Life in the suburbs can look like a cliché to some. But Greg has managed to avoid the “McMansion” lifestyle and learned from an early age that investing in experiences is a better path than spending on the flashier things in life. His podcast, Suburban Folk, touches on all things suburbia, from parenting, to home improvements, to personal finance. In this episode, we dig into his story and identify a number of ways to help save you money and optimize your life.
Podcast
Lifestyle and background
Dave Ramsey
Financial Independence
Paying off your home early
General advice
Travel goals
Follow Greg
People tend to want to fit in. To be accepted. To be normal. I've spent much of my life in pursuit of this. But I've finally realized the downside of trying to be like everyone else. Following the path others have laid out can have negative consequences, both personally and financially.
From accumulating debt, to adopting unhealthy lifestyle habits, it's easy to fall into the same patterns as everyone else. It feels normal, so it seems acceptable. But you have the ability to determine what's valuable in your life and to make your own decisions.
I outline several areas where I've tried to adjust my habits in order to improve my financial situation as well as my personal life.
What is normal?
Why do people want to be normal?
Downside
Debt
Buying and leasing new cars
Updating your house
Eating low quality food
Watching too much television
Getting married and having kids
Being on your phone constantly
Takeaways
Facing a mountain of debt may seem overwhelming, but with the right plan of attack, that debt can be cleared more quickly than you think. Derek Sall from Life and My Finances was able to become debt-free (multiple times) through tremendous focus and hard work. His journey is one of highs and lows, but he has stayed determined over the years and is now well on his way to being financially independent.
Derek's story:
Relationship challenges:
Getting back out of debt:
On the path to FI:
Benefits of hosting a blog:
Advice for late starters:
Where to follow Derek:
Website: https://lifeandmyfinances.com/
Twitter: https://twitter.com/lamfinances
Achieving a lofty financial goal requires a good understanding of why you’re working towards it. For Ted and Claire, retiring early was an important achievement that allowed them to spend more time together, enjoy travel experiences and opened the door to them helping others. As early retirees who have embraced the FIRE movement, their passion is guiding people towards reaching retirement goals through financial independence. Their podcast, Later 2 FIRE, has a focus on guiding those who are starting their journey to FI later in life. They have an amazing story to tell that is full of advice and inspiration. In this episode, we discuss the core principles of pursuing FIRE.
Back story
Advice for couples navigating their finances
Philosophy on FIRE and the benefits of retiring
Core Principles of FIRE
Where to follow Ted and Claire
Twitter: @retirehoppy
Website: https://firewalkers.co/
Podcast: https://firewalkers.co/podcasts/
Episode 15: For anyone who has struggled with money, I pulled together a list of core rules that will help get your finances on track. While I don't claim to be a financial expert, I am part of a broader community of people who are all focused on living a financially responsible lifestyle. So these bits of wisdom are pulled from that pool of people.
A recent Twitter thread started with a simple question: What are your top 3 money rules? I highlight ten of these responses and add my thoughts.
Blog post: 51 eye-opening money rules to live by
The four key points I make in that piece are commitments I make to myself and to my audience.
Blog post: The FI After 40 Manifesto
There are obvious financial benefits gained through pursuing financial independence. But don't overlook the intangible benefits to your life, both personally and professionally. I speak to Maggie and Mike from the Friends on FIRE Podcast to hear their perspectives on how their work in corporate America has both allowed them to achieve financial independence, and also how their path to FI has improved their confidence and performance in their careers.
Mike and Maggie’s background stories
Mike
Maggie
Frugality – is it a learned behavior?
Joining forces to start the Friends on FIRE Podcast
Working in corporate America
Advice for others
Podcast website: https://friendsonfire.org/
Instagram: https://www.instagram.com/friends.onfire/
Blake and Allanah moved across the globe to pursue their next adventure in life. But when a family emergency forced the family of four to travel from Canada back to Australia, their financial problems became crystal clear. They were in debt, with no savings and needed to borrow money to travel. That's when they decided to educate themselves and get their finances on track. Now, they have a solid net worth, a savings rate approaching 50% and a full emergency fund saved. They have since launched the blog FIRE with a Family and Blake joined me for this week's episode to discuss their story.
This episode is brought to you by WalletHacks.com.
Family background
Childhood
Turning point
Their relationship
Started to learn about net worth
Savings rate focus
Budget changes
Frugal vs cheap
Advice to people starting the path late
Follow Blake and Allanah
FIRE with a Family blog: https://www.firewithafamily.com/
Instagram: @firewithafamily
If you’ve ever considered real estate as a way to increase your wealth but never knew where to start, this episode will provide actionable strategies that you can implement to super charge your path to financial independence. We feature an interview with Andrew Kerr from the blog FI by REI and host of The House Hacking Podcast. Andrew outlines six options you should consider in order to leverage the “house hacking” approach to real estate investing. As an expert on real estate and someone who is pursuing financial freedom along with his wife, Andrew provides a range of options that will make this strategy work for you, no matter your age.
Show intro: Email from fellow blogger Steven from https://www.frugalwander.com/
Andrew's background:
Started career in mortgage banking industry and purchased his first home at 20
Was making good money but wasn’t happy in his career, shifted over to non-profit sector but made less money
Identified REI (real estate investing) as a wealth building tool and got to “Lean FIRE” at a young age
Experienced a wide range of REI options and landed on “buy and hold” as the preferred method, rather than flipping houses
Found that he was able to keep his job in non-profit while making cash flow from real estate
Has set aggressive goals for his own life:
Basics of house hacking:
Six house hacking styles:
Resources to learn more about REI:
Website: https://fibyrei.com/
Podcast: https://fibyrei.com/the-house-hacking-podcast/
Instagram: @fibyrei and @thehousehackingpodcast
This episode features a great conversation with Tom, a teacher who hosts the blog What the FI. Tom shares his story and explains how he has more than doubled his net worth in the last few years, through better budgeting, increased savings rate, and investing in real estate. Despite not starting his path to FI until after turning 40, Tom has his family on a trajectory to hit several lofty personal and financial goals in the next ten years.
Lives in the Chicago area, got into the teaching profession based on his family
Followed the American Dream – go to college, get a job, get married, have kids
Was doing okay financially, but had no clear goals and started to accumulate debt
Found themselves living paycheck to paycheck, not tracking their spending
By the time he got to his 40s realized retirement wasn’t far off and felt trapped in his job
Wife recognized he was unhappy but he wasn’t ready to listen to advice
Eventually started reading more and listening to podcasts and began to turn the corner
Heard interview with Jemal King, https://www.instagram.com/9to5millionaire/, and that was an inflection point to pursue passive income
Books/audio books have been a significant source of education (50+ books)
These have helped with mindset shifts as well as learning about investing and real estate
Much more educated now with how to invest in index funds
Discusses the importance of getting on the same page with your partner
Started to find savings in their monthly budget, increased savings rate from 5% to 50% in a few years
Increased net worth from $150k to $315k
Has outlined long term goals: to become financially independent, getting his time back, own 12 rentals, give back to the community, have $1 million in retirement savings
Has become comfortable with setting lofty goals and not settling
Real Estate Investing:
Need to forgive yourself for past mistakes, starting at 40 or older is not too late
You can make up a lot of ground by changing your habits
Blog: https://whatthefi.com/
Instagram: https://www.instagram.com/whatthefiguy/
Today we have Jessica from The Fioneers. She’s a co-founder of https://thefioneers.com/ along with her husband Corey. Their financial independence blog was a 2019 Plutus Award Winner for Best New Personal Finance Blog. We discuss a wide range of topics, including an overview of the Slow FI concept she developed with her husband. We also dive into how she overcame several limiting beliefs in order to become an entrepreneur and launch a new business. Finally, Jessica shares why Slow FI is an ideal option for people pursuing financial freedom later in life.
Seven Limiting Beliefs blog post: https://thefioneers.com/limiting-beliefs-entrepreneur/
How imposter syndrome holds people back
Advice for people starting to pursue FI later in life: slow FI makes a lot of sense for people in their 40s
Where to follow The Fioneers:
This week's guest is Mitchell from the FIRE blog Highway to Retirement. Mitchell is a 21 year old Aussie who has caught onto the FIRE movement and plans to become a millionaire through investing and passive income. Despite earning a modest salary, Mitch has prioritized a low cost of living and is aggressively saving and investing in the Australian stock market. If all goes as planned, Mitch has set himself on a trajectory to retire in his early 30s.
Website: http://highwaytoretirement.net/
Twitter: @highway2retire, https://twitter.com/highway2retire
Facebook: @highwaytoretire, https://www.facebook.com/Highwaytoretire
When is it okay to say “F*ck it” and spend money when you haven’t budgeted for it? As someone who still struggles to save money, I dive into a checklist I use before splurging on an unplanned purchase. I also wrap up the second half on my list of 21 pieces of advice for my 21-year old self, covering items 11-21. Finally, I walk through some recent milestones I’ve hit with the FI after 40 blog and podcast after 50 days of producing content and connecting with people in the FI community.
Note: I marked this episode as "Explicit" although I don't actually use explicit language.
Day 50 Milestones
21 pieces of advice – Part 2 (11 through 21): https://fiafter40.com/21-pieces-of-advice-part2/
The F*ck it checklist for buying stuff
I’ve been super focused on paying off my debt
I have a rule in pace that I won’t spend money on discretionary items until I have my CC paid off
Considering buying kayaks since last summer
I live on a river and I've seen a steady stream of kayakers floating by
Recently opted to order kayaks for each other as birthday presents
I had an initial feeling of guilt – feeling like I was doing something bad
Instead of paying off my debt, I splurged on an expensive purchase
I thought about it for a bit and came to the conclusion that I’m ok with this decision
Here is a checklist you can run through to decide
Assumption – this is not a mandatory purchase and it’s not an emergency
If you can answer yes to these questions, you can say “F it” and feel good about spending the money.
Examples that are “No” for me: new iPhone, new car, new bed
Examples that are “Yes”: new kayak
It was a compromise within my relationship
I asked this question online and most people responded with Travel opportunities.
For people who budget for travel, that’s really the best approach.
I’m still not good at saving for things. I expect that to come after my debt is gone.
Twitter: https://twitter.com/FIafter40
Instagram: https://www.instagram.com/fiafter40/
Website: https://fiafter40.com/
It recently struck me that exactly half my life ago I was graduating from college. In this episode I talk through the first half of my list of 21 pieces of advice I'd give to my 21-year old self (21 years after I graduated). I also discuss a personal vision statement I've recently drafted. Finally, I walk through the impact of rejection in my life and how I've used that to spur motivation and action.
1) Personal vision statement:
2) Eight ways to turn failure into rocket fuel:
3) 21 things for 21 yr old me 21 yrs later:
Twitter: https://twitter.com/FIafter40
Instagram: https://www.instagram.com/fiafter40/
Facebook: https://www.facebook.com/fiafter40/
If you’re new to the show, I wanted to spend a couple minutes letting you know exactly what this show is all about. Now I’ll be the first to admit, I am not a financial guru and I am not a money expert.
What I am though is someone who has turned his life around, financially, in the last year. So I created this podcast to tell my story and inspire others who are facing a similar situation to where I was not long ago.
Tell me if any of this sounds familiar:
If any of those boxes are checked in your life, trust me, you are not alone. Each of those described my life over the last few years. But I’ve since changed my attitude, my mindset, and my behaviors. And I want to share that with you.
But I won’t be doing it alone. I’ll feature conversations with people from all walks of life, from all over the globe. You’ll hear where they’ve come from and what changes they’ve made to pursue financial independence.
And that’s what FI is all about. It’s about finding the freedom to do what you want in life. Whether that’s retiring early, changing careers to something you love, or setting up the financial future of your children.
It’s whatever you decide it is. It’s about having the freedom to make choices and call your own shots.
If that resonates with you and sounds like something you need to hear in your life, then take a listen to the show and hear from some extraordinary people.
I post new episodes every Thursday. So head over to FIafter40.com for all the details and to read my blog.
You can also follow me here:
Twitter: https://twitter.com/FIafter40
Instagram: https://www.instagram.com/fiafter40/
Facebook: https://www.facebook.com/fiafter40/
YouTube: https://www.youtube.com/channel/UCFQkFacttqin787WNmDzqmg/
In this episode I talk through two of my recent blog posts and spend some time reflecting on my first 30 days writing my blog and hosting my podcast. The posts from this week discuss the impact of managing your expenses when it comes to hitting your FI savings target. I also walk through the reasons I'm pursuing FI and how I'm ultimately searching for the best version of me.
Shout out to three websites who featured my content this week:
My recent blog posts:
Why having low expenses sets you up for success
Why am I pursuing FI?
One month of blogging/podcasting
The COVID-19 virus is having a dramatic impact on the world. In this episode I discuss how it’s changing the face of college, both in the short term and in the future. From online classes to student loan debt, I dive into the key topics for students and parent who are navigating the college decision process.
Instagram shout-out segment: Asked for people to recommend a Financial Independence blog
Podcasts recommendations:
Main topics covered in episode:
Link to: Survey results from SimpsonScarborough
Follow me on social media: @fiafter40 on Instagram, Twitter, and Facebook
Read more online at https://fiafter40.com
Part two in the series is all about increasing your savings rate. In this episode I outline my savings goals, my mindset change and how I've gone from someone with zero savings to someone targeting a 50% savings rate in the coming years.
- Instagram post summary on using auto-pay: feedback from @whatthefiblog, @budgetloverrr, @thebosswallet, @moneylifementor
- How I've historically struggled with savings
- Overview of common savings rates both in and outside the FI community
- My ten year plan to get my savings rate up
- Strategies I'm leveraging to reach those goals
- How I've adjusted my tax withholding and retirement contributions
- How my mindset has changed this year
Read more at https://fiafter40.com/
In the year since I first learned about the FIRE movement, I have made some significant changes. I’ve completely shifted my mindset with my spending and my debt has been almost completely eliminated. Now the question isn’t how do I reach FI, but when.
Part one of this series focuses on aggressively eliminating your debt. In this episode I walk through the four steps I plan to follow on this path and provide examples of how anyone can do the same.
- What I did to jump start my debt pay down
- Why debt is an emergency you need to address
- How to free up cash in your monthly budget
- Why this works for anyone at any age
Read more at https://fiafter40.com/
In episode two I discuss my perspective on the pandemic and how I'm choosing to emerge from the challenges facing us. Topics include:
- Excerpt from Financial Times article written by novelist Arundhati Roy: https://www.ft.com/content/10d8f5e8-74eb-11ea-95fe-fcd274e920ca
- My five outcomes I hope to take away from this pandemic experience
- My thoughts on how people change
- Perspective on taking the good out of a bad situation
Read more at https://fiafter40.com/
In the first episode of this new podcast, I discuss how critical it is to teach your kids about money. As a father in my early 40s, I'm just finally figuring out how to get myself on the path to financial independence. Along the way, teaching my kids how to be financially literate is one of the most important gifts I can pass down.
Topics discussed include:
Visit https://fiafter40.com/ for more.