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

• Has always been frugal and wanted to retire early
• Wrote a book about personal finance: Your New Relationship with Money
• Approaches spending in a disciplined way, values travel over other expenses

Maggie

• Grew up fairly frugal, appreciated earning money on her own at a young age
• Parents encouraged her to save money, paid many of her own expenses at a young age
• Learned about the FIRE movement as she got older and connected with the message
• Has avoided lifestyle inflation, enjoys finding ways to save money

Frugality – is it a learned behavior?

• What you’re exposed to can influence you growing up
• Developing a “why” with your savings makes it rewarding since there’s a purpose behind the behavior
• Maggie considers herself more of a minimalist
• Frugality is more focused on value over lowest price

Joining forces to start the Friends on FIRE Podcast

• Work together as finance partners at the same company
• Started to discuss taxes and saving for retirement and realized they had a common interest in finance
• Decided to work together and opted to develop a podcast
• They feel talking openly about money allows a deeper connection between people
• People’s spending habits tell a story about what they value in life
• There’s also value in hearing other perspectives and being challenged on spending choices

Working in corporate America

• The earnings potential actually allows for a better work-life balance if managed correctly
• Increased financial flexibility also opens up time for passion projects and other meaningful life experiences
• The Fioneers have a good message that has helped guide Maggie recently
• “The journey should be as remarkable as the destination.”
• Developing good financial habits in your personal life can help increase your confidence in your career
• Having that cushion alleviates the stress of going after every promotion and the stress that goes with that
• Maggie feels like having financial freedom means she doesn’t need to operate from a place of fear with her job
• There are many intangible benefits of pursuing financial independence

Advice for others

• Important to not be too hard on yourself and realize it’s never too late to make changes
• All of the same concepts apply later in life when it comes to good habits
• If you’re starting later it’s important to be aggressive and make big changes
• Don’t ease into changes, you need to make up ground in a shorter period of time
• Make sure you have a vision for what you’re trying to achieve to keep yourself motivated

Podcast website: https://friendsonfire.org/

Instagram: https://www.instagram.com/friends.onfire/