TMBA 453: What’s The First Step To Becoming an Entrepreneur?
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This week, Dan and Ian are talking about the very first step to creating a lifestyle business.
Contrary to popular belief, that is not quitting your job or coming up with a business idea.
It begins with your personal finances. We're talking about treating your bank account, your spending and your earning like a business.
A few weeks ago, we spoke about the cult of early retirement, or what has commonly been referred to on the internet as the FIRE (Financial Independence, Retire Early) community.
In that episode, we explored the differences between early retirement seekers and entrepreneurs.
Today's guests are proof positive that these communities actually have quite a bit in common, and that they might even exist as two sides of the same coin.
Kristy Shen and Bryce Leung are bloggers at Millennial-Revolution.com, and they both retired in their thirties. As their blog name suggests, they are millennials and quite a lot younger than other prominent figures the FIRE space.
In this episode, we speak to Kristy and Bryce about their investment strategy, how they survived the crash of 2008, the common mistakes that people make with financial planning, and a whole lot more.
Listen to this week's show and learn:
How Bryce and Kristy were able to retire in their thirties with a million dollar portfolio. (6:38)
Why they felt compelled to write about financial independence. (14:19)
How they respond to critics in the community that don't agree with their entrepreneurial endeavors. (27:34)
The biggest barriers to entry in the FIRE space. (35:32)
Why people who have experienced poverty tend to be successful in early retirement. (43:45)
Mentioned in the episode:
Before the Exit - Our New Book
TMBA Masterminds
Sponsor the TMBA Podcast
The Dynamite Circle
The DC Podcast
Help Us Choose a New Name for the TropicalMBA Podcast
DC BKK
Dynamite Jobs
Millennial-Revolution.com
The 4-Hour Workweek by Tim Ferriss
Seth Godin
37Signals
Dave Ramsey
Mr. Money Mustache
Your Money or Your Life by Vicki Robin
J.L. Collins
Why Pride of Ownership is B.S.
Why the One Percent Rule Matters by Paula Pant
How a 30-something couple got rich and retired by not joining home ownership 'cult'
This week's sponsor:
This week's episode is sponsored by Noviland.
If you've ever run a product-based business, you know that sourcing from overseas is frustrating from beginning to end. Noviland is a US-based, free-to-use eProcurement platform with a network of over 2,000 custom manufacturers overseas. They can help you to get factory pricing on a wide array of products quickly and easily. Once you create a free account at Noviland.com, they will walk you through the entire sourcing process.
To get started, visit Noviland.com now and use promo code TMBA20 to get a $20 credit added to your account. Big thanks to Noviland for sponsoring this week's show.
Enjoyed this podcast? Check out these:
TMBA 332: A Conversation with Mr. Money Mustache
TMBA 440: What's Your Lifestyle Ladder?
TMBA 448: The Cult of Early Retirement
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HAVE COMMENTS ABOUT THE SHOW?
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Thanks for listening to our show! We'll be back next Thursday morning 8AM EST.
Cheers,
Dan & Ian