David Jacoby: Financial Planning for Nomads
David is a financial planner and an on-again, off-again expat. In this episode, he joins me to share lots of financial tips and considerations for nomads, expats, and location-independent people of all stripes (plus his experience traveling with his pet ferret!).
In this episode
- Traveling with a ferret
- What is financial planning?
- Unique financial considerations and challenges for nomads and expats
- Financial benefits of location independence
- Finance tips for new and experienced nomads/expats
- Defining financial independence
- And so much more
Resources we talked about
Note: Links with an asterisk are affiliate links, which means you may receive free credit or another bonus and I may earn a small commission or other benefits if you sign up/purchase using that link. There’s no additional cost to you, of course!
Amy Scott 00:02
Welcome to Nomadtopia Radio. I’m your host, Amy Scott, bringing you interviews with people from all over the world who have created their ideal lifestyle through location independence, long term travel, and more. Listen in as we talk about how they made it happen, the ups and downs, and plenty of practical tips and advice for creating and thriving in your very own Nomadtopia.Expand
This episode was recorded live in the Nomadtopia Collective, your home for a global location independent lifestyle. Join us today at nomadtopia.com/collective. Thanks for tuning in today. My guest is David Jacoby. Welcome to the show, David.
David Jacoby 00:47
Hey, thank you so much for having me.
Amy Scott 00:50
It’s great to have a chance to talk about some of this financial stuff, we’re gonna dive into a little deeper. But to start, tell us a bit about what your Nomadtopia looks like right now.
David Jacoby 01:01
Sure. So after spending the last year and a half living in Barcelona, Spain, my wife and I, and our pet ferret that we travel around with have decided to become a bit more nomadic. And so we’re currently traveling around the Iberian Peninsula, and living in a different city each month, and really trying to experience all that both Spain and Portugal have to offer. On the work side of things, we both work from home on our computers. So all we need is strong internet connection. And good coffee helps as well.
Amy Scott 01:43
Yes, always. So I’m glad you brought up the ferret because I’m super curious about that. I think that’s the most unusual pet I’ve heard of somebody traveling with. And I’m curious, you know, what’s that been like? Like do you have to approach things differently than someone without pets or someone say just you know, with a dog, which is probably the most common pet that someone might be traveling with?
David Jacoby 02:07
Yeah, it absolutely requires a bit more preplanning. He had his own customs paperwork, and he has a little pet EU passport with all of his vaccinations and shots and everything in it. And you know, certain airlines allow ferrets on them, other ones don’t. Interestingly enough, some countries, cities and even states allow ferrets and some don’t. So, strangely enough, you’re not allowed to have a ferret in California. And when we got here to Portugal, we were a little worried for a bit that they were illegal here. But we think that that’s a thing of the past, and that they’re okay to have now. Kind of fingers crossed.
Amy Scott 02:55
Yeah. And where have you found any good resources for finding that kind of information about the legalities and such?
David Jacoby 03:03
So the person to ask that would really be my wife, she’s kind of in charge of our pet. His name’s Amiguito. So we gave him a Spanish name because he’d be coming here. And that really has made things a lot easier. Because, you know, say at customs we’re talking to somebody, they don’t understand my last name or how to spell it. But I can say his and it brings a smile on their face. They’re just excited to understand, but there’s absolutely some challenges to it. But one of the best things about having him with us, for us is that he’s really made everywhere that we are feel like home really instantly. We’ve moved around a lot, even the year and a half we were in Barcelona, we lived in five different apartments while we were there. So you know, being able to take his toys out and he runs around. And anybody who isn’t familiar with ferrets, one of their favorite activities is they take things and they hide them. So sometimes this is your possessions. And he might hide them under the couch. But he’s pretty well trained now that he sticks mostly to his toys and hiding them. But they’re wonderful, playful animals. And so he’s really been kind of a special thing that makes everywhere feel like home to us.
Amy Scott 04:28
Yeah, that’s nice. And what about accommodations? I assume it’s just a matter of like a place is pet friendly or isn’t, or have you had to kind of get into more details with people? I imagine a lot of people aren’t really familiar with ferrets, either.
David Jacoby 04:42
Yeah, they’re pretty popular in Spain, interestingly enough as kind of hunting companions. And the vet was nice enough to inform us that we had a fat American ferret, and the ones in Spain are much smaller and leaner because they are exercising and hunting all day. But yeah, it’s been a trouble with some accommodations. Airbnb has a filter on it that you can use and we’ve stayed in a lot of Airbnbs, sometimes we’ve reached out to hosts and we say, hey, we know it says no pets, but you know, our little guy’s only a few pounds and he sleeps 22 hours a day, and he makes no noise. Would it be all right if we bring him and then we’ve also gotten ourselves in the situation where we have to book an accommodation. And y’know one of us hides around the corner with our ferret while the other one meets the host or the landlord. And so there’s, there’s unique challenges for the accommodations for sure.
Amy Scott 05:45
Yeah, I can imagine but like you said, it sounds like it’s worth it. It’s worth the effort in the grand scheme of things.
David Jacoby 05:51
Yeah, one of the interesting things is, because of the challenges, we’ve had to adapt, so we’ve flown a lot less because we don’t really want to put him on flights, or we can’t. So we’ve rented a lot more cars, we’ve had road trip adventures. When we moved from Valencia to Porto, we actually drove all the way across Spain and stayed in, you know, a city in between Salamanca, and so it’s caused us to do things and have adventures that I don’t think we would have had otherwise.
Amy Scott 06:24
Yeah, I can totally see that. That’s great. So let’s switch gears a little bit. Tell us a bit, you mentioned you work online. Tell us a bit about your primary income streams.
David Jacoby 06:36
Sure. So my wife works remotely for a company in Washington, DC. So she has a stable paycheck and a normal job, she just happens to do it remotely from abroad. And that’s given us a lot of stability because I started my business not too long ago, and really just before we started this adventure, and that allowed me to kind of leave my steady paycheck. And we’ve learned to live off of just one income while I was building up my business, which is focused on helping expats and nomads with investments and financial planning and taxes.
Amy Scott 07:20
And so are you primarily doing one on one like consulting and services? Do you do any, you know, courses or any other types of things that are bringing in income.
David Jacoby 07:30
So mine is 100% one on one, consulting, it works very much like a financial planning firm that you would find in the US. There’s no online products or classes or anything like that. It’s meeting one on one with somebody and really looking at their situation and ways that I think that I could help them.
Amy Scott 07:57
Yep, that makes sense. And so how did you get into this? Did you, I mean I assume you have a background in financial planning, and then saw an opportunity to bring it to this audience in particular?
David Jacoby 08:10
Yes. So I have been in the finance and accounting industry my entire career. So I majored in accounting and out of school, I worked in taxes and then moved into some more financial roles. I’ve always had a passion for investing. And then when I was pursuing my master’s degree, I was abroad for two of the semesters in Brazil, and then Chile, and then decided to stay in Chile and find a job down there. And actually tried or thought about starting my own financial planning firm while I was down there, because it really combines all of my interests and background of being able to do taxes like I have in the past, do my passion of investing, and then really wrap it all together as financial planning to help somebody in a really holistic way. And from being abroad it was really a natural fit for me to start working with expats and nomads. I lived the life, I understood the challenges of it. I was passionate about it, fully, you know, infected with the travel virus or the travel bug. And so talking to other expats and travelers and nomads was really the people that I connected with the most and really found a natural inkling to want to help them and work with them.
Amy Scott 09:39
Well, and I think it’s a community that is in need of help. There’s, you know, there’s so many sometimes subtle changes and sometimes big changes that I feel like we need to look at, in our finances and our financial planning. Once we bring in the travel or living abroad into the equation, it just can shift things, like I said suddenly or dramatically. And we’re going to get into some of that. So to start, I thought it would be good if you could define financial planning. I think you kind of just touched on a couple aspects of it. But you know, how do you define that? And what does it include?
David Jacoby 10:25
Well, before I get into that, I do need to just put in my little required disclaimer, you know, of course, we’re going to talk about taxes, financial planning, investment advice, it’s all going to be really in general. So, you know, seek out personal advice from a professional, and, you know, particular to your situation, do your own research. So with that little disclaimer out of the way, anyone who knows me knows that I’m a huge podcast advocate. So I’ve been listening to ’em for years. I’m the type of person that lives with headphones on and consumes multiple hours of podcasts every day. And I was listening to one of your episodes, I believe it was from last month, the unconventional budget accommodations with Michelle, and the two of you had a great discussion that was just about one word. And it was the word intentional. And, you know, anybody who hasn’t listened to that episode, I recommend they go back, because that really spoke to me. You know, I can’t think of a better way to define financial planning, other than being intentional with who you bank with or what you’re invested in, how you’ve structured your business, even down to how you’re spending your money being intentional. And I think that that’s a great one-word definition. If I was taking it out, it’s you know, aligning these intentional choices with your personal mission, your core values, and doing it in a way that gives you confidence that you’re going to achieve your goals in a thoughtful way.
Amy Scott 12:07
Mm hmm. Right. So it’s interesting, because I think I, I don’t know if others listening feel the same way, but I think I have tended to equate financial planning with retirement specifically, but it sounds like from what you’re saying, it’s, it’s everything. It’s much bigger than that. It’s not just that one piece of the puzzle.
David Jacoby 12:29
Yeah, that is so true. Because I think in the past, you really could define it as, you know, retirement planning, or maybe getting life insurance and things like that. But they’re all so intertwined now that there’s almost no topic that would surprise me for a client to discuss with me. You know, their health and the choices that they’re making around that really come into the picture and affect everything else that we’re talking about and go down into the numbers. Those are things that we need to consider and talk about together.
Amy Scott 13:09
Yeah, absolutely. Well, and I saw on your website, one of the examples of things you can help people with is buying and selling property abroad, or like making those decisions in terms of when that’s a good idea and things like that. And I was like, Oh, my God, that’s what I need, because I have bought property abroad. And it’s been a constant, constant, but on again, off again, question of when to sell, and if. And that also is one of those things that might not outright seem like a financial decision, but in many ways it is and affects so many others it has a ripple effect, right, across other things that would happen after that.
David Jacoby 13:54
Right. Absolutely. Buying property abroad can be, depending on the country you’re in, very complex or much more complex than it may be in your home market. It maybe involves setting up a business structure to hold it or I’ve even heard of some countries that may be required to take out a life insurance policy to back the mortgage. And both of those things are going to have tax and financial implications.
Amy Scott 14:22
Yeah, absolutely. So I think we’ve touched on this also a little bit already, but specifically for nomads and expats, why would you say that financial planning is important?
David Jacoby 14:36
Yeah, you’re absolutely right. We kind of touched on it and it’s just as soon as you add in that other country, or across border, everything’s gonna get maybe four to five times more complex. You know, you’ve got to think about not only the country that you were from and your home country, but where you’re living, how those interact with each other. You might have to be thinking ahead at your next country, sometimes there’s ways that accounts need to be structured, especially retirement accounts. Because one country might treat them as not taxable, while another one doesn’t recognize the wrapper that’s put on it by another country. So there’s always decisions that can be made before the decision is made, if that makes sense. So it’s just a much more complex situation than a domestic person doing financial planning under just one jurisdiction.
Amy Scott 15:34
You know, as you were saying that I was thinking about how I would venture to say, most nomads—more nomads, maybe than people who are explicitly moving and planning to live in one place in another country for extended period of time—I think a lot of us are just thinking, like, where do we feel like going, you know, what have we heard is an interesting place to visit, where is there good weather? Where is there, you know, lower cost of living? Where is there a beach, like, whatever the thing is that someone’s looking for. Without thinking about, like you said, like the decision before the decision, like you might say, Oh, I’m gonna go to Costa Rica. But the difference between, say, Costa Rica and Mexico, even though you might have some similarities in terms of lifestyle, maybe the rules and the way it could impact you financially are totally different. And most of us aren’t thinking about stuff like that.
David Jacoby 16:36
Amy Scott 16:38
My understanding, although I realized maybe my example is not great, because my understanding is that if you’re not staying in a country for very long, like, if you’re there on a tourist visa, say for just a few months, that that country’s laws would not have an impact on. Is that right? Like where where’s the, you know, the line for that?
David Jacoby 17:02
Yeah, so definitely one big line, the major line, you’re on it, and it’s when you get tax residency, and every country that’s going to be different. It might be from spending three months in a country that’s going to happen to might be six months, a more aggressive country might just look at you and if you’re doing work there, they might try and grab on too. The truth to the answer is that tax law is outdated. All the countries’ laws are really outdated, and they haven’t come up to speed with this type of lifestyle where you’re, you’re moving around and being nomadic. So there’s not always a clear answer. And a lot of times, it’s easier to know things that you just definitely don’t want to do. Because that might create issues for you. So knowing some of those ahead of time. And being able to recognize if staying a week longer somewhere is going to cause trouble for you is just an important part of the nomad life is knowing the rules where you’re going, so that you can try and avoid getting yourself in a situation you don’t want to.
Amy Scott 18:13
Right. Yeah, that’s a great point. And just on the flip side, with the rules, say for Americans in particular, that you can be exempt from income tax if you’re outside the States for a certain amount of time. And if someone doesn’t know that, they might be bouncing in and out, go home for an extended stay what have you and realize that they’re off by maybe just a few days, from being able to take advantage of something like that.
David Jacoby 18:40
Yeah, that’s kind of the most heart crushing news that you can deliver in the tax business is that you were basically one day away from a $100,000 tax deduction. One thing a lot of people don’t realize is that as an American, even if you aren’t going to owe any taxes, you have to proactively state that position. And so if you’re going along under the assumption that, you know, you’re going to be covered by the Foreign Earned Income Exclusion, which is what we’re talking about, and you know, you’re not going to owe your taxes. So you’re deciding not to file your taxes? Well, that’s something you had to proactively claim. So if the IRS comes and ask questions, and you haven’t filed, you’ve actually lost the ability to claim that position now. So it’s just one more thing where expats need to be aware and looking forward more than a domestic person might be, because they can lose a lot of opportunities.
Amy Scott 19:41
Right, absolutely. And the other piece of it, I think I have a solid understanding of this. You know, a lot of us are also self-employed. And that income exclusion is for regular income tax, but not self-employment tax. So people again, might assume like, Oh, I’m just the exempt, but they do actually still owe some taxes,
David Jacoby 20:03
Right, and those self-employment taxes are paying into Social Security and Medicare. So you are, the idea is that you will get benefits from them in the future down the road. And, you know, those that are living outside the country, and think that they’ll be doing it for a pretty long period of time, there are kind of more complex tax maneuvers that you can do to shield yourself from even having to pay those self-employment taxes. But that’s a decision that you don’t want to take lightly because it will increase the complexity of your tax return, but could potentially save you a lot of money, of course, at the sacrifice of getting Social Security payments down the road when you retire.
Amy Scott 20:50
So okay, we’ve talked a bit about some of the challenges and kind of the unique considerations on the financial side with this kind of lifestyle. What would you say are some of the benefits of this kind of lifestyle, well we talked about the income, the tax exclusion, for example, what other things can actually work in one’s favor?
David Jacoby 21:09
Yeah. So I think that being location independent, is one of the greatest things you can do for your finances. We’ve talked about a lot of the challenges and the complexities that are involved with it, but they are so far outweighed by what I believe are the benefits of it. And you’re right, the first one we’ve covered, it’s, it’s the taxes, you know, living in either a low tax jurisdiction, and reducing your home taxes as well, or even potentially being nomadic enough to the point where maybe you’re not paying taxes anywhere on a certain portion of your income. Those are, you know, life changing opportunities, if you’ve gone from paying 20, 30% of your income in taxes, and now you’re getting to keep all of it is, you know that that kind of difference can really change your financial life. So that’s, that’s absolutely the first one. And the second one that’s a real benefit is just being able to take advantage of different cost of living locations. So you may have that income from a major US city where you secured your job. And then you move to a low-cost location. And you’ve basically got a nice little arbitrage going where you’re making income from one city, where the employers pay much higher, but the place that you’re located, you can either buy yourself a very comfortable lifestyle there, save a lot more, pay off debt, whatever your big picture goals might be, that change in cost of living can go a really long way.
Amy Scott 22:50
Yeah, that’s such a great point.
David Jacoby 22:53
The third one that I bring up, and this is really just my favorite is that I find that nomads and expats, location independent individuals, they think differently. So there’s a lot more flexibility and options. And it’s really the world is available to them. So you know, the nightmare scenario is always another 2008 type situation happens and the markets go down. And of course, that happens the day after you retire or the day you decide to move abroad and start something new. Well, somebody in a domestic situation is going to talk to their financial advisor, and the advisor pretty much has one choice. And, you know, you’ve got to cut back your expenses. I told you, you’re going to get to travel and do XY and Z. But we’ve really got to cut that back. While somebody who’s location independent it might be, I know we talked about retiring in France, you know, Would you be open to Portugal or Italy? Would you be open to Panama? Y’know, can we go somewhere that you’ll still have the same lifestyle, but it’s going to be a lot more affordable. So your savings will go further. Or I’ve even talked to people and it’s you know, the worst case scenario for you is that I think that you should go to Thailand and you know, teach yoga classes at a five star hotel for the summer and get free accommodations and just doing that is going to give you that room in your savings or your budget to you know, be able to cope with this unexpected downturn in your investment portfolio. So there’s just nothing stronger than that. And it really only comes with the mindset of thinking those are realistic options in your life.
Amy Scott 24:40
Yeah, absolutely. I would say the same goes for—it’s funny, I always think about this question I got from an uncle of mine some years ago, like “but what’s your take on job security?” You know, like, are you worried about job security and, and that’s yet another piece of this right is that having the flexibility to work for yourself, and in some ways to have more control over your income, control over when you work a lot, and when you work less. Ideally, you know, if you have clients waiting to work with you whenever, and I feel like that’s part of it too is that yes, there can be ups and downs in income when you’re self-employed. But like you’re just saying that also the flexibility of being able to change location or to change expenses and your living costs in different ways, just gives you so many more options.
David Jacoby 25:44
Yeah, I couldn’t agree with you more, because it’s, you know, which one has more job security, the one where a random person decides if you’re hired or fired, or the one where you’re working for yourself, and have control over the amount of income you make? Entrepreneurship is thought of as riskier. But, you know, when somebody else can just decide you’re fired for no reason? That seems pretty risky to me.
Amy Scott 26:09
Yeah. And I think part of what makes that so challenging is that it’s unless you’ve been through a layoff, I mean, I think about, you know, people I know who’ve been through multiple layoffs, that certainly starts to shift your perspective on job security. But a lot of people have the assumption that this job is going to be here for me until I decided isn’t, and if you get blindsided by a layoff, you’re just not prepared for what’s going to happen next, versus like, I might know that I have some slower times of the year or whatever, in my own work, I can plan for that. And it’s not going to be a shock when that happens, I’ve planned prepared for it, and I’ll get through it.
David Jacoby 26:58
Amy Scott 26:59
There may be different tips that you can share, depending on kind of where someone’s at, in this process. So if someone’s just getting started, like say, you know, they work for themselves, they’re in their home country, and they’re planning that ramp up to, you know, traveling full time, or to moving to another country or something like that, what are some of the things that they can do now, to help really set themselves up by you know, in terms of finances, and taxes, and so on?
David Jacoby 27:28
Yeah, and, and this one, I’ve heard it from so many guests on your podcast, and I can’t think of a better piece of advice, but it’s, you know, save, save, save, get that emergency fund built up, pay off the debt that you have, if you can pay it off. And you know, there’s nothing better for your finances than having a savings account that you can tap on, when something unexpected happens. There’s, there’s just no better way to, you know, prepare yourself for anything in life, no matter what it’s going to be from a financial perspective, than to have that cushion there that can get you through six months of no income or longer or, you know, get you those plane tickets home, when you need to go or you’ve decided you want to try something else or move somewhere else, being able to do that without bringing on debt and paying for things on a credit card with a high interest rate. There’s no better piece of advice that that I can think of as a financial planner.
Amy Scott 28:35
Yep, that makes sense. And I know some people who again, going back to what we were saying about kind of the arbitrage of cheaper cost of living and things like that, I know people who had this on the horizon and recognized that they were actually going to be more successful at getting out of debt if they went somewhere cheaper, or they start housesitting or you know, whatever things might be able to decrease their expenses so they can throw more money at that debt.
David Jacoby 29:05
Yeah. And there again, you know, for people who are considering starting their Nomadtopia dream, it may be the best financial decision you make of your life. It’s not crazy to say you can travel the world, grow as a person, expand your horizons, all the while digging out of debt and saving like you never knew was possible. It sounds crazy to say and too good to be true, but I’ve seen it, I’ve lived it. And you know, all it really takes is breaking out of your comfort zone. And you know, really just believing in yourself that you could do it.
Amy Scott 29:43
Yeah, absolutely. So what about those of us who’ve been doing this for a while—and I’m putting myself in this category—and maybe didn’t plan this all out very well. You know, maybe didn’t think about like, for example, the tax ramifications of different countries or, or how this lifestyle could affect investing, like how can someone kind of get back on track if they’re already kind of deep in it.
David Jacoby 30:13
So I have a few recommendations here. And the first one, you know, is undoubtably self-serving, but it’s never too late to talk to somebody. You know, there’s always new opportunities on the horizon, tax laws changes, all laws change, your life is constantly in flux. So speaking to somebody and telling them about your situation, even if you’re just deciding to do it as a one off, you know, let’s have somebody look under the hood and take a look at everything. I enjoy doing a lot of this on my own, but I’d like a second set of eyes on it. Now, the worst that can come of that is that somebody gives you more confidence that you’re making the right decisions. So it’s really never too late to talk to somebody. And if you’re thinking you’ve made a mistake on the taxes 100% get with somebody immediately, because IRS penalties and interest build up every day. And if you didn’t claim that foreign earned income exclusion, as long as you get the paperwork into the IRS before they get the paperwork in your mailbox, you know, you might be okay, and you might still be able to get it. So don’t, don’t keep putting things off, that you think there might be opportunity for.
Amy Scott 31:31
Yeah, that’s such a great point.
David Jacoby 31:33
I also would recommend a book that I recently read, it’s the second time I’ve read it, because they’ve updated recently, and a lot of people in your community, especially the ones pursuing financial independence pretty aggressively might already know it, but it’s called Your Money or Your Life by Vicki Robin. And no matter where you are, and how much you know about finances, this is the best book that you can read. I get a lot out of it. And, you know, my wife and I are currently reading it together. And it’s challenging our beliefs and our views and our values around money and what’s important to us in life. And, you know, just talking about some of the questions that Vicki proposes in her book, are really having us make changes. And you know, my wife’s married to a financial planner, and we still have room for improvement. And this is the book that’s helping us think about it and move closer to where we want to be.
Amy Scott 32:40
Yeah, as you were kind of leading up to the name of the book I was like, Oh, I wonder if it’s that one. I read that also. Gosh, I probably read it like 15? No, I think I read it when I was in LA, I think like, maybe 12 years ago. And it definitely had an impact on me. But like you said, I’ve also been thinking, especially because I know they’ve updated, I’ve been thinking about reading it again. I know, it’s the kind of thing that for me, I have some of these basic concepts in my head. But it’s easy to kind of let them fall by the wayside. And life, you know, kind of takes a different turn. And I am looking forward to just kind of being, getting that stuff a little bit more front, front and center than it has been in recent years.
David Jacoby 33:29
Yeah, and absolutely read the updated version. It’s great because the original was written long enough ago that it really needed to be pulled forward into current day terms. And, you know, lingo and expressions.
Amy Scott 33:44
This could be a whole other hour, but just kind of a little intro for people. You know, you just mentioned financial independence. What does that mean? Like how do you define that? And you know, for people who are like, Wait, what’s that? What’s he talking about? Tell us a little bit more about that.
David Jacoby 34:01
Yeah, so in simplest terms, I would put it as you’ve reached financial independence when you no longer have to trade your time for money. So that is what we are all doing when we go to work or have a job is that we are trading our time for money. And financial independence is when you have more choices over what you want to use your time for. You may still be trading it for money, but maybe it’s in a job you like more or something that’s more rewarding for you. It’s commonly referred to as retirement because that’s when most people achieve financial independence. But for most people that talk about it in these terms, they’re trying to achieve it. And then, you know, that’s not the end of their career. It’s just a new pivot point in it where they can pursue a passion project or do something that really aligns with their values. And that’s how they’ll spend their time.
Amy Scott 35:07
This also might be a super huge topic, but is there like, are there different financial planning type considerations that one should have in mind, if even if it seems really far away, you know, that idea of financial independence is something that someone’s interested in?
David Jacoby 35:27
There’s different considerations all throughout your life, if you’re having that as your end goal, I’d say that the biggest benefit to thinking about it now, even though while it feels very far off, is that you start painting the picture of how it’s a reality. And by painting that picture, you might pull it forward five or 10 years, because you’re looking at it, and you’re tracking your progress towards it. And, you know, there’s some old saying in there that a goal that you write down has some percentage higher of achievement than one that you don’t. And with financial independence, that’s no different. So if the first step of it for you is paying off $80,000 of student loans, start paying that down, and you’ll see the debt go down, and then you’ll see your investments go up. And you know, each month, you may have something good to celebrate, because you’re pulling yourself closer to a goal. That’s, that’s known and measurable, instead of just some abstract idea out there that you don’t think is obtainable for you or realistic life for you.
Amy Scott 36:35
Yeah, something may seem far away but if you don’t take any steps towards it, it’s always going to be far away. Right, like I first, a couple years ago, really dived into a lot of research around, you know, the concept of financial independence, in terms of like, how much you need to have invested. And you know, like, what percentage of your income, your investment income, you’re living off of, like all of these things, and I mapped it all out. And then I saw this calculator that would help me figure out, you know, how long it would take to get there. And the number was very depressing. And I think I kind of like, I kind of just put it on the backburner at that point. And now, for whatever reason, it’s kind of coming back around for me, and it’s like, if I had kept this more, you know, top of mind two years ago, I would probably be a little closer than I am. That’s probably true with any goal, right? That if you, like you said, you’re writing it down, or you’re getting concrete about what you want to achieve, and actually making some steps to get there. That’s really the only way it’s gonna get any closer.
David Jacoby 37:49
Amy Scott 37:51
Awesome. Well, this has been great. We’ve touched on a lot of really important topics, I think. And I hope that this gives people kind of a starting point with looking more closely at some of this stuff, and figuring out what kinds of preparation and changes and things they might need to do for themselves. So thank you. Yeah, absolutely. It’s a pleasure. So to wrap up, can you tell people where they can find you online?
David Jacoby 38:14
So the easiest place to find me would be my website. So it’s just remotefinancialplanner.com. You can also find me on all the social networks, but it’s easiest to get to them from my website.
Amy Scott 38:28
Perfect. And I will also link to the book we talked about and his website, and of course, any other resources at nomadtopia.com. All right, thanks so much, David. This has been great. Thank you. And thanks, everyone, for listening, and we’ll see you on the road.
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