WEBVTT NOTE This file was generated by Descript 00:00:08.006 --> 00:00:09.506 Jon: Welcome back to the Fiscal Firehouse. 00:00:09.626 --> 00:00:13.170 In today's episode, John and Louie will welcome the first guest of the podcast. 00:00:13.431 --> 00:00:17.991 Reed Norwood, the Captain of Station 3 and the Secretary Treasurer of Local 00:00:17.991 --> 00:00:22.391 1309, will discuss his pathway to union leadership and give a rundown 00:00:22.411 --> 00:00:27.361 at what transpired at the 57th IFF Convention, which was held in Boston. 00:00:27.991 --> 00:00:31.751 Reed will also discuss union dues, how much our members pay, and where 00:00:31.751 --> 00:00:33.181 that money is being allocated. 00:00:33.536 --> 00:00:37.346 Lastly, Reed will discuss the framework for the executive boards at the 00:00:37.346 --> 00:00:39.846 local, state, and national level. 00:00:40.416 --> 00:00:43.776 In part two of this episode, John and Louie will discuss the three pillars 00:00:43.776 --> 00:00:46.966 of financial independence and why it is important to try to achieve 00:00:46.976 --> 00:00:49.506 financial independence before retiring. 00:00:49.856 --> 00:00:53.486 This episode will set the foundation for all future financial topics 00:00:53.776 --> 00:00:55.406 and discussions moving forward. 00:00:55.806 --> 00:00:59.756 Without further interruption, everyone, welcome to the Fiscal Firehouse. 00:01:03.700 --> 00:01:06.730 This is another episode of the fiscal firehouse. 00:01:07.090 --> 00:01:10.000 I'm one of your co hosts, John Beatty, super excited to be 00:01:10.000 --> 00:01:13.850 here with me in the 1309 studio. 00:01:14.200 --> 00:01:16.190 I have my partner in crime, Louie. 00:01:16.420 --> 00:01:18.170 I've never bought a share of GameStop. 00:01:19.990 --> 00:01:22.400 I like that I get a new nickname every episode. 00:01:22.400 --> 00:01:25.030 I was the index fund guy, the zero episode. 00:01:25.030 --> 00:01:28.340 And now first episode, I'm never bought an individual share of stock 00:01:28.340 --> 00:01:30.350 guy, which is not true, but game stop. 00:01:30.420 --> 00:01:30.810 Oh, game stop. 00:01:30.810 --> 00:01:31.210 Game stop. 00:01:31.850 --> 00:01:34.350 So I'm going to, every time I introduce you, it's going to be 00:01:34.350 --> 00:01:38.730 another little caveat, part of this goal is just to understand Louie. 00:01:38.790 --> 00:01:39.610 I mean, he's an onion. 00:01:39.915 --> 00:01:41.955 Keep peeling back those onions. 00:01:41.955 --> 00:01:43.355 Keep peeling back them onions. 00:01:43.355 --> 00:01:45.075 Don't smell that good and can make you cry. 00:01:45.135 --> 00:01:45.955 I guess that's good. 00:01:46.695 --> 00:01:47.815 That is definitely good. 00:01:47.815 --> 00:01:51.795 So in studio, we also have a special guest speaker. 00:01:52.015 --> 00:01:55.035 This is one of those things when we started talking about what we wanted to 00:01:55.035 --> 00:01:58.965 do with this podcast and where we saw it heading is we have a lot of talent here. 00:01:59.400 --> 00:02:02.250 At West Metro and the membership, and we want to demonstrate and 00:02:02.250 --> 00:02:03.500 display some of that talent. 00:02:03.830 --> 00:02:06.160 And these are some of the things that we thought it was important, not only 00:02:06.160 --> 00:02:09.460 to Louie and I, but the rest of the membership and the executive board 00:02:09.460 --> 00:02:11.220 is to highlight and demonstrate that. 00:02:11.220 --> 00:02:13.920 So in the studio, we also have a guest speaker. 00:02:14.210 --> 00:02:14.460 Yep. 00:02:14.570 --> 00:02:19.450 And so we actually decided to use our very first special guest to have 00:02:19.450 --> 00:02:23.180 someone speak to you about fiscal responsibility as it relates to the union. 00:02:23.610 --> 00:02:28.570 We are having the secretary treasurer of our local 1309 present today in the union. 00:02:28.890 --> 00:02:32.150 I am honored to welcome the captain of. 00:02:32.515 --> 00:02:38.065 Station three, as well as your secretary treasurer, please welcome Reed Norwood. 00:02:38.275 --> 00:02:39.025 Welcome to the show. 00:02:39.045 --> 00:02:39.425 Wow. 00:02:39.585 --> 00:02:39.965 Thanks. 00:02:40.075 --> 00:02:40.715 Thanks fellas. 00:02:41.235 --> 00:02:44.705 I first want to apologize to everybody who was all built up with that intro 00:02:45.205 --> 00:02:47.785 expecting a truly special guest and. 00:02:48.795 --> 00:02:50.355 We'll cut that out and just say guest. 00:02:50.365 --> 00:02:51.355 It doesn't have to be a special guest. 00:02:51.355 --> 00:02:52.755 We'll just say guest, the first guest. 00:02:53.405 --> 00:02:54.095 Absolutely. 00:02:54.095 --> 00:02:54.705 Absolutely. 00:02:54.705 --> 00:02:57.315 But no, part of this, one of the reasons Reed, we wanted to have 00:02:57.315 --> 00:03:01.295 you on this was that Louie and I, and a lot of other people felt 00:03:01.295 --> 00:03:02.735 that this podcast was necessary. 00:03:02.735 --> 00:03:07.415 Not only talk about the financial and fiscal responsibility of not only the 00:03:07.415 --> 00:03:10.605 union, but our members, but also just get a little bit more understanding of. 00:03:10.805 --> 00:03:13.265 What the union does on a day to day basis. 00:03:13.635 --> 00:03:16.555 Um, we know a lot of our members don't come to the union meetings 00:03:16.555 --> 00:03:19.445 and what they hear is either what happens at the kitchen table, or if 00:03:19.445 --> 00:03:22.285 they come upon one of us, they'll ask us what's going on in the union. 00:03:22.605 --> 00:03:27.445 We just thought this would be a better format and a way to not only demystify 00:03:27.475 --> 00:03:31.035 personal finance, but also demystify what the union's all about and what we're 00:03:31.235 --> 00:03:33.165 trying to do on our members on behalf. 00:03:33.165 --> 00:03:37.365 So we just wanted to talk a little bit more about you and your role in the 00:03:37.365 --> 00:03:39.335 union and how you even got involved. 00:03:39.795 --> 00:03:40.865 With the union to begin with. 00:03:40.865 --> 00:03:44.965 So if you can elaborate a little bit on what got you interested or hooked as 00:03:45.055 --> 00:03:48.685 some of those other people's, I'm way deeper than I ever thought I'd be, buddy. 00:03:49.255 --> 00:03:50.651 We all, yeah, we all are. 00:03:50.651 --> 00:03:50.955 Right. 00:03:50.955 --> 00:03:53.955 I had never worked a union job prior to come to the fire department. 00:03:53.985 --> 00:03:56.965 Like a lot of us, when I came to my first union meeting to 00:03:56.975 --> 00:03:59.135 be sworn in, I was intimidated. 00:03:59.135 --> 00:04:03.705 I was like, didn't know how to, what I should say, if I could even participate. 00:04:04.375 --> 00:04:06.485 And then as the time went on, I got more comfortable. 00:04:06.485 --> 00:04:07.935 I realized I really. 00:04:08.535 --> 00:04:12.785 enjoy what unionism is and I wanted to get more involved. 00:04:12.785 --> 00:04:16.835 I didn't even know what that really meant, what unionism was, but I knew 00:04:16.855 --> 00:04:22.205 that I could be a contributor to the department in a way that, you 00:04:22.205 --> 00:04:23.775 know, was, I guess, more than myself. 00:04:23.935 --> 00:04:26.105 I could do a little more for the, for the department. 00:04:26.115 --> 00:04:31.085 So my first kind of foray into other than just regular union attendance, cause 00:04:31.085 --> 00:04:34.145 that's how I really started was just showing up to the monthly meetings when I 00:04:34.145 --> 00:04:35.975 could, when it was over at Cafe Del Sol. 00:04:36.350 --> 00:04:40.000 We'd sit there and get a smothered burrito and listen to Frenier 00:04:40.000 --> 00:04:41.390 and Rogers yelled each other. 00:04:43.160 --> 00:04:46.160 And it was a, it was a good intro to what was important. 00:04:46.480 --> 00:04:49.330 And then I found out there was, we used to do what was called 00:04:49.330 --> 00:04:50.390 the joint apprenticeship council. 00:04:50.390 --> 00:04:52.550 We used to have an apprentice firefighter program. 00:04:52.550 --> 00:04:55.960 So your first three years as a firefighter, you were an apprentice 00:04:56.400 --> 00:04:58.420 and that had some oversight in it. 00:04:59.120 --> 00:05:00.840 Which is now the RCS committee. 00:05:01.170 --> 00:05:04.840 But back then it was a appointed position or an elected position. 00:05:04.870 --> 00:05:09.370 I got elected into being a joint apprenticeship council 00:05:09.380 --> 00:05:11.000 member, the union rep for that. 00:05:11.020 --> 00:05:12.320 So that was super cool. 00:05:12.320 --> 00:05:14.010 And I, and I did that early on in my career. 00:05:14.010 --> 00:05:16.060 So that was in 2006. 00:05:16.070 --> 00:05:21.110 So I'd only been on a couple of years and got in as a JTC guy and then went 00:05:21.110 --> 00:05:25.480 right from there into becoming a trustee, which was that next step for me where 00:05:25.480 --> 00:05:29.995 I wanted to be More involved in the union and then went on to become a vice 00:05:29.995 --> 00:05:33.165 president and now one of the principal officers as a secretary treasurer. 00:05:33.175 --> 00:05:36.895 I'm in my 21st year here at West Metro and I've been involved in the union. 00:05:37.395 --> 00:05:39.475 Pretty much since the start beautiful. 00:05:39.535 --> 00:05:40.155 I love that. 00:05:40.155 --> 00:05:43.325 And I love that this union specifically, we've got all 00:05:43.345 --> 00:05:44.615 different walks of life, right? 00:05:44.885 --> 00:05:49.135 You and Mulcahy were, and honestly, Louie worked some of those people 00:05:49.135 --> 00:05:52.415 that got hooked right away and got active involved right away. 00:05:52.425 --> 00:05:55.995 And I'm an outlier or one of those people that kind of found a little bit later. 00:05:55.995 --> 00:05:59.835 In my career and I love that we have that diversity amongst 00:06:00.045 --> 00:06:01.335 our executive board as well. 00:06:01.355 --> 00:06:04.835 I want this to be encouraging for those folks that maybe have been 00:06:04.835 --> 00:06:07.405 here for a little bit and it's never too late to get involved. 00:06:07.415 --> 00:06:08.065 That's the other part. 00:06:08.065 --> 00:06:11.095 I know we've focused so much on our new folks and how important 00:06:11.105 --> 00:06:12.145 we want to hear from them. 00:06:12.145 --> 00:06:16.605 But also if you're that person that's been here for 15, 20, 25 years, but 00:06:16.605 --> 00:06:18.985 now all of a sudden you're like, man, I want to be more involved. 00:06:19.360 --> 00:06:20.760 It's never too late to be involved. 00:06:20.790 --> 00:06:25.300 So I wanted to just pitch that out there for those folks that are maybe mid career 00:06:25.300 --> 00:06:26.470 or towards the later part of their career. 00:06:26.470 --> 00:06:31.220 It's like, we are open for all thoughts and ideas and diversity and just wanting 00:06:31.220 --> 00:06:34.570 to get all sorts of different experiences and not just from our newest folks. 00:06:34.580 --> 00:06:39.110 So one of the things we recently did is go to Boston for the 00:06:39.160 --> 00:06:40.580 international convention. 00:06:40.980 --> 00:06:43.780 And so we were hoping you can talk to us a little bit about that, what was 00:06:43.780 --> 00:06:45.680 accomplished at the convention as well as. 00:06:46.000 --> 00:06:48.990 What what per capita means because that always comes up when we talk 00:06:48.990 --> 00:06:51.600 about the convention So we can speak to some of those things. 00:06:51.650 --> 00:06:54.320 Yeah, and like what is convention exactly, right? 00:06:54.430 --> 00:06:59.590 Um, yeah every two years we hold Uh convention, uh changes cities 00:06:59.860 --> 00:07:00.930 It's you know, either in the u. 00:07:00.930 --> 00:07:07.160 s or canada Um, the iff convention is essentially a huge union meeting, uh that 00:07:07.160 --> 00:07:12.515 lasts Three four or five days sometimes depending on the resolutions So as you 00:07:12.515 --> 00:07:16.535 mentioned, the entire e board went out there to Boston for the 57th convention. 00:07:16.935 --> 00:07:21.675 It was awesome being in Boston, being that that's where it's the home local 00:07:21.705 --> 00:07:23.425 of our general president at Kelly. 00:07:23.755 --> 00:07:24.665 So that was super cool. 00:07:24.665 --> 00:07:25.925 We got a lot of perks out of that. 00:07:26.235 --> 00:07:29.955 Just having that kind of presence in Boston, the fire department in 00:07:29.955 --> 00:07:32.495 Boston is hugely respected, man. 00:07:32.495 --> 00:07:35.645 I think you guys saw it like the fire department runs things out there. 00:07:35.645 --> 00:07:37.305 That was super cool to see. 00:07:37.735 --> 00:07:41.075 And then we got some awesome guest speakers that came in too, right? 00:07:41.075 --> 00:07:41.355 So. 00:07:42.000 --> 00:07:45.080 Both vice presidential candidates came and spoke to the delegation, which 00:07:45.080 --> 00:07:46.680 I thought was, was pretty awesome. 00:07:46.720 --> 00:07:50.470 We've had vice presidents, we've had sitting presidents, past presidents. 00:07:50.885 --> 00:07:52.695 I'll come in to talk to conventions. 00:07:52.705 --> 00:07:53.485 That's pretty cool. 00:07:53.835 --> 00:07:56.965 The main thing about convention is we sit out there on the floor and 00:07:56.965 --> 00:08:01.665 we talk about resolutions, which are essentially the equivalent of 00:08:01.665 --> 00:08:03.455 a motion being made in the hall. 00:08:03.905 --> 00:08:07.255 But these come with a lot of work being done in the past, as far as 00:08:07.255 --> 00:08:09.045 like crafting the right verbiage. 00:08:09.045 --> 00:08:13.035 There's a lot of whereas statements resolve statements and some key ones. 00:08:13.115 --> 00:08:15.995 The key ones that are most important to our membership are 00:08:15.995 --> 00:08:18.345 those that affect per capita. 00:08:18.680 --> 00:08:22.380 Per capita is essentially easily defined as per person. 00:08:22.520 --> 00:08:23.940 So it's, it's our union dues. 00:08:24.210 --> 00:08:29.530 The IFF per capita is what we pay, uh, every month for each individual. 00:08:29.760 --> 00:08:33.130 Currently, that number is 17. 00:08:33.130 --> 00:08:35.190 52 per month, 2024 per capita. 00:08:35.710 --> 00:08:39.890 With resolutions that get passed during convention, we approve 00:08:39.920 --> 00:08:43.470 additional funding that will then increase that per capita amount. 00:08:43.970 --> 00:08:48.930 So based on this convention in Boston, we approved 0. 00:08:48.930 --> 00:08:48.945 95. 00:08:49.265 --> 00:08:53.895 Of resolutions that will be added to our new per capita on top of a 00:08:53.925 --> 00:08:58.485 consumer price index adjusted amount for inflation So that was 58 cents. 00:08:58.495 --> 00:09:02.265 So now our new per capita is going to be 19 And five cents. 00:09:02.365 --> 00:09:07.030 Yep before we get into The details of some of that 95 cents. 00:09:07.120 --> 00:09:10.140 I just want to talk about per capita and and what that is, right? 00:09:10.140 --> 00:09:13.000 Demystify that because I think a lot of people don't understand 00:09:13.000 --> 00:09:13.780 what that means Does that mean? 00:09:13.780 --> 00:09:16.700 Yeah, we're getting an increase in our union dues or how does 00:09:16.700 --> 00:09:18.050 that how does that relate? 00:09:18.110 --> 00:09:23.560 So we as a local we fund our union dues as a percentage of firefighter first 00:09:23.560 --> 00:09:28.430 grade salary So it's one and a quarter percent currently the union dues per month 00:09:28.430 --> 00:09:34.275 per member is 107 and 40 cents, uh, so within that 107 dollars and 40 cents You 00:09:34.555 --> 00:09:37.045 I then pay out per capita to the IFF. 00:09:37.395 --> 00:09:41.285 I also pay out per capita to the CPFF, and then we use the remainder 00:09:41.305 --> 00:09:43.525 to fund the general operations of our. 00:09:43.880 --> 00:09:44.480 Local, right? 00:09:44.480 --> 00:09:46.350 So it's to cover our salaries. 00:09:46.360 --> 00:09:48.010 It's to cover our program costs. 00:09:48.010 --> 00:09:52.560 It's to cover our antiques and maintaining those It's to cover our 00:09:52.560 --> 00:09:56.120 travel expenses and registration fees for going to conventions and 00:09:56.120 --> 00:10:00.260 meetings around the country It covers our office space motions in the hall 00:10:00.470 --> 00:10:02.070 Motions in the hall all that stuff. 00:10:02.110 --> 00:10:08.230 Yeah, generally about 75 percent of what we spend a month After per capita 00:10:08.530 --> 00:10:12.180 goes towards those operational costs and then I like to hold at least hopefully 00:10:12.210 --> 00:10:17.140 13 to 15 percent Towards adding to our investments to our Schwab account, which 00:10:17.140 --> 00:10:22.400 so you're that means you're you're saving 15 percent of our income for the future. 00:10:22.490 --> 00:10:22.900 That's right. 00:10:22.900 --> 00:10:25.800 It's a pretty good financial principle that applies to personal finance as 00:10:25.800 --> 00:10:27.290 well Right new fiscal firehouse guys. 00:10:27.400 --> 00:10:30.640 I'd like that There's a reason we had Reid on here more than 00:10:30.640 --> 00:10:32.050 just his ginger good luck. 00:10:32.070 --> 00:10:34.135 Yeah Smooth buttery tone. 00:10:34.135 --> 00:10:37.915 Oh, yeah, this directly ties into what Louie and I will talk about in the 00:10:37.915 --> 00:10:42.465 second part of the podcast and that's financial independence, but we do love 00:10:42.465 --> 00:10:48.495 and I love that my philosophy around finance and financial responsibility and 00:10:48.495 --> 00:10:52.455 accountability directly reflects that of the union and its serendipitous power. 00:10:52.695 --> 00:10:56.745 Personally for me to share those same values and it makes, it makes 00:10:56.745 --> 00:11:01.255 life way easier, honestly, to be so aligned financially with the 00:11:01.255 --> 00:11:03.025 union and my own personal beliefs. 00:11:03.095 --> 00:11:03.545 Yeah. 00:11:03.845 --> 00:11:07.385 And it's, it's not only important to save, but it's really important to have 00:11:07.385 --> 00:11:09.285 that war chest is what we consider it. 00:11:09.295 --> 00:11:10.165 That Schwab account. 00:11:10.415 --> 00:11:12.545 If we didn't have that, we couldn't put up a fight, right? 00:11:12.545 --> 00:11:15.675 If something came along that this local had to fend off, whether it's 00:11:15.695 --> 00:11:20.465 political or even inside, whether it's a bad fire chief or a bad board, we 00:11:20.465 --> 00:11:21.835 wouldn't have any way to fund that. 00:11:22.230 --> 00:11:24.400 So having that, and we're currently sitting at about 1. 00:11:24.400 --> 00:11:26.380 5 million in our kitty. 00:11:27.000 --> 00:11:30.780 That's a, it's a big chunk of money that the district knows we have, right? 00:11:31.080 --> 00:11:33.660 Our politicians know we have like, we carry some weight 00:11:33.700 --> 00:11:35.150 and so we can use that money. 00:11:35.480 --> 00:11:38.280 It's not just an investment for our future, but it's also an investment 00:11:38.660 --> 00:11:40.260 that we can utilize as a tool. 00:11:40.540 --> 00:11:44.170 As a tool to fend off any, anything that comes our way. 00:11:44.360 --> 00:11:45.930 I got a question for you, Reed. 00:11:45.930 --> 00:11:49.000 And obviously you allow the folks just regionally here. 00:11:49.000 --> 00:11:54.570 And then also on the national level, how unique is it in our kind of position 00:11:54.570 --> 00:11:58.900 where we have that war chest and just comparing ourselves to other locals 00:11:58.900 --> 00:12:01.810 and the way that they do budgeting, maybe like a, for the captains out 00:12:01.810 --> 00:12:03.100 there, like a zero based budgeting. 00:12:03.100 --> 00:12:05.860 And they basically spend everything that they have every year. 00:12:06.095 --> 00:12:07.945 And they don't have anything in reserves. 00:12:07.945 --> 00:12:10.545 Is it, are we in a unique situation like that? 00:12:10.565 --> 00:12:14.025 We are in a unique situation, especially for a local of our size, 00:12:14.055 --> 00:12:16.475 a 400 person local to have a 1. 00:12:16.475 --> 00:12:16.795 5 million. 00:12:17.630 --> 00:12:19.580 Investment account is unique. 00:12:19.660 --> 00:12:21.500 We're in a really, really good position. 00:12:21.880 --> 00:12:23.820 There's a lot of locals that don't do that. 00:12:23.820 --> 00:12:25.690 They spend, they have a zero based budget. 00:12:25.690 --> 00:12:28.130 They spend it all in the union dues that are coming in or spent. 00:12:28.610 --> 00:12:32.850 Um, and I think, you know, luckily based on the leadership we've had over the 00:12:32.850 --> 00:12:37.280 past 30 plus years of this local, we've been really good at setting aside money 00:12:37.280 --> 00:12:39.300 and growing our funds instead of just. 00:12:39.640 --> 00:12:41.610 Either maintaining or spending them down. 00:12:41.610 --> 00:12:42.090 Yeah. 00:12:42.140 --> 00:12:45.750 So it's been huge and huge credit to our past secretary 00:12:46.210 --> 00:12:48.040 treasurers and principal officers. 00:12:48.070 --> 00:12:51.020 Kevin Reichenbach was a prior secretary treasurer to me. 00:12:51.090 --> 00:12:53.950 Mike Vernier was before him, before he stepped over into the president's seat. 00:12:53.980 --> 00:12:54.190 Yeah. 00:12:54.190 --> 00:12:58.800 Just a ton of people who are, are really invested in the health of this local 00:12:58.800 --> 00:13:00.570 and want to do right by this local. 00:13:00.910 --> 00:13:04.060 And I think we're, we pride ourselves on transparency. 00:13:04.490 --> 00:13:06.230 Uh, we pride ourselves on doing the right thing. 00:13:06.690 --> 00:13:09.850 And spending money where it needs to be spent and not spending it where it doesn't 00:13:09.850 --> 00:13:13.550 need to be And just being really open with our financials, you know with the 00:13:13.550 --> 00:13:17.130 membership and with the internationals Yeah, and we'll say that we've said it 00:13:17.130 --> 00:13:21.370 before and we'll say it again You are not doing this alone with your the roles of 00:13:21.370 --> 00:13:22.980 the secretary treasurer in our finances. 00:13:23.310 --> 00:13:27.865 You have basically a Oversight over you in the sense that we use 00:13:27.865 --> 00:13:31.795 trustees to audit the books and make sure everything is above board. 00:13:32.035 --> 00:13:35.165 And we also have an investment advisor that we use, the third party 00:13:35.395 --> 00:13:37.215 who helps direct our investments. 00:13:37.225 --> 00:13:39.605 So there's just a lot of openness into the books. 00:13:39.845 --> 00:13:41.455 Any member can always ask about that. 00:13:41.795 --> 00:13:44.005 You can always talk to one of the vice presidents as well, 00:13:44.015 --> 00:13:44.925 and we'll explain it to you. 00:13:45.035 --> 00:13:46.725 But I think we do a really good job. 00:13:46.765 --> 00:13:51.035 I think I would, I'd put our books and our reports up against anyone out 00:13:51.035 --> 00:13:54.165 there just because I think they're that transparent, easy to understand. 00:13:54.205 --> 00:13:54.740 And, and. 00:13:55.140 --> 00:13:56.570 Honest in how we deal with it. 00:13:56.620 --> 00:13:56.980 Yeah. 00:13:57.000 --> 00:13:57.310 Thanks. 00:13:57.330 --> 00:13:59.060 And then we use an outside accountant as well. 00:13:59.220 --> 00:13:59.800 Yeah, that's right. 00:13:59.800 --> 00:14:01.100 It is even a triple check. 00:14:01.120 --> 00:14:04.080 She files our nine 90 every year and she's, I'm on the phone with 00:14:04.080 --> 00:14:06.430 her throughout the year, just, Hey, I screwed up this journal entry. 00:14:06.430 --> 00:14:07.030 Can you fix it? 00:14:07.070 --> 00:14:07.940 And she's great at that. 00:14:07.940 --> 00:14:11.770 So, yeah, I have a tremendous amount of gratitude for all, not only what 00:14:11.770 --> 00:14:14.600 Reed's doing, but Kevin and everyone before them just setting us up for 00:14:14.600 --> 00:14:17.940 success and it makes our job so much easier to not have to worry about that. 00:14:18.220 --> 00:14:21.340 So one of those things that we did recently as an 00:14:21.340 --> 00:14:23.500 executive board is we created. 00:14:23.670 --> 00:14:27.830 What's called an investment policy statement, basically tells our financial 00:14:27.860 --> 00:14:32.360 advisor how we want the money managed, so to speak, like how much risk do we want 00:14:32.360 --> 00:14:34.250 to take and everything else like that. 00:14:34.250 --> 00:14:37.060 And we met as an executive board and discuss that. 00:14:37.400 --> 00:14:39.690 And quite frankly, some of it was good timing. 00:14:39.690 --> 00:14:42.840 Some of it was a little bit luck, but we've had an extended bull market. 00:14:43.100 --> 00:14:45.670 In stocks for the better part of a decade here. 00:14:45.670 --> 00:14:49.600 And we've had that opportunity for that war chest to grow and grow and grow. 00:14:49.940 --> 00:14:52.660 And we met as an executive board and thought, maybe it's time to 00:14:52.730 --> 00:14:56.300 become a little less risky, a little bit more, let's protect the 00:14:56.310 --> 00:14:57.760 assets that we have this money. 00:14:58.020 --> 00:15:00.180 And we just need to make a little bit off of that. 00:15:00.180 --> 00:15:02.550 We don't want to try to hit another home run when we're sitting on third. 00:15:02.550 --> 00:15:04.630 We just want to keep hitting singles from here on out. 00:15:04.630 --> 00:15:09.070 So just so you guys know out there, if you want to know how, We're allocated or 00:15:09.070 --> 00:15:11.270 how our investments are being invested. 00:15:11.490 --> 00:15:12.770 It's pretty conservative right now. 00:15:12.770 --> 00:15:15.590 We really are in kind of that retirement aspect where we're trying 00:15:15.590 --> 00:15:18.510 to preserve a lot of that principle and not grow it so much anymore. 00:15:18.510 --> 00:15:22.590 So just if anyone ever has questions about that is we have that investor 00:15:22.630 --> 00:15:23.850 policy statement available. 00:15:23.850 --> 00:15:26.750 If anyone ever wants to see it or what we know, what we're invested in, 00:15:26.750 --> 00:15:30.350 but I'm, I'm really grateful that we made that pivot, especially based on 00:15:30.350 --> 00:15:31.560 what could be happening in the future. 00:15:31.610 --> 00:15:32.200 Yeah, me too. 00:15:32.440 --> 00:15:34.530 And both of your input was extremely. 00:15:35.070 --> 00:15:38.480 Helpful when we all met with with Clinton and our new advisor to suss 00:15:38.480 --> 00:15:42.380 out questions that you guys had and make sure we were On the right path 00:15:42.460 --> 00:15:43.910 now, so I feel really good about it. 00:15:44.210 --> 00:15:44.550 Cool. 00:15:44.720 --> 00:15:47.370 Yeah Thanks for explaining that the financial aspect of 00:15:47.370 --> 00:15:49.330 it with per capita union dues. 00:15:49.640 --> 00:15:53.510 I want to circle it back though to the convention Yeah, so international 00:15:53.510 --> 00:15:55.870 convention Multi day union meeting. 00:15:55.950 --> 00:15:58.100 Can you talk a little bit about some of the important things 00:15:58.100 --> 00:15:59.310 that were done at that meeting? 00:15:59.680 --> 00:16:02.430 Just so our members have an idea of what we accomplished out there. 00:16:02.470 --> 00:16:02.670 Yeah. 00:16:02.670 --> 00:16:05.970 That per capita, that 95 cents that was approved in those 00:16:05.970 --> 00:16:10.410 resolutions, that's a pretty big spend relative to other conventions. 00:16:10.410 --> 00:16:14.150 We've had other conventions where 22 cents maybe gets added to per cap. 00:16:14.850 --> 00:16:16.030 It's, it's incredible. 00:16:16.040 --> 00:16:17.900 So we've got, you know, that room has. 00:16:17.960 --> 00:16:20.000 3, 000 people in it, right? 00:16:20.030 --> 00:16:22.220 I mean, it's a, it's a giant machine. 00:16:22.620 --> 00:16:26.050 And when somebody stands up and talks about a resolution and they want to 00:16:26.060 --> 00:16:30.570 add a penny to per cap, it's to us, that sounds like nothing, right? 00:16:30.670 --> 00:16:32.550 Let's say 35, 000. 00:16:33.030 --> 00:16:35.030 It is unbelievably debated. 00:16:35.280 --> 00:16:38.580 And a lot of times these motions fail, these resolutions fail. 00:16:38.970 --> 00:16:41.130 And there's a lot of locals who. 00:16:41.695 --> 00:16:45.845 Are struggling and maybe don't have the funds to be able to support an increase 00:16:45.845 --> 00:16:50.415 in their per cap Or they have what we call pass through dues So any amount 00:16:50.415 --> 00:16:54.895 that the iff raises their per cap they in turn are going to raise that Due 00:16:54.895 --> 00:16:58.305 structure for their members right and their members are now going to have to 00:16:58.305 --> 00:17:02.585 pay that increase We don't do that at west metro, but that's you know goes back 00:17:02.695 --> 00:17:07.810 to that one and a quarter percent that we do for our Union dues that helps us. 00:17:08.100 --> 00:17:11.060 It insulates us to those kinds of fluctuations in per cap. 00:17:11.440 --> 00:17:15.180 And as long as we can still support our operations here and 00:17:15.180 --> 00:17:17.950 still invest enough, then we won't have to raise our members dues. 00:17:17.950 --> 00:17:19.240 And we haven't in a long time. 00:17:19.550 --> 00:17:19.980 Nice. 00:17:20.190 --> 00:17:25.820 So of that 95 cents, just two resolutions made up almost more than 00:17:25.820 --> 00:17:27.280 half or just about half of that. 00:17:27.480 --> 00:17:30.350 The first one I want to talk about is resolution seven, and that's 00:17:30.350 --> 00:17:31.880 the emergency disputes fund. 00:17:32.270 --> 00:17:34.030 What that is set up for. 00:17:34.390 --> 00:17:40.130 is it helps union leaders, vice presidents and principal officers of a local. 00:17:40.350 --> 00:17:45.870 It helps them when they are either terminated, suspended, disciplined, 00:17:45.880 --> 00:17:49.990 anything by a fire chief, by a board, by a city for union 00:17:50.140 --> 00:17:51.990 activities, union related activities. 00:17:52.490 --> 00:17:54.530 Unfortunately we see this all over the country. 00:17:54.570 --> 00:17:56.760 We've been very lucky to be insulated from that. 00:17:57.070 --> 00:17:58.940 Westminster's dealt with it. 00:17:59.150 --> 00:18:01.410 View Mountain view is currently dealing with it. 00:18:01.640 --> 00:18:03.480 Their union president's been off the job for. 00:18:04.970 --> 00:18:06.270 Two, two years, I want to say. 00:18:06.640 --> 00:18:06.980 Now. 00:18:07.210 --> 00:18:11.060 So he is currently involved in a guardian case through the EDF. 00:18:11.360 --> 00:18:13.940 So that fund is set up purely for that. 00:18:14.030 --> 00:18:15.590 It helps, it's a legal fund. 00:18:15.890 --> 00:18:17.520 The IFF comes out in force. 00:18:17.810 --> 00:18:19.520 It gets these guys their jobs back. 00:18:19.540 --> 00:18:20.770 It pays back pay. 00:18:21.150 --> 00:18:24.940 And it lets cities and chiefs know that they just can't, can't do that. 00:18:24.980 --> 00:18:25.880 Legally can't do that. 00:18:26.230 --> 00:18:28.265 Um, In that same vein. 00:18:28.265 --> 00:18:32.165 So what that is, that fund only, like I said, it only supports 00:18:32.175 --> 00:18:34.755 union related cases, right? 00:18:35.105 --> 00:18:39.815 What we saw happen in Aurora with Pete and Jeremy, that's a criminal case. 00:18:39.925 --> 00:18:43.905 And we, as an IFF have nothing to do with that. 00:18:43.945 --> 00:18:50.005 There's no, there's no nothing in the bylaws that directs the IFF to step 00:18:50.005 --> 00:18:52.145 in and help out on these cases, right? 00:18:52.145 --> 00:18:52.275 Yeah. 00:18:52.275 --> 00:18:53.295 There's no safety net or anything. 00:18:53.305 --> 00:18:54.155 There's no safety net. 00:18:54.965 --> 00:19:00.625 So Aurora, with the help of the 9th District Frenier, our DVP, crafted 00:19:00.625 --> 00:19:05.465 a resolution, Resolution 37, which creates the Firefighter Fidelity Fund. 00:19:05.975 --> 00:19:08.095 That was a 20 cent spend. 00:19:08.205 --> 00:19:08.815 20 cents. 00:19:08.845 --> 00:19:14.545 So that raises 750, 000 a year for that 20 cents, for the international. 00:19:15.115 --> 00:19:19.135 What that does is set up a fund, similar to the EDF, but it's purely, 00:19:19.135 --> 00:19:23.665 there's a legal defense fund, as a out front PR fund, you know. 00:19:24.420 --> 00:19:30.980 It's a fund to help out any IAFF member who is criminally sued or charged 00:19:31.280 --> 00:19:34.700 and is now finding themselves in a situation similar to Pete and Jeremy. 00:19:35.210 --> 00:19:36.380 We've never had that before. 00:19:36.500 --> 00:19:38.600 That is a massive benefit. 00:19:38.910 --> 00:19:43.590 To answer the age old question of like, why should I join the union? 00:19:44.000 --> 00:19:46.480 There's a lot of reasons and I can sit here and we can talk about it all day. 00:19:46.870 --> 00:19:50.710 That reason alone should be enough to be like, where do I sign? 00:19:50.770 --> 00:19:53.870 We've got our members out there on our medic units that are doing that. 00:19:54.170 --> 00:19:58.270 Really stressed out about their job and they should be it's there's a lot 00:19:58.270 --> 00:20:03.280 of liability and what we do But then to think that you could be criminally 00:20:03.280 --> 00:20:08.240 charged with doing your job and doing absolutely everything by the book to 00:20:08.240 --> 00:20:11.920 the t Medical director stepping in saying everything was done correctly 00:20:12.200 --> 00:20:14.140 and these guys are ending up in prison. 00:20:14.570 --> 00:20:15.410 Are you fucking kidding me? 00:20:15.410 --> 00:20:16.397 That's ridiculous. 00:20:16.397 --> 00:20:21.190 Yeah, so Luckily this fund is now going to be there for us and it's going to be there 00:20:21.190 --> 00:20:23.900 to step in and the IFF will be in front. 00:20:23.990 --> 00:20:25.030 They'll be jumping in. 00:20:25.030 --> 00:20:26.290 We'll have the right lawyers. 00:20:26.560 --> 00:20:27.910 We'll get the right messaging. 00:20:27.980 --> 00:20:29.820 I mean, it's just, it's a, it's a huge benefit. 00:20:30.180 --> 00:20:30.400 Yeah. 00:20:30.450 --> 00:20:34.730 This resolution, it was interesting how it hit the floor, just talking 00:20:34.730 --> 00:20:36.810 about like convention and how that all. 00:20:37.290 --> 00:20:40.380 went down, there was a lot of people that were going to be 00:20:40.380 --> 00:20:43.370 hard nose on the resolution just based on the per capita cost. 00:20:43.370 --> 00:20:45.030 And I don't really think we need that. 00:20:45.460 --> 00:20:49.530 Hey, we don't need to support guys that are getting DUIs and stuff like that. 00:20:49.570 --> 00:20:52.370 And then once they actually learned the reality of the language and what 00:20:52.370 --> 00:20:56.870 it was actually there to protect that entire floor stood up in support of it. 00:20:56.910 --> 00:20:57.260 Yeah. 00:20:57.500 --> 00:20:58.210 A hundred percent. 00:20:58.265 --> 00:21:02.655 There was even, there was even discussion early on, if we're not EMS based, 00:21:02.665 --> 00:21:04.395 we're not an EMS based fire department. 00:21:04.395 --> 00:21:07.355 So this is not going to impact us. 00:21:07.395 --> 00:21:11.085 And we set the record straight with, Hey, one of the guys that was tried and 00:21:11.085 --> 00:21:14.555 convicted was an officer like there, this is not just something that's going 00:21:14.555 --> 00:21:17.265 to impact paramedics on, on ambulances. 00:21:17.285 --> 00:21:21.095 This is going to impact officers, engineers who are driving these big 00:21:21.105 --> 00:21:25.925 trucks, going to cause emergent like this, this could impact any one of us in 00:21:25.935 --> 00:21:27.685 any fire department, like the political. 00:21:28.075 --> 00:21:29.405 Environment has changed. 00:21:29.615 --> 00:21:32.085 The public opinion environment has changed. 00:21:32.415 --> 00:21:35.665 And so we need, we need to give our members some protection, 00:21:35.675 --> 00:21:37.195 some help in those situations. 00:21:37.525 --> 00:21:37.635 Yeah. 00:21:38.045 --> 00:21:41.785 There were a lot of departments that were like, Hey, this, this is an outlier. 00:21:41.915 --> 00:21:43.205 This won't happen to us. 00:21:43.225 --> 00:21:44.325 This isn't happening. 00:21:44.955 --> 00:21:48.375 And then a lot of other departments got up and said, Oh, it absolutely is happening. 00:21:48.385 --> 00:21:49.425 It's happening to us. 00:21:49.445 --> 00:21:51.495 It's happened before and it will happen again. 00:21:51.605 --> 00:21:51.815 Yeah. 00:21:51.815 --> 00:21:54.635 You had people, I think it was a brother from Houston got up there 00:21:54.635 --> 00:21:58.035 and be like, yeah, this is not just a democratic state issue either. 00:21:58.075 --> 00:21:58.945 Like Houston still. 00:21:59.320 --> 00:22:01.230 And texas is still pretty republican. 00:22:01.230 --> 00:22:03.760 So this is a bipartisan problem, right? 00:22:03.770 --> 00:22:08.700 And the way that we're Being uh evaluated not only by prosecutors and politicians, 00:22:08.700 --> 00:22:13.030 but just the court of public opinion So I thought it was a huge win I am interested 00:22:13.030 --> 00:22:17.170 to see how fast this money goes and and talking to the folks that Have been 00:22:17.170 --> 00:22:21.010 doing this a way a lot longer than I have they're like, you know Sometimes you just 00:22:21.010 --> 00:22:24.335 got to get the money You got to plant the seed and just get it in front of people. 00:22:24.645 --> 00:22:28.815 And then when we come back in 26, when we come back to another convention, they 00:22:28.815 --> 00:22:31.865 might have to like with the EDF fund, they might just have to say that we've 00:22:31.865 --> 00:22:33.025 actually burned through all that money. 00:22:33.035 --> 00:22:36.405 And we're actually looking for more money, but at least you've got that in place. 00:22:36.675 --> 00:22:37.915 You've got people used to it. 00:22:37.945 --> 00:22:40.515 And I think that's only going to demonstrate, unfortunately, 00:22:40.725 --> 00:22:42.575 more of a need to do that. 00:22:42.645 --> 00:22:45.765 And the other part is we're talking 20 cents for our members. 00:22:46.035 --> 00:22:48.865 If we were to do this on our own, like the folks in Aurora 00:22:48.875 --> 00:22:50.545 have their own legal protection. 00:22:50.925 --> 00:22:53.675 I thought it was very poignant in that. 00:22:53.765 --> 00:22:56.275 I mean, this truly shows what unionship is about. 00:22:56.565 --> 00:22:59.025 This is not going to benefit those guys at all. 00:22:59.105 --> 00:23:01.415 When they talked about bringing this to the floor, they're like, 00:23:01.415 --> 00:23:02.525 Hey, we're already locked in. 00:23:02.830 --> 00:23:07.000 Our members pay a significant amount of money for legal protection, the 00:23:07.000 --> 00:23:10.300 same legal protection that most law enforcement agencies have because 00:23:10.300 --> 00:23:14.320 they're always under scrutiny, both civilly, criminally, all sorts of things. 00:23:14.680 --> 00:23:18.730 They brought this to the floor, basically knowing that they're already covered, but 00:23:18.730 --> 00:23:21.150 they want all other members to be covered. 00:23:21.150 --> 00:23:22.800 Just knowing that this is coming down the pipeline. 00:23:22.800 --> 00:23:26.220 I thought, man, that really touched on my heartstrings recognizing once 00:23:26.220 --> 00:23:29.300 I learned that I'm like, People that are doing this work for the most part, 00:23:29.440 --> 00:23:30.610 they're in it for the right reasons. 00:23:30.960 --> 00:23:33.760 It's not any kind of own personal gratification or anything else. 00:23:33.760 --> 00:23:36.080 Like they're really looking out for the greater good. 00:23:36.080 --> 00:23:39.460 So when you got that stick around there that says IFF, it means 00:23:39.470 --> 00:23:42.640 something more beyond just your own local and what's benefiting you. 00:23:42.970 --> 00:23:44.500 And I thought that was pretty cool. 00:23:44.500 --> 00:23:48.410 So shout out to the guys from Aurora for bringing that forward and, and Big Mike 00:23:48.420 --> 00:23:51.820 for bringing that even further down the food chain and getting it up to the floor. 00:23:51.870 --> 00:23:52.580 I thought that was pretty cool. 00:23:52.830 --> 00:23:53.830 I thought that was pretty special. 00:23:54.050 --> 00:23:55.730 So, yeah, yeah. 00:23:55.730 --> 00:23:59.770 The, uh, the policy that they have, they looked at getting a similar policy. 00:23:59.780 --> 00:24:00.010 Yeah. 00:24:00.020 --> 00:24:03.850 Let's get going through PORAC for, Hey, what would it take for 350, 000 of us? 00:24:04.350 --> 00:24:06.350 And the cost was just unbelievable, right? 00:24:06.350 --> 00:24:09.020 Setting it up this way and running it through the IFF is going to be. 00:24:09.230 --> 00:24:09.760 Really good. 00:24:09.980 --> 00:24:10.190 Yeah. 00:24:10.190 --> 00:24:10.750 Membership. 00:24:10.840 --> 00:24:12.520 And so I know we're in the weeds here with it. 00:24:12.530 --> 00:24:14.440 We just think it was very important for our members. 00:24:14.800 --> 00:24:18.822 So I just want to clarify for all of my B shifters out there who might be 00:24:18.822 --> 00:24:20.009 having a struggle understanding this. 00:24:20.009 --> 00:24:22.621 Hey, Hey, Hey, you got your B shift rep right here. 00:24:22.621 --> 00:24:23.890 Leave the old B shift. 00:24:23.890 --> 00:24:24.720 Love you guys. 00:24:25.180 --> 00:24:28.350 I just want to clarify and make this very clear for all of our members. 00:24:28.860 --> 00:24:35.495 If you are following your protocols and you are performing your duties and Some 00:24:35.555 --> 00:24:37.795 litigation comes out as a result of that. 00:24:38.295 --> 00:24:43.185 This measure that was passed will ensure that the international association of 00:24:43.195 --> 00:24:50.475 firefighters comes to your defense, both financially and politically and legally. 00:24:51.085 --> 00:24:51.955 That is massive. 00:24:52.025 --> 00:24:53.415 I mean that it cannot be understated. 00:24:53.415 --> 00:24:55.355 So I just wanted to say that very crystal clear. 00:24:55.385 --> 00:24:57.925 If you are following your protocols and performing in the line of 00:24:57.925 --> 00:25:02.475 duty and something comes of that litigation wise, we got your back. 00:25:02.905 --> 00:25:04.315 That is what your union does for you. 00:25:04.465 --> 00:25:06.395 That is a huge benefit. 00:25:06.875 --> 00:25:09.725 And it's something that I'm very proud that we were a part of being 00:25:09.725 --> 00:25:10.835 at that convention in Boston. 00:25:10.845 --> 00:25:12.545 I mean, I think that is just massive. 00:25:12.705 --> 00:25:14.535 So thanks Reed for explaining that. 00:25:14.535 --> 00:25:16.245 I think that is very, very important. 00:25:16.865 --> 00:25:17.015 Yeah. 00:25:17.435 --> 00:25:20.215 Anything else that you want to talk about as it relates to the. 00:25:20.640 --> 00:25:23.480 Convention in Boston any other major thing? 00:25:23.480 --> 00:25:24.490 What was your favorite thing? 00:25:24.490 --> 00:25:29.150 We did Boston outside of the union work So I want to disclose a big myth that 00:25:29.160 --> 00:25:32.670 everyone thinks the Union Service is all about playing in golf tournaments And 00:25:33.170 --> 00:25:34.470 that couldn't be further for the truth. 00:25:34.610 --> 00:25:38.570 Although we do participate occasionally But honestly, like it's, it's, we're, 00:25:38.630 --> 00:25:40.920 we're, we're there for four or five days. 00:25:41.030 --> 00:25:45.200 And typically the union business runs from eight 30 to four 30 or five, depending 00:25:45.200 --> 00:25:46.790 on what's being discussed during the day. 00:25:47.010 --> 00:25:49.240 But then at night you obviously have some free time and they 00:25:49.240 --> 00:25:52.540 typically have some other venues that we get to participate in. 00:25:52.580 --> 00:25:54.590 You get to go out to eat and do some of that stuff. 00:25:54.590 --> 00:25:57.880 Like what was, I'm going to ask both of you, what was your takeaways from Boston? 00:25:57.880 --> 00:25:58.660 We'll start with you, Reed. 00:25:58.660 --> 00:26:01.240 What did you, what, what resonated the most with you? 00:26:01.590 --> 00:26:03.630 Boston is, is a great town. 00:26:03.630 --> 00:26:05.260 It's probably been 20 years since I've been there. 00:26:05.650 --> 00:26:06.510 I love that city. 00:26:06.510 --> 00:26:08.080 I love just walking around it with you guys. 00:26:08.080 --> 00:26:08.760 I think it was great. 00:26:09.130 --> 00:26:11.600 We did not play a single round of golf in Boston. 00:26:11.970 --> 00:26:14.560 They were long work days for me. 00:26:14.560 --> 00:26:16.690 The time after the meeting is. 00:26:17.725 --> 00:26:19.455 Like just spending time with other locals. 00:26:19.775 --> 00:26:22.195 We, we do hang out with a lot of the Colorado guys, right? 00:26:22.195 --> 00:26:25.225 Like we hang out with the Springs guys, South Metro, Denver, 00:26:25.225 --> 00:26:26.255 some, it was just great time. 00:26:26.255 --> 00:26:28.895 I love just hanging out and having those conversations even though they end up 00:26:28.895 --> 00:26:31.525 in bars, like whatever I don't drink. 00:26:31.525 --> 00:26:34.895 So I drink way too much bubbly water and feel disgusting at the night. 00:26:35.645 --> 00:26:41.205 But honestly, my favorite part was the freaking lobster roll on the last 00:26:41.245 --> 00:26:45.615 day, right before we got on the plane, we went on Novello's recommendation 00:26:45.645 --> 00:26:46.825 cause he's a Gloucester guy. 00:26:47.355 --> 00:26:50.375 And we went out there and had the best lobster roll. 00:26:50.595 --> 00:26:53.155 Some of them, some of us had lobster rolls. 00:26:53.165 --> 00:26:54.845 I will admit, yeah, Louie's allergic. 00:26:54.955 --> 00:26:59.495 I will admit I took a bite of my lobster roll and like a sandwich and I lost 00:26:59.525 --> 00:27:04.165 like a 5 cloths worth of meat on the floor and I freaking ate that meat. 00:27:04.315 --> 00:27:05.265 Zero hesitation. 00:27:05.265 --> 00:27:05.815 Zero hesitation. 00:27:05.845 --> 00:27:08.245 No, it just picked it up and was like, let's actually, you did it 00:27:08.605 --> 00:27:11.835 a little bit more eloquently where he recognized it fell on the floor. 00:27:11.865 --> 00:27:14.795 He even acknowledged everyone like, Hey guys, this fell on the floor. 00:27:14.795 --> 00:27:16.015 He put it back on his plate. 00:27:16.405 --> 00:27:19.045 And then about 45 seconds later, he hits me. 00:27:19.115 --> 00:27:21.495 He goes, hey dude, I ate the meat off the floor. 00:27:21.495 --> 00:27:22.535 But he wasn't that good. 00:27:22.565 --> 00:27:24.225 He wasn't thinking like should I eat it or not? 00:27:24.235 --> 00:27:25.055 He knew he was going to. 00:27:25.145 --> 00:27:26.635 He put it, he just recycled it. 00:27:26.825 --> 00:27:29.385 He just had to get through the piece he was currently eating before. 00:27:29.905 --> 00:27:30.515 And it was worth it. 00:27:30.575 --> 00:27:31.255 Zero regrets. 00:27:31.385 --> 00:27:32.865 Zero, zero regrets. 00:27:32.885 --> 00:27:33.925 A keynote though. 00:27:33.925 --> 00:27:38.235 If you go to Boston for anyone that's traveling out there, bring cash. 00:27:38.235 --> 00:27:39.225 Cash is king. 00:27:40.125 --> 00:27:41.985 Those guys do not like the credit cards. 00:27:41.985 --> 00:27:43.525 They don't like the transaction fees. 00:27:43.525 --> 00:27:47.255 They probably don't like to report some of their income, but I freaking loved it. 00:27:47.255 --> 00:27:49.225 Louie, what was, what was your favorite part? 00:27:49.335 --> 00:27:49.795 So. 00:27:50.210 --> 00:27:52.870 I kind of agree with Reed, like just going out and, you know, getting dinner 00:27:52.870 --> 00:27:55.920 after and getting to kind of talk about the day's events and what happened 00:27:56.330 --> 00:27:57.580 and then doing our long walks back. 00:27:57.590 --> 00:28:00.150 Sometimes we'd go to the north end and we'd walk all the way back just to kind 00:28:00.150 --> 00:28:03.690 of like help our food digest and walk off some of these calories because we're 00:28:03.690 --> 00:28:05.150 sitting all day in these conventions. 00:28:05.365 --> 00:28:08.515 In these meeting rooms and stuff, but I I'll say that I think the 00:28:08.515 --> 00:28:10.925 coolest thing was after about day. 00:28:11.085 --> 00:28:13.285 I mean, let's be real It was day one after day one. 00:28:13.285 --> 00:28:17.465 We were all talking in boston accents there I mean, we were just going around 00:28:17.565 --> 00:28:20.105 and I can't even do it here because I don't even know now but we were like, 00:28:20.105 --> 00:28:21.925 hey What are you host tuggers doing? 00:28:22.215 --> 00:28:23.445 What what's going on over here? 00:28:23.525 --> 00:28:27.735 We all have these probably terrible fake boston accents I have zero doubt that 00:28:27.735 --> 00:28:31.155 if I lived in boston It would take me about one or two months before I was 00:28:31.185 --> 00:28:32.695 completely speaking in a boston accent. 00:28:32.705 --> 00:28:34.185 It's a great thing Badass accent. 00:28:34.205 --> 00:28:35.765 Oh, yeah gives you a little bit of edge to it. 00:28:35.845 --> 00:28:38.705 I wish I had a boston accent I wish I was from boston because I think that'd 00:28:38.705 --> 00:28:41.305 be cool But that's my favorite part is we would just be doing these walks 00:28:41.305 --> 00:28:43.995 and we were all talking in boston accents to each other So just saying 00:28:44.005 --> 00:28:46.135 haba haba going down to the haba. 00:28:46.325 --> 00:28:48.965 Yeah, it was awesome It was interacting with the cops right 00:28:48.995 --> 00:28:51.115 after the red sox game was hilarious. 00:28:51.125 --> 00:28:54.510 We're like Hey guys, can you point us to a good bar or whatever and like, 00:28:54.540 --> 00:28:55.580 oh yeah, yeah, you need to go there. 00:28:56.370 --> 00:28:58.450 Oh wait, are you guys, you, you bunch of host tuggers? 00:28:59.140 --> 00:28:59.460 Oh yeah. 00:28:59.460 --> 00:29:00.100 No, no. 00:29:00.150 --> 00:29:00.750 Don't go that way. 00:29:00.780 --> 00:29:02.050 No, we're changing our recommendation. 00:29:02.090 --> 00:29:03.160 You got to go this way. 00:29:03.630 --> 00:29:03.920 Yeah. 00:29:03.920 --> 00:29:04.860 He was trying to get us. 00:29:04.860 --> 00:29:05.030 Yeah. 00:29:05.030 --> 00:29:05.600 They were awesome. 00:29:05.600 --> 00:29:06.810 They call them host tuggers. 00:29:06.860 --> 00:29:09.330 The cops were calling us host tuggers, which I like that term. 00:29:09.340 --> 00:29:11.850 I think we're going to, we're going to, we're going to definitely incorporate 00:29:11.850 --> 00:29:16.780 that into many different facets throughout this, but it was, it was spectacular. 00:29:16.810 --> 00:29:20.110 And I think next set, we're going to make our FI candidates. 00:29:21.165 --> 00:29:22.935 patients only in Boston accents. 00:29:22.935 --> 00:29:24.955 Like we're going to make them do that for the whole call. 00:29:24.965 --> 00:29:27.955 The whole shift may be just, Hey, sweetheart, what's your problem here? 00:29:27.965 --> 00:29:28.645 What's going on? 00:29:28.695 --> 00:29:29.875 What, what do you need help with? 00:29:29.985 --> 00:29:30.735 What are we here for? 00:29:31.065 --> 00:29:31.325 Yeah. 00:29:31.375 --> 00:29:33.435 Novello might come out and ride on the medic with you. 00:29:33.435 --> 00:29:37.085 Just so you can correct my terrible Boston accent. 00:29:37.365 --> 00:29:38.835 John, what was your favorite part of this? 00:29:39.275 --> 00:29:42.665 Man, I've ridden on your guys coattails as always. 00:29:42.665 --> 00:29:44.715 I think it was a culmination of everything. 00:29:44.765 --> 00:29:48.755 I thought the night that we went to a Red Sox game at Fenway Park was 00:29:48.755 --> 00:29:50.815 super special just for the history. 00:29:51.215 --> 00:29:54.765 Man, like the history, if you're a history aficionado, you just respect 00:29:54.765 --> 00:29:55.995 history, love to learn from history. 00:29:55.995 --> 00:29:56.975 Man, like Boston. 00:29:57.190 --> 00:29:59.240 Is it the home of our independence? 00:29:59.610 --> 00:30:02.850 And I don't know, maybe it's just where those people grew up, but there's a 00:30:02.850 --> 00:30:06.980 level of patriotism in that city that you don't see a lot of other places. 00:30:06.990 --> 00:30:09.390 Whether you work for the fire department or the police department 00:30:09.390 --> 00:30:10.720 or any other kind of public servant. 00:30:11.230 --> 00:30:14.170 I think they just have a little bit more respect for that position. 00:30:14.170 --> 00:30:17.700 And man, that was just really cool, especially in some of our environments 00:30:17.700 --> 00:30:21.020 now, where some people feel less enthralled about the job and how we're 00:30:21.030 --> 00:30:24.790 being received and everything else, man, it was really welcomed to get 00:30:24.790 --> 00:30:26.790 that kind of level of reception, but. 00:30:26.965 --> 00:30:28.465 Man, it's just a fantastic city. 00:30:28.465 --> 00:30:30.795 A walkable city, felt safe the whole time. 00:30:31.085 --> 00:30:34.045 I mean, just the level of history, the food was fantastic. 00:30:34.055 --> 00:30:38.665 The, the company was even better than the food, but it was, for me, it was all that 00:30:38.665 --> 00:30:40.915 stuff that I, I would definitely go back. 00:30:40.915 --> 00:30:42.215 It's become my new favorite. 00:30:42.420 --> 00:30:48.260 Big city, so big shout out to Boston local 718 that, that hosted us. 00:30:48.260 --> 00:30:49.230 They did a great job. 00:30:49.300 --> 00:30:50.700 It was just a fantastic venue. 00:30:50.880 --> 00:30:51.130 Yeah. 00:30:51.330 --> 00:30:51.840 Loved it all. 00:30:52.190 --> 00:30:53.630 Reid, thank you for being on the podcast. 00:30:53.640 --> 00:30:55.070 We thought it was important to have you. 00:30:55.070 --> 00:30:59.360 Like we said, it's, this has a fiscal bend to the podcast, but we 00:30:59.360 --> 00:31:00.410 want to talk about union things. 00:31:00.410 --> 00:31:02.190 And this is, this is, you're both of those. 00:31:02.220 --> 00:31:06.710 You are the guy who's fiscally responsible for the union, for all of our member dues. 00:31:06.870 --> 00:31:07.950 You do a great job at it. 00:31:08.330 --> 00:31:12.230 And similar to the concepts that we're going to talk about in coming Weeks and 00:31:12.230 --> 00:31:14.100 months regarding fiscal responsibility. 00:31:14.100 --> 00:31:15.050 You do that for us. 00:31:15.050 --> 00:31:15.920 You do that for the union. 00:31:15.940 --> 00:31:18.350 So we thought you were the perfect first guest for it. 00:31:18.360 --> 00:31:21.790 Since that is the blending of the two things that this podcast is about. 00:31:22.300 --> 00:31:23.590 I have a final question for you. 00:31:23.590 --> 00:31:26.750 And that is because you're bankrolling this podcast. 00:31:26.770 --> 00:31:29.060 What, what do you want to see as accomplished? 00:31:29.060 --> 00:31:29.795 What do you hope? 00:31:30.085 --> 00:31:33.005 Our members get out of this podcast. 00:31:33.225 --> 00:31:33.975 Let me be clear. 00:31:33.975 --> 00:31:35.525 I am not the man behind the curtain here. 00:31:35.995 --> 00:31:38.015 I am not telling these guys what to do or say. 00:31:38.335 --> 00:31:41.355 When you guys came to me with this idea and said, Hey, Mike, 00:31:41.355 --> 00:31:42.485 we want to do this podcast. 00:31:42.485 --> 00:31:42.835 What do you think? 00:31:42.865 --> 00:31:45.185 I was like instantly excited about it. 00:31:45.205 --> 00:31:49.615 I think both of your, the knowledge you guys have in the personal 00:31:49.615 --> 00:31:53.975 finance realm, And just finances in general is, is awesome. 00:31:53.995 --> 00:31:55.965 It's, it's way more than I have to be honest. 00:31:55.965 --> 00:31:59.165 I mean, you guys could do my job probably with both eyes closed. 00:31:59.175 --> 00:31:59.705 No way. 00:31:59.715 --> 00:32:00.135 No way. 00:32:01.385 --> 00:32:02.005 But yeah. 00:32:02.005 --> 00:32:04.595 So what you guys bring to this podcast and where you're going to 00:32:04.595 --> 00:32:06.415 take it, I'm just super excited about. 00:32:06.465 --> 00:32:11.305 I think the, The questions we get daily in the union hall and we can 00:32:11.315 --> 00:32:14.895 help answer about members, personal financial questions, whether it's 00:32:15.215 --> 00:32:18.765 pension or RHS or whatever we answer in the union hall, but it doesn't 00:32:18.815 --> 00:32:20.335 get out to the whole membership. 00:32:20.335 --> 00:32:23.065 And that's always been a sticky point for me. 00:32:23.065 --> 00:32:25.085 It's like, how do we communicate better with our membership? 00:32:25.115 --> 00:32:27.855 And we try to do it like we, We publish our union meeting 00:32:27.855 --> 00:32:29.675 minutes online now on our website. 00:32:30.195 --> 00:32:33.895 That's good, but you can't gleam a lot of that information through what I 00:32:33.905 --> 00:32:35.265 jot down on the union meeting minutes. 00:32:35.285 --> 00:32:39.215 We send out texts and emails, but still none of that can really come through. 00:32:39.215 --> 00:32:43.175 Like we can't really get into the meat, that firehouse table discussion 00:32:43.945 --> 00:32:45.225 like you could on a podcast. 00:32:45.235 --> 00:32:49.585 So this is a phenomenal way to reach our membership and answer all those questions, 00:32:49.845 --> 00:32:52.215 to have feedback, to, to be able to. 00:32:52.580 --> 00:32:57.150 To open up that gmail inbox and answer the questions that our members have specific 00:32:57.150 --> 00:33:00.260 to their finances It's just awesome. 00:33:00.290 --> 00:33:05.470 We I think we do a really good job as a local on forcing people 00:33:05.480 --> 00:33:08.860 to save Forcing people to plan for their retirements, right? 00:33:08.860 --> 00:33:12.720 Because if you were in any other sector any other job, they don't 00:33:12.730 --> 00:33:14.750 give a shit About your retirement. 00:33:14.750 --> 00:33:17.140 I mean, yes, they're gonna pay into your 401k because they have match 00:33:17.210 --> 00:33:21.295 or whatever you have to But there is no They're, they're not fighting 00:33:21.295 --> 00:33:23.235 for increases in benefits, right? 00:33:23.235 --> 00:33:24.965 They're not looking at, Hey, what about healthcare? 00:33:24.965 --> 00:33:27.615 What about when you retire before Medicare age? 00:33:27.615 --> 00:33:28.825 How do we support that? 00:33:29.265 --> 00:33:30.835 Your union cares about that, right? 00:33:30.835 --> 00:33:33.625 And we're at the forefront of trying to set all that up for you. 00:33:33.885 --> 00:33:37.215 So if you're not a money guy, and I don't consider myself a money guy, even 00:33:37.215 --> 00:33:42.145 though I'm secretary treasurer, that is done for you, this local will always 00:33:42.145 --> 00:33:46.395 be fighting for you along with our administration to set up the right stuff. 00:33:46.805 --> 00:33:47.325 For you. 00:33:47.625 --> 00:33:48.485 And so. 00:33:49.045 --> 00:33:51.295 Now you just got to understand it, understand what it all 00:33:51.295 --> 00:33:53.185 means and how you can maximize. 00:33:53.515 --> 00:33:55.105 Your, your effort in that realm. 00:33:55.105 --> 00:33:56.915 So you can get to the finish line, so to speak. 00:33:56.925 --> 00:33:57.325 Yeah. 00:33:57.395 --> 00:33:57.695 Yeah. 00:33:57.705 --> 00:33:59.945 So this podcast is going to be huge for that. 00:34:00.005 --> 00:34:01.715 I'm just excited wherever you guys take it. 00:34:01.745 --> 00:34:02.845 I know it's going to be a lot of fun. 00:34:02.885 --> 00:34:06.535 I know your special guests will all be way more special than me. 00:34:06.965 --> 00:34:08.385 Couldn't be further from the truth. 00:34:08.385 --> 00:34:11.235 I'm looking forward to whoever you got on here next, but yeah, I'm, I'm 00:34:11.235 --> 00:34:13.695 super excited for what you guys are doing and I can't thank you enough. 00:34:13.805 --> 00:34:15.535 No, we, we love having you read. 00:34:15.545 --> 00:34:16.975 We love working with you. 00:34:17.055 --> 00:34:20.545 Um, and all the things that you've done on all our members behalf for, for us. 00:34:21.525 --> 00:34:24.815 We're grateful for that, but I would be remissed if we didn't talk about 00:34:24.815 --> 00:34:29.315 the convention And the setup you set it up really good But just so everyone 00:34:29.315 --> 00:34:33.115 understands and once again, we're trying to make this as base level as possible 00:34:33.125 --> 00:34:36.685 Just like the structure of what the international looks like I know we talk 00:34:36.695 --> 00:34:40.245 about like districts and vice presidents and all sorts of stuff but maybe we'll 00:34:40.245 --> 00:34:44.400 just take a minute to just demystify what that is too and Part of it is a 00:34:44.400 --> 00:34:49.760 plug for how respected our own local is represented on a national level. 00:34:49.760 --> 00:34:53.480 And I think a lot of our members have zero idea about what that is. 00:34:53.480 --> 00:34:57.180 Can you talk about just what the framework of the national level looks like? 00:34:57.180 --> 00:35:00.150 And it looks very similar to our own local here, but it's a little bit 00:35:00.150 --> 00:35:04.050 bigger scale and maybe just some of the people that serve in that capacity. 00:35:04.090 --> 00:35:04.540 Sure. 00:35:04.640 --> 00:35:04.950 Yeah. 00:35:04.950 --> 00:35:08.930 So at the lowest level, Is our local local 1309. 00:35:09.480 --> 00:35:13.900 And even though we're at the lowest level, we're at the forefront of what the IFF 00:35:13.900 --> 00:35:15.710 or international really wants to support. 00:35:15.750 --> 00:35:16.020 Right? 00:35:16.020 --> 00:35:20.620 So all of our union dues, all of our per cap goes up the chain and 00:35:20.620 --> 00:35:24.220 it funds all the programs that we can reach out to as a local. 00:35:24.620 --> 00:35:27.600 So you go local and then we have our state association. 00:35:27.600 --> 00:35:31.010 So that's our CPFF, which our very own Kevin Reichenbach is 00:35:31.020 --> 00:35:32.170 the secretary treasurer of. 00:35:32.575 --> 00:35:35.425 Our very own Mike Furnier was the president of before 00:35:35.425 --> 00:35:36.915 he stepped into a DVP role. 00:35:37.185 --> 00:35:41.325 So we have a lot of presence at the state association level, which is great. 00:35:41.375 --> 00:35:44.575 It gives us, we share offices out at the CPFF event center 00:35:44.925 --> 00:35:46.605 with the CPFF, Denver and Aurora. 00:35:46.615 --> 00:35:50.015 So Mike and I are always in touch with our bigger, bigger locals, and 00:35:50.015 --> 00:35:53.305 we're always going to know and up, up in front of those discussions. 00:35:53.845 --> 00:35:56.805 Moving past the state associations, you then move into kind of 00:35:56.805 --> 00:35:58.685 a regional, uh, districts. 00:35:58.685 --> 00:36:01.005 So we have 16 districts across the IFF. 00:36:01.395 --> 00:36:05.135 Um, Colorado is part of District 9 and our very own Mike 00:36:05.135 --> 00:36:07.175 Furnier is our District 9 DVP. 00:36:07.185 --> 00:36:10.185 He was just reelected for another term at convention. 00:36:10.185 --> 00:36:11.815 So huge shout out to him. 00:36:12.135 --> 00:36:15.935 He has just, just to say DVP is district vice president, district 00:36:15.935 --> 00:36:18.725 vice president, and that is only one of a handful of people that 00:36:18.725 --> 00:36:23.815 report to the general president and the general secretary treasurer. 00:36:24.055 --> 00:36:26.465 So that's a, it's a big deal that he comes from our local and 00:36:26.465 --> 00:36:28.015 he represents numerous states. 00:36:28.315 --> 00:36:28.855 That's huge. 00:36:28.865 --> 00:36:29.045 Yeah. 00:36:29.055 --> 00:36:29.115 Thank you. 00:36:29.865 --> 00:36:33.195 Yeah, he is one of 16 that sits at a table and they, they 00:36:33.195 --> 00:36:34.455 make up the executive board. 00:36:34.455 --> 00:36:35.545 So just like you all. 00:36:35.940 --> 00:36:37.270 Are on our executive board. 00:36:37.320 --> 00:36:40.610 Those DVPs make up the executive board for the international. 00:36:40.920 --> 00:36:43.190 So to have Mike in that position is, is huge. 00:36:43.460 --> 00:36:46.880 Like you said, our local is known throughout the country and 00:36:46.910 --> 00:36:48.900 I don't want to toot our horn too much, but it's, it's true. 00:36:48.900 --> 00:36:51.800 We're, we're really active and we're doing the right things and we're getting 00:36:51.800 --> 00:36:53.320 the right people in those positions. 00:36:53.750 --> 00:36:57.090 And so just a huge shout out to Mike for what he's done for 00:36:57.090 --> 00:36:59.100 this local, his entire career. 00:36:59.470 --> 00:37:00.160 And okay. 00:37:00.160 --> 00:37:00.940 He said it best. 00:37:00.940 --> 00:37:01.720 He's done more. 00:37:02.115 --> 00:37:06.145 For this union and this department in a suit this year than he has in his uniform. 00:37:06.195 --> 00:37:09.055 It's true I mean, he is a labor guy through and through and he 00:37:09.055 --> 00:37:13.215 just I mean he is impassioned So I just can't can't thank him enough. 00:37:13.265 --> 00:37:19.145 Yeah, and then we move on up to our uh, principal officers who Are ed kelly. 00:37:19.145 --> 00:37:21.685 He's our our general president and frank. 00:37:21.775 --> 00:37:26.225 Lima is our general secretary treasurer for the iff Those two guys lima is 00:37:26.225 --> 00:37:30.740 still on the job out in la and And Ed is still technically on the job. 00:37:30.770 --> 00:37:33.680 Ed's always working in Alata 17 on the South side. 00:37:33.680 --> 00:37:34.330 Yeah, that's right. 00:37:34.330 --> 00:37:36.780 He'll go ride the real step on the, on the Alata. 00:37:36.850 --> 00:37:38.600 He's a firefighter, unpromoted firefighter. 00:37:38.600 --> 00:37:39.560 Unpromoted firefighter. 00:37:39.650 --> 00:37:40.150 So it's great. 00:37:40.150 --> 00:37:42.080 We got East coast, West coast representation. 00:37:42.110 --> 00:37:43.790 They ran again on a, on a ticket. 00:37:43.800 --> 00:37:45.000 They were both elected. 00:37:45.360 --> 00:37:50.060 Lima ran unopposed and was elected and Ed had minimal. 00:37:50.270 --> 00:37:53.630 A minimal competition and was elected with 98 percent of the vote. 00:37:54.140 --> 00:37:58.430 So we've got fantastic principal officers that are dead set on doing 00:37:58.440 --> 00:38:03.310 right by you, by the IFF member, making sure our finances are right and 00:38:03.310 --> 00:38:06.700 clean all the way up at the top and as that funnels all the way down to us. 00:38:07.010 --> 00:38:09.950 So beautiful said, I just thought I was important because I think, you know, 00:38:09.950 --> 00:38:12.940 once you kind of get involved in this, it kind of just goes, it just becomes like 00:38:13.010 --> 00:38:16.120 regular terminology and jargon that we all speak, but I know there's a lot of 00:38:16.120 --> 00:38:19.860 our folks being like, I have no idea what the ninth district is or what that is. 00:38:19.860 --> 00:38:25.720 And part of me, though, just wanted to highlight like, I mean, how, how impactful 00:38:25.720 --> 00:38:30.000 this local has been, not just here at West Metro, but at the state level. 00:38:30.010 --> 00:38:32.670 And then even furthermore at the national level, and I thought that 00:38:32.670 --> 00:38:34.800 was super, super cool to point out. 00:38:34.800 --> 00:38:37.840 So thanks for a little history lesson there, Reed, and hopefully people just 00:38:37.850 --> 00:38:42.610 have a better understanding of kind of how the union framework works now only 00:38:42.610 --> 00:38:44.620 here locally, but also state national. 00:38:44.620 --> 00:38:44.860 So. 00:38:45.105 --> 00:38:47.515 Big shout out to those guys and huge shout out to Frenier. 00:38:47.525 --> 00:38:48.985 He's retiring at the end of the year. 00:38:48.995 --> 00:38:52.825 He's, he's termed out as far as his drop is, is concerned, but yeah, we're 00:38:52.825 --> 00:38:55.055 going to miss him, but he's going to continue to work hard for us for 00:38:55.055 --> 00:38:56.685 the ninth district being reelected. 00:38:56.685 --> 00:38:59.815 So huge shout out to Mikey and big, big congratulations. 00:39:02.067 --> 00:39:04.807 Thanks again, and a big shout out to Reed Norwood for being 00:39:04.807 --> 00:39:06.047 part of the conversation. 00:39:06.407 --> 00:39:09.977 And now let's turn it over to part two of today's episode. 00:39:10.607 --> 00:39:13.787 John and Louie will talk about the importance of financial independence. 00:39:14.917 --> 00:39:17.827 So in today's episode, we're going to focus on kind of the 00:39:17.827 --> 00:39:19.837 why of financial independence. 00:39:19.837 --> 00:39:22.097 This is going to be super important. 00:39:22.107 --> 00:39:27.207 This is going to really set the foundation for future financial successes, right? 00:39:27.217 --> 00:39:31.207 All of this stuff is going to be focused on some of these very simple principles. 00:39:31.477 --> 00:39:34.347 A lot of these, we're going to go on tangents and later episodes, 00:39:34.347 --> 00:39:35.387 but we're going to give you that. 00:39:35.437 --> 00:39:39.817 30, 000 foot view of what it's meant to be financially independent and why 00:39:39.817 --> 00:39:43.697 that's so important, not only for Louie and I, but all of our members to grasp 00:39:43.697 --> 00:39:47.947 as a philosophical question or a concept and really trying to achieve that. 00:39:47.947 --> 00:39:50.737 We think it's super important for all our members to be a part of that. 00:39:50.847 --> 00:39:51.107 Yeah. 00:39:51.107 --> 00:39:54.917 John, I feel like this is really the roadmap that all future episodes will be. 00:39:55.097 --> 00:39:59.217 About will be based off of, so before we can talk to you guys about the 00:39:59.217 --> 00:40:02.657 pension or why you need to have a four 57 or why you should contribute 00:40:02.657 --> 00:40:06.667 to a Roth IRA or anything like that, we need to know why we're doing this, 00:40:06.667 --> 00:40:09.887 why we're all striving for that, why we want to be financially independent. 00:40:10.197 --> 00:40:11.067 So this is really. 00:40:11.472 --> 00:40:14.012 In some ways, probably going to be the most important episode that we do, 00:40:14.052 --> 00:40:17.562 because it is really the groundwork for everything else that we'll discuss. 00:40:17.832 --> 00:40:18.812 Yeah, a hundred percent. 00:40:18.822 --> 00:40:23.482 And it's some of this stuff, you guys are going to be like, man, this is basic. 00:40:23.512 --> 00:40:26.232 This is, I could tell my kindergartner, I could explain this 00:40:26.252 --> 00:40:27.842 to them and they would grasp it. 00:40:28.182 --> 00:40:31.322 And it's that simple concept of this is very simple to 00:40:31.322 --> 00:40:33.042 understand, but it's not easy. 00:40:33.057 --> 00:40:35.927 Because there's so many things life throws us challenges and how 00:40:35.927 --> 00:40:37.137 we deal with those challenges. 00:40:37.157 --> 00:40:38.717 But yeah, there's going to be nothing. 00:40:38.717 --> 00:40:40.917 I feel like Louie and I are going to discuss today. 00:40:40.917 --> 00:40:42.887 That is going to blow your guys hairs back. 00:40:43.117 --> 00:40:47.327 But I do feel like it is super important and essential to get a base 00:40:47.327 --> 00:40:49.667 foundation of financial literacy. 00:40:49.667 --> 00:40:51.477 This is financial literacy 101. 00:40:51.817 --> 00:40:53.597 And without setting that roadmap. 00:40:53.612 --> 00:40:57.252 That foundation, it's going to be really tough to have us have additional, 00:40:57.252 --> 00:41:00.962 more complex topics and conversations if we don't have the basics down. 00:41:00.962 --> 00:41:03.762 So really important that we're going to discuss this today. 00:41:04.262 --> 00:41:07.572 So we'll start with, and I'll kick it off to Louie and just get your thoughts. 00:41:07.572 --> 00:41:10.562 And this is something that, you know, that you've been given as far as a 00:41:10.802 --> 00:41:14.432 recruit presentation for several years now, and this is one that you always 00:41:14.462 --> 00:41:18.092 open up with, and I always love to hear some of the responses back from 00:41:18.112 --> 00:41:22.022 some of the recruits, because I think a lot of us have not internalized this 00:41:22.022 --> 00:41:25.747 or even Thought about this concept, but when we talk about financial 00:41:25.747 --> 00:41:27.647 independence, what's it mean to you? 00:41:27.687 --> 00:41:29.147 What's financial independence? 00:41:29.957 --> 00:41:31.497 It's a, always a good question. 00:41:31.647 --> 00:41:34.567 Always good to get people's feedback on what that means, because I think 00:41:34.567 --> 00:41:37.057 there's a lot of different definitions. 00:41:37.057 --> 00:41:39.117 There's a lot of misconceptions about what it means. 00:41:39.117 --> 00:41:39.407 I think. 00:41:39.882 --> 00:41:42.562 Some people will say, Oh, it's someone that has like a, it's a multimillionaire. 00:41:42.562 --> 00:41:46.082 Somebody has 10 million or someone who's just absurdly rich. 00:41:46.082 --> 00:41:47.462 That's what financially independent means. 00:41:47.462 --> 00:41:49.732 And that's not really the definition that we use. 00:41:49.802 --> 00:41:53.482 We believe that as firefighters, we can achieve financial independence. 00:41:53.622 --> 00:41:57.072 The definition that I like to use is financial independence 00:41:57.072 --> 00:42:01.492 is having enough income from investments, from pensions, from. 00:42:02.617 --> 00:42:08.087 Secure sources to cover your reasonable living expenses indefinitely, 00:42:08.137 --> 00:42:12.397 or at least for the longterm 30 years, 25 years, 35 years. 00:42:12.867 --> 00:42:14.947 So that is the definition that we go on. 00:42:15.207 --> 00:42:18.137 I think in the fire movement, which we'll talk about later, financial 00:42:18.137 --> 00:42:23.137 independence, retire early, they accept that having investments equal to 25 00:42:23.147 --> 00:42:25.037 times your annual living expenses.+---- 00:42:25.367 --> 00:42:27.127 Is enough to be considered financially independent. 00:42:27.617 --> 00:42:29.737 And John, that is called the 4 percent rule. 00:42:29.907 --> 00:42:30.847 The 4 percent rule. 00:42:30.847 --> 00:42:31.177 Yes. 00:42:31.207 --> 00:42:34.257 And the 4 percent rule has actually been around for a long time. 00:42:34.257 --> 00:42:37.817 And for those of you that like math and like nerdery and stuff, this 00:42:37.817 --> 00:42:41.797 guy named Bill Bingen, who was a financial advisor, actually a really 00:42:41.797 --> 00:42:45.617 smart mathematician as well, but he basically came up with this formula. 00:42:45.747 --> 00:42:48.487 He did a, basically a back study. 00:42:48.497 --> 00:42:52.597 He combed through a bunch of data and said over a 30 year retirement career. 00:42:52.907 --> 00:42:56.657 You could have this much money taken out of your portfolio and basically 00:42:56.657 --> 00:42:57.977 you wouldn't ever run out of money. 00:42:57.977 --> 00:43:01.097 You'd have enough of the principal left to live that last 30th year. 00:43:01.337 --> 00:43:05.327 And it assumed a portfolio of 50 percent stocks and 50 percent bonds. 00:43:05.727 --> 00:43:10.187 And yeah, that's basically what he came up with is the safe withdrawal 00:43:10.187 --> 00:43:11.827 rate is what that's called 4%. 00:43:12.742 --> 00:43:14.842 Of your pool of money. 00:43:14.862 --> 00:43:18.402 You can withdraw safely and have a very low chance of running 00:43:18.402 --> 00:43:19.372 out of money in retirement. 00:43:19.412 --> 00:43:21.432 So you have a million dollars saved up. 00:43:21.472 --> 00:43:25.622 You can take out 40, 000 every year, and you'll be good to go with 00:43:25.622 --> 00:43:27.502 that over that 30 year retirement. 00:43:27.532 --> 00:43:31.212 This is just what is widely accepted in financial planning. 00:43:31.327 --> 00:43:34.027 And how much money you can safely take out without having to take 00:43:34.047 --> 00:43:37.597 on too much risk is really what the 4 percent rule is all about. 00:43:38.107 --> 00:43:39.727 So John, how do you feel about that? 00:43:39.777 --> 00:43:43.037 Is that something that you and your family are pretty confident in? 00:43:43.057 --> 00:43:44.957 Do you think it's going to be more than 4%? 00:43:45.477 --> 00:43:46.197 Less than 4%? 00:43:47.347 --> 00:43:51.937 Yeah, man, we could go, we could probably talk about hours for withdrawal rates 00:43:51.937 --> 00:43:53.567 and percentages and everything else. 00:43:53.607 --> 00:43:58.017 I am of the belief in the school that I like to have flexibility. 00:43:58.377 --> 00:44:01.677 So rather than have just this one number that you're trying to live the next 00:44:01.687 --> 00:44:06.797 30 years of your retirement through is to be dynamic and be adaptable. 00:44:07.057 --> 00:44:11.127 So sometimes when the market's ripping and you've made a lot of money, Maybe you take 00:44:11.127 --> 00:44:14.947 a little bit more and then other times where the market's depressed or you're 00:44:14.947 --> 00:44:17.337 actually lost a little bit of money, the belt, we're going to tighten the belt. 00:44:17.357 --> 00:44:18.367 And we all do that. 00:44:18.367 --> 00:44:23.667 And in so much of this is what I've learned from the psychological component 00:44:23.707 --> 00:44:28.097 of investing in behavioral side of investing is like, this is naturally 00:44:28.097 --> 00:44:29.577 what we do every day in our lives. 00:44:31.402 --> 00:44:34.632 And just, we got to be adaptable and mold to what the market is 00:44:34.632 --> 00:44:37.662 doing and how you're constructing some of those, uh, investments. 00:44:37.662 --> 00:44:41.532 But I think generally good rule of thumb, I think it still holds true. 00:44:41.532 --> 00:44:45.382 I think there's been a lot of research done by Morningstar and some of these 00:44:45.392 --> 00:44:49.712 other big companies that do a lot of, uh, Time and effort and resources into 00:44:49.982 --> 00:44:53.552 investigating this and they've all kind of settled around give or take a half 00:44:53.552 --> 00:44:57.252 a percent here and there Four percent has been pretty widely accepted whether 00:44:57.252 --> 00:45:00.792 that's over 30 years Sometimes they might even forecast that a little bit longer. 00:45:00.822 --> 00:45:02.622 I think generally for our group. 00:45:02.652 --> 00:45:04.742 I think that's a good That's a good goal to have. 00:45:04.772 --> 00:45:07.982 Yeah, let's save up enough money that in theory We could take out four percent 00:45:07.982 --> 00:45:11.252 of this and and we would be just fine all right, so john it sounds like now 00:45:11.252 --> 00:45:16.172 we have a kind of a working definition here is financial independence is You 00:45:16.172 --> 00:45:20.867 know Uh, basically having enough income that you can withdraw somewhere around 4 00:45:20.887 --> 00:45:22.687 percent of your portfolio in retirement. 00:45:23.037 --> 00:45:27.667 And that 4 percent would cover all of your reasonable living expenses for. 00:45:27.932 --> 00:45:31.222 A long period of time, 25 years, 35 years, hopefully for some of 00:45:31.222 --> 00:45:34.212 these guys, 40 years, cause they get out of here in a really fairly 00:45:34.212 --> 00:45:35.742 early age and they live a long time. 00:45:36.092 --> 00:45:39.502 I think that is super important to understand that working definition 00:45:39.502 --> 00:45:40.422 of financial independence. 00:45:40.832 --> 00:45:43.922 My question to you would be, why should our members care 00:45:43.922 --> 00:45:44.802 about financial independence? 00:45:44.832 --> 00:45:49.632 We're telling these guys to download this podcast and to listen to us and bear with 00:45:49.632 --> 00:45:54.832 us as we figure out how to do podcasting, but why should we as firefighters 00:45:55.242 --> 00:45:56.632 achieve financial independence? 00:45:57.452 --> 00:46:01.722 It goes back to, I think, everything that we hold near and dear to 00:46:01.722 --> 00:46:05.432 this profession, and that's, um, planning for the unexpected. 00:46:05.482 --> 00:46:09.072 Like every call we go on, there's always a little wrinkle that 00:46:09.072 --> 00:46:10.952 happens that we didn't foresee. 00:46:11.132 --> 00:46:13.152 We had the best laid plans, and then something else 00:46:13.152 --> 00:46:14.792 happened, and we didn't know. 00:46:14.912 --> 00:46:19.292 We had to come up with a plan B and a plan C, and I think that should be no 00:46:19.292 --> 00:46:21.332 different in your personal finances. 00:46:21.372 --> 00:46:24.022 I think everyone wants to put in a good career here. 00:46:24.527 --> 00:46:25.257 Life happens. 00:46:25.477 --> 00:46:28.627 Life happens every day and I think more than anything in this career, it 00:46:28.627 --> 00:46:31.767 is put in front of our face every day when we see things happen that people 00:46:31.767 --> 00:46:33.317 never accounted for or planned on. 00:46:33.367 --> 00:46:33.907 For sure. 00:46:33.927 --> 00:46:34.137 Yeah. 00:46:34.137 --> 00:46:37.087 You can't turn a blind eye to not being able to anticipate 00:46:37.087 --> 00:46:38.247 what tomorrow is going to bring. 00:46:38.247 --> 00:46:40.717 Tacking on to that, we've had members this year. 00:46:40.902 --> 00:46:45.872 That have unexpectedly had to retire numerous members over the last 12 00:46:45.872 --> 00:46:47.032 months that have had to do that. 00:46:47.442 --> 00:46:48.502 They weren't expecting that. 00:46:48.682 --> 00:46:52.982 I don't necessarily know their financial situation and if they were financially 00:46:52.982 --> 00:46:56.642 independent and if they're going to be okay, but you're right to your point. 00:46:56.662 --> 00:47:00.492 We, we don't know when we can't work or when we're done working. 00:47:00.922 --> 00:47:02.592 Huge reason to be financially independent. 00:47:02.662 --> 00:47:03.472 Huge reasoning. 00:47:03.472 --> 00:47:06.542 And I'll tell you what, this place, the fire department and this 00:47:06.542 --> 00:47:10.222 organization, you already have a pretty significant safety net more 00:47:10.222 --> 00:47:12.952 than any other corporation or industry. 00:47:13.322 --> 00:47:16.992 And that's with our death and disability plan that we have through FPPA. 00:47:16.992 --> 00:47:18.932 And we'll talk about that in a later segment, because 00:47:18.952 --> 00:47:19.992 that's a huge later episode. 00:47:19.992 --> 00:47:20.362 Yep. 00:47:20.552 --> 00:47:23.472 But that is one of those we've already have an additional safety net. 00:47:23.472 --> 00:47:25.202 So a lot of those folks that had to leave. 00:47:25.217 --> 00:47:27.627 Typically it was for a medical reason, right? 00:47:27.627 --> 00:47:31.877 And they weren't able to perform this job anymore, at least from what NFPA says. 00:47:31.977 --> 00:47:34.677 So they already had a little bit of safety net, but nonetheless, you always 00:47:34.677 --> 00:47:36.337 want to kind of plan for the unexpected. 00:47:36.337 --> 00:47:42.007 And I think for me, this understanding of financial independence changed viscerally. 00:47:42.427 --> 00:47:47.557 With me when I had a family and it wasn't more just about myself, right? 00:47:47.557 --> 00:47:50.367 I had to think about people beyond just myself and thinking about 00:47:50.367 --> 00:47:52.117 my wife, Katie and my two boys. 00:47:52.397 --> 00:47:56.207 And that, I think naturally that paternal instinct takes over and you 00:47:56.207 --> 00:47:57.857 want to start providing for them. 00:47:57.922 --> 00:48:01.632 In case something else happens to you, or you just want to be the best guardian 00:48:01.632 --> 00:48:03.272 that you possibly can be for your family. 00:48:03.272 --> 00:48:04.752 And that's for the fire family too. 00:48:04.762 --> 00:48:06.572 That's not just for our own personal family. 00:48:06.572 --> 00:48:09.882 And we want to make sure that we carry on that message, that things 00:48:09.882 --> 00:48:12.372 are going to happen in life that we just can't account for, but we can 00:48:12.372 --> 00:48:15.752 definitely give you some tools and some strategies to help weather those 00:48:15.752 --> 00:48:17.092 storms because they're going to come. 00:48:17.162 --> 00:48:17.392 Yep. 00:48:17.562 --> 00:48:17.852 Yep. 00:48:17.912 --> 00:48:20.832 I think when we ask this to the recruits, we, you know, when we do our 00:48:21.192 --> 00:48:22.942 financial presentation, the recruits, I. 00:48:23.317 --> 00:48:26.137 We, I asked them what, why should we care about financial dependence 00:48:26.137 --> 00:48:28.857 and caring for loved ones is always at the top of the list. 00:48:28.897 --> 00:48:31.427 I mean, that's like one of the top two or three all the time. 00:48:31.437 --> 00:48:35.367 Like people are like, I got children, I got a wife, I, or a husband, or 00:48:35.367 --> 00:48:36.577 I got someone who depends on me. 00:48:36.587 --> 00:48:39.987 And I think that being able to care and provide for your loved ones, 00:48:40.517 --> 00:48:44.567 whether you live a long time or you die unexpectedly early, like you want 00:48:44.567 --> 00:48:47.977 to make sure that you leave them not hanging on the rope, so to speak. 00:48:48.332 --> 00:48:49.592 That's a huge reason for it. 00:48:49.832 --> 00:48:52.772 Another reason that we hear a lot is people want freedom. 00:48:52.832 --> 00:48:54.592 People want, you mentioned flexibility. 00:48:54.592 --> 00:48:58.202 People also want just freedom that could be freedom to retire early. 00:48:58.542 --> 00:49:02.862 It could be freedom to continue to work because they like this job. 00:49:03.202 --> 00:49:04.772 It could be freedom to pursue. 00:49:05.052 --> 00:49:07.592 Passions and hobbies and things outside of work. 00:49:08.092 --> 00:49:11.112 People want that, that freedom to do what they want to do. 00:49:11.172 --> 00:49:14.012 And in my opinion, the best way to have that freedom is to 00:49:14.012 --> 00:49:15.002 have financial independence. 00:49:15.002 --> 00:49:18.022 I think a lot of people actually call it financial freedom for that reason, 00:49:18.032 --> 00:49:22.632 because you're not beholden to the banks or to creditors or to whatever. 00:49:22.962 --> 00:49:24.842 You can pursue those things that you want to. 00:49:25.202 --> 00:49:28.602 And then just, we've talked about this a lot too, in general, 00:49:28.602 --> 00:49:29.822 but with recruits as well. 00:49:30.372 --> 00:49:31.852 Being broke sucks, right? 00:49:31.862 --> 00:49:33.592 Like I think we've all been there. 00:49:33.602 --> 00:49:37.122 We've all, whether, whether it was in college or whether it was early on in 00:49:37.142 --> 00:49:39.142 our careers, we've all been broke and it. 00:49:39.497 --> 00:49:40.377 Damn, does it suck? 00:49:40.377 --> 00:49:41.217 No one wants that, right? 00:49:41.217 --> 00:49:45.147 Like it sucks to stress out about bills and about creditors and about your 00:49:45.147 --> 00:49:47.787 credit score I mean, no one wants that. 00:49:47.807 --> 00:49:48.497 That's awful. 00:49:48.577 --> 00:49:49.707 No one wants that. 00:49:49.787 --> 00:49:55.237 I mean, I remember being younger This is college level and I was with the devil 00:49:55.237 --> 00:50:01.797 with Wells Fargo And I remember the worst And I just remember some of the overdraft 00:50:01.797 --> 00:50:05.017 fees and just being in the hole and just being like how did I get myself in? 00:50:05.017 --> 00:50:08.722 this position and just not A taking personal accountability, but just going 00:50:08.722 --> 00:50:10.472 through the motions and not having a plan. 00:50:10.842 --> 00:50:14.522 And I think so much about what Louie and I really focused on moving forward is 00:50:14.522 --> 00:50:16.772 just how important it is to have a plan. 00:50:16.922 --> 00:50:19.892 So we're not just shooting from the hip and we'll talk about just how important 00:50:19.902 --> 00:50:21.742 having some financial goals and. 00:50:21.762 --> 00:50:23.062 Financial plans in the future. 00:50:23.062 --> 00:50:27.672 But yeah, being, being in debt sucks being beholden to creditors or all these other 00:50:27.672 --> 00:50:31.262 things, feeling you have to be obligated to work, not just cause you want to, but 00:50:31.262 --> 00:50:35.542 you have to not being a burden is also a lot of things that we hear about people. 00:50:35.782 --> 00:50:39.912 And I think this is more for folks that are older when they've got adult kids 00:50:39.912 --> 00:50:42.812 and adult children, they typically don't want to be a burden to them and they 00:50:42.812 --> 00:50:44.262 want to have everything in line for them. 00:50:44.262 --> 00:50:44.512 So. 00:50:44.762 --> 00:50:48.732 There's so many things that go into this concept of financial independence 00:50:48.742 --> 00:50:53.002 or freedom and people's intrinsic motivations to try to achieve that. 00:50:53.292 --> 00:50:56.472 But I think it's just super important that the discussion is being had. 00:50:56.492 --> 00:51:01.232 And I think the longer you do this career, you just realize like it's a great career 00:51:01.522 --> 00:51:05.622 and it's a great organization to work for and work with and all the members. 00:51:05.622 --> 00:51:08.132 But at some point you do reach your threshold where you're 00:51:08.252 --> 00:51:09.712 ready, where you're just ready. 00:51:09.772 --> 00:51:12.357 And we want our members when they get to that point, right? 00:51:12.537 --> 00:51:16.747 To be ready and financially ready and not work here because they have to right? 00:51:16.747 --> 00:51:19.397 We want them to work here because they want to I mean, let's be real 00:51:19.397 --> 00:51:22.117 We've both seen guys that are here way past their expiration date. 00:51:22.187 --> 00:51:25.807 They don't they Physically, they're past their expiration date or mentally. 00:51:25.807 --> 00:51:30.582 They've just had it but they have to work because they have Debt to pay off. 00:51:30.612 --> 00:51:31.602 They have a mortgage payment. 00:51:31.602 --> 00:51:34.512 They have all these things They just can't financially retire 00:51:34.832 --> 00:51:36.432 and now that sucks like that. 00:51:36.462 --> 00:51:39.362 It's terrible to see that like we don't want those guys working here 00:51:39.362 --> 00:51:42.572 We don't want them to be here longer than they want to be here And if 00:51:42.572 --> 00:51:45.532 they had financial independence, they'd be able to say I'm gone. 00:51:45.562 --> 00:51:46.022 I'm done. 00:51:46.072 --> 00:51:47.062 I've put in my time. 00:51:47.422 --> 00:51:51.082 I'm ready to go do whatever my next adventures are in retirement, 00:51:51.152 --> 00:51:53.152 but That's what we shoot for. 00:51:53.172 --> 00:51:55.582 That's what we should all shoot for is being able to get out of here when we 00:51:55.582 --> 00:51:58.402 want to get out of here That's the name of the game with financial independence. 00:51:58.422 --> 00:51:59.422 That's the name of the game. 00:51:59.442 --> 00:52:02.542 And so many of those things are things that they feel might've been 00:52:02.602 --> 00:52:04.292 out of their control to some level. 00:52:04.292 --> 00:52:07.412 And we'll talk about some pitfalls here coming up, but getting 00:52:07.412 --> 00:52:09.732 divorced, all these other things, especially later on in your career. 00:52:09.742 --> 00:52:12.932 It's just, it's once again, it's these, it's these, Weathering these storms 00:52:12.932 --> 00:52:16.252 and how we try to absorb that and how do we try to pivot and move forward 00:52:16.262 --> 00:52:18.182 and come up with a good cohesive plan. 00:52:18.392 --> 00:52:21.532 But, you know, we talked about what it is to be financially independent, 00:52:21.542 --> 00:52:23.192 at least a working definition. 00:52:23.472 --> 00:52:27.252 We talked about a why's, uh, uh, beyond why people want to become, 00:52:27.582 --> 00:52:30.692 uh, financially independent or both personally, our reasonings. 00:52:31.052 --> 00:52:32.742 Now it's the meat and potatoes. 00:52:32.752 --> 00:52:35.512 Once again, this is the pillars of how. 00:52:35.717 --> 00:52:37.057 To become financially independent. 00:52:37.057 --> 00:52:40.357 And I'm going to preface it once again, the pillars that we're going to talk 00:52:40.367 --> 00:52:41.897 about, everyone is going to be like. 00:52:42.282 --> 00:52:43.672 This is so obvious. 00:52:43.712 --> 00:52:48.382 This couldn't be more simple, just not easy, but we're going to nonetheless, 00:52:48.392 --> 00:52:49.402 we're going to walk through them. 00:52:49.412 --> 00:52:52.752 We're going to discuss them just so once again, when we move forward in 00:52:52.752 --> 00:52:55.912 future episodes, and we always are going to come back to some of these 00:52:56.152 --> 00:52:59.422 first principles, we want to make sure that everyone's on the same level 00:52:59.642 --> 00:53:01.232 about what financial independence is. 00:53:01.242 --> 00:53:04.712 So talking about that, Louie, there's obviously different, different 00:53:04.712 --> 00:53:07.172 pillars, but live below your means. 00:53:07.562 --> 00:53:11.502 All right, this is concept number one, kind of first level principles number one. 00:53:11.812 --> 00:53:12.882 What's that mean to you? 00:53:13.182 --> 00:53:16.477 Yeah, I think living below your means, like you said, John, is the key. 00:53:16.737 --> 00:53:19.297 Basically the first step, if you want to become financially independent, the 00:53:19.297 --> 00:53:22.437 first thing you have to do is create a surplus in terms of what you bring 00:53:22.437 --> 00:53:23.867 in versus what you have going out. 00:53:24.307 --> 00:53:28.447 So we call that living below your means spending less than you earn. 00:53:28.837 --> 00:53:31.627 And to me, what that means is having a budget. 00:53:32.137 --> 00:53:35.457 I think those that know me know that I'm a huge budget nerd and that I 00:53:35.897 --> 00:53:38.027 have huge spreadsheet, spreadsheets. 00:53:38.087 --> 00:53:40.977 and all these budget programs and things like that. 00:53:41.397 --> 00:53:42.917 Uh, and it doesn't have to be that way. 00:53:42.957 --> 00:53:45.907 I think at the highest level, what a budget is a plan. 00:53:45.917 --> 00:53:48.527 It's a plan for how you are going to spend your money. 00:53:48.867 --> 00:53:51.967 It's a plan for how you're going to pay yourself and pay your retirement. 00:53:52.327 --> 00:53:53.307 You got to have that. 00:53:53.347 --> 00:53:56.337 If you do not live below your means, with the help of some kind of 00:53:56.667 --> 00:54:01.167 structure, some kind of budget, then you're setting yourself up to Get into 00:54:01.167 --> 00:54:04.357 debt to fail to save for retirement. 00:54:04.617 --> 00:54:09.367 So for me, John, I would say living below your means is having a budget, sticking 00:54:09.367 --> 00:54:14.507 to it and making sure that you have a surplus of income at the end of the month. 00:54:15.117 --> 00:54:19.017 Once again, and you said it from the get go, that's not, it's simple. 00:54:19.037 --> 00:54:19.927 It's very simple. 00:54:19.927 --> 00:54:21.397 It's a, it's just, it's a numbers game, right? 00:54:21.397 --> 00:54:23.627 It's a simple math problem, but it's not. 00:54:24.127 --> 00:54:28.407 Easy to live below your means and you know for firefighters, especially we 00:54:28.407 --> 00:54:33.537 like toys We like to spend we like trucks and that kind of leads us into Number 00:54:33.537 --> 00:54:37.527 two the second pillar that we're going to talk about in terms of achieving 00:54:37.527 --> 00:54:40.717 financial independence and that is getting out And staying out of debt. 00:54:41.047 --> 00:54:42.757 Can you talk to us a little bit more about that? 00:54:42.827 --> 00:54:46.407 Yeah, I would love to I just want to go back really quick on the live 00:54:46.407 --> 00:54:50.457 below your means and in air quotes It's budgeting to a certain degree. 00:54:50.457 --> 00:54:54.797 You have to realize what's coming in versus what's going out and it's 00:54:54.797 --> 00:54:59.027 always a it's always A word that is thought of with some disdain 00:54:59.027 --> 00:55:00.237 and, oh man, that sounds hard. 00:55:00.237 --> 00:55:01.127 I don't want to do that. 00:55:01.137 --> 00:55:03.097 That sounds like that's too restrictive. 00:55:03.317 --> 00:55:05.757 Like I want to have more freedom in how I spend money. 00:55:06.157 --> 00:55:08.617 And we'll talk once again, I think we're going to have a huge 00:55:08.627 --> 00:55:10.497 episode, probably just on budgeting. 00:55:10.507 --> 00:55:13.407 But I think it is good for those that are trying to hit the ground running 00:55:13.407 --> 00:55:16.907 right now and start to come up with some strategies as far as budgeting. 00:55:16.917 --> 00:55:20.727 You mentioned one thing specifically that you used YNAB, which 00:55:20.727 --> 00:55:21.897 stands for you need a budget. 00:55:22.377 --> 00:55:23.757 And you're really passionate about this. 00:55:24.257 --> 00:55:27.997 When we were sitting on the plane coming back from Boston, Louie, Reed, and I 00:55:27.997 --> 00:55:31.587 were all sitting in the same row and he was showing Reed and I like all the 00:55:31.597 --> 00:55:35.537 things he could do with this software and how he could see the accounts that 00:55:35.547 --> 00:55:39.327 he could set up and how he was delegating from one account to the other account. 00:55:39.327 --> 00:55:40.427 And it's all real time. 00:55:40.427 --> 00:55:42.587 It tracks where the money's going, where it comes from. 00:55:43.072 --> 00:55:45.192 I mean, extremely detailed, right? 00:55:45.192 --> 00:55:50.002 Very detailed to, I feel confident that, you know, where all your money is going 00:55:50.032 --> 00:55:52.172 to the scent exactly on what it is. 00:55:52.492 --> 00:55:54.932 Some people might think that's OCD, right? 00:55:54.932 --> 00:55:57.652 And some people will think, man, that is way too detail oriented for me. 00:55:57.682 --> 00:55:57.937 And it's not. 00:55:58.527 --> 00:55:59.897 It's all about what works for you. 00:55:59.947 --> 00:56:00.287 Absolutely. 00:56:00.307 --> 00:56:03.317 And I think that's one of the things that we want to discuss There's no perfect 00:56:03.317 --> 00:56:06.517 solution you have to You know The best plan is the plan that you're going to 00:56:06.517 --> 00:56:09.507 stick with and what's going to work for you and yeah Not what's going to work 00:56:09.507 --> 00:56:12.637 for louis what's not going to work for me, but what's going to work for you? 00:56:12.907 --> 00:56:16.467 and you mentioned that you don't really have a A detailed budget like that, 00:56:16.487 --> 00:56:19.677 but you do have a plan for your money You do have an amount that you save you 00:56:19.677 --> 00:56:23.617 have targets that you hit you need to save for Long term goals or short term 00:56:23.617 --> 00:56:25.547 goals and then you live off the rest. 00:56:25.557 --> 00:56:28.517 That's a budget It's maybe not as structured as mine, but that's still 00:56:28.537 --> 00:56:32.987 a budget that you And Katie worked through and set up so that you guys 00:56:32.987 --> 00:56:34.867 can have a plan for your money. 00:56:34.907 --> 00:56:35.717 Yep, exactly. 00:56:35.717 --> 00:56:37.877 We know what we need to say for retirement. 00:56:37.877 --> 00:56:39.247 And we always hit that goal. 00:56:39.577 --> 00:56:43.257 We know what we need to say for our kids education and we hit that goal 00:56:43.457 --> 00:56:46.287 and then any other additional kind of big purchase things we set aside 00:56:46.287 --> 00:56:49.057 and we know, and we want to hit that goal and pretty much whatever is 00:56:49.087 --> 00:56:51.009 remaining is what is free to spend. 00:56:51.009 --> 00:56:52.207 It is funny though. 00:56:52.247 --> 00:56:56.247 Once we got back from Boston, we had some credit cards come up and we're just like, 00:56:56.247 --> 00:56:58.417 man, did we really spend that much money? 00:56:58.417 --> 00:56:58.687 Yeah. 00:56:58.817 --> 00:57:03.237 And to Louie's credit, I actually signed up for YNAB and we just 00:57:03.237 --> 00:57:05.807 started importing some of the credit cards and everything else. 00:57:05.807 --> 00:57:09.187 And I honestly, I don't think it's going to change a lot of our spending, but 00:57:09.187 --> 00:57:10.577 I think it was what it's going to do. 00:57:10.577 --> 00:57:15.917 And if you talk to any financial expert, really were a lot of the happiness with 00:57:15.917 --> 00:57:20.157 spending money is in the intentionality of it and being intentional with your money. 00:57:20.157 --> 00:57:23.717 And man, if you take 20, 000 vacations and that brings you 00:57:23.717 --> 00:57:25.047 a tremendous amount of joy. 00:57:25.067 --> 00:57:29.222 Then More power to you, but then maybe you take less money on, maybe 00:57:29.222 --> 00:57:31.842 cars aren't important to you, so you don't spend as much money on that. 00:57:31.842 --> 00:57:36.102 So it's basically just prioritizing your life's goals and what truly 00:57:36.102 --> 00:57:40.112 derives passion and happiness and allocating that money for that. 00:57:40.112 --> 00:57:43.032 And I think that's what Katie and I talked about when we, when we, Look 00:57:43.032 --> 00:57:44.052 at some of these credit card bills. 00:57:44.052 --> 00:57:46.392 Like we've got the money to pay for it, but it's man, did we really spend 00:57:46.392 --> 00:57:48.082 that much money on whatever it was? 00:57:48.102 --> 00:57:52.092 And this just really, this software specifically can tell you to 00:57:52.092 --> 00:57:53.752 a T where your money's going. 00:57:53.802 --> 00:57:54.222 It does. 00:57:54.262 --> 00:57:56.842 And I would say the average person has zero idea. 00:57:56.842 --> 00:57:59.492 I mean, to a degree they do, but if you asked them, how much 00:57:59.492 --> 00:58:00.522 do you spend on eating out? 00:58:00.552 --> 00:58:01.642 They'd be like, no idea. 00:58:01.652 --> 00:58:01.672 Yeah. 00:58:02.347 --> 00:58:04.057 And all that other stuff or Amazon, right? 00:58:04.057 --> 00:58:04.877 That's everyone's bane. 00:58:04.877 --> 00:58:07.807 It seems like these days is like Amazon or streaming services. 00:58:08.227 --> 00:58:08.517 Yeah. 00:58:08.517 --> 00:58:13.837 And so Caitlin and I, my wife, Caitlin and I have been budgeting for, I mean, 00:58:13.837 --> 00:58:16.227 ever since we were married, I think maybe even more engaged, we created 00:58:16.227 --> 00:58:17.557 a, like a wedding budget together. 00:58:17.927 --> 00:58:19.487 We've used YNAB during that time. 00:58:19.487 --> 00:58:22.577 And just to clarify, we are not sponsored by YNAB. 00:58:22.577 --> 00:58:24.217 We do not even endorse it. 00:58:24.217 --> 00:58:27.137 This is just a tool that we've used that I use particularly. 00:58:27.727 --> 00:58:31.097 Not saying that if YNAB doesn't want to reach out to us and sponsor us, we're 00:58:31.097 --> 00:58:32.827 always, we're willing to listen to offers. 00:58:33.197 --> 00:58:36.777 But so I've been, I've had a YNAB budget for probably 11 years and 00:58:36.777 --> 00:58:38.697 it's contrary to popular belief. 00:58:38.697 --> 00:58:41.357 I think a lot of people think of budget and they think of restrictions. 00:58:41.357 --> 00:58:43.107 They think of constraints, they think of. 00:58:44.057 --> 00:58:44.787 Oppression. 00:58:44.797 --> 00:58:46.317 This is telling me no, what I can't do. 00:58:46.607 --> 00:58:49.067 I actually find it very freeing hitting on what you said. 00:58:49.067 --> 00:58:50.807 We want to save for a vacation or whatever. 00:58:51.147 --> 00:58:52.537 Caitlin and I've had to do that too. 00:58:52.537 --> 00:58:55.797 We've, over the years, we've been able to set money aside and give it 00:58:55.797 --> 00:59:01.827 a job of buying a new house or buying furniture or saving for that vacation. 00:59:02.047 --> 00:59:06.747 And our budget makes sure that we don't spend those dollars are our vacation 00:59:06.747 --> 00:59:08.337 dollars or furniture dollars on. 00:59:08.757 --> 00:59:12.077 Chipotle or on something silly that on Amazon. 00:59:12.307 --> 00:59:16.867 So it really makes us be intentional about our money and Contrary to what people 00:59:16.877 --> 00:59:18.287 think I don't think it's restrictive. 00:59:18.287 --> 00:59:19.467 I actually think it's very freeing. 00:59:19.787 --> 00:59:24.437 I can't imagine actually not living Without a budget and I don't think anyone 00:59:24.437 --> 00:59:27.787 should doesn't have to be a YNAB budget doesn't have to be very detailed But 00:59:27.787 --> 00:59:30.987 you gotta have a plan for your dollars If you want to live below your means 00:59:31.347 --> 00:59:35.232 you have to be intentional And you have to have a plan and that plan is 00:59:35.782 --> 00:59:38.142 generally formally called the budget. 00:59:38.192 --> 00:59:38.512 Yep. 00:59:38.692 --> 00:59:39.072 Perfect. 00:59:39.122 --> 00:59:40.872 I think that was well said. 00:59:40.942 --> 00:59:42.082 And yeah, I'm really curious. 00:59:42.092 --> 00:59:43.152 I'll report back. 00:59:43.452 --> 00:59:47.882 We get a free, I think it's like a 31 day or 34 day trial period. 00:59:47.892 --> 00:59:50.132 We're going to go through a month and just see what it looks like. 00:59:50.132 --> 00:59:53.732 And it's just nice because it really does tabulate all your spending. 00:59:53.762 --> 00:59:55.942 Oh, and in this, I should preface this. 00:59:55.992 --> 00:59:56.312 We spent. 00:59:56.412 --> 01:00:00.162 Put most, almost all of our expenses on credit cards that we pay off every month. 01:00:00.472 --> 01:00:04.382 But this is going to be a way to track that spending and where the money's going. 01:00:04.422 --> 01:00:05.962 Thanks Louie for just pointing that out. 01:00:05.992 --> 01:00:09.072 Um, there's several other, like this is not the only software that does this. 01:00:09.112 --> 01:00:11.152 There's other stuff that, that, that looks at it. 01:00:11.152 --> 01:00:14.632 So once again, I would just, you know, encourage our folks to at least if you 01:00:14.632 --> 01:00:16.732 don't have a budget, think about it. 01:00:16.772 --> 01:00:18.062 Think about where your money's going. 01:00:18.062 --> 01:00:19.892 Think about the intentionality behind it. 01:00:20.212 --> 01:00:23.122 And I think you're just going to be better served if you know where your money's 01:00:23.122 --> 01:00:25.032 going and really putting your dollars. 01:00:25.212 --> 01:00:27.372 What drives the most happiness from you. 01:00:28.092 --> 01:00:31.332 But that gets back to point number two, as far as how do you 01:00:31.332 --> 01:00:32.912 become financially independent? 01:00:32.942 --> 01:00:37.352 And that is this concept of getting out and staying out of debt. 01:00:37.402 --> 01:00:38.642 Oh, huge one, right? 01:00:38.822 --> 01:00:39.542 Huge one. 01:00:39.542 --> 01:00:45.092 Biggest pitfall for Americans generally and firefighters specifically is getting 01:00:45.092 --> 01:00:46.282 out of debt, staying out of debt. 01:00:46.312 --> 01:00:46.862 It is hard. 01:00:46.872 --> 01:00:51.012 And we're not, you know, we're, we're not trying to beat up on anyone. 01:00:51.212 --> 01:00:55.642 We don't want, we know there's a lot of shame and a lot of Really strong emotions 01:00:55.642 --> 01:01:00.212 tied to to debt and we understand that but at the end of the day I think John 01:01:00.212 --> 01:01:03.372 and I are both willing to draw a hard line and say it's important we as People 01:01:03.372 --> 01:01:07.352 that care about your finances as people that want to see our co workers do well 01:01:07.897 --> 01:01:11.377 We want you guys to get out and stay out of debt Yeah, no, and that's one of those 01:01:11.387 --> 01:01:16.037 things and we'll once again, we'll have further episodes on this specific topic 01:01:16.327 --> 01:01:20.677 But it's one that's definitely front and center and it's not lost on louis 01:01:20.837 --> 01:01:25.432 or myself on The challenges, especially our new firefighters are facing. 01:01:25.442 --> 01:01:27.602 Our incomes have never been higher. 01:01:27.662 --> 01:01:32.062 Big shout out to the negotiation team and us getting best in class salaries. 01:01:32.072 --> 01:01:36.752 But you know, the cost of living in this area specifically between housing for one. 01:01:36.792 --> 01:01:37.342 Insane. 01:01:37.582 --> 01:01:40.852 And then a lot of our, uh, Folks are realizing this too, and they didn't 01:01:40.852 --> 01:01:44.602 really account for it or think about it is the cost to have a child and childcare 01:01:44.602 --> 01:01:48.752 costs and those two by themselves, I'm going to go on record and say, 01:01:48.752 --> 01:01:52.842 that is probably where the majority of our members salaries are going. 01:01:52.922 --> 01:01:56.642 I mean, almost exclusively just for that bit, by the time they pay the mortgage. 01:01:56.967 --> 01:02:00.487 And or rent and if they have a child and they're paying for child care 01:02:00.807 --> 01:02:04.727 Those two I would go on record as saying those have to be the two most 01:02:05.207 --> 01:02:07.827 Expensive line items every month. 01:02:07.837 --> 01:02:12.197 Yeah, I would say truck payments are probably way up high there, too It's 01:02:12.207 --> 01:02:15.847 probably a they're very close third there, but I agree with you Those are probably 01:02:15.847 --> 01:02:20.112 the two biggest things and to clarify when we talk about debt, getting out of debt. 01:02:20.132 --> 01:02:21.952 We're not saying, Hey, you need to pay off that mortgage. 01:02:21.952 --> 01:02:22.742 Cause that's terrible. 01:02:23.002 --> 01:02:25.792 Or have all cash to go in on a 1, 000 house. 01:02:25.972 --> 01:02:30.112 Like we know there's going to be a certain level of debt that, uh, our 01:02:30.112 --> 01:02:33.562 members and Louie and I specifically are going to have to take on, right. 01:02:33.602 --> 01:02:34.682 That's just part of life. 01:02:34.682 --> 01:02:35.462 That's just part of life. 01:02:35.462 --> 01:02:36.262 And that's okay. 01:02:36.462 --> 01:02:36.682 Yeah. 01:02:36.682 --> 01:02:40.392 So we're not saying avoid any of those things because that's a need. 01:02:40.557 --> 01:02:42.847 That you have to do, I mean, that's the only way to facilitate that, 01:02:42.847 --> 01:02:46.097 but we definitely do recognize that we just don't want to be on the 01:02:46.097 --> 01:02:48.517 surface being like, Oh yeah, just get out of debt and stay out of debt. 01:02:48.517 --> 01:02:52.407 Like it, we understand like there is some significant headwinds that 01:02:52.407 --> 01:02:53.807 our members are facing right now. 01:02:53.807 --> 01:02:55.217 And we're acknowledging that. 01:02:55.217 --> 01:02:59.197 And on future episodes, we're going to try to try to give the best guidance, 01:02:59.197 --> 01:03:02.277 if you will, on ways to help manage it and mitigate some of those things. 01:03:02.277 --> 01:03:06.397 But the things that really, I think our members starting today, one, no 01:03:06.397 --> 01:03:09.577 can avoid, or, you know, Credit card debt for the most part, stuff that 01:03:09.577 --> 01:03:10.757 you're putting on your credit card. 01:03:10.787 --> 01:03:13.277 Once again, I think a lot of our members do this as well as they put a 01:03:13.277 --> 01:03:17.467 lot of their spending on credit card, but like those are easy to do, right? 01:03:17.487 --> 01:03:21.567 Like the one flick method and all these other things they have for spending money. 01:03:21.567 --> 01:03:22.807 Like we are constantly. 01:03:23.537 --> 01:03:27.187 Americans having to fight off consumerism because there's so much money that's 01:03:27.187 --> 01:03:29.587 spent on advertising and marketing. 01:03:29.617 --> 01:03:31.177 And it's just so easy now. 01:03:31.367 --> 01:03:31.837 Just have it. 01:03:31.887 --> 01:03:33.377 It's just a buy now culture, right? 01:03:33.377 --> 01:03:34.647 Like we all know that's just what we are. 01:03:34.647 --> 01:03:35.347 We want it now. 01:03:35.347 --> 01:03:36.087 We want to deliver it. 01:03:36.087 --> 01:03:37.727 Amazon will give it to you the same day. 01:03:37.767 --> 01:03:41.857 I mean, come on, let's just put it on the card, figure out how to pay it off later. 01:03:42.207 --> 01:03:44.897 And that's just, I mean, that's just so financially unhealthy. 01:03:44.927 --> 01:03:46.417 Like that leads to some very. 01:03:46.922 --> 01:03:51.252 Very bad long term repercussions when you live above your means, 01:03:51.252 --> 01:03:53.052 when you're basically spending more than you're earning. 01:03:53.532 --> 01:03:54.372 It's a vicious cycle. 01:03:54.542 --> 01:03:57.882 You're constantly feeling like you're pushing that rock up the 01:03:57.882 --> 01:04:00.102 Hill and you get a little bit there. 01:04:00.232 --> 01:04:03.092 Maybe you pay off a little bit more than the minimum on the credit cards. 01:04:03.092 --> 01:04:03.882 You're like, okay, cool. 01:04:03.892 --> 01:04:04.832 I'll make a little headway. 01:04:05.172 --> 01:04:06.992 And then something else in life happens. 01:04:07.042 --> 01:04:10.542 And then all of a sudden you, that that rock comes rolling right back over you. 01:04:10.542 --> 01:04:13.192 And all of a sudden you're back at square one, pushing that rock 01:04:13.192 --> 01:04:14.922 back up the Hills, trying to avoid. 01:04:15.117 --> 01:04:17.777 Those levels of debt that are manageable, right? 01:04:17.807 --> 01:04:20.837 Are those levels of spending that are manageable, not getting into credit card 01:04:20.837 --> 01:04:24.807 debt, not paying 28 percent interest, which is like loan shark, like shouldn't 01:04:24.867 --> 01:04:28.877 even be allowed, should be completely illegal type of, but that's it. 01:04:28.897 --> 01:04:30.417 But that's not rare for a credit card. 01:04:30.417 --> 01:04:32.937 That's probably very common or very accepted. 01:04:32.937 --> 01:04:35.677 And that's, people are paying that every time that credit card bill comes 01:04:35.677 --> 01:04:36.947 in and you don't pay it off in full. 01:04:37.447 --> 01:04:38.317 That is what you're paying. 01:04:38.317 --> 01:04:42.097 Like you cannot, it, it is very hard to get outta that cycle, 01:04:42.517 --> 01:04:44.647 but that's, you're throwing a lot of money away when you do that. 01:04:44.707 --> 01:04:45.097 Yeah. 01:04:45.127 --> 01:04:48.727 It was a little bit of a tangent, but that made me think of something 01:04:48.787 --> 01:04:51.637 that we've seen a lot in the recruit classes when we give this 01:04:51.637 --> 01:04:54.157 presentation, when they talk about debt. 01:04:54.157 --> 01:04:55.592 Good Tet versus bad debt. 01:04:55.592 --> 01:04:55.872 Oh, sure. 01:04:55.877 --> 01:04:56.107 Yeah. 01:04:56.137 --> 01:04:59.257 And this is something that always gets brought up and an understanding 01:04:59.257 --> 01:05:02.617 and something that Louis and I in the last couple classes incorporated was 01:05:02.617 --> 01:05:06.247 this concept of your credit score and what makes up a good credit score. 01:05:06.252 --> 01:05:06.312 Mm-Hmm. 01:05:07.032 --> 01:05:07.952 . I'll be honest with you. 01:05:07.982 --> 01:05:12.822 I was Mortified about what some of the responses from our folks were because they 01:05:12.822 --> 01:05:18.202 just don't understand How credit scores are calculated and then also what makes 01:05:18.202 --> 01:05:22.102 up a good credit score like all these other things So, you know in the future 01:05:22.102 --> 01:05:25.562 we're going to talk more about this like once again I think this is a segment all 01:05:25.562 --> 01:05:29.232 to itself is talking about credit scores and how to improve your credit scores But 01:05:29.342 --> 01:05:33.182 we just know that we've got some work to do to do, um, on some education on some 01:05:33.182 --> 01:05:36.862 of that stuff, but it all really goes back to, yep, living below your means. 01:05:36.862 --> 01:05:40.462 Number one, trying to manage the debt that you have the best, your 01:05:40.462 --> 01:05:43.382 ability and not take on excessive debt when it's not needed. 01:05:43.832 --> 01:05:46.962 And I think that also, so, you know, this is probably going to cause us to 01:05:46.962 --> 01:05:50.002 lose some subscribers already, even though we don't have a lot, but I'm going 01:05:50.042 --> 01:05:51.982 to say it too, is that also includes. 01:05:52.282 --> 01:05:53.532 Car loans vehicle loans. 01:05:53.542 --> 01:05:54.982 I mean that is for firefighters. 01:05:55.442 --> 01:05:58.322 We all like to drive nice cars, right? 01:05:58.322 --> 01:06:03.032 And you go into any fire station parking lot and you see some oh, man, 01:06:03.142 --> 01:06:06.452 this ain't very expensive vehicles This ain't the chief Armstrong. 01:06:06.492 --> 01:06:08.332 This is the Geo Metro. 01:06:08.332 --> 01:06:11.982 Yeah, I've been rocking around 30 years Shout out to your chief. 01:06:12.172 --> 01:06:15.452 You could have a nice Range Rover if you wanted to I know the salary you're 01:06:15.452 --> 01:06:19.042 committed But you choose not to yeah, it's obviously not a priority for him 01:06:19.092 --> 01:06:21.772 and look and we're not saying that You You shouldn't have a nice truck. 01:06:21.772 --> 01:06:23.902 Like we're not even, we're not even trying to tell you like 01:06:23.942 --> 01:06:24.922 that's a silly thing to do. 01:06:24.952 --> 01:06:29.152 But what we're saying is the car loans that come with it, especially with today's 01:06:29.152 --> 01:06:31.622 interest rates, I mean, it is brutal. 01:06:31.632 --> 01:06:35.542 And we get into this cycle as Americans generally, firefighters 01:06:35.542 --> 01:06:40.632 specifically, of having a car carrying around this massive loan payment 01:06:40.632 --> 01:06:43.692 on the car of 700, 800, 9, 000. 01:06:43.782 --> 01:06:45.202 Like that, that there are guys out here. 01:06:45.202 --> 01:06:48.362 I promise you there are guys in this department that have a 900 or 01:06:48.362 --> 01:06:50.242 a thousand dollar truck payment. 01:06:50.622 --> 01:06:53.482 So they'll do that for six or seven years. 01:06:53.572 --> 01:06:54.552 That's the term of loan. 01:06:54.552 --> 01:06:58.642 The average length of a, of a loan today is over six years. 01:06:58.722 --> 01:06:59.652 Like that is nuts. 01:06:59.932 --> 01:07:01.412 So they'll do that for six or seven years. 01:07:01.722 --> 01:07:03.502 They get tired of the truck at that point. 01:07:03.512 --> 01:07:04.072 It's not new. 01:07:04.072 --> 01:07:05.342 It doesn't have all the bells and whistles. 01:07:05.342 --> 01:07:07.692 They go to the dealership and the dealer says, Hey, guess what? 01:07:08.152 --> 01:07:13.457 I can keep your 900 truck payment the same and take this truck off your hands 01:07:13.457 --> 01:07:16.957 and give you a brand new one with all the bells and whistles and You got it 01:07:16.957 --> 01:07:20.447 for another seven years and then they do that again and again And if you were 01:07:20.447 --> 01:07:25.067 to you know add up what that would cost over the course of a career it is I mean 01:07:25.397 --> 01:07:29.297 hundreds of thousands of dollars hundreds of thousands of dollars and that is 01:07:29.297 --> 01:07:34.487 something that We do as firefighters a lot we do as Americans a lot and that is 01:07:34.487 --> 01:07:38.507 really robbing from your future if you're doing that I just want to be clear if 01:07:38.507 --> 01:07:41.617 that's your priority and you think that it's so important to you that you need 01:07:41.617 --> 01:07:45.997 that Understand that in the long run, it's gonna cost you hundreds of thousands of 01:07:45.997 --> 01:07:51.287 dollars and it might be worth it for you But I would challenge podcast to really 01:07:51.297 --> 01:07:55.277 think about if they think it's worth it in the long run Any kind of debt that you 01:07:55.277 --> 01:08:00.652 get into but especially credit card debt Car loans it robs from your future by 01:08:00.682 --> 01:08:05.342 crippling your number one wealth building tool, and that's your income You're 01:08:05.352 --> 01:08:10.497 crippling your income because you're diverting a large amount of your income 01:08:10.557 --> 01:08:15.407 to debt repayment and you can't put it to work for the future, which is what we're 01:08:15.407 --> 01:08:19.337 going to talk about in just a second, that third pillar of financial dependence. 01:08:19.407 --> 01:08:23.807 But, uh, And I think the, just a last part of that is, is I think so many 01:08:23.807 --> 01:08:27.077 things like the car loan specifically or the new vehicles, I think there's 01:08:27.077 --> 01:08:30.217 so many soft costs that go into that, that people don't even realize. 01:08:30.397 --> 01:08:34.127 Think about like the cost of register, this thing, how much more your insurance 01:08:34.127 --> 01:08:38.447 now, like auto insurance is up in a lot of places, like 20, 30, 40%. 01:08:38.447 --> 01:08:43.307 So it's not only this 700, 800, 900 more payment. 01:08:43.577 --> 01:08:46.647 It's now it's an extra 250 per month. 01:08:47.057 --> 01:08:48.877 To ensure this it's an extra. 01:08:48.917 --> 01:08:52.317 Oh, man, that registration cost me eighteen hundred dollars And it's all 01:08:52.317 --> 01:08:55.547 of these like things that we think of not as the monthly payment But all 01:08:55.557 --> 01:08:59.967 the associated payments for that that just continue to make that snowball. 01:09:00.017 --> 01:09:01.547 I mean just bigger and bigger. 01:09:01.757 --> 01:09:04.487 Yep Yep, very well said I completely agree with you. 01:09:04.527 --> 01:09:07.917 That's there's hidden cost not just Your loan payment. 01:09:07.997 --> 01:09:10.647 All right our three simple steps that we said we were going to talk about 01:09:10.647 --> 01:09:13.627 to become financially independent We talked about living below your means 01:09:13.807 --> 01:09:17.307 with the budget We talked about getting out and staying out of debt And then 01:09:17.317 --> 01:09:20.417 the reason why we do those two things why we live below our means and create 01:09:20.417 --> 01:09:25.447 the surplus The reason why we're out of debt is that so we can start investing 01:09:25.537 --> 01:09:30.117 so that we can invest early and often Really at the end of the day if you 01:09:30.377 --> 01:09:31.637 Want to be financially independent. 01:09:31.827 --> 01:09:32.737 You got to have some money. 01:09:32.767 --> 01:09:33.657 You got to have a pool of money. 01:09:33.657 --> 01:09:36.507 That's not being eaten up by credit cards and by student loans. 01:09:36.927 --> 01:09:39.357 That's not being spent as you make it. 01:09:39.707 --> 01:09:41.627 Uh, you got to have a surplus that you invest. 01:09:42.492 --> 01:09:43.342 What do you think about that? 01:09:43.762 --> 01:09:43.992 Yeah. 01:09:43.992 --> 01:09:45.952 I mean, that's the, that's the key to success. 01:09:45.952 --> 01:09:48.882 It's like a three pillars, if you will, a bar stool kind 01:09:48.882 --> 01:09:50.812 of concept of tripod, right? 01:09:50.812 --> 01:09:52.932 You got the two legs and now we're talking about the third leg. 01:09:52.932 --> 01:09:56.212 If any one of those legs goes, we're not, that thing is not 01:09:56.212 --> 01:09:57.652 going to be upright and standing. 01:09:57.882 --> 01:10:01.312 So yeah, investing for the longterm, that's the key for everything. 01:10:01.352 --> 01:10:04.422 And Louie and I will talk more in the future about what we think. 01:10:04.432 --> 01:10:07.642 Beal is like appropriate amounts to be saving and all these other things, 01:10:07.642 --> 01:10:11.512 just generally speaking, not giving specific financial advice, but generally 01:10:11.512 --> 01:10:13.042 speaking, some good rules of thumb. 01:10:13.422 --> 01:10:16.312 And the old saying is it's always better to have time in the market 01:10:16.312 --> 01:10:19.612 and not try to time the market and the market being the stock market. 01:10:19.612 --> 01:10:22.832 So the sooner you can get that in, the better it is. 01:10:22.832 --> 01:10:24.942 And there's a little magical thing we call. 01:10:25.857 --> 01:10:30.127 Time, value of money, the old time value of money and compounding interest. 01:10:30.127 --> 01:10:31.467 And that's really what it's all about. 01:10:31.467 --> 01:10:34.397 And that's the irony of the whole situation is when you're just getting 01:10:34.397 --> 01:10:38.417 started out, you just got hired, you're making this money, you're trying to 01:10:38.417 --> 01:10:42.487 make ends meet by either paying for your apartment or your house, or 01:10:42.487 --> 01:10:43.977 you got a car payment, you got kids. 01:10:44.607 --> 01:10:48.307 It's honestly the best time that we need to have some of that extra money 01:10:48.307 --> 01:10:51.947 to be saving because the longer we let that ride, we know those last 01:10:51.957 --> 01:10:54.757 few years of compounding is really. 01:10:55.387 --> 01:10:56.527 Where you start to see the difference. 01:10:56.707 --> 01:11:00.727 If you talk to anyone here that's pre 2007 that is still in our 01:11:00.727 --> 01:11:05.347 money purchase plan So our general retirement our 401k plan type thing. 01:11:05.497 --> 01:11:07.587 They'll let you know like for the first 20 years. 01:11:07.607 --> 01:11:11.927 It sucks You're like dude, I'm throwing money in here all day long I keep putting 01:11:11.927 --> 01:11:15.117 on all this money the apartments matching this and putting in all this money But 01:11:15.117 --> 01:11:18.597 it ain't going anywhere and it's not always the investments that you're in. 01:11:18.617 --> 01:11:23.037 It's just like It takes so long for that money to start compounding 01:11:23.277 --> 01:11:26.097 that you feel like, once again, like this is a fruitless in Denver. 01:11:26.097 --> 01:11:29.187 I just keep doing this thing and I'm not seeing a lot of movement. 01:11:29.727 --> 01:11:33.367 All of a sudden though, things start to change and they change rapidly. 01:11:33.637 --> 01:11:36.757 And you talk to people and all of a sudden their one year 01:11:36.757 --> 01:11:39.157 difference can be three, 400, 000. 01:11:39.157 --> 01:11:42.227 And it took them 20 years to get any type of that movement. 01:11:42.227 --> 01:11:43.147 And now they're seeing it. 01:11:43.322 --> 01:11:46.312 In one year, and that's really where the magic happens. 01:11:46.352 --> 01:11:50.502 We can show you all sorts of charts and graphs and exactly how compounding 01:11:50.502 --> 01:11:53.442 works, but feel free to research any of this stuff on your own. 01:11:53.442 --> 01:11:56.552 And there's plenty of financial calculators that will tell you exactly 01:11:56.562 --> 01:12:00.272 based on your savings, what this looks like, but the major point is. 01:12:00.502 --> 01:12:03.092 Saving early and saving often is the key to success. 01:12:03.092 --> 01:12:05.702 It makes everything so much easier and we don't want to discourage you. 01:12:05.702 --> 01:12:09.672 If you're a little bit late to the game or you've had some pitfalls in 01:12:09.672 --> 01:12:11.102 your financial journey, that's okay. 01:12:11.102 --> 01:12:14.072 You can still make up for it, but we do really want to let our members 01:12:14.072 --> 01:12:17.582 know, or maybe earlier in their careers that this will be exponentially, 01:12:17.592 --> 01:12:20.147 literally exponentially, Easier for you. 01:12:20.617 --> 01:12:24.337 If you invest early, the sooner you can start getting that money in the market. 01:12:24.347 --> 01:12:28.557 And John said, earning compound interest, compound gains, the better it will be. 01:12:28.567 --> 01:12:29.737 And there's, there's this rule. 01:12:29.747 --> 01:12:31.047 It's called the rule of 72. 01:12:31.487 --> 01:12:32.817 We encourage you guys to look that up too. 01:12:32.817 --> 01:12:36.967 It's basically, once again, it's a rule of thumb, not like a principle, but 01:12:36.967 --> 01:12:41.077 the rule of thumb or the rule of 72 is that if you take an interest rate, 01:12:41.137 --> 01:12:44.872 if you divide 72 by an interest rate, that will tell you how long it's It 01:12:44.872 --> 01:12:46.192 would take for your money to double. 01:12:46.252 --> 01:12:48.942 So let's say you take out some type of a bond. 01:12:48.942 --> 01:12:49.762 So it's fixed income. 01:12:49.762 --> 01:12:50.832 It's not going to change. 01:12:51.022 --> 01:12:51.902 It's going to be 10%. 01:12:52.332 --> 01:12:56.122 You know, that based on the rule of 72, basically every seven years, a 01:12:56.152 --> 01:12:59.272 little over every seven years, that thing is going to double in value. 01:12:59.382 --> 01:13:01.922 So if you had a hundred thousand dollars in there in seven years, 01:13:01.972 --> 01:13:05.522 it would be 200, 000, but in another seven years, it won't be. 01:13:05.537 --> 01:13:08.027 300, 000, it'll be 400, 000. 01:13:08.347 --> 01:13:11.157 And then the next doubling goes from 400 to 800, 000. 01:13:11.207 --> 01:13:13.577 I mean, that is, and that's not counting anything else that you're putting 01:13:13.577 --> 01:13:15.217 in there, your other investments. 01:13:15.547 --> 01:13:18.427 So now you're talking about after three doubling periods, you might 01:13:18.427 --> 01:13:19.607 be close to a million dollars. 01:13:19.647 --> 01:13:24.047 That's the power of compound interest and of the time value of money. 01:13:24.067 --> 01:13:27.557 So we really encourage people that if you really want to achieve financial 01:13:27.557 --> 01:13:32.122 independence, at the end of the day, you have to invest in In the market. 01:13:32.372 --> 01:13:33.132 And we will talk it. 01:13:33.132 --> 01:13:35.992 We'll talk in future episodes, like John said about our preferred 01:13:35.992 --> 01:13:39.532 investment methods and our opinions, not our advice, but our opinions. 01:13:39.822 --> 01:13:42.182 But at the end of the day, those three things are what we 01:13:42.182 --> 01:13:45.422 believe leads you to financial independence, living below your means. 01:13:45.967 --> 01:13:48.837 Getting out and staying out of debt and investing. 01:13:49.197 --> 01:13:52.137 And what those three things mean to me, Louis, just like anything 01:13:52.137 --> 01:13:53.807 else in life, those are habits. 01:13:54.027 --> 01:13:55.027 All of those are habits. 01:13:55.047 --> 01:13:58.977 Everything that we just discussed are habits that you can form or not form 01:13:58.977 --> 01:14:02.617 or take on later in life or take on now and building those good habits. 01:14:02.617 --> 01:14:06.697 So even for those folks, you guys that are just starting out and you can put 01:14:06.697 --> 01:14:13.152 in 50 into your four 57, a hundred dollars, 25, whatever, get it started now. 01:14:13.472 --> 01:14:16.862 And then when you do have some more runway, when you do have some more 01:14:16.862 --> 01:14:19.962 flexibility, when your income starts coming in, maybe you get married and 01:14:19.962 --> 01:14:22.642 you have another income or you got another income from a different source. 01:14:22.642 --> 01:14:23.932 Like then you can start. 01:14:24.032 --> 01:14:27.572 Um, building those habits, but it really does start with like contribute now. 01:14:27.572 --> 01:14:31.602 And I'm really proud of this, uh, organization and the membership. 01:14:31.902 --> 01:14:35.382 And we have a really strong, uh, position when it comes to people 01:14:35.382 --> 01:14:37.242 contributing to their four 57 plans. 01:14:37.242 --> 01:14:38.862 We have a really high take up rate of that. 01:14:39.202 --> 01:14:42.892 And I think those are creating those really good, solid, um, foundational 01:14:42.892 --> 01:14:46.752 values that will help you achieve financial independence in the future. 01:14:46.822 --> 01:14:47.142 Yep. 01:14:47.202 --> 01:14:47.462 Yep. 01:14:47.492 --> 01:14:48.462 So that's the roadmap. 01:14:48.492 --> 01:14:51.052 That's how you achieve financial independence. 01:14:51.302 --> 01:14:51.972 And that is. 01:14:52.182 --> 01:14:52.922 That's the forest. 01:14:52.922 --> 01:14:56.532 If you will, the trees will be that we discuss in our next and future 01:14:56.532 --> 01:15:02.732 episodes will be the tools that we use to achieve those three steps. 01:15:02.762 --> 01:15:04.522 So we'll talk about budgeting. 01:15:04.592 --> 01:15:05.762 We'll talk about the pension. 01:15:05.872 --> 01:15:09.012 We'll talk about Roth basis versus traditional basis. 01:15:09.282 --> 01:15:11.022 And we'll start really laying the groundwork. 01:15:11.162 --> 01:15:14.022 I'm sorry, not laying the groundwork, but actually building out. 01:15:14.022 --> 01:15:14.792 We're going to build the house. 01:15:14.842 --> 01:15:18.532 Yeah, we've got the foundation after today's episode, the foundation is in, 01:15:18.542 --> 01:15:21.012 it's cured and I will start forming it up. 01:15:21.137 --> 01:15:25.487 And we'll start designing an exquisite house for all of our members out there. 01:15:25.517 --> 01:15:28.127 One of the things that we typically came up and we've already touched 01:15:28.127 --> 01:15:31.437 on some of them, but some of the pitfalls that will prevent us from 01:15:31.437 --> 01:15:34.327 getting to some of these successes, we've already hit on a couple of them. 01:15:34.557 --> 01:15:36.257 The debt and the credit card's a big one. 01:15:36.457 --> 01:15:37.757 I briefly mentioned it. 01:15:37.767 --> 01:15:40.837 And if you talk to Captain McCullen, this is the one that he highlights. 01:15:41.117 --> 01:15:41.487 Yeah. 01:15:41.487 --> 01:15:43.217 Always tells him recruits this every time. 01:15:43.257 --> 01:15:45.227 Actually, I want to say day one stuff. 01:15:45.257 --> 01:15:46.787 He's always comes in and. 01:15:47.157 --> 01:15:51.307 In typical McCullin fashion, his glasses down around his, around his nose. 01:15:51.307 --> 01:15:52.907 And he's looking down and then he's looking back up. 01:15:52.907 --> 01:15:57.897 He's looking down and he, he jokingly always asks all the recruits, what's 01:15:57.897 --> 01:16:01.837 the most important financial decision you'll ever make in your life? 01:16:01.857 --> 01:16:03.297 And he says it just like that. 01:16:03.817 --> 01:16:07.007 And I've been in there for several times when there's been some responses 01:16:07.007 --> 01:16:10.417 and he kind of shakes his head and everything else like this and what's 01:16:10.417 --> 01:16:12.147 his, what's his response to that? 01:16:12.227 --> 01:16:16.287 His response to that is the most important financial decision you will ever make is. 01:16:16.697 --> 01:16:20.297 The person you marry and I would like to take credit for that actually 01:16:20.297 --> 01:16:23.127 though because I put that in a slide and then he liked it so Much 01:16:23.127 --> 01:16:24.507 because he has some stories man. 01:16:24.517 --> 01:16:27.757 That guy has some scars and some stories He liked it so much that 01:16:27.757 --> 01:16:31.407 he decided to start talking to the recruits about that At the beginning 01:16:31.407 --> 01:16:35.667 of academy like way before I got there with the financial presentation, but 01:16:35.677 --> 01:16:39.472 that is true I would say, you know Not only is the person you marry the most 01:16:39.472 --> 01:16:42.312 important financial decision you'll ever make, it's the, it's the most 01:16:42.312 --> 01:16:43.482 important decision you'll ever make. 01:16:43.482 --> 01:16:44.742 Life decision, 100%. 01:16:44.832 --> 01:16:47.682 But when it comes to financial independence, who you marry will 01:16:47.692 --> 01:16:51.882 make it Much easier or much harder depending on that person and you 01:16:51.882 --> 01:16:53.572 know, we're definitely not advocating. 01:16:53.582 --> 01:16:57.142 Okay, let's Start over end your relationships like this person's not 01:16:57.142 --> 01:17:00.442 making it easy for me to achieve financial independence But you got to be mindful 01:17:00.442 --> 01:17:03.582 about it You got to think about it because you will have an easier time or 01:17:03.582 --> 01:17:09.552 a much much harder time Achieving your financial goals And, and part of why 01:17:09.592 --> 01:17:13.902 I brought that up specifically is, you know, that has derailed a lot of our 01:17:14.172 --> 01:17:18.762 members here and they're achieving their financial independence first and foremost. 01:17:18.762 --> 01:17:21.752 But the other part I wanted to highlight is we want this. 01:17:22.252 --> 01:17:26.672 Podcast to be available to all, not only just our local members, but 01:17:26.742 --> 01:17:30.402 any spouses, significant others, and share that information because we 01:17:30.402 --> 01:17:31.712 want you guys to be on the same team. 01:17:32.102 --> 01:17:35.302 Like it's much easier to move down the stream when you guys are rowing 01:17:35.302 --> 01:17:37.192 in sync versus going the other way. 01:17:37.452 --> 01:17:41.162 And so many of these conversations, they can be difficult conversations 01:17:41.182 --> 01:17:43.852 to have, um, but they're important conversations to have. 01:17:43.852 --> 01:17:48.142 And if you're, if your teammates, uh, in line with, A lot of your values 01:17:48.142 --> 01:17:51.142 and visions around money and how you guys are going to save or spend. 01:17:51.162 --> 01:17:51.502 Oh my gosh. 01:17:51.612 --> 01:17:53.502 It just makes things so much easier. 01:17:53.512 --> 01:17:54.132 So much easier. 01:17:54.522 --> 01:17:55.902 And that's what we want for you guys. 01:17:55.952 --> 01:17:58.242 We're doing this and we've said it before, but we'll say it again. 01:17:58.242 --> 01:18:00.512 We're doing this because we care about your financial future. 01:18:00.542 --> 01:18:03.922 We want you guys to not be stressed out about money. 01:18:03.952 --> 01:18:05.242 We don't want you guys to be broke. 01:18:05.282 --> 01:18:08.322 And John said earlier, we want you guys to get out of here when 01:18:08.322 --> 01:18:09.252 you want to get out of here. 01:18:09.982 --> 01:18:12.042 The only way we can get you there though, is if you start 01:18:12.042 --> 01:18:15.152 following those three principles, you got to do those three things. 01:18:15.212 --> 01:18:18.172 Otherwise, you're going to be one of those guys that are here 01:18:18.282 --> 01:18:19.452 way longer than you should be. 01:18:19.502 --> 01:18:19.712 Yeah. 01:18:19.712 --> 01:18:20.812 Unless you're, yeah. 01:18:20.842 --> 01:18:24.512 Unless your retirement strategy is a plain power ball or mega millions 01:18:24.512 --> 01:18:25.842 and just hoping for the big win. 01:18:25.912 --> 01:18:27.842 It's going to be, it's going to be a challenge. 01:18:27.882 --> 01:18:31.662 The last little plug we'll make is if you guys are interested in financial 01:18:31.662 --> 01:18:35.922 independence, financial freedom, a really good resource to use. 01:18:35.922 --> 01:18:39.032 And it's a generic resource, but it's this concept. 01:18:39.122 --> 01:18:42.862 Called the FIRE movement, uh, Louie mentioned it kind of in the beginning. 01:18:42.862 --> 01:18:46.072 And it stands for financial independence, retire early. 01:18:46.442 --> 01:18:48.482 Do you know where that term came from, Louie? 01:18:48.762 --> 01:18:50.942 Do you know who's the first one that kind of got credit for that? 01:18:50.942 --> 01:18:53.902 I don't, I'm not sure, but I know the term has been around. 01:18:53.902 --> 01:18:56.442 It was really popular about six, seven years ago. 01:18:56.442 --> 01:18:57.962 There was just this massive movement. 01:18:58.102 --> 01:19:01.062 There was all kinds of podcasts and all kinds of personalities that came out 01:19:01.062 --> 01:19:03.852 saying, Hey, we're going to retire at 35. 01:19:03.902 --> 01:19:06.527 80 percent of our income and we're going to retire. 01:19:06.677 --> 01:19:09.097 Work hard for 10 years and then we're going to retire it 01:19:09.187 --> 01:19:11.197 by 40 or by 35 or something. 01:19:11.607 --> 01:19:15.717 But, you know, even though that might be extreme and we're not saying you should 01:19:15.747 --> 01:19:19.397 achieve that and you should do that, the principles are really good because 01:19:19.527 --> 01:19:23.817 they're all about living below your means and about investing for the longterm. 01:19:23.997 --> 01:19:24.697 So. 01:19:24.912 --> 01:19:26.332 Yeah, it's a great resource to look at. 01:19:26.332 --> 01:19:29.222 There's a lot of fire personalities, financial independence, retired 01:19:29.222 --> 01:19:33.722 early personalities that can give you some resources on how to do all 01:19:33.722 --> 01:19:34.962 the things that we just discussed. 01:19:35.032 --> 01:19:35.352 Yeah. 01:19:35.352 --> 01:19:39.802 And I love it for, so I actually had to look it up and it actually first got. 01:19:39.862 --> 01:19:43.492 Accredited for a book that was written in 1992. 01:19:43.862 --> 01:19:45.992 It was called your money or your life. 01:19:46.282 --> 01:19:50.132 It was by Vicki Robbins and this guy named Joe Dominguez. 01:19:50.472 --> 01:19:54.012 And she was the one, they collectively created this nine 01:19:54.012 --> 01:19:55.752 step framework for how to. 01:19:55.917 --> 01:19:57.327 Achieve financial independence. 01:19:57.337 --> 01:19:58.257 She's the first one. 01:19:58.257 --> 01:20:02.547 They're both kind of the first ones of being the the Generators of that 01:20:02.547 --> 01:20:04.187 the genesis of the fire movement. 01:20:04.197 --> 01:20:07.727 Did they coin the fire term or did that I didn't think that came later I 01:20:07.727 --> 01:20:11.397 think they were the ones that basically put in the steps that we Louie and I 01:20:11.427 --> 01:20:15.977 talked about and just really it was more of a philosophical question is 01:20:16.117 --> 01:20:18.257 What is money supposed to be used for? 01:20:18.257 --> 01:20:19.137 Why do you make money? 01:20:19.137 --> 01:20:20.417 What is money do for you? 01:20:20.417 --> 01:20:24.757 And it was more of this reprioritization of your life's goals. 01:20:24.787 --> 01:20:29.967 And once again, prioritizing your life goals in money and making those align 01:20:30.007 --> 01:20:31.617 and making things be intentional. 01:20:31.617 --> 01:20:35.427 And we all know that we all have a limited time on this planet, on 01:20:35.427 --> 01:20:38.957 this earth, and the number one, most valuable resource we have. 01:20:39.167 --> 01:20:39.677 It's time. 01:20:40.187 --> 01:20:44.617 And we want you guys to be able to enjoy your time, um, not only your 01:20:44.647 --> 01:20:49.027 time working here at the FD, but also your time long after the FD. 01:20:49.287 --> 01:20:52.897 So I would once again, just encourage if you guys are interested in this concept, 01:20:53.227 --> 01:20:56.997 and there's a lot of different bloggers, podcasts, books, all sorts of things. 01:20:56.997 --> 01:21:00.197 There's a lot of different forms that fire has taken people that 01:21:00.197 --> 01:21:03.327 save beyond aggressive, like 80 percent versus some people that 01:21:03.327 --> 01:21:04.747 save less because they spend less. 01:21:04.797 --> 01:21:05.987 It's just a good reference. 01:21:05.987 --> 01:21:08.937 If you guys are interested at all in this concept of financial independence. 01:21:09.077 --> 01:21:12.797 And it's, man, there's years worth of material to research on this. 01:21:13.047 --> 01:21:15.607 Louie and I, in the future, we'll delve on some of the topics that they hit 01:21:15.607 --> 01:21:17.247 on, but I just wanted to plug that in. 01:21:17.247 --> 01:21:20.907 If this is at least piqued an interest in the concept and you guys want to get 01:21:20.907 --> 01:21:24.777 a little bit more context with it, we just wanted to get a shout out to the 01:21:24.777 --> 01:21:28.652 fire movement and just the concepts behind that, because really, whether 01:21:28.652 --> 01:21:32.397 you like it or not, everyone pretty much that works here, minus a couple of us, 01:21:32.397 --> 01:21:35.707 we're going Are going to be subjected to the fire movement because we're going 01:21:35.707 --> 01:21:39.517 to retire early based on what society thinks what we should retire A lot 01:21:39.517 --> 01:21:40.987 of our members will retire before 60. 01:21:42.487 --> 01:21:46.637 I had to do some research and figure out what the average retirement age is 01:21:46.647 --> 01:21:48.437 Do you know louie for a firefighter? 01:21:48.487 --> 01:21:53.617 No, just in general society Oh boy today I want to say it's probably 01:21:53.617 --> 01:21:57.407 something something like 65 if I had a guess 65 So it's actually 61. 01:21:57.447 --> 01:22:01.527 Okay, but the caveat to that is the average person feels like they're going to 01:22:01.527 --> 01:22:07.637 work till 67 So once again thinking about financial independence being adaptable 01:22:07.697 --> 01:22:11.377 coming up with wrinkles all these other things having Maybe more than you think 01:22:11.377 --> 01:22:14.497 you need or being able to have a plan b People think that they're going to 01:22:14.497 --> 01:22:18.402 work longer than they actually do And I would say that we are every bit as 01:22:18.412 --> 01:22:22.162 subjected to that working here with the stressors of the job and the things that 01:22:22.162 --> 01:22:23.482 we're encountering and everything else. 01:22:23.502 --> 01:22:27.282 There's a lot of things that are very applicable to the fire movement and the 01:22:27.302 --> 01:22:31.322 concept of the challenges of having to retire early than a lot of our other, 01:22:31.362 --> 01:22:32.992 the general population doesn't face. 01:22:33.272 --> 01:22:36.982 So just wanted to make that plug, but hopefully this was beneficial. 01:22:36.992 --> 01:22:40.932 Once again, this was very Baseline, like very basic stuff to hopefully 01:22:40.972 --> 01:22:44.562 comprehend and grasp, but really we're going to take those, that three 01:22:44.572 --> 01:22:46.662 pronged approach moving forward. 01:22:46.662 --> 01:22:50.122 When we get a little bit more in depth into some of the benefits that the 01:22:50.122 --> 01:22:54.242 organization that we have as a members here at local 1309, we're going to. 01:22:54.297 --> 01:22:56.437 Get more in the weeds and talk about some of that stuff. 01:22:56.737 --> 01:23:00.407 Thanks already for those of you that we've got some, several responses back 01:23:00.407 --> 01:23:02.967 to ask the fiscal firehouse at gmail. 01:23:03.017 --> 01:23:06.227 com for questions or concerns or topics that you guys want to hear. 01:23:06.457 --> 01:23:07.437 I'm receiving those. 01:23:07.437 --> 01:23:10.127 So we'll definitely going to think about that for future episodes. 01:23:10.127 --> 01:23:11.377 And thanks for everyone. 01:23:11.377 --> 01:23:14.067 That's been so gracious on kind of the rollout of this. 01:23:14.067 --> 01:23:17.417 We've gotten Louie and I both have gotten a lot of positive feedback that 01:23:17.417 --> 01:23:19.937 definitely gives us energy moving forward. 01:23:20.242 --> 01:23:23.902 We want to make sure that this is landing well and that this is it's needed. 01:23:23.902 --> 01:23:26.832 And Louie and I just aren't up here talking just because we feel like 01:23:27.032 --> 01:23:28.182 we need to talk about something. 01:23:28.182 --> 01:23:30.002 We're hoping that this is being well received. 01:23:30.012 --> 01:23:32.462 So huge shout out to the membership for all of that. 01:23:32.542 --> 01:23:32.812 Yep. 01:23:33.412 --> 01:23:34.462 Thanks for bearing with us guys. 01:23:34.462 --> 01:23:35.692 And we know it was a long episode. 01:23:35.692 --> 01:23:39.162 We know we covered a lot of stuff, very heady information that we discussed. 01:23:39.502 --> 01:23:40.552 We think it was all good though. 01:23:40.572 --> 01:23:44.992 The union stuff with Reed, the financial independence topic. 01:23:45.427 --> 01:23:47.077 Really, like we said, sets the groundwork. 01:23:47.077 --> 01:23:48.497 So thanks for bearing with us. 01:23:48.567 --> 01:23:52.137 Once again, John just briefly mentioned it, but if you have any questions, 01:23:52.137 --> 01:23:54.947 if you have any concerns, of course you can reach out to us directly. 01:23:55.187 --> 01:23:56.267 You guys have our phone numbers. 01:23:56.267 --> 01:23:59.667 You guys have our personal emails, but we encourage you to also use that, 01:23:59.997 --> 01:24:04.847 that email to send your questions in that email is ask fiscal firehouse. 01:24:05.247 --> 01:24:06.517 At gmail. 01:24:06.517 --> 01:24:08.127 com send your questions your way. 01:24:08.127 --> 01:24:09.347 We'll address them in a later episode. 01:24:09.347 --> 01:24:11.437 If we can, if we think it's relevant, if we think it's good. 01:24:11.897 --> 01:24:13.557 And yeah, we're here for you guys. 01:24:13.627 --> 01:24:16.687 We really want to see you guys do well financially, but thanks for joining us. 01:24:16.757 --> 01:24:17.017 Yep. 01:24:17.017 --> 01:24:17.507 Sounds good. 01:24:17.507 --> 01:24:21.507 Signing off and you guys be safe out there and we'll catch you next 01:24:21.507 --> 01:24:23.667 time here in the local 1309 studio. 01:24:24.177 --> 01:24:24.577 Take care. 01:24:27.731 --> 01:24:31.131 The Fiscal Firehouse Podcast is a podcast curated specifically 01:24:31.141 --> 01:24:32.851 for local 1309 members. 01:24:33.001 --> 01:24:36.641 This podcast is for informational and educational purposes only, 01:24:37.041 --> 01:24:39.771 and should not be construed as professional financial advice. 01:24:39.981 --> 01:24:42.701 Should you need professional advice, consult a licensed 01:24:42.821 --> 01:24:45.221 financial advisor or tax advisor. 01:24:45.401 --> 01:24:49.251 The opinions of John Beatty, Louie Barela, and their castmates are 01:24:49.251 --> 01:24:52.721 solely their own, and don't reflect that of West Metro Fire Rescue.