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In today’s episode, Jean is joined by Jørgen Wolf who is documenting his journey towards financial freedom on his blog. He promises to bare all: his income, his expenses and his investments.
In our chat, we talk about the FIRE movement and differences between the European movement and the US movement, how he evaluates P2P platforms, living in Denmark, how to raise a financially intelligent kid, real estate investments and much more.
Definitely an episode that will be useful for all those who want to make their money work for them and provide some very good returns. Jørgen is averaging more than 10% returns per year on his investments, with his favorite platform being Mintos, so it’s well worth listening to his approach.
Nicely paced interview, I particularly like the distinctions made about the american focused FIRE bloggers who look at reducing spending by not buying so much stuff. There is a cultural difference between different continents and states/countries within them and this difference affects consumer habits and views on consumerism. I think this leads well into a conversation about minimalism, essentialism or simple living (or whatever you like to call it). The point is that you bought an expensive bike because it brings you a great deal of happiness, adds value to your life and you have purchased a high quality machine that will last longer. That’s the kind of spending that is very easy to justify. Many people buy cheap, low quality stuff to satisfy a buying urge and all this does is fill the world with more junk.
Agreed, in the US the big discount stores probably contribute heavily to this culture of not thinking before buying and focusing too much on low prices.
I agree that an episode on essentialism would be in order. Thanks for the suggestion.
Totally agreed Paddy, thanks for your thoughts.
Really great interview – thanks to both for taking the time to bring it to the community!
I would like to make one correction – in our Mintos liquidity test, where we sold €1m of loans on the secondary market, it took 72 hours to complete the test. Although it is correct that the bulk of the action (75%) did happen in the first 24 hours.
Sterling, what discount did you put to liquidate in 72h ?
Hi Andrew,
I used a mix of some loans at par, some with 0.1% and some with 0.5%. Averaged out over the whole portfolio it amounted to 0.26% (roughly one weeks worth of interest).
Full details here:
https://p2p-millionaire.com/how-liquid-is-the-mintos-secondary-market-our-e1m-p2p-lending-early-exit-test/
-Sterling