Playing with FIRE|Scott Rieckens - a podcast by Cody of Fly to FI and Justin aka Saving Sherpa
from 2020-05-12T07:00:49
Today's episode features the star of the Playing With Fire documentary, Scott Rieckens.
Scott found himself saving 8% an heading towards a lifestyle that seemed unsustainable.The FIRE movement showed him that his value/happiness was not aligned with his spending.
Scott and his wife made an amazing transformation and shared it with the world.Listen, learn, and let us know what you think about Scott's amazing journey.
Episode SummaryScott's Background
His Dad was in the Navy so he picked up and move many times.His Mom would always try to pick up a job at the new location
She also handled the bills and investing outside the pensionAt a certain point, Scott realized his lifestyle wasn't sustainable
He was trying to take on more and his spending was also increasingThen he found the FIRE community
That took his focus just from income streams to also include responsible spendingEntrepreneur Focus
Scott found himself laid off three years after collegeHe and a friend spent three months to put together a business plan
They raised a couple hundred thousand dollars to build an indoor golf centerBut as they worked the projections, they ended up scrapping the idea
Then he goes back to the drawing board and back to the small business center for helpWhen Scott goes there for advice, the advisor realizes Scott has social media experience
In 2009, very few people had this experience and the advisor encouraged him to pursue that routeFrom then on, he's been an entrepreneur
Scott recommends the book The War of Art for entrepreneursEmbracing FIRE
Scott recalls the Chautauqua trip in Ecuador with people from the FIRE movementThere he learned that if this didn't work, he'd just be going back to work like everyone else
That realization made him feel much more comfortable with the attempt at hitting FIREScott then breaks down why everyone doesn't embrace a journey of financial independence
Not being in the right place in life or being afraid of what they could uncoverWe also talk about the taboo around money
Playing With Fire
Scott's original idea was to go around interviewing people about the movement
Then it swapped to him actually going through the journey and transformationHe talks about how difficult and invasive the documentary
Scott also the moments the camera missedNow Scott is taking the Playing With FIRE brand into a Podcast
Key Takeaways
Awakening: It's so cool to listen to someone explain the process of totally shifting your outlook on life as Scott did with his spending
Strong Minds: We love all the parallels Jed draws between his mindset and process in the NFL to be successful on the outsideCall to Action
Make a list of the 5 things that you value the most and that brings you the most happiness. Then reflect on what percentage of your budget is spent on items from this list.Join the Community
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Further episodes of The Financial Independence Show
Further podcasts by Cody of Fly to FI and Justin aka Saving Sherpa