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#2 – First steps on the path to FI
Financial Independence Retire Early. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and build on their first episode by discussing how to get on the path to FI. We outline the directions you’ll need to take on the way to FI.
Beer #1 – Czechvar Original – Brewed & Bottled in Ceske Budejovice
What’s in the News?– https://www.cbc.ca/news/business/heloc-debt-fcac-1.4978987 – 25% of respondents said they pay interest only – Only half of respondents knew basic facts about the terms of HELOCs – Over 3,000,000 Canadians have a HELOC, average of which is $65,000 – http://www.victoriabuzz.com/2019/01/the-average-british-columbian-thinks-they-will-need-1-07m-to-retire-poll/ – Average Person in BC says they need $1.07M to retire – 51% of the 2,000 people surveyed in Canada felt they would never have enough to retire
How to get on the path to FI
Educate yourself – FIgarage Blog Roll,Tracking Spending – mint, personal capital, YNAB Reducing Spending – 40 Ways to Save MoneyPaying off debt, Tackling Debt – Debt AvalancheSetting Goals – Goal Setting is the Secret to SuccessIncreasing Savings rate – Paula Pant scale up savings 1%Investing Low-cost index funds – Canadian and International (review to come) Questrade yes we get compensation if you sign up through this link!Generating passive incomeSide Hustle
2nd Beer – Hoyne Pilsner – Brewed & Bottled in Victoria, BC
Stupid Money Move
Putting money in highly speculative stocks instead of paying high interest debt.Using a HELOC on your house and paying interest onlymaking minimum payments of credit cards
Recent Posts– See the Economist’s article on Worry-Free Money
*FI Garage participates in affiliate programs, partnerships, and referral programs that generate income for FI Garage. When you click on links on this website and/or purchase products on a website a link directs you to that helps support FI Garage financially, and is appreciated. Privacy policy.
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By FI Garage
5
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Financial Independence Retire Early. If you found this podcast you’re probably familiar with the FI/RE movement that has grown in popularity recently. Here at the FI Garage, we’re all on the path to FI, however, we consider the RE part optional. In this episode, the Mechanic, the Accountant, and the Economist sample a couple of beers and build on their first episode by discussing how to get on the path to FI. We outline the directions you’ll need to take on the way to FI.
Beer #1 – Czechvar Original – Brewed & Bottled in Ceske Budejovice
What’s in the News?– https://www.cbc.ca/news/business/heloc-debt-fcac-1.4978987 – 25% of respondents said they pay interest only – Only half of respondents knew basic facts about the terms of HELOCs – Over 3,000,000 Canadians have a HELOC, average of which is $65,000 – http://www.victoriabuzz.com/2019/01/the-average-british-columbian-thinks-they-will-need-1-07m-to-retire-poll/ – Average Person in BC says they need $1.07M to retire – 51% of the 2,000 people surveyed in Canada felt they would never have enough to retire
How to get on the path to FI
Educate yourself – FIgarage Blog Roll,Tracking Spending – mint, personal capital, YNAB Reducing Spending – 40 Ways to Save MoneyPaying off debt, Tackling Debt – Debt AvalancheSetting Goals – Goal Setting is the Secret to SuccessIncreasing Savings rate – Paula Pant scale up savings 1%Investing Low-cost index funds – Canadian and International (review to come) Questrade yes we get compensation if you sign up through this link!Generating passive incomeSide Hustle
2nd Beer – Hoyne Pilsner – Brewed & Bottled in Victoria, BC
Stupid Money Move
Putting money in highly speculative stocks instead of paying high interest debt.Using a HELOC on your house and paying interest onlymaking minimum payments of credit cards
Recent Posts– See the Economist’s article on Worry-Free Money
*FI Garage participates in affiliate programs, partnerships, and referral programs that generate income for FI Garage. When you click on links on this website and/or purchase products on a website a link directs you to that helps support FI Garage financially, and is appreciated. Privacy policy.