When Scary Career Risks Get Remarkable Results | Doug Cunnington - E72
- Jan 28, 2024
- 1:04:35
- Full Episode
Today's show features Doug Cunnington, one of the hosts of the financial independence podcast Mile High FI. Doug highlights how he took conservative risks along the way to FI, and walks us through his career journey to financial independence. We discuss misconceptions about the FIRE movement, how to prepare for financial emergencies, and why it's never too late to start your own journey to financial goodness. This episode is a must listen!
Key Takeaways: • What is risk, really? And how can you live with it? • How to estimate risk in investing, and in yourself. • The difference between volatility and risk. • Why you need to do "financial fire drills." • How Doug set himself up for financial independence. • What people get wrong about FI/RE. • How to move on from a financial mess by looking forward. • Stoicism and personal finance.
Mentions:
🌐 Website: https://bestinterest.blog/ (https://bestinterest.blog/career-change-risk/)
👉🏼 LinkedIn: https://www.linkedin.com/in/doug-cunnington-pmp-a850435/
🎙️ The Mile High FI Podcast: https://milehighfi.com/
📚 Youtube Channel: https://www.youtube.com/@DougCunnington
📚 Career Change – Is It A Risk?: https://bestinterest.blog/career-change-risk/
📚 Investing "Fire Drills": https://bestinterest.blog/foxes/
📚 Mr. Money Mustache: https://www.mrmoneymustache.com/
📚 Ryan Holiday: https://ryanholiday.net/ryan-holiday-books/
📚 Smart Passive Income: https://www.smartpassiveincome.com/shows/spi/
More of The Best Interest:
Check out the Best Interest Blog at bestinterest.blog (https://bestinterest.blog/)
Contact me at [email protected]
The Best Interest Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.
Brief Summary
Doug Cunnington shares his career change journey to financial independence and the role of stoicism in personal finance.
Key points
- Career Change Reflections. Jesse discusses the risks and rewards of changing careers, inspired by a friend's comment.
- Warren Buffett on Risk. Jesse shares insights from Warren Buffett about the true nature of risk in investing.
- The Importance of Fire Drills. Investors should prepare for market volatility with a 'fire drill' strategy.
- Doug Cunnington's Career Shift. Doug shares how getting laid off led to his entrepreneurial journey.
- The Power of Side Hustles. Doug discusses how side hustles changed his financial trajectory.
- The 4% Rule Explained. The 4% rule suggests retirees can withdraw 4% of their portfolio annually. 'There’s so much margin built into the 4% rule.'
Episode highlights
- Career Change ReflectionsJesse discusses the risks and rewards of changing careers, inspired by a friend's comment.“Your career change seems like a huge risk to me, man.”2:25Jan 28, 2024
- Warren Buffett on RiskJesse shares insights from Warren Buffett about the true nature of risk in investing.“Risk is not the same as volatility.”9:22Jan 28, 2024
- The Importance of Fire DrillsInvestors should prepare for market volatility with a 'fire drill' strategy.“When the alarm goes off, where are you going to go?”20:37Jan 28, 2024
- Doug Cunnington's Career ShiftDoug shares how getting laid off led to his entrepreneurial journey.“I got laid off in 2015 and the cool part was it was the greatest thing ever.”24:43Jan 28, 2024
- The Power of Side HustlesDoug discusses how side hustles changed his financial trajectory.“I started listening to all the episodes and I thought, 'Oh, this guy actually seems trustworthy.'”27:35Jan 28, 2024
- The 4% Rule ExplainedThe 4% rule suggests retirees can withdraw 4% of their portfolio annually. 'There’s so much margin built into the 4% rule.'“There’s so much margin built into the 4% rule.”46:27Jan 28, 2024
- The Flexibility of Financial IndependenceFlexibility in spending and lifestyle can lead to earlier retirement. 'If you’re willing to be flexible, you can open this door to an earlier retirement.'“If you’re willing to be flexible, you can open this door to an earlier retirement.”47:13Jan 28, 2024
- Side Hustles: When to Move OnDetermining if a side hustle is worthwhile involves assessing its profitability. 'If you’re not earning anything, it’s probably more of a hobby.'“If you’re not earning anything, it’s probably more of a hobby.”51:20Jan 28, 2024
