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Discipline Equals Freedom and What It Means For Your Finances - Jocko Willink

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Excerpt from JOCKOPODCAST 32

💬 Comments on the video
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“I like to invest money in me” haha

Jocko is an appreciating asset

Author — Sebastian Boyce

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"Most people don't become rich by a salary"

Author — Trevor Cook

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Loving the black and white theme Dave Ramsey is going with.

Author — Mike372644

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Jockos been watching some Dave Ramsey lol

Author — Gh0st

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People worry too much about showing off and out versus being humble and modest. Need to follow this advice.

Author — ratagris21

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Financial discipline is one of the few wins I got right out of a mediocre military career. I became an officer late in life (31) and I was $30k in college loan and credit card debt ($50k in today’s money). I was prior enlisted and single so I knew how to live on an E4’s salary. So I dumped half my paycheck on my creditors. When I deployed I dumped my _entire_ paycheck on my creditors.

Midway through my 2nd deployment I paid all my debts. Then I was conditioned to living off half my salary. So I started investing in stocks and Index Funds. (I recommend Index Funds over stocks. They don’t make dramatic profits but on average they outperform and are very stable. I lost lots of $ in the two recessions but got it all back plus a chunk).

When I retired in 2014 I was a millionaire. When other vets are chasing government and corp jobs to stay afloat (finances and financial discipline are rare anywhere) I’m on easy street.

My advice to new service members: 1) Save that first month or two of pay from Basic Training. That way you can live a paycheck ahead. When everyone else is stressed over payday you already have money. 2) Max your Thrift Savings Plan (TSP) investment. It works kind of like a civilian Index Fund _but with lower fees._ Invest your TDY pay, field pay, sea pay, and deployment pay in the TSP. Or an Index Fund if there’s a TSP limit. 3) Definitely look into real estate - my one great financial regret. It’s reasonably easy to buy a house around a military base and rent it out. There are property management companies that can look after it and get the tenants to pay while you’re gone. Even if you don’t buy one you can get the knowledge so you can buy a house when you get out. 4) Don’t marry a stripper.

A final note: if you want to climb the serious ranks or be an operator, you have to have your financial house in order. Guys who are deep in debt living paycheck to paycheck are considered security risks because they might be bribed or blackmailed.

Author — Eric da' MAJ

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Guys like Jocko, Andy Stumpf, and Mike Glover are absolutely 100% the kind of role models this country needs more of.

Author — chris hall

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Damn why do they always post when we are going to sleep?

Author — Tyrese Stewart

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Be careful with the "smart people" you talk to. There's a bunch of broke people out there with a lot financial advice.

Author — Pedro

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“...I’m no financial expert, but you don’t have to be a financial expert to save your money & spend less than you earn.” - BEST quote! House hacking idea is clutch as well if you make it work.

Author — Financial Awareness with K.Scholl

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Glad you covered this Jocko. People need to hear it.

Author — Joel Gandara

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Literally discipline equal freedom works beautifully with financial matters, financial freedom is not achieved nor maintained without discipline

Author — Black Vito - Moneyology

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Thank You for the project encouragement. It makes me feel a lot more positive about my coding ideas that I want to implement.

Author — Morty Ross

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2 years ago my wife and I had $72K in debt and owned nothing. 1 year ago we became debt free. Today we own everything we have and have a net worth of $100k in savings and investments. Excited to see where we’ll be in 3 more years. These guys are right, it doesn’t happen on its own though. Start now

Author — schecterc1exotic

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Great financial points! Spend less than you earn, use savings to invest in appreciating assets ie stocks, property. Most people don't become rich from their jobs.

Author — Scott Williams

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It all really comes down to that ego, the less we spend on things used to impress others the better it should be...

Author — Food Bizz Talk

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Beat the poor out of you! Unless you need more rifles then do what you have too. 5 dollars is 5 dollars am I right

Author — 12schnsaint

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Good advice lads especially on the property I tell people whenever I can owning a house no matter how small or inexpensive is better than not having it, you can always try to build on from there.

Author — Jake Nicholaides

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Hard work and discipline = universal truth
Having balls and going after it.... that’s the difference between failure and success

Author — PatrioticCanuck

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Owning a night club helps you earn the money the you spent drinking back. Party Veterans running them keeps them sane :)

Author — Darryl McMillan