Journey To Launch

Does your income matter when it comes to being able to reach Financial Freedom/Financial Independence? How big of a role does privilege play in being able to reach your goal and does everyone benefit from having privilege? How do race and socioeconomics play into the wealth journey?

I'm talking about these topics on today's episode and would love to hear what you think too.

Also, I've been dreaming of, talking about and wanting to create a transformative online community space for Journeyers for a while now and I'm so happy to announce that it's finally here!

If you have a desire to reach Financial Independence/ Financial Freedom, enjoy the podcast or appreciate my approach to finances, then you have a place in the Journeyer Launch Club.

The Journeyer Launch Club is a community of Journeyers providing the support, accountability, and tools to help each other reach our financial goals and live our best lives. The doors are now open for the BETA launch

Perks of joining include: 💥Online Community Vibrant Space 💥Monthly Virtual "Launch" Parties 💥Podcast After-show where we connect with your fav podcast guests and get bonus content from the podcast 💥Online classes on different personal finance topics 💥Plus so much more!

Join us in the launch club before the price increases in a few days!

Other related blog posts/links mentioned in this episode:

Investopedia Article - Which Income Class Are You

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Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

The journey to Financial Independence can be a tough one that is full of ebbs and flows. I believe that it is so important that we share our stories to inspire others that may be experiencing some of the same challenges that we have. That is why I started the Journeyer Profile Series where I'm talking to my listeners and the people in my community about their path to FI.

In this week's episode, I'm speaking with Kari Lorz, who is not only making strides towards establishing financial independence with her husband, but she is also building a financial safety net for her 2 year old daughter to fall back on in the case that she cannot do for herself; as she is ailed by Cerebral Palsy. Keep reading and listen to this week's show to learn more about her story.

If you would like to be considered to be a journeyer for the Journeyer Profile Series go to www.journeytolaunch.com/journeyerprofile

When did you discover FI? I've been really into finance for 4 years, but not until maybe 8 months ago did I discover FI. In the beginning, it was couponing, heavy comparison shopping, then Dave Ramsey, then retirement planning and then I finally found out about FI. Whew!

Why are you pursuing FI? What's your WHY?

My main goal with FI is to be able to have enough of a financial cushion so I can stop working to help take better care of my daughter and do better self-care. Right now I am frazzled, not healthy, and always worried. I need to do better, I have to do better!

My daughter is almost 3 yrs old and since birth she has had significant physical delays, we're almost certain that a diagnosis of Cerebral Palsy will be given. So in talking about FI & my daughter, I need to have more time to help take care of her, specifically, do more home physical therapy, & more hands-on time. Right now it's the typical working mom scenario; laundry, groceries, cleaning, taking care of all the finances, oh and working with an hour commute each way. It's exhausting, so when I am home I'm tired and doing all the regular home stuff, it's hard to do everything and be a physical therapist. I have a great husband and he takes on a lot but he also works full time and is in the National Guard.

For Lilia we have also set up an ABLE account, it was originally a college 529 account that we started at birth, but in her situation we decided an ABLE account was better (you can use it for a lot more things than a 529, basically anything that improves her quality of life will count). We're not quite sure what her earning potential will be in the future, so we want to get as much of a cushion as we can for her together to help her.

What's your FI number? and/or overall FI goal? (if you don't know input n/a)

Lean FI would be $1.2M and fat FI would be $1.8M but I'd feel better with $2 - then we could go to DisneyWorld more! I'd like to also have the ABLE account maxed ($15K per year, up to about $300K).

The hard part for us with our FI number, a lot of the retirement income will come from two pensions. My husband has almost reached his 20 years in the Service (he'll get full retirement in two years), and he also works for the State in Child Welfare. So the RE portion of FIRE isn't for us, but the FI part is what we're focused on.

Where are you currently on the journey? Debt payoff mode, aggressively saving mode, increasing investments mode?

We are in the increasing investment mode. The only debt we have is our mortgage. We do have a few sinking funds set up (vacation, home repair, Lilia's medical needs, and emergency), so immediate and near future needs are taken care of.

What are some mistakes, wins and lessons you've learned or gathered along the way to share with other Journeyers?

Mistake - Living in a HCOL area, Portland, Or. But we're local, so all our family is here. - Not saving more earlier on was a HUGE mistake of mine. When I was in my 20's I was saving maybe $50 a month in IRA. I never even considered more. I had to money to invest, but I never realized the potential.Win - I am slowly getting into the side hustle game. For a time I was in it, but only very limited (i.e. taste testings, surveys, etc.) Then my overall mantra became "quit majoring in minor things!" So just in the past three months have I been serious about building a side hustle. List the things you are doing to help move forward on your journey (side hustle, cutting expenses, increasing income, moving to LCOL, building up passive income streams, etc.) - side hustle - small optimizations over time = big outcomes - avoiding debt like the plague. - sinking funds! I'd love to have a blog as a passive income stream yet I'm not sure if a blog is for me.

What are your plans after FI? What do you ultimately want to do when money is no longer an issue?

Spend time with my family, watch a movie all the way through without distractions. (Right now it takes me 4 nights to watch a movie because I always fall asleep, as its late at night. Or I do chores while watching and I don't ever enjoy it). It's really hard for me to sit and do nothing, I feel like I have so much on my plate that I need to constantly be productive.

My husband and I really want to travel, we want experiences and not things! "Things" just feel like such a weight, kind of suffocating. I'd love to have more of a minimalist lifestyle.

What advice do you have for other Journeyers who want to stay motivated on this journey?

Always be learning! I feel that I have missed out on so much because I just "didn't know". I found out about compound interest way too late in the game. Catching up is hard! For my nephew's HS graduation I gave him a DR compound interest chart of Arthur & Ben, and a book on how not to f-up in college financially speaking :). I did tuck a $100 bill in there and didn't tell him, he had to read the book to find it. ha ha

I am always trying to learn (which may contribute to my frazzledness as I always want to be implementing new things). So my best advice is to try and spend at least 1 hour a day on learning. I listen to financial and side hustle podcasts on my commute. Too much learning = overload.

Take it slow & steady!

[bctt tweet="I'm listening to Episode 73 of the #journeytolaunch podcast, Journeyer Profile Kari Lorz Finding Her Way to FI While Building a Financial Safety Net For Her Special Needs Daughter." username="journeytolaunch"]

[bctt tweet="Quit majoring in minor things!" username="journeytolaunch"]

Other related blog posts/links mentioned in this episode:

More about the Able Account - Tax-advantaged savings accounts for individuals with disabilities and their families

Unstoppable Blog- Life Lessons

The Choose FI Guys interview on the Journey To Launch podcast - The Pillars of FI journeytolaunch.com/episode19

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Get the Financial B.O.S.S. toolkit

Connect with Kari:

The PDX VA- https://thepdxva.com/

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

Facebook: Journey To Launch

Join the private Facebook Group

At some point or another we've all said to ourselves "I have way too much STUFF!". If you haven't yet, consider yourself ahead of the game as we discuss sustainability and financial literacy with this week's guest, personal financial educator and sustainability advocate Catherine Agopcan. After much trial and error, she arrived at the conclusion that too much stuff was bad for the wallet and the planet. She is now on a mission to show others that caring for the environment and seeking financial independence go hand-in-hand.

She is the founder of Sisters for Financial Independence and The Do Something Project, which provides resources to empower women to start owning their finances in pursuit of financial independence. The Do Something Project is dedicated to a well-lived life full of adventure and good health by following the tenets of minimalism and eco-friendly living.

In this episode we discuss:

• The switch from believing money is bad & not in line with minimalism to viewing money in a positive way
• Why Zero waste is not possible but we should still attempt it
• How looking out for the planet helps our financial pursuits
• Small steps we can start today to be more responsible with the way we consume, live, and invest
• Why you should choose hobbies and pursue interests to help build your skill set
• The hard truths of minimalism and decluttering

This episode is sponsored by the Financial B.O.S.S. toolkit:

The Financial B.O.S.S. Toolkit is jam-packed with e-books and video courses to help you with credit, saving, budgeting, investing and more! The Financial B.O.S.S. Toolkit brings together 20 products worth over $1500 to help level up your finances, for a limited-time investment of $197. Get started with the Financial B.O.S.S. toolkit here

Other related blog posts/links mentioned in this episode:

B Corp - certifying companies meeting environmental, social, transparent and accountability standards like Patagonia

ESG (Environmental, Social, Governance) - I personally use Fidelity and here's how they use ESG for their funds.

BankLocal - Find a local bank that reinvests in the community

More info on Zero Waste

Other options for local investing via Locavesting

Swell Investing - investing in companies solving today's problems with thematic portfolios on Clean Water, Zero Waste, Renewable Energy, etc.

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Catherine:

http://www.thedosomethingproject.com

http://www.sistersforfi.com

Instagram: @thedosomethingprjct

Facebook: The Do Something Project

Twitter: @cagopcan

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

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The road to financial literacy can be a daunting journey, especially when you're 22 years old, $30,000 in debt, and making $18 an hour while living in the most expensive city in America (NYC). This is where this week's guest Farnoosh Torabi found herself before becoming one of the leading personal finance authorities hooked on helping young professionals navigate their finances and live their richest, happiest lives.

From her early days reporting for Money Magazine to hosting a prime-time series on CNBC and writing monthly for O, The Oprah Magazine and Mint.com, she's become a favorite go-to money expert.

In this episode we discuss:

• How she ended up choosing to go into the money business
• Her long-standing career in personal finance
• The common themes and issues that she's seen in finances over the years
• Her thoughts on the FIRE movement
• Why you should choose hobbies and pursue interests to help build your skill set
• Why she's also now dabbling in comedy

Other related blog posts/links mentioned in this episode:

Get a copy of Farnoosh's most recent book - When She Makes More

Listen to my episode on the So Money Podcast

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Farnoosh:

www.farnoosh.tv

Listen to the So Money Podcast

Instagram: @Farnoosh Torabi

Facebook: Farnoosh Torabi

Twitter: @farnoosh

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

Facebook: Journey To Launch

Join the private Facebook Group

Simplicity and the concept of 'less is more' can be beneficial in much more than finance. The new tiny home movement has proved to be a great new option for a lot of families that are looking to live a simpler, more abundant life. This week's guest, Jewel Pearson, is not only a tiny homeowner but she is also an advocate and community leader that shares her tiny living experiences and assists others in achieving their tiny living dreams.

Over the course of a decade, Jewel worked toward downsizing her life and in 2015 she built the tiny home of her dreams in Charlotte, North Carolina. Her 360 sq ft home has been featured on HGTV's shows "Tiny House, Big Living" and "How Are They Now" and has been featured in several other media outlets. As a proud supporter of tiny living and the simpler lifestyle that it offers, she provides support through her consulting services and workshops that she teaches around the country. Jewel has also founded the Tiny House Trailblazers; a duo collaboration of powerful and uniquely talented women of color who together are a strong representation and voice for diversity and inclusion within the tiny house movement.

In this episode we discuss:

• Why everyone should redefine or rather choose for themselves what tiny living means
• The misconception some people have that living in a tiny home means you sacrifice quality, luxury, and design & why tiny living does not mean "small living"
• How downsizing and living this life helped Jewel to live her life fully and abundantly
• What Jewel's life was like before the tiny home and what prompted the change
• The mental and physical steps it took to actually make the changes she needed to move into her home
• Tiny living with a family
• How to start the tiny living process
• Jewel's mission to bring the tiny home movement to more people of color and some of the racism she has experienced in the community
• The different tiny home options
• Factors to consider in making the transition to tiny home living
• Range in cost for tiny homes?
• Jewel's thoughts on the FIRE (Financially Independent, Retire Early) movement

Other related blog posts/links mentioned in this episode:

Tiny House Communities Info

Tour of Jewel's Tiny House-(more updated pics available on social media sites)

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Jewel:

Ms. Gypsy Soul

Instagram: @msgypsysoul1

Facebook: Ms. Gypsy Soul

Twitter: @msgypsysoul

Connect with the Tiny House Trailblazers:

Tiny House Trailblazers

Instagram: @tinyhousetrailblazers

Facebook: Tiny House Trailblazers

Twitter: @tinyhousetrailblazers

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

Facebook: Journey To Launch

Join the private Facebook Group

Getting rid of six-figure debt is no easy feat but Takiia Anderson, the voice behind The Frugal Biddy, is proof that it can be done. After graduating from law school, Takiia had accrued more than $150,000 of debt. As the single mother of a 2-year-old little girl making only $34,000 a year, she knew that something had to change.

Takiia went on to save over $500,000 and pay for her daughter's college education at the prestigious Spelman College. She shares all of her tips, tricks, and personal finance advice on her blog, The Frugal Bitty.

In this episode we discuss:

• The overall steps Takiia took to go from debt to having a large savings today
• The things that she gave up to pay off her student loan debt
• Her decision to save for her daughter's college costs while still being in debt
• Takiia's plan for investing when she first opened her daughter's college saving account
• Why she stopped investing in retirement to save for her daughter's college education
• The money lessons that she taught her daughter
• Passing on generational wealth and not generational debt

Other related blog posts/links mentioned in this episode:

Single Mom Masterminds 700,000 Swing From Debt to Savings

Frugal Biddy- Pass on Generational Wealth Not Generational Debt

Fugal Biddy- Mental Health Savings Plan

Search for jobs as a contract attorney Indeed

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Takiia:

The Frugal Biddy

Instagram: @thefrugalbiddy

Facebook: The Frugal Biddy

Twitter: @bitty_the

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

Facebook: Journey To Launch

Join the private Facebook Group

While reaching FI and building wealth could be a challenge for anyone, there may be certain factors that create different challenges for women on their journey than men. This week's guest, Brynne Conroy, is the creator of the twice-nominated Best Women's Finance Blog, Femme Frugality and she is a huge proponent of overcoming the obstacles that women face while trying to reach their financial goals.

In her brand new book, The Feminist Financial Handbook, Brynne presents a feminist view on finances relevant to a post-Recession economy that caters to women at any point on their financial journey.

Also, check out how you can win a copy of Brynne's book, The Feminist Financial Handbook here

In this episode we discuss:

• Brynne's passion for the feminist side of finances
• The factors make women reaching FI different from men reaching FI
• How society's standards and expectation "hurt" women on this journey
• The different judgments and factors in being the modern day woman that has it all
• The concept of money not being the end goal or what really makes you happy
• How one can find their contentment level or peak money happiness and why it's so important to find
• How to find meaningful work now while on the journey to getting it together and reaching our goals
• The importance of men hearing the feminist financial message
• Overall tips for women who are on this path of Financial Freedom to succeed

Other related blog posts/links mentioned in this episode:

Get a copy of Brynne's book - The Financial Feminist Handbook

Carol Graham & her findings on Happiness

Helene Massicotte - Free To Pursue

Join The Weekly Newsletter List

Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!

Watch me on News12 Watch my latest segments on News12

My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals

YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Brynne:

Femme Frugality

Instagram: @femmefrugality

Facebook: Femme Frugality

Twitter: @femmefrugality

Pinterest: Femme Frugality

Connect with me:

Instagram: @journeytolaunch

Twitter: @JourneyToLaunch

Facebook: Journey To Launch

Join the private Facebook Group

(This post may include some affiliate links)

Trying to manage all of your expenses, eliminate debt, and invest, all while pursuing Financial Independence can be quite tricky. For this week's episode, I am having another listener Q & A where I answer questions to help you on your Financial Freedom journey.

In this episode I answer the following:

• Should I focus on paying off $100,000 student loan debt even though I'm in the Public Service Loan Forgiveness (PSLF) program or invest?
• Investing in pre-tax retirement accounts like a 401K, 457 or 403B plan vs a Roth IRA
• How to handle $1,200 a month daycare expenses on the journey to Financial Independence?
• Things to consider when making a big career change. Should you focus on investing more, paying off the house or saving more cash?
• How to determine if it makes sense to take legal action against a company to win money in a lawsuit?

At the end of the episode, I also share why I believe that you should never compare your journey to anyone else's.

Other related blog posts/links mentioned in this episode:

• More about the 25x rule and 4% rule to figure out how much you need saved to reach your Financial Independence number
• Public Service Loan Forgiveness (PSLF) program tips and advice
• 5 Retirement Accounts You Should Know About
• Join The Weekly Newsletter List
• Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
• Watch me on News12 Watch my latest segments on News12
• My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals
• YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with me:

• Instagram: @journeytolaunch
• Twitter: @JourneyToLaunch
• Facebook: Journey To Launch
• Join the private Facebook Group

(This post may include some affiliate links)

This week's episode was recorded at FinCon, the world's largest financial content expo that brings together more than 2,000 digital content creators/influencers and brands in personal finance and investing. I was very excited to attend my 2nd FinCon and I am happy to say that I had another great experience. I got to hang out with fellow money nerds, past guests and even some Journeyers who listen to the podcast.

While I was there, I had the chance to speak with Chris Hogan, a financial speaker for Dave Ramsey's Ramsey Solutions. As a former football player and business consultant, Chris found his passion in finance after he took a strong interest in the financial crises of his clients. Chris is a dynamic speaker that speaks on financial subjects such as mortgages, healthcare and investing. It was great to be able to hear his ideas on building wealth and achieving financial goals.

(Pre-order Chris' new book, Everyday Millionaires and get all the bonuses that Chris mentions in the episode here)

In this episode we discuss:

• How a background in sports and coaching helped mold his winning mindset
• Why becoming a millionaire all starts with belief
• The qualities of everyday millionaires
• The 5 things millionaires embody, have and do
• The myths of the wealthy and demystifying millionaires
• The important distinction between a million in income and a million in net-worth
• How fear and apathy keep people stuck from reaching their goals
• My experience at FinCon, networking tips and how to get the most out of conferences. Plus the growth I've seen since the last FinCon

Other related blog posts/links mentioned in this episode:

• Pre-order Chris' new book, Everyday Millionaires and get all the bonuses that Chris mentions in the episode here
• Join The Weekly Newsletter List
• Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
• Watch me on News12 Watch my latest segments on News12
• My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals
• YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Chris:

• ChrisHogan360.com
• Twitter: @ChrisHogan360
• Facebook: Chris Hogan

Connect with me:

• Instagram: @journeytolaunch
• Twitter: @JourneyToLaunch
• Facebook: Journey To Launch
• Join the private Facebook Group

Consumerism and the desire to accumulate 'things' can be one of the greatest threats to achieving Financial Independence. One of the best ways to combat this and the clutter that results is to lead a more organized lifestyle that is fueled by the things that bring you joy. This is the main principle behind the KonMari™ organization method.

This week, I am speaking with Kristyn Ivey, the founder of For the Love of Tidy and Chicago's first certified KonMari™ consultant. Kristyn is also on the journey to FI and she has made several interesting connections between tidiness and personal finance. With a background in both engineering and interior design, Kristyn has made it her mission to teach families and professionals how to let go of "stuff" to attract a truly abundant life.

In this episode we discuss:

• How becoming more organized and tidy can lead someone to focus and find their passion and pursue big changes in their lives
• The finance/organizing connection
• The KonMari method and the art of tidying up
• Finding Freedom through KonMari
• Using the concept of "what sparks joy" to our budgets and therefore prioritize what and how we spend/save
• The relationship of clutter and spending more on rent/mortgage
• Incorporating tidy habits for those that are not naturally tidy
• Kristyn's FI journey
• Other tidiness and organization tips

Other related blog posts/links mentioned in this episode:

• For The Love of Tidy
• Finding Freedom Through KonMari
• The Spark Joy Podcast
• Get the Book: The Life-Changing Magic of Tidying Up
• Join The Weekly Newsletter List
• Leave me a voicemail– Leave me a question on the Journey To Launch voicemail and have it answered on the podcast!
• Watch me on News12 Watch my latest segments on News12
• My One on One Money Coaching Services – Get my personalized 1on1 money coaching expertise to help you reach your financial goals
• YNAB – Start managing your money and budgeting so that you can reach your financial dreams. Sign up for a free 2 month trial of YNAB, my go-to budgeting app by using my referral link.

Connect with Kristyn:

• Instagram: @fortheloveoftidy
• Facebook: For The Love of Tidy

Connect with me:

• Instagram: @journeytolaunch
• Twitter: @JourneyToLaunch
• Facebook: Journey To Launch
• Join the private Facebook Group