The Financial Independence Show

Today's episode is an awesome chat with Emil from Roofstock.

Emil covers why he wanted to get into real estate and what held him back.

He knew his area of California was too expensive and discovered the idea of long-distance real estate.

Roofstock gave him the tools and confidence to make his real estate dreams a reality. Then a couple of years later he actually joined the company and is here today to walk us all through his journey and what Roofstock could bring to the community.

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

Episode Summary

Emil's Background

Emil was instilled with values early from his frugal parents

In high school, he got interested in stocks and started self investing

At the time he was picking individual stocks but doesn't advise that

He luckily had a friend who was like a child genius with stocks

When heading out for college he needed a car and sold his stocks to purchase one

In college, he studied economics

His first job would be aggregating data on pharmaceutical companies

It's clear Emil gets a ton from his time working across a few startups

Emil also stresses the importance of Networking

It would ultimately lead to his job at Roofstock

 

Emil's Journey to Roofstock

Emil became a user of Roofstock in 2017

At the time the company wasn't at a point to bring on remote workers

He would continue to send marketing materials to Roofstock that he thought the could use

Over time Roofstock opened up remote positions and he went to work with them

Emil had a strong connection to the company because he always wanted to invest in real estate

His dad actually had been investing in real estate for a long time

The problem for Emil was the prices that were near him

So he got interested in remote real estate

That's where Roofstock came in to save the day

He now has several properties over multiple states including Florida and Indiana.

He bought his first home in 2017 for $84k in Jacksonville with an original rent of $900

The property had a new roof and HVAC so it almost turn-key

Today it is renting for $954

He also has never had to change tenants

Total cash-flow has been $8,200

Appreciation has also increased the property value by $26k

Roofstock Details

Roofstock links you up with preferred property managers

You're not required to use them but you're not forced to find someone

Roofstock makes their money during the sale of the homes

It's actually a great deal for both the buyer and seller

The seller ends up paying 2.5% vs a standard 6% for the sale

Then the buyer pays $500 but gets a ton of support

Beyond the property manager help, they also have preferred lenders

Emil scans Roofstock to find states with good returns

Then he looks for states that have landlord-friendly laws to avoid squatters

He also recommends job and population growth

Most properties have an inspection report

This inspection report also comes with an estimate to get it rent-ready

Then you can leverage the property manager to find a trusted contractor

Roofstock Guarantees

If you're not happy with a purchase, roofstock will help you sell it

If it's not sold after 90 days, roofstock actually buys it back

They also have a rent guarantee

This kicks in if you can't rent a property after 45 days

After that point, Roofstock will pay 75% of rent

It does require some things on your end

You're using a preferred property manager

The home is rent ready

Rent isn't set at an unreasonable level

Free to Sign Up

Yep, Roofstock is 100% free to sign up

You only need an account for certain functionalities, but still free

Currently, they service residential only but up to 4 unit properties

 

Key Takeaways

Everything gets disrupted: It's awesome to see a service like this trying to take something traditional and put a unique twist on it.

We all need kickstarts: There's no shame in getting a little help. Services like Betterment have helped get many people off the sidelines so they don't miss out on the returns from the stock market and Roofstock is looking to get people off the sidelines and into the real estate market.

No harm in looking: The awesome thing about looking into a new venture is that it's free to look. No investment other than diverting a little time from Netflix and into an app or web search to find some potential first properties

Call to Action

Learn more about long-distance real estate investing and decide if it's right for you.

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

Are you interested in real estate, but feel like you don't live in the right market? Our partner Roofstock makes long-distance real estate investing simpler than ever. Each property is thoroughly vetted and comes with an inspection report, information about the neighborhood, and even property management and mortgage lender suggestions. Best of all, it's 100% free to sign up for an account. Join thousands of other investors who are using Roofstock to find their next long-distance real estate deal.

 

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took us less than one minute to get our estimated quotes, and you can go and do the same.

Contact Emil

Via LinkedIn: Emil's Profile

Twitter - @EmilShour

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

Today's episode was recorded live at Camp FI down near Gainesville, Florida.

Camp FI is a retreat of 40-60 people at locations across the country filled with people chasing FI and supporting fellow members of the community.

This episode highlights people who were convinced to come to CampFI without any background to the FI/RE movement.

Two other interviews include a graduate student studying the FI/RE movement and the camp's creator, Stephen.

Stephen talks about the origins and future of this camp and the motivations to keep this community growing.

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

Episode Summary

Laura

Inspired by an interview with Vicki Robbins

She was drawn by the way people see the role of work in their lives

The community was also very open to being researched

She noted how diverse the age and background was of the movement

It also came out that most people actually love their jobs

The last thing she called out was how intentional and conscious of their decisions

You can email her at [email protected] if you're interested in being interviewed

Mike

He never could have imagined being at a conference like this

A friend of his recommended that he came

He notes how ready he is to take action the minute he gets home

Mike really recommends that people give this community a chance

Tactically he got an overview on how to get his realtor's license

He didn't image the generosity that he found with the community

Roople

Rupel is a practicing physician

She loves the challenge of why you're living life the way you are

Rupel calls out the trouble she sees with physician burnout

She also noted how easy it was to have deep, personal conversations with this community

While at the conference she moved investments away from higher fee options to low-cost index funds

She hopes that doctors will dig a little deeper and find why they love doing what they do

Refocusing on that and restructuring their life she hopes will alleviate the burnout

Since hearing about the movement, she ditched her overpriced apartment and bought a home

Creator of CampFI - Stephen

Stephen tried to make more of an emphasis on making real connections with the attendees

He hopes that people who are looking to get involved with FI/RE community will just jump in

Stephen first attended a camp like this in 2016 and knew he had to spread this idea to more people

This year they look to have at least nine of these camps all across the country

Stephen had no background in event planning and didn't know what to expect

Luckily everyone showed up who bought tickets the first year

Also worth noting that CampFI is where Cody & Justin met and The FI Show was born

 

Key Takeaways

FI isn't so different: Many of the stories we heard from FI "newbies" during the week mentioned that this community isn't just a bunch of "weirdos" and "money nerds". It's just people making slightly more conscious decisions.

So many paths: There was so much diversity: age, gender, profession, and general paths to FI. It showed just how many ways there are.

People are good: The American news cycles are often rough and draining. It's nice reminding yourself just how good people really are.

Call to Action

Start leaning on or creating a community around you that supports your growth as a person and your goals to reaching FI.

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

Learn more about CampFI

Buy Tickets - CampFI

Twitter - @togetherwefi

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from Court who writes over at Modern FImily.

Court and her wife are (mostly) retiring early in Canada at 32, but will continue work a bit more until their second child is born.

They did this with student debt and a priority for living a full life while chasing their dreams.

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

Episode Summary

Discovering Financial Independence

Court had $70k of student debt after her bachelors and masters degree

She'd start her career in 2009

She was focused on getting out of debt

Court paid it off in 2.5 years

At this point, she looks to buy her first home

She then also discovers Mr. Money Mustache

Starting a career

She had the opportunity to participate in this rotational program

It allowed her to rotate three times in six-month time segments across different jobs

That gave her a wider view of options and allowed her to choose one right for her

Start of  a family

She would meet her now wife in 2011

Her wife would also end up with some student debt

It was obvious right away that both were frugal and passionate about travel

Court drove the spreadsheet part of the relationship but their goals align

Looking forward

After getting married in 2015 they start designing their future

Court's wife was originally from Canada and they set their sites there

They would sell their home and all their things in Florida

Then they traveled for 6 months before moving up to Calgary

Court thought she'd a while to find a job and might travel another 6 months

Luckily the job came through sooner

Court was frugal but didn't have the investing background until finding the FI community

They welcomed their first child in 2018 and are planning for a second

Canadian Perks

Canada gives 18 months of paid time off for new parents

This nets around $25k per year

The insurance is incredible

She tells a story of going to the emergency room with less than $20 out of pocket

The medical bills for the birth of their child were limited to parking at the hospital

Court got her citizenship through her dad but could have gotten it through her wife

She also still gets U.S. perks like good travel rewards credit cards

Canada also gives you around $5k per year for children up to 17 years old

Canada will also give you $500 via match into an education saving plan

They also have payments to citizens over the age of 65 that's based off income

She also says that taxes are actually not that much higher than the USA

Looking Forward

Court lays out her withdrawal plan for retirement

She's moved to 60/40 stocks as she's about to stop working

There is a plan to get back to 80/20 after a few years in retirement

They plan to try and have a second child

Court goes over some of the considerations for a lesbian couple having children

They saved and planned for a 4% withdrawal rate

They believe they can be happy with closer to a 2% withdrawal rate

 

Key Takeaways

Better than expected: Court talks about how much faster FI came than expected

Canada has perks: It's so important to enjoy the journey on your way to retirement

Power in learning: Court wasn't from Canada but she's immersed herself to become an expert

Call to Action

Take a closer look at the fine print of your city/state/country programs and retirement options and consider what moving might look like.

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

Learn more about Court

Via her website Modern FImily

Via her Instagram Modern Fimily

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 some of the activity that's been going on in our Community Facebook Page

In today's episode, the guys share with you the powerful accomplishments The FI Show group is achieving.

Also if you join the Community Facebook Page, we're starting a new thread for 2020 goals. Comment with your goals and we'll feature you on an episode coming out later as well as check-in and keep you accountable!

As always they'll also be transparent with their own wins.

Hopefully, you enjoy this special episode!

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

Episode Summary

Wins from various community members

Set up a Roth IRA for 18 yr old daughter

Visited FI friends in 10 states

Wrote a book with their daughter

Got to at least one comma in each account

Wrote a book

5 figures from a side hustle

FIREd at 44 then hit UK Chautaqua, CampFI, and FinCon

Reached FI at age 30

Maxed out his and wife's 401k

Couple that both FIRE'd before 30

Vacationed and paid off a truck

Paid off a mortgage

Fired a financial advisor and started to DIY

Transitioned to full time selling on Ebay

and many more....

One huge transformation

Discovered FI on Christmas of last year with only $1,500 in a checking account (plus some mutual funds for retirement)

Since then, negotiated a $12k raise

Got her company to pay for  PMP

Volunteered at a startup to learn new skills to switch to a better-paying industry

Moved to another job for ANOTHER $30k raise

Automated savings to accumulate a $20k emergency fund

Maxed out Roth and HSA for the first time, plus getting a 401k match!

Took  time to think about WHY even pursue FI

Now in the process of downsizing life and purchasing an RV to travel the country, see the public lands, and spend more time outdoors! 

The Hosts Share Too

Justin saved 76% and  is 80% of his way to FI

He spent $23k while living in Boston

With $10k of that going to rent...ouch

Full break down of expenses for those curious

Bills: $1,133

Travel: $315

Misc: $255

Eating out/drinks: $108

Gas: $61

Groceries: $53

Justin started a new job and upped his earnings

Some notable trips to Hawaii, Mexico, Colorado, countless other trips and time with family

 

Cody spent $28k while also living in Boston

Quit his job in January of 2019

Toured the country for 3 months living in a camper for Grant Sabatier's Financial Freedom book tour.

Got the Financial Freedom Summit setup for 2020

And took a 3.5 week trip to Peru and Chile in December

 

Key Takeaway

Reflection is Powerful: Both of us and the FI Show community felt so much more motivated to tackle 2020 and just felt so much better about ourselves after we realized how much we all crushed 2019

Call to Action

Join the FI Show Community Page!

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

 

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 to save the day.

As a reminder, Justin chronicles his life at Saving-Sherpa.com and Cody writes at FlytoFI.com

In today's episode, the guys tackle 10 financial tips they always hear and give their take on what's true.

Hopefully, you enjoy this special episode!

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

Episode Summary

Credit Card Balances

We discuss why you should ALWAYS be using a credit card

The need for setting up autopay to pay off the full balance

Neither of us recommends carrying any balance

Some think it helps build their credit

In reality, you're just setting yourself up to pay a ton of fees

The actual factor that relates to this is credit history which doesn't require a balance

Rent vs Buy

Justin calls out the importance of keeping in mind closing costs, HOAs, insurance, etc

It's much more complicated than comparing a mortgage to just your rent

These things are especially true if you're moving every two or three years

If you can go beyond and do things like house hacking, then buying is certainly a great option

Also, keep in mind the non-money part of the decision

Owning a house can be stressful and add in more variables to your life

New vs Used

Justin recommends buying a car that's 5 years old on a deal

Then keep that car for two to three years and try to sell before you hit 100k

Justin prefers these cars to be under $10k

 Cody discusses depreciation and interest rates

Justin then compares buying a car and keeping it for 20 years vs rebuying periodically

Good vs Bad Debt

Obviously there is some debt that's terrible such as credit cards with 15% interest

Then there is a middle ground where it's debt that doesn't earn revenue but allows you to invest more

Both felt like anything that 4-5% range in interest should just be paid off as quickly as possible

Going to College

Going to a community college first isn't a no-brainer

Many scholarships that universities offer are only given to incoming freshman

Justin would have missed out on 10s of thousands if he went to community college

Cody calls out how important it is to just be intentional

He also calls out the cool trades and technical skills that don't require a college degree

Filling Up Savings Accounts

Justin highlights how destructive inflation can be

It's also scary to see how many people have avoided investing during the last five years

These people are often terrified that we've hit the top

Both guys highly recommend buy and hold as well as getting into the market right away

Financial Advisors

Justin does see value for some to have a tax specialist but doesn't see the need for a financial advisor

It may be a good idea to pay a one time fee for an advisor to help set up a plan you're comfortable with

That could help you get off the sidelines without being tied down to fees long term

These advisors often charge at least 1% which can really add up

You can see how much these fees are costing you by using Personal Capital's Fee Analyzer tool.

If the only reason you're using an advisor is to give you a scapegoat when things go bad, rethink that

To round it out, Justin cautions employees from having too much of their portfolio in their employers stock

Whole Life Insurance

Justin highlights that no reputable financial independence writer has recommended Whole Life insurance

People want to sell you these because the salesman gets a royalty for life

Whole Life mixes insurance and investing which means neither is as efficient as it could be

This doesn't mean you should necessarily cancel your plan if you're already deep into it

If you're really interested in this topic, we covered it previously in-depth

You can find that episode with Sa El here

Also, don't forget to check out our sponsor Bestow for great insurance quotes

Financial Infographics and Rules of Thumb

Justin really hates these generic infographics

"How much you should spend on housing", "What you're 401k balance should be by age"

These articles can both enable you and handcuff you

It enables you to do some minimum threshold but handcuffs you to not go beyond

If you read that saving 15% is your goal, you may be less likely to shoot for 25% or 50%

These infographics can also turn people off from chasing goals at all

Increase Pay and Decrease Spending as Much as Possible

The guys discuss how dangerous it can be to fixate on both of these

Obsessing can take you too far and lead to burning out

In reality, just by chasing financial independence you're already ahead of 95%

Finding a balance is so important

There's also an ROI for both of these things

You can do a ton of work to increase your savings rate just 1-5% but may barely change your retirement date

As always it's important to enjoy your journey to financial independence

 

Key Takeaways

It Depends: So many people try to push rules of thumb on each other but it's important to tailor things to your life

Don't limit yourself: The internet is full of answers, but it may give you some that are well beyond what you're capable of

Enjoy the journey: We can always make a little more or spend a little less, but always consider what the real cost of those decisions are

Call to Action

Find someone you know who is struggling or just curious about these topics and share this episode with them!

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

 

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from Lauren and Steven who write over at Trip of a Lifestyle.

This awesome couple took a six-month honeymoon to Hawaii and that changed everything.

They got a taste of traveling on a budget and earning along the way.

We can't wait to showcase how they took control of their work-life balance and living life to the fullest.

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

Episode Summary

Discovering Financial Independence

Lauren started paying attention to income in college

She worked her way through college with scholarships and jobs

Then when her and Steven moved together to California they started talking to advisors

Steven's started getting interested in investing after he started working

They ended up getting sold some really bad investments from a bank investor

Although it was a bad situation it was a big learning moment

They actually came up with this idea of having investments covering your expenses before formally discovering FI

It was also really helpful that they started early before they had faced lifestyle inflation

The big change for them after finding FI/RE was just saving with more of a purpose

They end up moving back to Florida to take advantage of a free master's program for Steven

This program was based on a requirement that Steven would teach for a bit in Florida

During his teaching commitment, they got married and started brainstorming their honeymoon

Long Term Honeymoon

They had a goal of really driving down the cost per day for a Hawaii trip

Instead of a week or two, they would stay six months

They bought a used car, rented an apartment, and worked 10hrs per week

When the trip was over, they had broken even and their net-worth actually grew

This trip supercharged their will to retire early

Lauren & Steven were actually more excited about work because they knew what they wanted now

When they returned to Florida they also bought a small condo for cash

Even though they owned their house, they brought in roommates to bring in more money

Finding Work-Life Balance

To enable this type of travel they leveraged their skills to earn money while on the go

Steven picked up some private tutoring jobs

They both also do photography

Lauren negotiated with her employer for a part-time remote job which they agreed

When they would go on trips after buying their condo, they'd sign short term tenants

Lauren will also help out small business with social media

All 61 National parks in seven months

After a period of working after returning from the honeymoon, work started taking a toil

They felt really burnt out and felt like they should just be doing more of this travel

So they came up with this idea of seeing all 61 national parks

Total cost of the trip including van depreciation, healthcare, chartering planes etc was $37k

That's total for two people and seven months

It would have only cost $21k if they skipped a couple of the really remote ones

Over that seven month period between side jobs and rent, they earned $37k

So their income matched their expenses while taking an incredible trip

You can get the full breakdown of this trip here

Their Spending

They have spent $18k-$27k per year

They are comfortable not chasing a specific FI number

Lauren & Steven look to continue their side jobs but have no interest in starting a business

Key Takeaways

Test driving FI/RE: Lauren and Steven talk about how their trips are a test run at what financial independence will look like.

Avoid burnout at all cost: It's so important to enjoy the journey on your way to retirement

It's ok to not be a boss: I think it was very insightful that Lauren & Steven would rather use businesses than create one

Call to Action

Take a mini-FI/RE vacation and take some control over your work-life balance.

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

Learn more about Lauren and Steven

Via their website Trip of a Lifestyle

Via their Instagram Trip of a Lifestyle

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from Gina who you can learn more about at Horkey Handbook.

Gina grew up poor but graduated college at 19 and began a string of successful careers.

After burning out in corporate America, she decided to try her hand at entrepreneurship.

Now she is running several successful online businesses aimed at helping others become entrepreneurs themselves.

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

Episode Summary

She grew up poor and money was always a challenge

As kids, she'd have to buy her own clothes even in middle school

Gina started babysitting at age 11

But Gina was always driven to make something of her self

She actually started going to college while she was an 11th / 12th grader

This allowed her to graduate college just before she turned 20

The program is a special thing that Minnesota does and is free

Then she ended up getting married at 21 and settled down in her hometown

After college, she worked for a company helping people reach fitness goals

Then she'd transition careers into being a financial advisor

Gina was working 60 hour weeks but was learning a ton

It's obvious that Gina is an extremely hard worker

This means that she thrives in a commission-based jobs

Her biggest advice for these type jobs is to sell something you're passionate about

She gives some interesting insights into the life of a financial advisor

Gina would stay in this career field for 10 years

Just before leaving the corporate world they started preparing for a change

Her husband quits his job in 2013 to be a stay at home day

She knew she wanted to be an entrepreneur and started investigating

Gina would start freelancing in several different areas

Then she did some virtual assistant working

By 2015 she was full-time entrepreneur

Her corporate job had been paying about $60k before she left

She talks about a lot of the success and benefits

One of which is they take a 2-month vacation to the beach in Texas every year

They actually unenroll their children from school every year and home school them

There were some struggles though

She felt guilty being close to her kids but having to work all-day

Gina now has a separate location on her property to work in

It really helps her separate life and work

Gina does struggle with taking on too much work

This year she actually stressed herself out so much she grew a dependency on alcohol

Luckily she is now been sober for over six months

Then Gina goes over some tips for managing stress

Her and her husband are both frugal and don't want a lot of flashy things

She does, however, believe in investing in herself

Gina actually pays $3k per month for a business coach and it's totally paying off

Her and her husband also utilize a personal trainer

Then Gina goes over a laundry list of businesses she's involved in

These include virtual assistant, freelancing, and Pinterest courses

Some of these are branching off into niches

Such as podcast virtual assistants

Key Takeaways

Control your income: Gina talks about how a sales-oriented career puts earning power into your own hands

Commit Cautiously: Gina put so much into her businesses, but at times pushed herself way too far

Branch successes: When Gina finds something is working she doubles down and finds another angle to also go after

Call to Action

Invest in something that will improve your life. Whether business, fitness, or anything that makes you happy.

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

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Check out our Sponsors

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

Learn more about Gina

Via her website Horkey Handbook

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from Lisa who writes over at Mad Money Monster.

She started off life poor, had a bad first relationship, then discovered Financial Independence.

Lisa was in her 30s and went in full force cutting out all her expenses.

It turned out to be too harsh and she shifted her mindset to FI/OR.

This is Financial Independence / Optional Retirement and she breaks that down for us.

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

Episode Summary

She grew up poor so she was always fascinated with money

Once she had her kid she really knew finances were important

Then she meets her current husband and they start to close on their big dream home

Lisa talks about how the home was way out of their price range

Luckily the inspector found black mold in the house

This meant the deal fell through and they avoided huge debt

Lisa was in her mid-30s in 2015 when all this happened

Growing up Poor

Then Lisa talks about her upbringing in a 400 sq ft trailer

She does note that it was in a great school district

Most of her classmates lived in big nice houses

Neither of her parents graduated high school

Justin and Lisa talk about how to fit in when you don't have money

One of the big things was spending a little to get name brand clothes

Since they lived in such a small house their family was doing ok

They weren't living on super thin margins but they weren't saving anything

FI Journey

Lisa already had her undergrad, masters, and career started before finding financial independence

She had been saving for retirement since day one but no extreme focus

Lisa steps back in her story to cover a relationship that fell apart earlier in life

She ended up leaving their house with nothing

Lisa actually owned a home that she rented to her parents but didn't want to stay there

So she ended up renting another apartment

Then we step back to what life looked like when she really discovered Financial Independence

The day she discovers it, she goes into work and maxes out her 401k contribution

Then they started cutting everything

No weekly pizza or coffee dates, nothing was off-limits

FI/OR - Financial Independence Optional Retirement

Lisa goes over the 5 big points of this idea of FI/OR

Pressure is off - you don't have to be extreme and retire super early for no reason

Makes work more fun - FIRE made work seem daunting, focusing less on it made work fun

Scale back / Stop Side Hustles - these are just second jobs and it can grind you down

Gives You Options - now you can focus a little more on the things you love vs rapid spending

Lisa's original goal was to stop working in 2021 and just do nothing

Then she started thinking about kid's college/wedding, vacations, mom's care

Now Lisa is rethinking her timeline and moved it to 2025-2030

She and her husband currently have blogs and rental properties

She also admits she could never just retire and do nothing

Key Takeaways

No money? Spend it anyway: Lisa talks about how important having nice clothes was for her self esteem growing up poor

It's ok to slow down: Obviously Lisa has pivoted and changed her plans and she sounds so much happier with optional retirement.

Pick a Partner: We discuss how being cheap is destructive to relationships and the environment

Call to Action

Slow down a little, spend some time and money on something you love and avoid deprivation.

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

One of the best ways to protect your family is with term life insurance. Even though we don't like to think about it, it's important to have financial protection in case the unexpected happens. Bestow is an awesome and reputable life insurance partner of ours that makes this process simple and easy. They use data to remove the doctor visits and paperwork involved with the traditional life insurance process. And you can apply from anywhere in just minutes. You don’t have to jump through a bunch of hoops to determine your eligibility, you'll receive an approval response right away. It took me less than 1-minute to get my estimated quote, and you can go and do the same.

Learn more about Lisa

Via her website Mad Money Monster.

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from MK Williams who authors Financial Independence Fiction.

She started out chasing a career for money but found herself unsatisfied.

MK studied the art of writing and self-publishing.

Now she is authoring books and helping other authors as well.

Listen and learn all about side hustles and let us know what you think.

Episode Summary

MK saw her mom put herself through law school and struggle

From there she always wanted to hoard money vs spending it

She decided to major in economics

This decision was largely to earn a higher income

She had a passion for writing but didn't feel like she had the skills

MK graduated in the middle of the recession so no job was lucrative

Her first job would come through a fluke all at USAA

She had moved down to Florida to live with her parents

Her starting salary was $38k but she didn't love her job

While in Tampa she would meet her now-husband Jason

Jason actually owned his house and was renting rooms out to people

It's very obvious that Jason and MK are completely on the same frugal page

We then discuss how they keep finances straight as a couple

They actually just use whatever credit card they need for rewards

Writing as a business

MK had this dream that she would just write a book and a publisher would show up

That didn't happen

She said it took her three to four years of learning to be ready

In the end, she settled on self-publishing

MK wasn't driven to write for money at first

She then discusses how she grew her brand organically

Mk wasn't open to the idea of just paying for tons of ads to grow

Then we talk about MK's inspiration for her fictional novels

She shares a story of her husband who started selling her families stuff at 12

FI Journey

MK got out of debt in 2012

Then they discovered Mr. Money Mustache in 2013

The topic didn't stick at first but then they read Early Retirement Extreme and it stuck this time

They had always been good with money but there was no real purpose behind it.

Then we swap gears into how she's helping Fiology and ChooseFI with their books

MK is now a full-time author and independent publisher by helping others learn how to self-publish

She's also taking all these lessons and sharing them via her YouTube Channel

MK also shares how authors can still provide physical books without huge upfront costs

Key Takeaways

Partner in crime: It's so important to get on the same page with your partner, if your not today, just keep working

Keep Learning: MK shows how she's continuously learning such as re-reading Harry Potter to understand how a series builds

Cheap is harmful: We discuss how being cheap is destructive to relationships and the environment

Call to Action

Practice your listening skills, We learn from listening not from speaking.

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

Learn more about MK

Via her website 1MKWilliams.com

Read her FI-fiction book

Learn about self-publishing via her YouTube Channel

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)

In today's episode, you'll hear from Jen who co-hosts the Frugal Friends podcast and writes at Modern Frugality.

Jen really didn't want to become frugal in her 20's because she was afraid of losing out.

Over time she realized the amount of work it was taking to reach her goals was too much.

She decided to stop only focusing on more work and begin focusing on frugality.

Listen and learn all about side hustles and let us know what you think.

Episode Summary

The first thing her husband wanted to do after getting married was paying off student debt

Jen was not originally on board with this

She didn't want to live under a rock under her 20's

Her husband explained the opportunities that they'd have if they got out of debt

They were $78k in debt total

The two of them also didn't have a ton of income

Jen came around to getting out of debt but still didn't want to lower her income

She tried to add on three side hustles on top of her job

There was so much stress that she ended up with shingles

In totality between all their work and side hustles, they were bringing in up to $88k

Originally the goal was to be debt-free in 5 years

In the end, it turned out to only take 23 months

Jen's Tools for Turning Around Her Finance

One of the most powerful tools she used was a method called habit stacking

This is where you take one habit you're good at and sticking another on top

Hers was brushing teeth with budgeting tied in on it

Jen also really recommends manually tracking vs automated systems at first

Another tool Jen used was a no-spend challenge

This is where you don't spend money on any non-critical item for a set period of time

Many times people shoot for a month

Saving money is good for you and the environment she also calls out

Buying cheap things that get tossed lead to waste

Cheap vs Frugal

Impacting someone else negatively is cheap

Impacting yourself negatively is cheap

If it's illegal it's cheap

If something takes you so much time to save money that you're not there for someone else it's cheap

Key Takeaways

Less is more:  Jen actually became happier in life after stripping off unnecessary spending instead of it being a burden

Saving is self cafe: She talked about how so many of the things we spend money on take us away from things we really care about

Cheap is harmful: We discuss how being cheap is destructive to relationships and the environment

Call to Action

Assign a value on a scale of your choosing to the expenses in a certain category. Start reducing the ones you value least.

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

Learn more about Jen

Via her podcast

One of her books -> Saving with Spunk, The No Spend Challenge, Meal Plan on a Budget   

Learn More About Your Hosts

Fly to FI (Cody’s Blog)

Saving-Sherpa (Justin’s blog)