio, interviewed in national publications, and has been a keynote speaker to large audiences of real estate investors. He owns a real estate portfolio in excess of $80 million dollars of assets under management across Canada and the US and transacted on 80+ properties since 2004. Quentin is the author of several books available on Amazon. He is also mentors real estate investors as the Chief Education Officer of the Education for Canadian Real Estate Investors and Durham Real Estate Investors Club.