As someone who was raised in another country, and came to the USA at the age of 25, I already had the ideology of the country of my birth stamped into my psyche, but I was still at an age where I could carve it into the American experience. But 30 years later, the molding of my past with my American experience has unveiled so many observations that are often unseen by my American friends. So in this episode I wanted to talk about these things, and maybe you’ll hear something that will be unexpected.
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I absolutely believe that the first thing anyone should have as part of their financial strategy is liquid cash available for times of emergency. This has become more popular due to the Dave Ramsey preaching of the value of an emergency savings fund. But just how much is right, and what factors may influence the amount you need to have? We discuss this in light of a passive income strategy in this article.
Wealth is rarely generated without someone taking some form of risk. It might be the purchase of real estate, a business venture, etc. If you have a positive result from this, you could become wealthy. If you fail, you could become bankrupt. Let's talk about the balance of life risks and risk mitigation.
The bull market we’ve had will be ending soon. This is just natural. Markets go up and markets go down. The bull market has been active since about 2010, fueled by low interest rate money but with the natural market cycle spurred on by the China Trade Wars, it won’t last much longer. What should those pursuing FI or FIRE do to adjust? Do they have what it takes to handle this?