Business
On this week's show, we have a wonderful conversation with Alan and Katie Donegan, who have reached Financial Independence and are now doing work that brings them happiness and fulfillment. Alan and Katie tell us steps you can take to find that happiness for yourself. Discovering the FIRE movement….. Alan and Katie initially thought they would achieve financial independence through real estate investments. They read Rich Dad Poor Dad and began purchasing real estate. As Alan became more involved in this own personal development, he read Tony Robbins, Money - Master the Game. This book introduced to him index investing. When he mentioned his investment plans to a friend, he introduced him to Mr. Money Mustache and, JL Collins, The Simple Path to Wealth. Coming together to share a passion for FIRE…. Alan was always more open and entrepreneurial - able to try unchartered ideas. Whereas Katie needed to learn, digest and understand before coming fully on board with the FIRE concepts. Likewise, Wendy identified with Katie’s desire to thoroughly dive into learning about new concepts. Curtis, on the otherhand, is more hands-on and learns by experiencing and doing. DESIGNING A HAPPY AND FULFILLING LIFE Alan suggests conducting Mini-Experiments. Try things out before you dive in 100% then it is not really a risk. SUNSHINE - AVACADOS - AND CREATIVE PROJECTS Now that they have freedom, do they ever worry about wasting time and not doing anything? Alan says the more scary thing is unlimited choice. For them - they chose to pursue creative endeavors. To them, these did not feel like work. They say - "if in doubt - go to L.A." They find the creative energy and sunshine in Southern California has been very satisfying. The solution to being overwhelmed by choice once you have reached Financial Independence is to understand, there’s more to be done than you can ever do and it's deciding what’s important and trying some balance of having fun. The traditional mindset - Work is Work and relaxing is relaxing. For Alan, work is fun. Now all of their work is projects that they want to do. HOW DOES FIRE CHANGE THE RELATIONSHIP It has forced them to confront things. Now there is no distraction - to avoid conflict. It's learning to communicate better. Alan gives some great advice - Put your thinking on the outside. CONDUCTING MINI - EXPERIMENTS Lots of people view entrepreneurship as a risk. Alan likes to conduct low-risk experiments instead. For instance - set up a website, sell a service. If it sells, you have a business. If you have an idea - what’s the ZERO financial risk version, ask people to buy and do the experiment to get a result. What about being perceived as flighty - or as someone who cannot commit to one thing? Alan suggests changing the language to experiment. If you endlessly plan without starting - you are going to be stuck forever With an experiment - you are looking to see the result. It doesn’t matter whether it is successful or not It makes failure more palatable - more an UNsuccess. Getting Your Partner on the Same Page On subjects that are important - you have to go on the journey together. Go to conferences together. Read books together. ALAN AND KATIE ON THE FINAL QUESTIONS: Katie’s one lesson from childhood she has carried over into her FIRE journey, don’t spend everything you have and to pay of your credit cards in full every month. Alan learned from his father what was possible in business - but also what NOT to do. Favorite Life Hack: Being on the same page about projects, creating an action list, doing the action, then coming back after the step is complete. This has helped their relationship but also their productivity. FAvorite Read Katie Miracle Morning Six habits to make your life better: Silence Affirmations Visualization Exercise Reading Scribing/journaling Alan 4 Hour Work Week Simple Path to Wealth Quit Like a Millionaire WHERE TO FIND ALAN Pop-Up Business School alandonegan.com