All About That Peace Out Money

Building Fund

Building a peace out money fund requires strategic planning and a clear understanding of your goals. Joel Larsgaard emphasizes the importance of keeping this fund liquid and accessible, rather than tying it up in long-term investments like a 401K 1. This ensures that you have the financial flexibility to pursue new opportunities or make life changes without financial strain. Matt Altmix adds that having an alternative income source, such as a side hustle, can supplement your peace out money, reducing the amount needed to save 1.

You want your piece out money to be accessible. You want it to be liquid. You don't want it to be tied up in retirement accounts.

--- Joel Larsgaard

Starting to save early and increasing your savings rate are crucial steps in building this fund, even if your goals are not yet clear 2.

   

Financial Practices

Smart financial practices are essential to effectively maintain peace out money. Joel Larsgaard highlights the need to set aside enough funds to cover living expenses during periods of transition, such as starting a new business 3. This financial cushion provides the confidence to pursue personal and professional goals without the immediate pressure of earning income. Matt Altmix shares his experience of starting a photography business, where peace out money allowed him to transition smoothly from a side hustle to a full-time venture 3.

You got to have that financial backing. That's what that peace out money is. It's this money combined with your mindset.

--- Joel Larsgaard

Additionally, having peace out money empowers individuals to negotiate better work conditions and stand up for their values, knowing they have the financial security to back them up 4.