The Financial Independence Show

Today's episode features Robert from Stop Ironing Shirts.

Robert worked his way up the sales career path.

Then in 2019, he retired with over 28x his annual expenses.

Fast forward to today and he saw that shrink to 18x his expenses.

People often always wonder what it would be like if they retired just before a crash.

Now you have the opportunity to see how that looks first hand.

Listen, learn, and let us know what you think about Robert's wild ride.

Episode Summary

Robert's Journey to FI

Robert didn't have much money growing up

He started noticing the people around him who did

Then he tried to reverse engineer how they got there

He contrasts how his grandparents had a structured career path and his parents didn't

His dad did end up in sales which is where Robert first found the career path

Robert Finds His Career

He graduated high school in 2000

Robert thought he'd go into computer programming

That quickly changed when he hated programming

Then he got a department store job celling cell phones

This made him realize sales was for him

Robert goes over how sales have no politics or ambiguity in pay

It also means that you can make as much as you can perform

Robert Experiences His First Crash

Robert talks about his experience with the 2008 crash

He talks about how his 401k was less than his contributions even with company match

Then he talks about how you just have to keep plugging away when it's dropping

Your earnings in a savings account simply can't keep up with inflation

Robert Discovers FI

He talks about the life decisions he made once he discovered the FI movement in 2013

The canceled fancy hotels and tried to do some of their own home renovations

Some of those changes didn't pan out but the overall path was clear for them

They looked and felt like they could retire around 5 years from that moment

In 2015 he had a good job opportunity and it locked him into three more years

The timing worked out pretty well but pulling the trigger was still scary

Crash Take 2

Robert now talks us through what life has been like during this latest crash

He went from Fat FIRE to Lean Fire in one month

Robert had also taken on a little side gig but was let go because of the turndown

He says at this point you just have to give up control

By this he means, just stay the course and don't do anything rash

Robert also gives us insight into which individual stocks may or may not be favorable as we come out of this crash

Especially focusing on companies that are getting bailouts which hinder investors

And rest easy, Robert says he's nowhere near considering full-time work

 

Key Takeaways

Sell Your Salary: Robert walks us through the high earning potential that sales brings

Trust the Process: Losing 10x your annual expenses in a month can be disturbing but Robert isn't giving up on the process

Call to Action

Research some companies you're interested in, you don't have to make any individual stock purchases but it can be a fun exercise to vet companies that you may be interested in.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital.

This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!

 

Robert's Information

Robert's Website: Stop Ironing Shirts

Twitter: @StIroningShirts

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Dustin Mathews from WealthFit.

Dustin worked for and built several businesses.

Some of these businesses had huge incomes and expenses but Dustin found himself without a ton to show for it.

Then Dustin discovers FI and starts radically changing how he lived and starts spreading financial advice himself.

Listen, learn, and let us know what you think about Dustin's amazing turnaround.

Episode Summary

Dustin's Journey to FI

He attributes Rich Dad Poor Dad as his entry into FI

Most of his work / finance life was around building a business and selling it

He started out with some startups but then decided to create his own business

Dustin admits he didn't mind racking up debt for these businesses

He attributes his entrepreneur spirit from his mom

Dustin's First Business

As part of a mastermind, he found someone who could use some marketing help

The business was selling courses around lines of credit for businesses

 A big recommendation Dustin give is doing lots of small changes and testing along the way.

After Discovering FI

He walks us through the tough conversations with his wife

Dustin also said that for tracking expenses, a google sheet stuck with him where fancy apps didn't

Then Dustin got the opportunity to go work for Wealthfit

Stepping Back to His Six-Figure Courses

He starts getting involved in product launches which were very profitable

Then he starts a seminar business around teaching others to do product launches

These seminars could bring in over $1M a year

That would be over $250k over three days

It's important to remember that was gross income

The business kept sprawling with more expenses

On top of that, Dustin was spending all his money without worrying about saving

Teaching Others From His Mistakes

When Dustin got the opportunity to work at Wealthfit he was excited

Excited to help others avoid mistakes he made with his businesses and personally grow

He calls Wealthfit the Netflix of personal finance

They have courses and materials around both personal finance and entrepreneurship/side hustles

We wrap up with Dustin sharing how he landed Dennis Rodman on his podcast

 

Key Takeaways

Easy Come, Easy Go: It's awesome to grow your income but you need both intentional spending and income in order to make progress

Lift others with your mistakes: We loved how Dustin brings his knowledge and opens up about his failures in a way to help others

People can change: Dustin has felt what it's like to live a life full of expenses and huge incomes but the FI message still resonated eventually

Call to Action

Slow down a little if you still haven't found your purpose and re-evaluate that your money and effort are aligned with your goals.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Partners

We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital.

This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!

 

Dustin's Information

His Own Podcast: Get Wealthfit

Twitter: @DustinMatthews

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from your hosts only. Hopefully, you find some comfort in today's episode during this uncertain time.

This episode is covering the Coronavirus, how it impacts us mentally, physically, and financially even if we're lucky enough to avoid getting sick.

These are certainly tough times but we hope there are some bright spots you can use as motivation to get through this.

We don't know how long this could last, so let's get through this prepared and together.

Listen, learn, and let us know what you think.

Episode Summary

Topics Covered in Todays Podcast Focusing on Coronavirus and FI

We start off covering  current correction

We’re currently at late 2016 levels

Then talk through scenarios if you pulled out of the market in 2008 and stayed out for X number of years

Even if you invested at the height of the market (September 2008), your annualized, inflation-adjusted return as of March 2020 is 4.5%

Federal tax filing deadlines and payments extended to July 15 (including estimated quarterly payments)

Cover importance of  having an emergency fund

Briefly touch on unemployment benefits

Share our thoughts on if we get stimulus checks, what you could do with it 

Go over side hustling / extra income ideas

We look at how you can support local businesses and yourself

Do you have tech skills? Help companies go digital as a consultant

Share our opinions on stopping the spread of the virus (incubation period, social distancing, etc.)

Give insight into our own personal impacts with travel etc

Brainstorm some low cost/ free hobbies you can do online

Help you see how Zoom/Skype tech can replace happy hours and social events 

Emphasize fitness while quarantined 

Try to highlight the money you'll be saving during a quarantine 

Then look to share some potential escapes you can still do that are quarantine friendly

Running 

Camping 

Biking 

Photography 

Road trips 

We go into over-preparing, mentally and financially, for the potential that life remains in an altered state for many months

Finally, we remind you that now is the perfect time for projects you've been putting off, now is the perfect time to accomplish

 

Key Takeaways

This could take time: We have to plan both mentally and financially for uncertain times to consider for many months.

Silver Linings: It's certainly not a situation any of us want to be in, but what can we do to come out of this as strong as possible?

FI is here to stay: There are voices out there calling for the end of FI, but there will never be a reason to stop aligning your spending to your values, living responsibly, and educating yourself on finances.

Call to Action

Really think through and put together a plan for how you can last 8+ months living in this way that covers you financially, emotionally, and physically

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Christine Hughey who owns A Little Local Flavor food tour business.

Christine navigated several cities and years to land her dream job in Nashville.

Then shortly after, Christine would be celebrating a new marriage and devastated by their household income dropping from $120k to $35k.

At the bottom, she took a challenge to start her own business and in no time had created a six-figure food tour company that is growing at leaps and bounds.

Listen, learn, and let us know what you think about Christine's amazing turnaround.

Episode Summary

Christine's background

She feels like she had a better than average financial understanding growing up

Christine would go visit who are Grandmother who tasked them with tracking stock prices

Her Grandmother would also buy them small stocks in companies they understood

It gave them something to chat about over their times apart

Christine admits that she took all those lessons for granted until much later

When it was time to go to college, Christine wanted to get into the print industry

This ended up requiring her to get an engineering degree at the college she was at

From there she moved to Colorado and got a job she did not enjoy

Journey Towards FI

In 2006 she is making around $35k per year and saving around $200 per month

She also realized a true engineering job wasn't going to be there for her in Denver

From there she moved to a small town in Texas for a few years

Then her dream job opened up in Nashville, TN

Things Begin to Fall Apart

We're now entering 2013 on the journey and Christine is hitting her groove

Until she is shocked to find out that she'll be losing that dream job quickly after starting

Leading up to this, they had tried to push more and more work on her with no increased pay

Christine's husband helped her through this down period

Then she got a new contract for a dream job as an engineer and things were looking up

Then six weeks after their honeymoon, that new contract got pulled and she was unemployed

On top of this, her husband lost his largest income-generating gig

Six weeks after their honeymoon they saw their pay get cut from $120k to $35k

They started cutting all expenses and downsizing their house

Christine admits that the whole experience was crushing

She vowed to never let one company be the source of her income

The turnaround

Christine finally finds work at a food tour company in Nashville

The hours are long and the pay had gotten cut in half

Then January 2018 happened and her life completely changed

This was when she attended her first financial independence event

Christine attended CampFI down in Florida

At the conference, she was challenged to start her own food tour company

When she got home, she quit her job and started her own business that May

This was the start of A Little Local Flavor

Building a Six-Figure Business

Christine admits she was out of her comfort zone

What got her through was just taking one small step every day

Most of her education came from podcasts

It took some time for her to shed being an engineer as her identity

As she built her team she had several keys she wanted to hit

Some things she wanted was to fair pay, have strong values, and a good work environment

She then layers in lots of bonuses into her employees' pay

This small step really incentivizes them to do great work

By the end of 2018, they had over $60k in sales

But then 2019 grew like crazy

She grew her team to include 8 employees

They also saw the number of visitors grow to 4400 and sales to $330k

With that, they took home 23% as profit

Christine expects to grow that margin and increase tour types and locations

Her 2020 goal is $500k for the company

She also hopes to be able to scale back her involvement

 

Key Takeaways

Social Currency: Christine talks about how to put out goodwill and fair pay and that'll come back in multiples

Taking a leap of faith: She took a leap in a smart way with a company that needed a low investment to start

Call to Action

Go out and build your social currency. Just give back and find a way you can collaborate with someone to make a positive change. You'd be surprised the good you can accomplish and the influence it can have on your own success.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

T's Information

Her Company's Facebook: A Little Local Flavor

Email via: [email protected]

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Tyson Koska from OnTrajectory.

Tyson joined the Army when he didn't have enough money to go to the college he wanted.

Later, he would end up with an English and Philosophy degree which didn't land him a job.

He fell back on an old skill of programming and up-skilled his way into eventually making six figures.

Listen, learn, and let us know what you think about Tyson's amazing turnaround.

Episode Summary

Tyson's background

From a young age, he had jobs and tried to make his own money

His goal has always been to be independent

When it was time to go to college his parents offered to help

But for them to do so he would have to live at home

Instead, he decided to join the Army and became a helicopter pilot

Tyson admitted he made a lot of missteps when he first started working

He blew all his money and racked up credit cards

Reinventing and Up-Skilling

He left the military in 1992

In the end, he would end up in that little local college after all

Tyson decided to study English and philosophy

Those majors didn't provide any job prospects

Tyson fell back on his old skill of programming that he learned at age 13

This spun into a job and a pipeline for up-skilling

Over that stint, he would climb from $30k income to over $100k

His income was increasing but so was his spending

Tyson says that was largely due to marrying the wrong person

Then we discussed what really flipped the switch for him

He recalls a friend who wanted to open a McDonald's

His friend said he needed $100k to do so

That sounded like a ridiculous amount of money to him but inspired him

Creating OnTrajectory

Another big turning point was when his second kid was on the way

There was so much unknown and he couldn't find a tool to help him plan for them

This need led him to build OnTrajectory

Now he sees both individuals and advisory firms using the tool

It's also available for a free 30-day trial with no credit card needed to sign up

Then Tyson walks us through all the incredible detail you can get from the app

There are walkthroughs on YouTube as well as several guides

It's a really cool tool that allows you to insert tons of complicated life events into your projections

 

Key Takeaways

Mistakes Happen: Tyson calls out several missteps but he learns from them instead of dwelling on them

Life is Complicated: OnTrajectory was born out of this idea to model all the crazy life events we can run into

Call to Action

Head on over to OnTrajectory to start your 30-day free trial and see what your plan looks like with all those important life moments.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

T's Information

His Website: OnTrajectory.com

Via E-Mail: [email protected] or [email protected]

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Josh Overmyer from JoshOvermyer.com

Josh lost his job and a major chunk of his home value in 2009.

That would force him back under his parents' roof for two years.

Luckily he turned things around and discovered FI but it wasn't all roses.

Josh takes us through that whole journey including bouncing back from failures with precious metals, penny stocks and peer to peer lending.

Listen, learn, and let us know what you think.

Episode Summary

Josh's background

Grew up in small-town Indiana

Dad worked in a factory, Mom works as HR manager both 20+ year careers

First in his family with a 4-year degree

He majored in Urban development

Moved down to Fort Myers Florida in 2005

The Great Recession Hits

Then the recession hit and work came to a halt

Then in July 2009, he lost his job

Josh then moved back home to stay above water

He had bought a house that saw its value get severely lowered

Josh had to keep up a low-cost lifestyle for two years

He averaged $19k in spending

Josh would move out of his parents' house in 2011

Bumpy Path to FI

Then he started finding FI/RE bloggers like J Money

Josh eventually found a job in grant administration

Then Josh starts talking about the failures he’s learned from

These include investing in precious metals, penny stocks, and peer to peer lending

Hitting His Stride

Josh would land a new job back down in Florida

At the exact same time, he would start driving for Uber

He just kept saving and saving

July of 2017 he started maxing out his 457

Over his 3.5 years working in Florida he would start at  30% and ramp-up

Josh then covers all the activities he takes place in the FI community

In his day to day life, he doesn’t have people to talk about Finance with

But through FinCon and CampFI he has found his people 

He has also credited Travel Rewards as the biggest game-changer for him

The whole 3.5 years he worked he didn’t have vacation so he saved points

Now he’s utilizing those points and recommends the Capital One credit card

Josh then talks about how to hit those minimum spends

 

Key Takeaways

Life hits hard: Josh never could have seen his world flipped upside down from the recession, but it did and he wasn't prepared

Learning from mistakes: Josh tried several different angles at investing before finding his groove

Stay Positive: Josh is so upbeat about his story and now in a great place and will be ready for the next market challenge

Call to Action

Head over to our Facebook Group and let us know a failure you've had and what you learned from it.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Josh's Information

His Blog: JoshOvermyer.com

Twitter: @JOvermyer1

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from just your Hosts! That's right, no guests today, but plenty of voices will be heard.

This episode is covering the 2020 goals we sourced from our Community Facebook Page.

In today's episode, the guys share with you the powerful goals The FI Show group set for 2020.

As always the Community Facebook Page has set the bar high and brought us some impressive ambitions that we can't wait to follow and help motivate!

As always the hosts will also be transparent with their financial goals for 2020.

Hopefully, you enjoy this special episode!

Listen, learn, and let us know what you think.

Episode Summary

Goals from various community members

345 bench / 445 squat / 515 deadlift

Add $100k to their net-worth

Visit 15 new countries

Publish a second book

Finalize estate plan

Quit jobs and fix up Air BnBs

Pay off student loans

Buy first house hack

Positive net-worth

Attend 2020 FinCon

Complete triathlon

Make $35k from rentals

Buy replacement commuter car

Put extra $12k towards mortgage

Payoff house

Zero consumer debt

Max out IRAs

The Hosts Share Their 2020 Goals

Justin

Finish a half marathon length spartan race

Put $100k into the stock market

Make $1800 selling blood / blood cells

Link To Learn More - Tell them Justin sent you!

Finish 2012 Ford Transit camper-van conversion

Have an 80%+ savings rate

Hit his FI Number ($550k)

 

Cody

Get to his lowest body fat % of his life

Buy a house hack

Invest $50k into retirement accounts

Take one memorable trip every month

Volunteer more

Push himself and take a risk

 

Podcast

Get an A-list celebrity / athlete on the show

Double listeners and community members

Hit the road and meet the community in person

 

Key Takeaway

This community is ambitious: We were amazed to see how strong some of these goals were but based on the 2019 progress, we know they are going to hit them.

Call to Action

Join the FI Show Community Page and share your goals with someone!

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode features Rebecca from My Fat Purse.

She breaks down how she and her husband paid down his $180k student loan debt in just 2 years.

Rebecca and her husband gave up pensions from the military and are poised to hit FI in 5 years.

She talks about how powerful tracking their spending and avoiding lifestyle inflation was to this journey.

Listen, learn, and let us know what you think.

Episode Summary

Rebecca's background

She started taking her finances seriously after marriage

Rebecca's husband came into the marriage with $180k of debt

They paid that debt off in 2 years

Rebecca graduated without any student loan debt thanks to the military

She studied mathematics for her bachelors

Then she got paid by the Air Force to get her masters

Paying Down $180k Debt

Rebecca attributes tracking expenses as the most powerful force to paying off debt

They put all of one salary completely towards debt

She also calls out how important it was to avoid lifestyle inflation

That refers to slowly spending more money over time

Rebecca's husband was also in the Air Force

He was supposed to be on scholarship but ended up losing on it

She covers that tough decision on giving up a pension and chasing FI

Life After the Military

Her husband took a slight hit in income and she saw a raise

Rebecca stuck with working for the military as a contractor

Her husband decided to completely change up his job

They now have control over where they live but decided to stay in Colorado

This was mostly due to her husband's job and ease for her to find a good job

Path to FI

They have purchased two homes

One is their primary residence

The other was for renting out on Air BnB

That experiment didn't turn out well so they sold it

Outside of their primary residence, they keep it simple with a three-fund portfolio

Rebecca feels they are five years away from financial independence

Next Rebecca walks through why and how they combined finances

They do keep separate accounts for some flexible spending

Budget Tracking

Rebecca really emphasized tracking spending and how she does it

She started with Mint

Recently she transitioned to an app called EveryDollar

She also has built a very robust tracker you can download

 

Key Takeaways

True Partnerships: Rebecca didn't put all the debt payoff on her husband, she knew that their goals were tied together and decided to help

Tracking not budgeting: People often think you have to set limits on yourself when in reality, simply knowing where your money goes is the first step

Not all real estate is gold: Just a nice reminder that while real estate is extremely powerful, it's not foolproof as Rebecca found out

Call to Action

Take some time and completely track your expenses for 1-3 months even if you've done so in the past. This can help make sure you fully understand where all your money is headed.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

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Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Rebecca's Information

Her Blog: My Fat Purse

Instagram: @MyFatPurse

Facebook: My Fat Purse

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode is an awesome chat with Purple from A Purple Life.

Purple has an awesome story and she hits a giant milestone of retirement at age 30 this year.

She covers how she continued to jump jobs in a way to increase her salary 3x while raising job satisfaction.

Listen, learn, and let us know what you think.

Episode Summary

Purple Beginnings

Purple was introduced to financial independence by her partner

However, she didn't listen to his advice for two years

She felt she had things in order to retire in her 50s

Her mom actually retired in her 30s

Purples mom also helped build financial understanding

She would give purple $1 for chores but remove taxes first

Purple talks about being frugal in high school and college

Her degree was in American Studies

She ended up landing a job in advertising

Then New York happened

She said she was brainwashed there

Expensive heels and purse subscriptions ensued

Job Hopping

Her first New York job paid about $35k

She was also super unhappy and stressed

Purple quit that job without another one lined up

She was hired in a couple of weeks with a promotion and $13k raise

That made her realize how much she could leverage job offers

The next job was another $17k raise which put her up to $65k

Then she looked to start dropping her expenses

This would take her out to Seattle which was half the cost of Manhattan

Job hops would continue until her salary today of $110k

In total, she had 3x her income and cut living costs in half between rent and taxes

FIRE Ignites

It started clicking that these voices like Mr. Money Mustache were actually realistic

She got a lot more serious about all her line items

A big one she calls out is learning to cook

After things settled, she realized she could and will retire at 30

Her Why of FIRE

She doesn't want to be held to a schedule... that simple

Purple doesn't hate her job and even gets to work from home

She also plans to stop renting and slow travel all over the world

Purple admits she doesn't know if being a nomad will be for her

Her target date is September 2020

Why her Journey works

Never owned a car

Doesn't want a house

Will not have children

Started investing early

Only spends $18k per year

Net-worth

2015 - $89k

2016 - $137k

2017 - $234k

2018 - $280k

2019 - $448

Projected $500k at retirement

She's super flexible

Un-productivity Advocate

Purple is a hard worker and type-A

But she recognizes too many people equate being busy as successful

There's no strong desire with her for a side hustle

It's important for her as an introvert to take time and recharge

She does, however, plan on continuing her blog

And she also uses the app Job Spotter to make some money on the side

 

Key Takeaways

Leverage Yourself: You make $x today but that doesn't mean it's what you're worth. Don't underestimate your value.

Compounding is Strong: Purple started not making a ton and living in a very expensive place but now she's retiring at 30. It worked because she started early and just kept saving.

Busy isn't required: Purple calls out how we don't have to inject stress, plans and work into our lives, that it's ok to just relax.

Call to Action

Take a look at your skills and how they could fit in a different role or company that allows you to up your salary.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Purple's Information

Her Blog: A Purple Life

Twitter - @APurpleLifeBlog

Instagram - @APurpleLife

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode is an awesome chat with Jillian from the Everyday Courage Podcast.

As a young adult, Jillian had huge goals in life to adopt children, travel the world, and hit financial independence.

Then, Jillian hit all these things by the age of 32.

While it is amazing to hit goals early, it can leave you devoid of a north star.

Now she is helping others through coaching and this podcast to find their own goals and push themselves Especially those parts of our lives where we settle and tell ourselves that 'it's ok" or "it's good enough".

"Avoiding the 6's" as she calls it.

Listen, learn, and let us know what you think.

Episode Summary

Jillian's Background

Jillian got married at age 19

She saw from an early age that money gave you options

They started off their marriage with $55k worth of debt

From the start, they always stuck to a goal to save 50%

They made some difficult choices like living in a camper or roommates

They would end up investing and buying rentals

This would lead them to be financially independent at age 32

Their goal was certainly never that early in the beginning

Jillian credits her small-town upbringing for her strong work ethic

She also notes that hard work gave here control she craved

Her home life was rough at times and out of control

Everyday Courage Podcast

Jillian discusses how we typically see courage as huge events

In reality, there are moments every day where we can do courageous things

Success is like this too where there are small wins all around us

She warns against having peak experiences with unfulfilling large gaps between

Then we start talking about success

She breaks down how success is so different for everyone

Jillian talks about how to keep going once you met all your goals

She thought she had a lifetime of goals but hit them by 32

She talks about the amount of reflection that takes

Jillian also describes how luxuries become necessities as you grow

Now she has big goals that have no time limit

She explains the importance of imagining yourself as the person who has met your goals

Then think about what gaps exist between that person and who you are now.

Avoiding the 6s

When we're in a situation that's a 2 out of 10 there's little risk

As in, if you quit a job that's a 2, how much worse could the next job be in comparison

Then if it's an 8+ it's where we want to be

The problem comes in the "good enough" are of the 6

Doesn't everyone struggle with fitness, relationships, work/life balance, etc

When pressed on these situations they feel like "it's ok"

Jillian urges people to not settle into these 6s

She tries to focus in on things that people hesitate around

Finding the things in your life that you procrastinate around

Then understand where that resistance is coming from

Mostly being aware of the resistance and having the curiosity to solve it

The layout of the podcast

The show is set up in seasons around a theme and interview

They are set up to be really short listens

There will also be a workbook where people can follow along

Episodes are only 6-20 minutes long

One episode comes out every week

The seasons are wrapped up in two-month chunks

 

Key Takeaways

Courage every day: Jillian's premise is that we all have things in our lives that we can work towards every day that takes a little courage.

Define your success: Don't let someone else set your goals for you because even if you meet them you won't be fulfilled.

Luxuries to necessities: Jillian explains how coaching or retreats may be luxuries at first but as you continue they can become necessary to your growth

Call to Action

Find a "6" in your life and push yourself to make progress in that area and not settle.

Join the Community

We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!

Sign up for our exclusive newsletter

Join our Facebook Group

Leave us a voicemail

Send an email to contact [at] TheFIshow [dot] com

If you like what you hear, please leave a rating/review!

The FI show on iTunes

The FI show on Android

Check out our Sponsors

Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time.

Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!

To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.

 

Jillian Information

Her New Podcast: Everyday Courage

Twitter - @JillianJohnsrud

Instagram - @JillianJohnsrud

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)