Financial Independence | Good Money with Marc Barnes and Jacob Imam

F.I.R.E. = Financial Independence, Retire Early. Work is a sacramental insofar as it was a gift God gave us in the garden, which helps us participate in Him. So ceasing from work is not a good thing, but retiring from certain jobs is. Tune in with Marc Barnes and Jacob Imam to hear the pros and cons of F.I.R.E.
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[@cactoidjim1477]

Side note: It's interesting how our culture reinforces the warped family structure through healthcare. Parents can have their children on their insurance, but only up to a limited age. Children are never allowed to include their elderly parents on their own insurance.

[@Kitiwake]

Why do you need insurance?

[@Jkp1321]

@@Kitiwake because most people aren't able to have the thousands or tens of thousands of dollars stored away in case they're sick or hurt.

[@RosieJ7223]

Wow. That never even occurred to me. Good point!

[@cactoidjim1477]

Would love to hear your thoughts on a couple of the common "money wisdom" ideas: Is it acceptable to save *for* an emergency? As in, having 6 months of expenses saved in case of job loss or tragedy? What about saving for Healthcare costs in "retirement"? Our current culture requires one to not only work, but work for a large corporation in order to obtain affordable health insurance.

[@Kitiwake]

Why bother with health insurance? Just save for an emergency.

[@cactoidjim1477]

@@Kitiwake You know, it's funny, but I wouldn't have managed to save $573,000 over the last 7 years and still be able to feed my children. But it's good that their mother is still alive. So yeah, having health insurance is pretty high on my list.

[@naftalitolibas2296]

@@Kitiwake Health related issues can get very expensive. Having my wife give birth in a hospital via emergency C-Section would have cost $30K+ but with a high deductible savings it went down to about $8K total. It's not practical to save that much in a short amount of time (unless said person is high income). Just given the costs of our current health system in the US, it would be prudent to have health insurance or some sort of health sharing plan.

[@ibanezdudeck]

After seeing the example of some friends parents, I've come to a similar mindset. I'm tired of stocks and hordes of money and really inspired by people who invested in things like rental properties, laundromats, car washes, etc as a means of building a stable long term income that they can also pass on to their kids. I've been wrestling with this concept for a couple months and trying to figure out what my "placeholder" is because I'm in a weird stage of wanting to move but being constrained by roles in the community, relationships, etc at the moment and it occurred to me that the age old advice of "pay off your debts first" should actually apply to the home as well. A home that is paid off so you can weather the financial storms and have more money to put towards your growing family or businesses in your 30s/40s is a great gift. Plus you don't realize how much money is sucked away by interest on a $100k+ mortgage that could be used for other ends later on.

[@cactoidjim1477]

Looks like Dave Ramsey showed up to give y'all a thumbs down on this one 🤣

[@meghanyoung]

It is so interesting to me that 'magnificence' is a virtue.

[@peterhegarty5702]

what would be examples of these jobs in the modern world ?

[@vincentdemio5075]

What if you’re not just longing for freedom but also longing for the desire for freedom?

[@Hope20249]

Interesting reflections on aspects of today's workplace and impact on one's soul.

[@ReverendDr.Thomas]

😇 May God Bless You Always! 😇