Episode 31

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Published on:

29th Mar 2021

How Happiness and Investing Your Money Can Be Congruent Goals I E31 Joel O’Leary aka 5am Joel

How would you feel about retiring 5, 10, even 20 years earlier than you planned? This probably raises some skeptical eyebrows but hundreds of people are doing just that through a movement called FIRE: financial independence, retire early.

Inside groups pursuing FIRE, it’s common to hear of a couple who retired in their mid-40s. With time, discipline, and understanding of basic financial concepts, I believe you can do this as well.

Joel O’Leary is here with me today to talk about his experience with FIRE and how he’s found balance with this popular movement.

By listening to this episode, you’ll also hear us discuss the epiphanies Joel has had during his 3 year sabbatical, how he built and continues to grow his real estate portfolio, and why he believes happiness is a choice (along with a good story to back it up).

 

Key Takeaways:

[1:52] Why Joel took a sabbatical and what he has learned since quitting his job

[15:34] The impact Joel’s parents had on his financial habits

[22:34] How Joel uses real estate to create wealth

[28:59] What is FIRE and where is Joel on his journey

[39:08] Debunking common myths about FIRE

[42:52] Joel believes happiness is a choice

 

Favorite Quotes:

[6:14] “I missed like 50 paychecks in a row…$0, $0, $0. Talk about facing your fears”

[30:32] “It’s a bit of an immature mindset because they think that achieving FIRE is going to magically improve their life.”

[36:05] “I don't want to make decisions based on money anymore. It frustrates me that I have to think about how much this is going to cost me or how much this is going to make me.”

[42:19] “You can achieve financial independence on a very small salary as long as you are spending less than you are earning.”

[43:49] “I personally think happiness is a choice.”

 

More of Joel:

Subscribe to 5am Joel email list: http://www.5amjoel.com/

Learn more from Joel: www.budgetsaresexy.com

 

More of TSIR:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

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About the Podcast

FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve Financial Independence (FI) without missing out on life?

FI Minded is the podcast for anyone seeking financial freedom, time freedom, and a work-optional lifestyle — all while enjoying the journey along the way.

Whether you’re at the beginning of your FI journey or already deep into Coast FI or Slow FI, this show gives you practical strategies and insights to reach early retirement and design a life that aligns with your values, purpose, and fulfillment.

Popular topics include:
- FI Optimization Strategies: Actionable advice to reach Financial Independence faster without unnecessary stress.
- Work Optional & Lifestyle Design: How to transition from the corporate grind and build a life of freedom, flexibility, and intentional living.
- Time Freedom & Coast FI: Making the most of your time while still planning for the future, including mini-retirements, travel, and other ways to enjoy your life now.
- Post-FI Identity & Purpose: What to do once you’ve achieved FI, and how to create meaning beyond money.
- Burnout & Balance: Avoid the pitfalls of over-optimization and learn to balance saving for the future with mental health and happiness.

If you want to reach financial independence, design a life that’s purposeful and fun, and avoid burnout along the way, FI Minded is your guide to building a sustainable, fulfilling, and free life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), and many more inspiring voices in the FI space.
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