FI Minded - Financial Independence, Early Retirement & Lifestyle Design

Dating is expensive. There is no way to sugarcoat it. Between dinner, drinks, parking, entertainment, and more…the costs quickly add up. I was reading an article and they surveyed 2,000 Americans to find out the average person has spent $3,025 over the last year on dating. That’s a little more than $250 a month and it didn’t include indirect costs like new clothes, make-up, and haircuts.

Even as someone in a long-term relationship where Gaby and I have similar financial goals, and the advantage of using coupons and hitting happy hours without social ridicule, we still spend a fair amount on dates.

It is because creating shared memories is important to us…but so is financial independence. So whenever it comes to dating, how can we maximize fun without breaking the bank? Well, that’s what I have in store for you today.

My friend Samantha Vigneau and I created a list of 5 affordable and fun date ideas. My challenge to her was each of these ideas had to be less than $50 for two people and she hit the mark with many ideas being little to no money at all.

This was a fun episode to make. I know many of us are dating right now let it be you’re looking for someone or in a relationship and going out and making memories together is important. So how do we find the balance between that and our financial goals? This episode will answer that.

I hope you enjoy my conversation with the Host of Single Status…Samantha Vigneau

Key Takeaways:

• Elements of bad first date ideas
• 5 affordable yet fun date ideas
• How do you discuss money with a new romantic interest?
• Signs to look for to understand someone’s money values
• What to do if you feel like you’re falling behind in life

More of Samantha:

Website: https://www.singlestatuspodcast.com/

Instagram: https://www.instagram.com/samanthavigneau/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

If you’re interested in early retirement, you have to consider how you will afford life when a paycheck isn’t hitting your bank account every other Friday. Of course, my favorite method is investing in the stock market. This provides dividend income and the ability to sell your stocks when you need to but there is another obvious method out there - real estate.

I don’t know how we’ve gone 135 episodes without extensively discussing investing in real estate. It may be because it isn’t something I currently participate in but it has my attention. When I think about my draw-down method, there is hesitation on what I would do if I felt like we were in a down market and I’m wondering if rental income would give me much-needed stability through my early FI years.

So I’m putting some effort into learning about it and if you do the same, there is one educator you will likely run into: Dustin Heiner. Dustin is the Host of Master Passive Income and is on a quest to help one million people get started investing in real estate. He is of course a real estate investor himself and at the age of 37, was able to quit his job because he had enough passive income from his real estate investments.

In this episode, we discuss three common mistakes that Dustin wants you to know about before you buy your first property. Our goal in this conversation is to prevent you from making mistakes that Dustin had to learn the hard way early on.

So if you’re interested in real estate investing, let’s get into it. I hope you enjoy my conversation with the father of 5 and successfully unemployed…Dustin Heiner.

Key Takeaways:

• What you should do first before worrying about finding or financing your first property
• Rules you can set in place to make your real estate business more passive
• How to estimate the cost of common real estate expenses
• One rule to put in place so your property makes you money no matter what happens with the property value
• How to negotiate your offer
• How to create passive income through real estate

Mentions:

Free Course: https://masterpassiveincome.com/freecourse/

More of Dustin:

Website: https://masterpassiveincome.com/dustin-heiner

Instagram: https://www.instagram.com/thedustinheiner/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

Even with an aggressive savings rate, reaching financial independence will take 10 to 15 years assuming the market plays nice with you. Stack on paying off debts and saving for large purchases like a wedding, a new car, or your first home, we can see how this is going to be an extended journey.

Throughout that journey, how do we stay committed and follow through with our goals?

This is not an easy answer, especially in the age of instant gratification and social media.

So I turned to my friend Matt Worthington who has followed through with many impressive goals. When he started college, he committed to graduating debt-free. This required working multiple jobs, saying no to distractions, and an unhealthy amount of frugality but he made it happen. Then he wrote a book about it which is a feat in itself. Finally, over the last year, he’s accomplished several physical challenges including completing a half-ironman, finishing 75 hard, and running an ultra marathon, which required a focused training plan and a lot of mental toughness.

It is easy to write off Matt as someone born with these gifts but I promise you that wasn’t the case. Don’t worry, we’ll get into that story.

My hope with this episode is you pull out inspiration to continue following through with your commitments, financial goals, or anything you have your mind set on right now.

So if you’re looking for that inspiration, let’s get into it. I hope you enjoy my conversation with Mister Reinvention himself…Matt Worthington.

Key Takeaways:

• Creating the belief that you can change
• Following through with your commitments even when they get hard or you hit an obstacle
• How to cultivate disciple
• Surrounding yourself with the right people
• Getting creatively thrifty 

More of Matt:

Instagram: https://www.instagram.com/matt_worthington/

Riser Network: https://www.risernation.org/

Riser Podcast: https://open.spotify.com/show/6WWt0CNuhVg5HSyKlEERWf?si=ix0gHEjFT72OXAKZcWVN3w&utm_medium=share&utm_source=linktree&nd=1&dlsi=3f4d5462c135468c

Ultra Productive: https://www.amazon.com/Ultra-Productive-Graduating-Debt-Free-Getting/dp/1946277835

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

When I say the word frugal, what comes to mind?

Do you think of your penny-pitching sibling? Or your coupon-clipping aunt? Your co-worker that always brings their lunch? The reality is, frugal means something different to everyone.

Frugality is a spectrum, and I believe it can be extremely beneficial to live your 20s with a healthy amount of frugality. Split rent with roommates. Shop at value-based stores. Avoid overspending on luxuries like new cars or fancy clothes. Winning these battles early on can pay dividends, literally and metaphorically, down the road.

But frugality can go too far. Your 20s aren’t the time to deprive yourself of everything at the expense of saving money.

So how do we find that balance? What are some signals that we’ve gone too far? And what can we be doing now so we don’t have to worry about frugality so much in the future?

Joel Larsgaard, Co-Host of How to Money, will be answering those questions today. Joel is a recovering frugalite. After experiencing his parents going bankrupt when he was 12, he vowed not to let money impact him in the same way. In his 20s, he worked two jobs, used his bike as a primary source of transportation, and scoured the internet for the best deals. As Joel entered his 30s, he realized he might have taken frugality a little too far. At times, being frugal tested his relationship with his wife and had him make short-sided decisions that might be considered cheap versus frugal. Joel will admit that he doesn’t have it all figured out now but I can tell he’s found a much healthier balance today. He still loves riding his bike but works less and isn’t afraid to spend money on quality items he loves.

I enjoyed my conversation with Joel because I can see myself following in his footsteps. I can often get lost in the bigger picture of financial independence. FI is not a number but instead, the flexibility to reimagine what life could look like.

So if you’re ready to experience what life could look like, let’s get into it. I hope you enjoy my conversation with the craft beer lover and co-host of How to Money…Joel Larsgaard.

Key Takeaways:

• A case for frugality: frugality gives you options
• Defining frugal (and when frugal becomes cheap)
• Frugal strategies for saving lots of money in your 20s
• The diminishing returns of frugality
• Frugality isn’t the only tool to use in order to reach FI
• Finding balance by identifying your craft beer equivalent

Mentions:

HTM Money Mission Statement: https://drive.google.com/file/d/1IhrgSguUq7A3-5OoqF8-0XaX65M2ixyc/view

More of Joel:

Website: https://www.howtomoney.com/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

You’re a top performer at work. Your manager routinely praises you and you’ve been taking on more responsibilities as your team and your company grows. With all of these positive indicators, a thought has been in the back of your mind - “I deserve a raise.” Those 2 to 3% increases you’ve received the last couple of years aren’t making a major difference to your financial situation let alone keeping up with inflation.

Even with this information though, you haven’t gotten the courage to talk to your manager. Maybe your company is going through a difficult period or you have a great relationship with your manager and you’re afraid this conversation would add some tension or awkwardness.

So what are you going to do?

This episode is going to kick off with my friend Andrew Giancola breaking down some of the math behind why you can’t continue to ignore this problem. I’ll let him share the details but essentially, negotiating a raise every few years will make a drastic impact on your earning power. We are talking mid-6 figures or more!

This can’t be ignored…but it also needs to be handled professionally. Busting into your manager’s office demanding a raise because you’re fed up with being underpaid isn’t the solution either. So once again, what are you going to do?

The good news is you don’t have to answer that question because Andrew will do it for you. Andrew Giancola hosts The Personal Finance Podcast, where he helps listeners discover how to easily save, invest, and grow their money to build generational wealth. One of Andrew’s favorite topics to discuss is how to ask for a raise because he knows how impactful yet sensitive it can be.

In this episode, we are going to walk through his step-by-step process of asking for a raise including initiating the conversation, proving your worth, making the ask, and getting a yes. I love his system because it is built around intentional communication and it is going to make it easy for someone that is nervous to approach their manager. I also think his step-by-step process won’t leave you looking like someone ungrateful but instead, treated like a professional that knows their worth.

If you’re interested in making more money and getting on the path to early financial independence make sure to hit the follow button because we will be covering both of those topics extensively this year.

Alright, I hope you enjoy my conversation with…the man who went from living paycheck to paycheck to becoming a millionaire by 32…Andrew Giancola.

Key Takeaways:

• How a small raise compounds into a 7-figure accumulation
• When to start the conversation about a raise
• Script for opening the conversation with your manager
• How to demonstrate your value during the process
• Avoiding an awkward conversation with your manager
• How to make it so easy they have to say yes
• Common objections and how to handle them
• What to do if your manager or company says no
• How to ask for a raise when you work from home

Mentions:

Asking for a Raise E-Book: https://mastermoney.co/get-that-raise-ebook/

More of Andrew:

Website: https://mastermoney.co/

Podcast: https://mastermoney.co/podcast/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

One of the keys to building wealth is increasing your income. Most 20-somethings don’t have a savings problem, they have an income problem.

You’re trying to pay off student loans, graduate from a college lifestyle, and invest for their future all while working with an entry-level salary. While I believe the fastest way to increase your income is focusing on your primary source of income, aka being a top performer at work and negotiating salary increases because of that, I’m also a fan of rolling up your sleeves and hustling to make some additional income on the side.

Not only is side hustling a great way to make some extra cash to deploy against whatever financial goals you have right now, it is also a great way to learn about business, develop additional skills, explore other career paths, and most importantly, learn how to independently make money.

So with all of this in mind, I invited my friend Genesis on the podcast to discuss side hustles. Know as genuinelygenesis on Instagram and TikTok, Genesis has been hustling since she was a kid selling coconut popsicles on the side of the road in Bolivia. Growing up low-income, she learned firsthand how to turn her hard work into cash. Now in her 20s, she’s graduated from selling popsicles to working in big tech full-time but she’s still hustling on the side, growing a real-estate empire and content business.

In this conversation, Genesis and I are going to answer a ton of questions about side hustles including whether are side hustles even worth it, how to make time for your side hustle, how to convert this hard work now into passive income in the future, and most importantly, ideas for your first side hustle.

What should I do is always the biggest question I get when discussing side hustles. So aside from some of the side hustles Genesis discusses in this episode, here are 5 other ideas you can consider for your 1st side hustle:

1. Retail arbitrage: find undervalued products in one market and sell them in another. My personal favorite is garage sales. I find underpriced items at local garage sales and resell them on Facebook Marketplace.
2. Deliver food and groceries: Popular apps like Grubhub, Doordash, and Instacart have made it easy to find this kind of work and fit it into your schedule. Plus you don’t have to interact with people.
3. Get paid for your creative talents: if you learned a particular skillset through your day job or a hobby such as graphic design, writing, or voice-over work, you can get paid to help other people with the same service through sites like Fiverr and UpWork.
4. Offer lessons: are you well-versed in a musical instrument or a sport? You can put that knowledge to use and teach other people to play.
5. Sell baked goods: people love cakes, cookies, and pies. If you’re good at baking, you could put your talents to use. You can start with friends and family and expand to farmers' markets over time.

This is going to be a great episode. One of many that we have planned for this year so if this is the year you get serious about your financial future, hit the follow button because there are a whole lot more of these episodes coming.

Let’s get into it. I hope you enjoy my conversation with…Hispanic-American, first-generation college student, and miss poor but no more…Genuinely Genesis.

Key Takeaways:

• 5 side hustle ideas you can start today
• Why side hustles are worth it
• How side hustles support your primary career
• Defining what a side hustle is
• Popular side hustles people start first
• How to convert side hustle money into passive income
• The first step to getting started
• Upcoming scarcity mindset

Mentions:

Side hustle workbook: https://stan.store/genuinelygenesis/p/commit-to-your-financial-dreams-today-6feto

More of Genesis:

Instagram: https://www.instagram.com/genuinelygenesis/

Website: https://www.genuinelygenesis.com/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

It’s hard living a frugal life. I’m constantly questioning myself whenever I do things like taking leftovers from a free corporate lunch or doing date night at 4pm so we can get happy hour pricing.

Although these frugal practices are simply a journey all 20-somethings need to live through, it’s not what I want to be doing forever. But what if I told you you could live it up now while also accomplishing your financial goals like paying off student loans or heavily investing to reach financial independence early? This could be a reality with a strategy called geo-arbitrage.

Ignore the fancy words, the concept is simple. Have a steady income in a strong currency, then spend money in a cheaper country.

Imagine this, you live in New York City, making $70,000 a year and your monthly costs are $5,100. You work from home and can easily pack up and leave so then you move to Mexico City where your monthly costs are $1,900. That’s a difference of $3,200 or over $38,000 a year. A decision like this magnifies your savings rate and allows you to make some serious progress on your financial goals in just a few short years without sacrificing your comforts like a spacious apartment or trying new restaurants a couple of times a week.

If you are open to an idea like this but don’t have a portable job or you are not ready to move, the same strategy could be applied to reduce your final FI target number. Instead of needing $1.5M dollars maybe you only need $700,000 to retire to a more affordable city.

This is what today’s guest did. Rachel Covert retired early at the age of 36 from her high-stress job in fashion and decided to move away from expensive NYC. She’s been fairly nomadic the last few years but currently resides in Portugal.

In this episode, we dive deep into geo-arbitrage. Rachel will share examples of low-cost-of-living cities you could move to, prices you can expect to pay, how to prepare for a change like this, and more. Once again, if you are adventurous and have career flexibility this could be a really powerful strategy you could employ.

Let’s learn some more about it. I hope you enjoy my conversation with the early retiree and world traveler…Rachel Covert.

Key Takeaways:

• What is geo-arbitrage and is it right for me?
• Best low-cost-of-living cities to consider
• The power of the American passport
• The impact of time freedom
• How to escape golden handcuffs
• Staying focused on your financial goals and avoiding social pressures
• How to apply geo-arbitrage domestically

Mentions:

Compare the cost of living: https://www.expatistan.com/cost-of-living/oaxaca?currency=USD

More of Rachel:

Get the Free Lifestyle Spotlight Spreadsheet: https://www.electrifiwealth.com/optin1654273482604

Instagram: @rachel_talksmoney

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

For today’s episode, we are going to pause our money content to share a powerful story. With 2024 quickly approaching, I’m sure you’re giving thought to some changes you’d love to make in your life. It could be that you want to eat healthier, repair a relationship, feel more confident, tap into your true potential, or anything of the sort.

But maybe those ideas come with some discouragement. If it is something you want to change now, it is probably something you’ve been thinking about changing for a while. I’ve been there. I make empty promises to myself that “next Monday is whenever I start” and of course, that day comes and for some reason, I’m still acting the same way and not taking action on that promise.

2024 is going to be different for both of us though. No more empty promises. We are going to prove to those who have been doubting us, our parents, friends, partners, but most importantly, ourselves.

And there is no better story to end our 2023 content with and leave us feeling empowered like my friend Nake Dukes. This guy has gone through a lot from hugely successful business owner to being behind bars after getting caught stealing a car. I don’t want to ruin this reinvention story so I’m going to leave it there. This one is a great one to play in the car for everyone to hear out loud as you’re headed to Grandma's house for the holiday celebrations. This story originally aired years ago as episode 41 and has been a fan favorite ever since.

This is the last episode of 2023. Thanks for an amazing year. I had so much fun creating content for you in 2023 and I’m even more excited about 2024. As a reminder, moving forward we’ll be publishing bi-weekly on Wednesdays to make some space for some other projects we have in the works. You’ll see our content shift in 2024 with a major focus on money so if this is the year that you are dedicated to taking control of your finances, make sure to hit the subscribe button. I’m working on February content right now and our guest lineup is so incredible so far so you don’t want to miss out.

Oka, enough teasing. I hope you have an amazing end of your year and happy holidays. Let’s get to the interview. I hope you enjoy my conversation with the innate turned author…Nate Dukes.

Key Takeaways:

• How a broken mindset can impact you
• Nate’s initial feelings when he found himself in jail
• The power of kindness
• Where to find inspiration for personal development
• The impact of spending time with the right people
• How to repair the damage of your past

Mentions:

Pay it forward program: www.youllneverchange.com/payitforward

More of Nate:

Book (Amazon): https://www.amazon.com/Youll-Never-Change-Create-comeback/dp/057888996X/ref=sr_1_2?crid=3UP25N90ZRNZ9&dchild=1&keywords=you%27ll+never+change+book+nate+dukes&qid=1628715127&sprefix=you%27ll+never+change%2Caps%2C1219&sr=8-2

Website: www.youllneverchange.com

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I’ve noticed that New Year’s resolutions have been taking some heat lately. I get it, it is totally illogical that a single predetermined day is chosen for everyone to start a major life change and by February, most of us have given up on our grand changes and retreated back to our normal lives.

But there is something about a fresh calendar year that gives me hope and naturally makes me prioritize the changes that I’ve been putting off. I think with intentionality and some realistic level setting, New Year’s resolutions don’t have to be something you feel guilty about by February.

But what do I mean when I say intentional and realistic level setting? Have you heard the quote, “Most people overestimate what they can do in a year and underestimate what they can do in a decade?”

Well, that summarizes why New Year’s resolutions get their bad rep. We set unrealistic expectations - to completely reinvent our career path, pay off 6-figures in student loans, or to go from super spender to super saver. These goals are just impractical - at least in a short timeline such as a year.

Here is the thing - you don’t need to solve all of your money problems in one year. You just need to point the sail in the right direction. So what would be more practical New Year's resolutions related to money?

Well, that’s what we are going to talk about today. Here are 4 realistic financial goals that if accomplished in 2024 will set you up for a decade of success.

Key Takeaways:

• How to accomplish your 2024 New Years’ resolutions
• 4 realistic money goals you can set for yourself
• How to create a simple budget to manage your spending
• A simple side hustle that you can start this weekend
• How to save up for your first emergency fund
• The power of compound interest

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/

I’ve always dreamt about becoming a dad. I know little moments like teaching them the ABCs, running them to soccer practice, or helping them pick out their prom outfits are going to bring me a lot of joy. I’m even ready for the challenging moments like sleepless nights, pre-teen outbursts, and difficult “growing up” conversations.

One thing that I’m not sure I’m ready for is the cost of children. I was reading a survey and apparently, the average cost of raising a kid from 0 to 18 years old in the United States is $237,000. And I’m not quite sure I would be on the low end of the average.

I agree with Maya Corbic, our guest today, that you can’t put a price on the love that you’ll have for your child but the financial impact has to at least be considered in your decision-making progress.

How much does a pregnancy cost? What financial milestones should I accomplish before having a child? Can I realistically afford to take care of a child right now?

These are all questions that will be answered in today’s episode. As I mentioned, we’ll be talking to Maya Corbic. She is the creator behind the popular Instagram page teach.kids.money where she is helping parents raise financially savvy children. She is also the author of “From Piggy Bank to Stocks: The Ultimate Guide for a Young Investor” where she introduces children (and honestly parents) to the exciting world of investing.

This is a great episode for anyone considering parenthood and also soon-to-be parents as we discuss a lot of early childhood cost savings tips.

Let’s get into it. I hope you enjoy my conversation with the 1st gen immigrant, CPA, and energetic mom of 2…Maya Corbic.

Key Takeaways:

• The average cost of raising a child
• Financial milestones to consider hitting before becoming a parent
• Financial to-dos to prepare for an addition to your family
• How to reduce your child-related expenses and find great deals
• How to invest in your children's education through a 529 account
• The sneaky benefits of a custodial account
• The importance of aligning your family and financial values

More of Maya:

Instagram: https://www.instagram.com/teach.kids.money/

From Piggy Bank to Stocks: https://dinariiwealthykidsclub.lpages.co/from-piggy-banks-to-stocks/

More of The Struggle is Real:

Find show notes and more at https://www.tsirpodcast.com/

Follow us on Instagram at https://www.instagram.com/tsirpod/