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.