096R | The Money Matriarch of the World & the Godfather of FI | Suze Orman & JLCollinsNH

An in-depth conversation with JL Collins about a recent controversial interview given by Suze Orman, and clarification of what concepts are truly at the heart of the financial independence movement.

  • Frugal wins of the week from Brad & Jonathan: garbage pickup and cell phone batteries.
  • What questions did Dominick Q, from Monday’s episode, ask that were most impactful for Jonathan?
  • Jonathan explains how he uses a planner at night to set himself up for success the next day.
    • What three things does he want to accomplish tomorrow?
  • Shutting off notifications on his phone allows Brad to step away from him phone more effectively.
  • One of Dominick’s strategies for breaking the tie to various technology is a ‘digital detox’.
  • Leaving his phone at home during a family walk each morning helps Jonathan give quality, undivided attention to his family.
  • JL Collins, a.k.a., the Godfather of FI, talks about two recent interviews on the “Afford Anything” podcast with Suze Orman (personal finance expert and former CNBC talk show host).
  • Although Suze opposes the overall idea of FIRE, she advocates for many similar personal finance concepts and principles.
  • Brad and Jonathan wonder whether anyone would ever be able to retire based on the FI numbers that Suze suggested.
  • JL suggests that fear of what might happen in the future informs Suze’s mindset more than necessary.
  • Continuing to work doesn’t mitigate uncertainty about the future.
  • The only truly non-renewable resource is wasting decades of your life.
  • Is the FI community more prepared than most for bad things that might happen in the future?
  • Jonathan and JL wonder if Suze’s wealth has been accumulated through sound investing, or from a variety of businesses and her work as a TV personality.
  • It’s easy to sell books and products based on fear.
  • Was Suze’s interview actually good for the FI community?
  • The amount of money someone actually needs to retire is entirely dependent on the lifestyle that someone chooses to live.
  • Does the “FIRE” acronym add some concern and confusion about the FI community?
  • Being financially independent just means that you can do whatever you want.
  • Trying to pick individual stocks is a loser’s game.

Interested in More from JL Collins

Check out his incredible stock series at JLCollinsNH.com

We also have a 3 part podcast series with JL Collins

JLCollins also did a fantastic talk with Google which you can watch here

https://www.youtube.com/watch?v=T71ibcZAX3I

 

 

Links:

Afford Anything Ep #153: Why I Hate the FIRE Movement, says Suze Orman

Afford Anything Ep #154: You’ll Need at Least $10 Million to Retire Early, says Suze Orman

The Simple Path to Wealth – JL Collins

4 Replies to “096R | The Money Matriarch of the World & the Godfather of FI | Suze Orman & JLCollinsNH”

  1. YES! Do a “Digital Detox”.

    I do a Digital Detox for a full week once a year. Actually, my wife and daughter do it with me.

    It’s easy because:

    A: I tell all my clients (aka: the boss) that I won’t be available
    B: Get everything I can done beforehand so I can check it off my to-do list (and not worry about it while detoxing)
    C: I put myself into a situation where I don’t have a choice to check email, FB, Twitter (or even voicemails)

    What’s the trick? We spend 7 days at a horse ranch in the mountains of Wyoming where there is absolutely no service. Yes, the ranch has their own internet and has a landline available to us at any time, but we pretend like those options are emergency-only.

    Granted, it’s much easier to do when any “emergencies” usually involve my wife and daughter who are with me. I’m certain that removing myself from all connectivity would be extremely more difficult if I were separated from them.

    But I have found “cutting the other cord” (aka: internet) is a wonderful thing when you can fill the void with other things…other things like hiking, scenery, riding horses, rising with the sun and setting with the moon. I would highly recommend others to give it a try, but begin with 3 days (2 days is too short and 4 days might just break you).

    Good stuff Brad and Jonathan!

  2. I wholeheartedly agreed with your comments about how masterfully Paula Pant handled her interview with Suze Orman (and its aftermath). Her background as a journalist really shined through as a strength.

    I also really enjoyed hearing JL Collins’ down to earth response to the Orman interview.

    “I love it. I love it. I love it.” – my cat, Milo, has a similar opinion about the FIRE movement. You can read his post “Cat on FIRE” at https://emusements.com/cat-on-fire.

  3. Yeah, those fees on the card probably paid for Suze’s private island. Conflating her net worth and her investment skill–bingo! Great to hear JL Collin’s take on the whole thing.

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