Sean | Fight Fire With FIRE

Firefighter Turned FIRE-fighter | Tripled a Six-Figure Net Worth in 3 Years | Personal Finance Blogger | Financial Independence, Retire Early

[Sean | Fight Fire With FIRE @FFWithFIRE]

Investing is 80% mindset and 20% skill. And 100% reason to remember the name.

Here are 7 books on finance that will rewire your mind:

// THREAD

[Sean | Fight Fire With FIRE @FFWithFIRE]

@JLCollinsNH Index funds: the only thing I know of that can consistently have long-term top-quartile performance and still be referred to as “average.”

[Sean | Fight Fire With FIRE @FFWithFIRE]

@cadeinvests VTI, VXUS, and BND

[Sean | Fight Fire With FIRE @FFWithFIRE]

@perfinclub Love this. And I agree 100%! I happened to write a blog post about target date funds myself recently. The title? “Simplifying Simple.” Haha.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@Blind__Luck I used to say I’d be with a girl for at least 2 years before I proposed.

Then I met my wife. 12 months. That saying, “when you know, you know” is true.

[Sean | Fight Fire With FIRE @FFWithFIRE]

Just wanted to put this out there for anyone interested. I’ve always found these Vanguard updates WELL worth the time!

Tuesday, January 10 at 7 pm ET.

Register: https://t.co/nYysEKFrCU

[Sean | Fight Fire With FIRE @FFWithFIRE]

@Blind__Luck Haha, I'll bet you won't have many takers there!

[Sean | Fight Fire With FIRE @FFWithFIRE]

Two things are important to understand with investing.

1. Every person between you and your money represents a cost layer.
2. Costs compound as well as returns.

Don’t accept them haphazardly—make them justify their presence in your life. Ensure they add value, not subtract it.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@Blind__Luck Absolutely! People see 1%, and naturally think it's "just a small fee." Then realize decades down the road that somewhere along the line, it grew up into a huge fee.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@MeasureTwiceMNY As someone who is going to be pursuing a CFP in the next couple of years, I’m beyond excited to see this! Thanks for all you do, Cody!!!

[Sean | Fight Fire With FIRE @FFWithFIRE]

@ramit I couldn’t agree more. My latest blog post was on TDF’s—and IMHO, though they get a bad rap from some, they tend to make a lot of sense for most.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@OtherKindsMoney This!! 🎯

[Sean | Fight Fire With FIRE @FFWithFIRE]

When the fickleness of the market, the unreliability of “skill,” and the high costs of active intermediation are accounted for, the message is clear.

Trying to beat the market almost ensures that you will lose to it. Humility goes far in this game; ego will get you burned.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@Budgetdog_ Picturing you jumping up on the bank counter and cutting loose.

[Sean | Fight Fire With FIRE @FFWithFIRE]

Wow. This has some really interesting implications for those who want to "rescue" unused funds in an existing 529, or new parents who want a way to boost Roth IRA contributions for their children starting out in life.

https://t.co/0VRFiJZiFE

[Sean | Fight Fire With FIRE @FFWithFIRE]

Budgeting is simply the act of intentionally redirecting cash flow away from things that don’t move you toward your goals to things that do.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@mbontrager5 Waiting for them to start saying, "You should also be diversifying your costs—an IUL allows you to do that by paying some to me!"

[Sean | Fight Fire With FIRE @FFWithFIRE]

@BusinessFamous All of them, weighted by sector market cap.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@RealEstateMaxi @Levi__Adams RE investors definitely have a different array of factors to consider. This study, though, was referring to stock market investing—and in particular, how retail investors who pick stocks, actively trade, or both, have fared this year.

[Sean | Fight Fire With FIRE @FFWithFIRE]

According to Vanda Research (via Bloomberg), active amateur investors have lost an average of 30% in 2022.

By comparison, a diversified, passive approach to investing has fared better; the S&P 500 is down 17%.

Trying to beat the market is often a self-defeating strategy.

[Sean | Fight Fire With FIRE @FFWithFIRE]

@OtherKindsMoney I couldn’t agree more!

[Sean | Fight Fire With FIRE @FFWithFIRE]

@msheikh87 Well said, my friend!