Today is the 41st edition of our periodic guest post series called 10 Questions and a Pizza Place. (The 1500′s are pizza fanatics.) We have a list of 17 questions we pose to fellow financial bloggers, and they are free to pick and choose 10 or answer all 17. Let us know if you would like to be featured in a future edition of 10 Questions.
A few weeks back, we asked ‘Who do you read?’ We were looking for recommendations for personal finance/financial independence blogs. Many of you recommended FI Fighter. Up until I wrote that post, I had not heard of FI Fighter, and apparently I was the only one who had not.
I contacted him that evening and asked him if he would please answer our 10 Questions series, and he graciously obliged. Without further ado…
Tell me about your blog and why it’s great.
www.fifighter.com started off as kind of my own personal journal for documenting my progress to get to early FI. Originally, the plan was to get there at age 37.5. That number has since been condensed down to age 30. I try to keep the blog interesting by covering different topics: early FI, investing, travel hacking, etc. The main objective, though, is to share my experiences, learnings, mistakes, etc. with the readers as they are happening in real-time. Hindsight is 20/20 and everyone looks like a genius analyzing yesterday. So, you’ll get a lot of numbers and transparency!
What is the worst financial mistake you made?
Not knowing what a “once in a lifetime” opportunity we really had between 2009-2012. I was fortunate to be able to pick up a lot of undervalued assets, but I didn’t have the experience/knowledge/conviction to really capitalize during the downmarket. I met a fellow Bay Area investor who has since retired from his day job because he did so exceptionally well during that time period (increased his net worth to $3MM or so in those 4 years).
What would you do if you inherited $1,000,000 (after taxes) today?
Probably leverage it up and purchase an apartment or commercial space in the Bay Area. Although the safe and sure thing to do would probably be to re-invest it into blue chip dividend stocks. $40,000/year in truly passive income would just about do it, no question.
What kind of car do you drive?
A 2008 Lexus 400h. It was a gift for my dad but he didn’t want it. One of my first major purchases (mistakes) made after graduating. If I do move overseas, I will seriously contemplate selling it.
Who inspires you?
Everybody! I feel like everyone is my superior in some way so there’s always something I can learn.
What is the best financial move you have made?
Winning two properties in the Bay Area in 2012 and 2013. Each one has appreciated by well over $100,000, so they have given me the confidence that I can get out of the rat race at 30. Of course, no one knows what will happen tomorrow, but I think the odds are good that these assets will hold up over time. California is a very desirable place to live… it’s hard to beat the weather in these parts. 🙂
What is your favorite place to vacation?
Hawaii, no question. I had a blast in Boston and NYC as well, but vacationing in Hawaii during the dead of winter is something I see myself doing over and over again. It’s a great way to de-stress and really get away from all the hustle and bustle of everyday life.
What’s your favorite tip for saving money?
Lifestyle deflation. In college, everyone is resourceful and smart with money (you kind of have to be). So, don’t forget the tricks you learned when you finally do get that first high paying job. If you teach yourself to value experiences and memories as opposed to material possessions, you will outperform your peers, even if they make a lot more than you do. And the earlier you start, the better. Compounding becomes unstoppable, but it needs many years to first pick up momentum.
What is your favorite pizza place (I am a pizza nut)?
Cheeseboard in Berkeley for thin crust pizza. Lou’s in Chicago for deep dish. I am in heaven anytime I have the pleasure of dining at those establishments!
What is your fondest memory?
Getting accepted to UC Berkeley for undergrad. I was a complete academic bum in high school and didn’t care at all about school… I must have graduated with a C average in high school and didn’t even bother applying to any colleges. I shaped up in community college and that acceptance letter was my validation for all the hard work I put in. I rode that high for weeks, months on end. 🙂
What are your biggest goals in life?
To become a well-rounded, complete person. Ultimately, to give back to others and the community. Early FI is needed to free myself, but once I accomplish that, I would love to do as much good for the world as possible (teaching, mentoring, charity work, etc.). I have some more specifics in mind, but I’m sure I’ll be sharing those with readers throughout the years post-FI.
If you could go back in time and give yourself one piece of advice, what would it be (don’t say ‘buy Microsoft,’ everyone says that)?
Know that getting ahead in life is a lot more sophisticated than just studying hard, getting a good job, and earning a massive salary. There’s a lot of luck involved, I believe… Also, don’t buy into the work hard, player harder mentality that everyone else subscribes to. If you work smart, you can play as much as you want!
What is your favorite movie?
Braveheart, Gattaca, and Shawshank Redemption. I guess I like rooting for the underdogs and seeing them rise up and exceed everyone’s expectations. Subconsciously, I probably put myself in that same role because I grew up poor and wasn’t blessed with any real natural talent.
What advice would you give to a 24 year old, just out of college?
Figure out what you want out of life. Know that the decisions you make from this point on to when you’re 30 will have a much more profound impact on your future than in any other six year window. I plan on retiring at 30… Unfortunately, I do have old high school friends who are trying to get their careers started at 30 and still don’t have a full grasp of what they want to do with their lives…
Mac or PC?
Mac. I confess, I’m a complete Apple fanboy. iphone, ipad, MacBook Pro (just bought one and am loving it!) 🙂
What are your favorite personal finance websites?
Too many to list… Extreme Early Retirement and Retire by 40 got me started on the path to early FI. Dividend Mantra and Passive Income Pursuit are some of the most disciplined, and savvy dividend investors out there. Rockstar Finance is a gem for awesome articles. Leigh’s Financial Journey because she is a total badass and putting everyone else to shame with her progress.
What is the best piece of advice you have ever received?
It’s not the things that we do in life that we regret… It’s the things that we didn’t do… Life is too short to have any regrets… If I’m going out, I might as well go out swingin’!
Dogs or cats?
Dogs. I’m allergic to cats and they don’t seem to give their owners much love… That’s not very good ROI 😉
Prosper or Lending Club? Please explain.
Haven’t tried either at the moment, so I can’t say. Although p2p lending does intrigue me for the future.
If you have children, how do you raise them to be financially responsible and frugal?
Don’t let them know about any wealth that I might have. Your value as a human being is not the size of your bank account, but the content of your character. If you don’t have that, you don’t have anything.
Teach them that life is a blessing since the odds that any one of us existing in this universe is about 1 in 400 trillion…
What is the worst personal finance mistake you see people making?
Being lackadaisical about saving. Putting their complete faith and trust into a system that is inherently broken. Believing that the path to riches is through an employer and measly 2% annual merit increases.
What product or service epitomizes consumerism?
iproducts… I’m guilty of this, but I didn’t indulge in them until I could afford to. In other words, build the passive income stream first, and then enjoy a little bit later. Like everything in life, it’s all about balance… Take care of business and you won’t have to be Uncle Scrooge after you’ve “made it”.
What is your favorite recipe (looking at you Herb on Herbs!)?
I’m a simple eater; I’ll take a decent meal that stuffs me up over a Michelin star entree that leaves me yearning (hungry) for a $1 McChicken sandwich after I leave the restaurant any day of the week. As such, some grilled chicken (lightly seasoned) with some rice and veggies on the side will do the job. Cheap and satiating.
What was your favorite job (or worst job)?
Being a bagger at the DECA Commissary when I was 14 and working until I finished high school. That job was my school of hard knocks training. I worked hard, received very little pay, and some very not-so-nice people (cashiers, supervisors, customers, etc.) would look down on me as though I didn’t measure up… I hated that experience, but it taught me some valuable life lessons.
I always told myself, “One day I will become rich and successful… but I will never be like you. I will always treat everyone with respect.”
“Be kind, for everyone you meet is fighting a hard battle.”
FI Fighter was recommended by so many people who read this blog. Connect with him on Facebook here, on Twitter here, and check out everything he has ever posted here.
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Income Surfer says
This is still my favorite series 1500s, and FI Fighter is among my favorite blogs. Great work to both of you! Thanks for all the great content.
-Bryan
Income Surfer recently posted…One Thing America Really Has Going For It!
FI Fighter says
Thanks Bryan! Appreciate the kind words!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
Mrs. Frugalwoods says
Great to get to know you better, FI Fighter! I agree with you on the post-college lifestyle inflation trap. I was shocked to see almost all of our formerly frugal friends escalate their spending so quickly after graduation. And, so true about the compounding interest. Start early young ones :)!!!
Mrs. Frugalwoods recently posted…Weekly Woot & Grumble: 12 Random Frugalwoods Facts
FI Fighter says
Mrs. Frugalwoods,
Yes, unfortunately I also (along with everyone else) have friends who gave in to lifestyle inflation directly after graduating… I was guilty to some degree, but luckily I didn’t indulge too excessively. Once I started investing and generating returns/income, I was hooked!
All the best!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
Jason @ Islands of Investing says
Awesome to see you featured here FI Fighter! My favourite thing about your blog is how consistently enthusiastic and inspiring it is – you really are doing a tremendous job working hard towards FI! Can’t wait until you get the opportunity to really start diving into some of those bigger life goals soon!
Jason @ Islands of Investing recently posted…It’s the BEST! (until everyone finds out) – benefits of going against the crowd
FI Fighter says
Jason,
Thanks! I can’t wait to take on those other life goals as well! 🙂
Take care!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
Dividend Mantra says
FI Fighter,
Great answers to some equally great questions.
You’re doing fantastic over there. You’re building a pretty substantial real estate empire, and I’m confident you’ll be FI by 30. It’ll be exciting to see where life takes you after that. 🙂
Appreciate the mention, by the way. An honor to be listed among some of those fine websites. Thanks!
Best regards.
Dividend Mantra recently posted…Think Like An Owner – Part 2
FI Fighter says
DM,
You bet! Your site is a source of inspiration for many on the road to early FI.
Yup, that’s the plan — to get to early FI at 30! Although I recently decided to take on a new job and won’t be retiring at 30 (like originally planned), I still hope to continue building up the passive income stream so that I COULD…
Cheers!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
Even Steven says
Yeah I think hard work and being rewarded is such a great feeling that it keeps you going like getting accepted to Berkeley and increasing your net worth/FI with real estate investments.
Even Steven recently posted…Selling on eBay from Chicago to Miami
FI Fighter says
Even Steven,
Yes, definitely, the reward and feeling you get from achieving a goal can be euphoric, which only motivates you to keep chasing after the next thing…
Early FI and building net worth is liberating, and something I’ve been chasing after for a few years now… Hopefully once that’s accomplished, I can move on to bigger and better things in life! Having goals and pursuing passions is what life is all about!
Take care!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
writing2reality says
Talk about a guy walking the walk. Love the passion for real estate investing and the take charge attitude when seizing an opportunity.
writing2reality recently posted…Passive Income and Pageviews – August 2014 Update
FI Fighter says
writing2reality,
Thanks! I’m doing my best to make it happen! Hopefully I’m not getting too overzealous with some of those investment decisions…
All the best!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
Ch says
I love that he said “don’t buy into the work hard, player harder mentality that everyone else subscribes to. If you work smart, you can play as much as you want!” I couldn´t agree more! Working hard at the wrong thing is a great way to spin your wheels and feel completely stuck. Making smart financial choices can open the door to all the joy you seek in life!
Ch recently posted…Hi, and Welcome!
FI Fighter says
Ch,
Yes, hard work alone won’t do it! Had I subscribed to that belief alone, I would still be at the same company, content with collecting 2% annual raises, and I’d probably be investing in my savings account alone…
It isn’t alway easy finding that better path, so it’s important to remain adaptable an open minded…
Take care!
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)
FI Fighter says
Thank so much to Mr. 1500 and Mrs. 1500 for the opportunity to interview on here! 🙂
FI Fighter recently posted…Real Estate Rental Property SH #2 Update (September 21, 2014)