In today’s episode, Cody and Justin are joined by the incredible duo of Kristy and Bryce from Millennial Revolution.
Their story is so inspiring. They start at the most traditional lifestyle route of a professional career and seeking homeownership. Then one day they realize the housing costs are simply out of control and they’d rather retire instead.
Three years later they quit their jobs and have been traveling year-round since then. They’re keeping busy though with projects like their new book Quit Like a Millionaire.
This will certainly be one of the most entertaining episodes we’ve had to date so go listen now.
Listen and follow along with the summary below and make sure to check out the links at the bottom of the page.
- Bryce wasn’t focused on saving money in college…beer took priority
- When they graduated they were just solely focused on saving for a home
- They lived in a modest apartment while chasing a home
- The house prices kept outpacing the housing
- Before they could find a home, they realized they’d saved $500k
- Then Bryce came up with the idea to ditch the house idea and retire instead
- Kristy saw the value in this after seeing a coworker collapse from stress
- They hit a million at the age of 31
- We then dig into how they actually got the $500k in the first place
- Kristy credits the scarcity mindset she got from being raised in poverty in China
- They moved to a cheaper apartment, used public transportation, and reigned in their eating out splurges
- They weren’t naturally frugal at the start with Bryce dropping hundreds on booze and Kristy collecting high-end purses.
- Kristy even got into unboxing videos for these purses
- Bryce then starts discussing the differences between how he and Kristy see things
- Kristy is much better at being frugal but was much less comfortable getting started with investing
- They really fill in each other’s gaps to make the perfect financial independence duo
- Kristy said what helped get comfortable with investing was understanding how much she’d lose to inflation in savings accounts
- Then Bryce starts covering their investment strategy and how they navigated the 2008 recession
- That strategy is a big cornerstone of their book which seeks to show how to handle every rough situation you may encounter
- Kristy covers how they started out with salaries in the $60k range but would get several raises along the way
- Their savings rates began around 50% and would get up to 72% before retiring
- Kristy then covers how to use a number centered approach to choosing your major in college
- Bryce and Kristy then start covering all the work they’re doing now in retirement with the book and blog
- They credit being in a position where the focus didn’t need to be money as their key to side hustle success
- Kristy then starts telling the backstory to how her video about millennials and money went viral
- At this point, we shift gears to understanding how they continue to travel the world year-round for under $40k per year
- They prefer Air BnB over a hotel for the kitchen and laundry access
- Then they discuss how they build a schedule when constantly traveling and some of the bumps to expect along the way
- Currently, they’re staying in a location a little over a month but plan to start rotating between locations quarterly
- Those three-month stints will allow them to build real lasting relationships
- Create your own trend: It was amazing to see them realize that they didn’t just have to follow the path everyone else was following. Why buy a house if that house was going to anchor you to a job for decades.
- Handling the worst: Too often we only tell success stories and don’t give enough focus on preparing for non-ideal scenarios. Kristy and Bryce nail this topic.
- Millennials are misunderstood: Millennials aren’t pampered or lazy. They just consistently choose to follow lifestyles that their parents could never dream of and that makes some people uncomfortable.
Call to Action
If you were to lose your job tomorrow, what types of safety nets do you have in place to hedge against that risk? Formulating a game plan will make your personal finances much more resistant to difficult situations.
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Contact Kristy and Bryce:
Via their blog Millennial Revolution
Catch their on Twitter
Join them on Facebook
Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)