The Financial Independence Show

By Cody Berman and Justin TaylorBusiness Entrepreneurship Investing Careers

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The Financial Independence Show episodes

March 19, 2019 The Ultimate Tax Optimization Guide | The Wealthy Accountant
On today's episode, Cody and Justin are joined by Kieth aka The Wealthy Accountant who went from a small town farmer to a multi-millionaire tax professional. Want to know how good he is? Well he's good enough to have been selected by Mr. Money Mustache to do his taxes. That's a heck of an endorsement.
Keith's story is truly amazing. The way he self educated himself is as relevant today as ever with the access to training and the changing job landscape.
Hear how he started his business and became financially independent way before that was even a common phrase.
Episode Summary
Keith grew up in a farming family in small town Wisconsin
They didn’t really have anything to spend money on so they lived frugally
The family farm ended up going into bankruptcy when he was 18
In high school he started studying the stock market crash of 1929 and became really passionate about investing and he started investing at 18
He also started doing the books on his dad’s agricultural repair business
That eventually turned into fellow employees asking him to do their taxes
Before long he had 50 clients with no overhead
We talk about how different the interest landscape was in the 80’s
He talks about how excited he was to get a 10% mortgage
In totality he’s only ever worked for someone 14 months
At about 32 he realized he had accumulated $1M and he was married at this time
This being the late 80’s he had a $540/mo house payment and they lived on less than $10k
He spent all day outside of tax season just sitting around reading books and learning
In reality he never got a college degree but didn’t need one
Even though he didn’t have a degree he spent a decade just pouring over books
He was a financial independence guru before FIRE was even a term
The first blogger he really ran across was Mr. Money Mustache
In fact he even did Mr. Money Mustache’s taxes!
He points out that before you get to stressed out over tax loop holes and maximizing everything, to stop and realize you’re probably always going to make some kind of income and if you’re serious about this path you’ll likely end up with more money than you’ll ever need
We then swap this discussion to the tax specific tips
He talks through standard 401ks, backdoor roth 401ks and mega backdoor roths
We also get into things like Cash Balance accounts available to self-employed members
Keith also mentions that standard brokerage accounts get a bad rap and shouldn’t be overlooked but still recommends filling up your 401k and IRA
When coming up with a tax strategy for someone he talks about how important it is to look at a person’s scenario on a long term view and not just year to year
You won’t want to miss the deep dives into the mechanisms behind the different IRA contributions, cash balances, and profit sharing which can take you to many times the $19k 401k and $6k IRA limits
Then we get into the discussion of tax moves you can make with non-qualified accounts like your standard stock market account that’s not a 401k or a IRA
One thing Keith points out is that these non-qualified accounts are tax advantage in a way because when you die, you’re beneficiaries won’t have to pay capital gains tax on all those earnings. Your kids get to take over those shares at the price listed on date of death and all those gains are forgiven from any tax burden
From Keith’s standpoint most tax loss harvesting is ok but not worth paying for
On the flipside, he’s a huge fan of harvesting gains
Harvesting gains is when you’re in the 0% tax bracket and have some room to give so you purposefully sell some shares for a profit and capture those gains without paying taxes on the gains
(STOP AND READ THAT LAST BULLET AGAIN…SO POWERFUL)
Keith also urges you to consider what your retired minimum distributions can climb up to be if you just let them sit in the traditional accounts until 70
Stay out of debt, invest, hit your company match, start young, and don’t be afraid of putting money into those non-qualified accounts.
Keith points out how much powerful your impact can be on the world if you take care of your finances early and those non-qualified accounts will be a big part of that
We also tackle the ins and out of employing your children and setting up retirement accounts for them at a young age
Rounding out the show Keith’s biggest tip is simply to persevere and not to listen to all the negativity in the world
Key Takeaways
Success comes from all corners: How cool was it that he started this from his dad's agriculture repair business which came about due to a bankrupt farm? This is another example that you just have to keep your eyes open and never doubt yourself.
Invest in yourself:Did you keep track of how much time he spent educating himself? He did all that at no cost. Investing in yourself is important but also don't settle in on the idea that the only avenue is traditional college programs.
A financially stable you, is a more powerful you: Here we have another example of someone explaining the power of giving that financial independence can bring. When you become financially stable you can make real impact on the world that surrounds you instead of always searching for solid ground.
Call to Action
Speak to a tax professional, research some tax codes, or at least read through some tax blogs and build out a tax plan that looks at your whole life and not just focus on your current year.
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

Contact The Wealthy Accountant:
Blog: Wealthy Accountant Website
Twitter: @WlthyAccountant

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
1 hr 15 min
March 19, 2019 The Ultimate Tax Optimization Guide | The Wealthy Accountant
On today's episode, Cody and Justin are joined by Kieth aka The Wealthy Accountant who went from a small town farmer to a multi-millionaire tax professional. Want to know how good he is? Well he's good enough to have been selected by Mr. Money Mustache to do his taxes. That's a heck of an endorsement.

Keith's story is truly amazing. The way he self educated himself is as relevant today as ever with the access to training and the changing job landscape.

Hear how he started his business and became financially independent way before that was even a common phrase.
Episode Summary

* Keith grew up in a farming family in small town Wisconsin
* They didn’t really have anything to spend money on so they lived frugally
* The family farm ended up going into bankruptcy when he was 18
* In high school he started studying the stock market crash of 1929 and became really passionate about investing and he started investing at 18
* He also started doing the books on his dad’s agricultural repair business
* That eventually turned into fellow employees asking him to do their taxes
* Before long he had 50 clients with no overhead
* We talk about how different the interest landscape was in the 80’s
* He talks about how excited he was to get a 10% mortgage
* In totality he’s only ever worked for someone 14 months
* At about 32 he realized he had accumulated $1M and he was married at this time
* This being the late 80’s he had a $540/mo house payment and they lived on less than $10k
* He spent all day outside of tax season just sitting around reading books and learning
* In reality he never got a college degree but didn’t need one
* Even though he didn’t have a degree he spent a decade just pouring over books
* He was a financial independence guru before FIRE was even a term
* The first blogger he really ran across was Mr. Money Mustache
* In fact he even did Mr. Money Mustache’s taxes!
* He points out that before you get to stressed out over tax loop holes and maximizing everything, to stop and realize you’re probably always going to make some kind of income and if you’re serious about this path you’ll likely end up with more money than you’ll ever need
* We then swap this discussion to the tax specific tips
* He talks through standard 401ks, backdoor roth 401ks and mega backdoor roths
* We also get into things like Cash Balance accounts available to self-employed members
* Keith also mentions that standard brokerage accounts get a bad rap and shouldn’t be overlooked but still recommends filling up your 401k and IRA
* When coming up with a tax strategy for someone he talks about how important it is to look at a person’s scenario on a long term view and not just year to year
* You won’t want to miss the deep dives into the mechanisms behind the different IRA contributions, cash balances, and profit sharing which can take you to many times the $19k 401k and $6k IRA limits
* Then we get into the discussion of tax moves you can make with non-qualified accounts like your standard stock market account that’s not a 401k or a IRA
* One thing Keith points out is that these non-qualified accounts are tax advantage in a way because when you die, you’re beneficiaries won’t have to pay capital gains tax on all those earnings. Your kids get to take over those shares at the price listed on date of death and all those gains are forgiven from any tax burden
* From Keith’s standpoint most tax loss harvesting is ok but not worth paying for
* On the flipside, he’s a huge fan of harvesting gains
* Harvesting gains is when you’re in the 0% tax bracket and have some room to give so you purposefully sell some shares for a profit and capture those gains without...
1 hr 15 min
March 12, 2019 From Full-Time Anesthesiologist to Charitable Entrepreneur | Physician on FIRE
On today's episode, Cody and Justin are joined by Leif from Physician On Fire. Leif didn't even discover the idea of financial independence until he was 40 but has truly hit the ground running. In just three years he has created a massive online following where he helps reach high-income earners to educate them on finances as well as spread the message of giving.
He donates 50% of all blog-related income and has donated up to $100k in a given year. Stay tuned to get Leif's background and take on topics such as backdoor Roth IRAs, discovering financial independence at a later age, travel hacking, and his donor fund.
Go give it a listen and let us know what you think!
Episode Summary
Leif was born in 1975 and began understanding money even as a 5-year-old
He came from a family of physicians and knew that’s what he wanted to do as well
At age 30 he was completely finished with schooling and residency and became an anesthesiologist
He was able to keep student loans low by sticking with in-state schools, earning scholarships, and a college fund his grandfather had left him
At age 30 he had a slightly negative net worth and didn’t discover the idea of financial independence until he was almost 40
Even before discovering financial independence, he was saving about 50% of his take-home pay but it was intentional
The discussion then transitions to the topic of financial advisers targeting high-income members like physicians and possibly taking advantage of them
He reaches other high-income earners to help them learn how to invest for themselves and even find a local financial adviser through his blog and Facebook groups
One of his Facebook groups is for anyone in the “Fat FIRE” community which he describes as anyone looking to be able to spend $100k or more per year in retirement
He then starts breaking down tax advantage strategies especially as they pertain to high-income earners including the backdoor Roth IRA and Mega backdoor Roth
Then he describes how he got into blogging and making money through this other source
It wasn’t actually until a little over 3 years ago that he discovered financial independence for himself and saw The White Coat investor as a role model in the space
His hope was to provide advice similar to White Coat Investor with a voice more similar to Mr. Money Mustache
When he first discovered financial independence he had a five-year plan which would have been around 2021 but instead, due to the success of the blog and the realization of his financial situation, he went part-time almost right away
We then dive into how he keeps his spending reasonable because so many high-income earners aren’t able to maintain a high savings rate even though they have so much money to work with which he credits to living in reasonable homes, driving cars for 8-10 years, and only eating out a couple of times per month
They were spending between $60k-$70k per year for total expenses with a paid off home
One area where his family has found efficiencies with spending is through travel hacking
Travel hacking just means finding creative ways to use points and miles from things like credit cards and promotions to travel for cheap or even free
He has done this for trips with his family to places like Hawaii and Honduras.
His family spends around $5k per year on travel but estimates that number could be closer to $25k if he didn’t take advantage of travel hacking
We then dive into his goal to spread a message of giving back and his own experiences with doing medical mission work with his family
Then we discuss the mechanics behind a donor fund which allows him to donate money now and disperse it in the future where he’s given up to $100k in a given year
One advantage of these donor funds is that it allows you to donate investments as well as cash so he was able to donate assets that had greatly appreciated to the fund so he was able to avoid capital gains taxes while still being able to donate a large sum for a big impact
This vehicle for charity allows him to donate more money than he could if he simply gave cash but is not some way for him to earn more money or benefit himself in any way
One note is that once you’ve put money in the donor fund, you can’t change your mind and take it back
When we asked about other advice he would give people he describes being prepared in case you don’t love your job in the future because those fortunate enough to love their job may not see the need to save now but if something happens to that career, it will be too late to fix things if you wait till they break
You also won’t want to miss him breaking down his love for curling (no not the bicep workout) and some interesting curling moments
Key Takeaways
Make a difference: The number one takeaway for this episode was the insight Leif gave about donor funds and his medical mission efforts. Sometimes a pursuit to FI can seem like a selfish one but when you consider how much more you can do to help others when you have an abundance, it's obvious how powerful it can be.
Never too rich: We loved that Leif is still excited about things like travel hacking even though he has plenty of money to pay full price. It's simply a commitment to not being wasteful and making every dollar mean something.
There is no single path: Every episode we're amazed to find yet another completely unique path to financial independence. Leif had a negative net-worth and didn't discover the idea of financial independence until 40 built an amazing path to FI despite all of that.
Call to Action
Find a good cause and donate something. Money, time, knowledge or stuff. Just give something.
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
Links from the Episode
Best Travel Hacking Credit Cards
FAT Fire Facebook group
Physician on Fire's Facebook group
Mad Fientist article about Roth conversion
Need a cause to donate to? Here's one of our favorites: Ciudad De Angeles Orphanage

Contact Physician On Fire:
Blog: PhysicianOnFire.com
Twitter: @Physicianonfire
Instagram: @Physicianonfire

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
39 min
March 12, 2019 From Full-Time Anesthesiologist to Charitable Entrepreneur | Physician on FIRE
On today's episode, Cody and Justin are joined by Leif from Physician On Fire. Leif didn't even discover the idea of financial independence until he was 40 but has truly hit the ground running. In just three years he has created a massive online following where he helps reach high-income earners to educate them on finances as well as spread the message of giving.

He donates 50% of all blog-related income and has donated up to $100k in a given year. Stay tuned to get Leif's background and take on topics such as backdoor Roth IRAs, discovering financial independence at a later age, travel hacking, and his donor fund.

Go give it a listen and let us know what you think!
Episode Summary

* Leif was born in 1975 and began understanding money even as a 5-year-old
* He came from a family of physicians and knew that’s what he wanted to do as well
* At age 30 he was completely finished with schooling and residency and became an anesthesiologist
* He was able to keep student loans low by sticking with in-state schools, earning scholarships, and a college fund his grandfather had left him
* At age 30 he had a slightly negative net worth and didn’t discover the idea of financial independence until he was almost 40
* Even before discovering financial independence, he was saving about 50% of his take-home pay but it was intentional
* The discussion then transitions to the topic of financial advisers targeting high-income members like physicians and possibly taking advantage of them
* He reaches other high-income earners to help them learn how to invest for themselves and even find a local financial adviser through his blog and Facebook groups
* One of his Facebook groups is for anyone in the “Fat FIRE” community which he describes as anyone looking to be able to spend $100k or more per year in retirement
* He then starts breaking down tax advantage strategies especially as they pertain to high-income earners including the backdoor Roth IRA and Mega backdoor Roth
* Then he describes how he got into blogging and making money through this other source
* It wasn’t actually until a little over 3 years ago that he discovered financial independence for himself and saw The White Coat investor as a role model in the space
* His hope was to provide advice similar to White Coat Investor with a voice more similar to Mr. Money Mustache
* When he first discovered financial independence he had a five-year plan which would have been around 2021 but instead, due to the success of the blog and the realization of his financial situation, he went part-time almost right away
* We then dive into how he keeps his spending reasonable because so many high-income earners aren’t able to maintain a high savings rate even though they have so much money to work with which he credits to living in reasonable homes, driving cars for 8-10 years, and only eating out a couple of times per month
* They were spending between $60k-$70k per year for total expenses with a paid off home
* One area where his family has found efficiencies with spending is through travel hacking
* Travel hacking just means finding creative ways to use points and miles from things like credit cards and promotions to travel for cheap or even free
* He has done this for trips with his family to places like Hawaii and Honduras.
* His family spends around $5k per year on travel but estimates that number could be closer to $25k if he didn’t take advantage of travel hacking
* We then dive into his goal to spread a message of giving back and his own experiences with doing medical mission work with his family
* Then we discuss the mechanics behind a donor fund which allows him to donate money now and disperse it in the future where he’s given up to $100k in a given year<...
39 min
March 05, 2019 How to Live a “Save Money” Lifestyle and Enjoy It | Joel & Matt from How to Money
On today's episode, Cody and Justin are joined by the dynamic duo of Joel & Matt from HowToMoney.com and the How to Money Podcast.
The guys met the How to Money crew at FinCon and the rest is history. This fantastic conversation unwraps their backstory and tons of tangible tips. From groceries to real estate, to building a community for their young families, this episode is great for all audiences.
Go give it a listen and let us know what you think!
Episode Summary
Joel discussion starts out describing growing up around financial stress in the household and how that led to a desire to be financially stable
Matt had a better education of finances growing up and had the seed of financial independence placed in his mind
We then discuss the dynamics of teaching our own parents about money which can be touchy and awkward
Even when discussions are natural you have to respect and understand that your views and beliefs may just be too different to agree on, but that doesn’t mean you can’t support each other
The online communities are so powerful because they give us a venue to find people who view finances the same way and help spur on growth and knowledge
The guys discuss the danger of getting hyper-focused on the numbers of financial independence and not enough on the lifestyle you want to have
They also discuss a shift in prioritizing time vs prioritizing money the further they get into their journey
Matt and Joel also call out several things that just simply won’t show up on a spreadsheet such as proximity to friends, stress, and convenience
Matt’s financial journey really took off after finding Dave Ramsey and while he doesn’t agree with everything, it gave him a lot of fundamentals
Matt also credits budgeting which gives you a lot of clarity on where your money is going and highlighting where you can improve your spending
Joel was always cheap and willing to do things for less
His financial journey really took off when he got heavier into real estate where he would live in a house for 2 years, do renovations and move onto the next one.
We then shift gears and unwrap Matt’s grocery budget for a family of 5 which they keep to $450 per month
His main three tips are avoiding processed or prepackaged foods, cheaper cuts of meat such as bone-in chicken thighs that also have more flavor, and watching the overall quantity of food you’re eating since most Americans overeat
Joel mentions another tip which is splitting entrees when eating out since the portions tend to be way bigger than you’d eat at home by yourself
The next tangible money saving we get into is biking
Biking gives you a workout, takes care of your commute, and saves you a ton of money
Joel recommends looking into an electric bicycle for people who maybe have a commute that’s over 10 miles. While they’re more expensive you still can get a workout with the pedal assist and still save money
Joel recommends ElectricBikeReview.com for helping you pick the perfect electric bike
Matt is down to a one car family and Joel is getting close as well
Joel and Matt discuss how they keep the costs of raising children low through creating a community which allows the parents and children to get together and have activities without the costs like registration fees
We then jump deeper into Matt and Joel’s real estate investing
They talk about renting out an extension on one of their houses and Air BnB in the other
Even beyond real estate investing, they both agree that it’s crucial to avoid the urge to keep looking for a bigger house for yourself as your family grows
We finish off the episode with Matt urging people to focus on the big areas of your life like rent or mortgage before worrying about things like cutting coupons
Joel explains how frugality gives us options
Key Takeaways
Look beyond the numbers: We loved the takes both guys had on all of the aspects that are so important to financial independence that simply isn't listed in your spreadsheet. Being able to have dinner with friends without the stress of a long commute or being able to drop your kids off via bike. Numbers are very important but make sure you're saving for a life you actually want to live.
Grocery guidance: Love hearing grocery tips from someone with a full household. It can be easy to dismiss someone's advice who is single but when Matt talks about living on $1 per meal / per person and that including young kids, well that gives credibility. So shop the edges of the store, watch your serving sizes, and maybe lower your meat footprint for a lower grocery bill.
Ease your way in: They both gave tips about things that help you transition to a more financially responsible and healthier life. The first was bicycles. Maybe biking long distances is too much right now but an electric bike could help jump-start that transition away from cars. The second was with Air BnB or renting out an extension of a home. This is a much easier pill to swallow than finding and remodeling a second home for renters.
Call to Action
Make a list of things that are important to you now and that you envision being a priority in retirement that don't have a number associated with it. Proximity to family, time with children, etc. Print that out and put it in a place you'll have to look at at least once a day!
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
Links from the Episode
Find your electric bike!

Contact Matt and Joel:
Their Blog: HowToMoney.com
Their Podcast: How To Money

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
1 hr 5 min
March 05, 2019 How to Live a “Save Money” Lifestyle and Enjoy It | Joel & Matt from How to Money
On today's episode, Cody and Justin are joined by the dynamic duo of Joel & Matt from HowToMoney.com and the How to Money Podcast.

The guys met the How to Money crew at FinCon and the rest is history. This fantastic conversation unwraps their backstory and tons of tangible tips. From groceries to real estate, to building a community for their young families, this episode is great for all audiences.

Go give it a listen and let us know what you think!
Episode Summary

* Joel discussion starts out describing growing up around financial stress in the household and how that led to a desire to be financially stable
* Matt had a better education of finances growing up and had the seed of financial independence placed in his mind
* We then discuss the dynamics of teaching our own parents about money which can be touchy and awkward
* Even when discussions are natural you have to respect and understand that your views and beliefs may just be too different to agree on, but that doesn’t mean you can’t support each other
* The online communities are so powerful because they give us a venue to find people who view finances the same way and help spur on growth and knowledge
* The guys discuss the danger of getting hyper-focused on the numbers of financial independence and not enough on the lifestyle you want to have
* They also discuss a shift in prioritizing time vs prioritizing money the further they get into their journey
* Matt and Joel also call out several things that just simply won’t show up on a spreadsheet such as proximity to friends, stress, and convenience
* Matt’s financial journey really took off after finding Dave Ramsey and while he doesn’t agree with everything, it gave him a lot of fundamentals
* Matt also credits budgeting which gives you a lot of clarity on where your money is going and highlighting where you can improve your spending
* Joel was always cheap and willing to do things for less
* His financial journey really took off when he got heavier into real estate where he would live in a house for 2 years, do renovations and move onto the next one.
* We then shift gears and unwrap Matt’s grocery budget for a family of 5 which they keep to $450 per month
* His main three tips are avoiding processed or prepackaged foods, cheaper cuts of meat such as bone-in chicken thighs that also have more flavor, and watching the overall quantity of food you’re eating since most Americans overeat
* Joel mentions another tip which is splitting entrees when eating out since the portions tend to be way bigger than you’d eat at home by yourself
* The next tangible money saving we get into is biking
* Biking gives you a workout, takes care of your commute, and saves you a ton of money
* Joel recommends looking into an electric bicycle for people who maybe have a commute that’s over 10 miles. While they’re more expensive you still can get a workout with the pedal assist and still save money
* Joel recommends ElectricBikeReview.com for helping you pick the perfect electric bike
* Matt is down to a one car family and Joel is getting close as well
* Joel and Matt discuss how they keep the costs of raising children low through creating a community which allows the parents and children to get together and have activities without the costs like registration fees
* We then jump deeper into Matt and Joel’s real estate investing
* They talk about renting out an extension on one of their houses and Air BnB in the other
* Even beyond real estate investing, they both agree that it’s crucial to avoid the urge to keep looking for a bigger house for yourself as your family grows
* We finish off the episode with Matt urging people to focus on the big areas of your life like rent or ...
1 hr 5 min
February 26, 2019 Achieving FI Through The Trades | Captan DIY
On today's episode, Cody and Justin are joined by Captain DIY as he breaks down his journey to becoming a professional electrician and how that intersects with his journey to financial independence.
Cody and Justin have had a chance to hang out with the good Captain a couple of times including down at a Camp FI event.
Go give it a listen and let us know what you think!
Episode Summary
Started money journey 8 years ago when his first child was born
Their goal was to save $20k before their son was born
He found himself spending a lot of his excess money on musical equipment
His biggest change though was bringing his lunch to work and also his toughest
He grew up learning how to build things with his dad but didn't see it as a passion and he went to school for graphic design
He ended up spending 6 years taking community classes
But his leap to being an electrician came from working at a sign shop and realized he might be worth more to them if he was a licensed electrician to wire up the lighting
He recommends starting with small projects to get into the DIY spirit such as changing out handles or painting
He talks about the triple benefit of DIY which is saving money, getting a workout, and a lot of self-satisfaction
Then he jumps into the potential of vocational high schools and apprenticeships vs traditional college and the debt that typically comes with it
He also breaks downs the rates of pay for trades work that you do on your own vs working for another company which is about 4 times
He recommends shopping around and talking with multiple tradesmen before hiring one to protect yourself from getting taken advantage of
Key Takeaways
Understand Value: He saw an opportunity to bring more value to his employer at the sign shop by diversifying his skill. It's always important to know what your boss is looking for and how to make yourself more valuable.
Benefits in bunches: It seems like most skills and routines that we do for some benefit also bring 2nd and 3rd order impacts. As he said, DIY skills help in much broader strokes than just finances.
Pride in your product: It was clear that the reason he has no trouble finding work is that the product he delivers is top-notch. Whatever work or service you do, be honest, upfront, and deliver what you promise. Just think of how much even one bad review poisons your outlook on a product or service you're considering. If you want to build your brand, it has to be a brand people trust.
Call to Action
Make or fix something with your hands. There's just something therapeutic and rewarding to creating something or returning value to something that was previously useless.
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
Links from the Episode
Electroboom Exploding Guitar Video

Contact Captain DIY:
His Blog: DIY2FI.com
Twitter: @DIYCaptain
Instagram: @DIYCaptain

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
35 min
February 26, 2019 Achieving FI Through The Trades | Captan DIY
On today's episode, Cody and Justin are joined by Captain DIY as he breaks down his journey to becoming a professional electrician and how that intersects with his journey to financial independence.

Cody and Justin have had a chance to hang out with the good Captain a couple of times including down at a Camp FI event.

Go give it a listen and let us know what you think!
Episode Summary

* Started money journey 8 years ago when his first child was born
* Their goal was to save $20k before their son was born
* He found himself spending a lot of his excess money on musical equipment
* His biggest change though was bringing his lunch to work and also his toughest
* He grew up learning how to build things with his dad but didn't see it as a passion and he went to school for graphic design
* He ended up spending 6 years taking community classes
* But his leap to being an electrician came from working at a sign shop and realized he might be worth more to them if he was a licensed electrician to wire up the lighting
* He recommends starting with small projects to get into the DIY spirit such as changing out handles or painting
* He talks about the triple benefit of DIY which is saving money, getting a workout, and a lot of self-satisfaction
* Then he jumps into the potential of vocational high schools and apprenticeships vs traditional college and the debt that typically comes with it
* He also breaks downs the rates of pay for trades work that you do on your own vs working for another company which is about 4 times
* He recommends shopping around and talking with multiple tradesmen before hiring one to protect yourself from getting taking advantage of

Key Takeaways

* Understand Value: He saw an opportunity to bring more value to his employer at the sign shop by diversifying his skill. It's always important to know what your boss is looking for and how to make yourself more valuable.
* Benefits in bunches: It seems like most skills and routines that we do for some benefit also bring 2nd and 3rd order impacts. As he said, DIY skills help in much broader strokes than just finances.
* Pride in your product: It was clear that the reason he has no trouble finding work is that the product he delivers is top notch. Whatever work or service you do, be honest, upfront, and deliver what you promise. Just think of how much even one bad review poisons your outlook on a product or service you're considering. If you want to build your brand, it has to be a brand people trust.

Call to Action

Make or fix something with your hands. There's just something therapeutic and rewarding to creating something or returning value to something that was previously useless.

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
Links from the Episode
Electroboom Exploding Guitar Video

35 min
February 19, 2019 Catching the Entrepreneurial Bug | Timika Downes
On today's episode, Cody and Justin are joined by Timika Downes from The House of FI podcast to share her amazing journey. Her story involves marriage, divorce, children, military service, career changes, and six-figure side hustles.
Her constant urge to better herself is truly remarkable and we think no matter what your journey is or where you are on it, this episode has something to offer for you.
Time to go listen, comment and show us some love with those ratings. Enjoy!
Episode Summary
Born to immigrant parents growing up in projects of Boston
In the 5th grade, she was a part of a program where she began attending school in a much more affluent neighborhood
When she got in high school, they moved to a two family home and began house-hacking
Her parents instilled saving money but no deeper financial discussions
She racked up about $94k in debt over the course of her three degrees
Timika ended up with a Master’s in Accounting and a Nursing degree
She talks about how she plans on handling her children’s education based on what she learned from her experience
There was a discussion about a situation she was aware of where the parent’s had different payouts they would support their kid with based on how profitable the degree was they went after.
She got married earlier on and they both made good money and bought a house but they never really managed their money or really worked their way out of debt or built wealth
That marriage ended in divorce at age 30 and was a wake-up moment for her financially
She also joined the military which greatly helped with her college debt
She talks about the great experience the military was and her commitment was 1 weekend per month and a two or three week period every summer and she got a $50k bonus plus pay on those duty weekends.
After being remarried and having a child, she realized she wasn’t going to stick around for 20 years and get retirement so she stepped away from the military.
Once she got debt handled she started looking at side hustles and entrepreneurship
Her first effort was for a breastfeeding product to help women feed at work
Unfortunately, in the end, she realized the profit margins just weren’t good enough
It did, however, teach her how to handle websites and social media campaigns
Her recommendation is to spend your time before you spend your money when looking at a new business idea
Then she found a very successful business venture in a head lice clinic
She got the idea after going through a lice outbreak in a school she was working at as a school nurse
Her clinic utilizes a machine that is leased through a University program that dehydrates the eggs of the lice
You purchase rights to a region for the clinics and now the business is moving to a franchise model
Lice Clinics of America is the organization she utilized to get started
She also mentioned that there is a mobile version of the business people can get involved in now
In her first year, the business made over $100k of revenue
She continues her personal growth by starting a blog, podcast, and even taking coding classes
Her tangible tip is to always look at a problem creatively and deliberately and realize that your journey to financial independence is a marathon and not a sprint
Key Takeaways
Paths aren't always marked: She ended up with three degrees which led to debt but it was part of the process for her to find her path. Some people are lucky enough to have a calling from the time they can talk and others need a little more exploration. Don't compare yourself to others, just focus on finding your path.
Failure is our best teacher: This is one of the most reoccurring lessons I've ever seen with entrepreneurship. Timika didn't strike gold on the breastfeeding business in terms of revenue but the lessons she learned were priceless.
Invest in yourself: I absolutely love her commitment to self-improvement. Whether it be skill development, reading, or simply focus. She continuously looks for a way to refine her self and her life. That's something we should all strive to do.
Call to Action
Go out to a site such as Skill Share or Code Academy and take some low-cost or free classes. Find one that resonates with you and continue developing that skill.
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
Links from the Episode
Lice Clinics of America
Travel Rewards
Contact Timika:
Her Blog: The Reluctant Frugalist

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
50 min
February 19, 2019 Catching the Entrepreneurial Bug | Timika Downes
On today's episode, Cody and Justin are joined by Timika Downes from The House of FI podcast to share her amazing journey. Her story involves marriage, divorce, children, military service, career changes, and six-figure side hustles.

Her constant urge to better herself is truly remarkable and we think no matter what your journey is or where you are on it, this episode has something to offer for you.

Time to go listen, comment and show us some love with those ratings. Enjoy!
Episode Summary

* Born to immigrant parents growing up in projects of Boston
* In the 5th grade, she was a part of a program where she began attending school in a much more affluent neighborhood
* When she got in high school, they moved to a two family home and began house-hacking
* Her parents instilled saving money but no deeper financial discussions
* She racked up about $94k in debt over the course of her three degrees
* Timika ended up with a Master’s in Accounting and a Nursing degree
* She talks about how she plans on handling her children’s education based on what she learned from her experience
* There was a discussion about a situation she was aware of where the parent’s had different payouts they would support their kid with based on how profitable the degree was they went after.
* She got married earlier on and they both made good money and bought a house but they never really managed their money or really worked their way out of debt or built wealth
* That marriage ended in divorce at age 30 and was a wake-up moment for her financially
* She also joined the military which greatly helped with her college debt
* She talks about the great experience the military was and her commitment was 1 weekend per month and a two or three week period every summer and she got a $50k bonus plus pay on those duty weekends.
* After being remarried and having a child, she realized she wasn’t going to stick around for 20 years and get retirement so she stepped away from the military.
* Once she got debt handled she started looking at side hustles and entrepreneurship
* Her first effort was for a breastfeeding product to help women feed at work
* Unfortunately, in the end, she realized the profit margins just weren’t good enough
* It did, however, teach her how to handle websites and social media campaigns
* Her recommendation is to spend your time before you spend your money when looking at a new business idea
* Then she found a very successful business venture in a head lice clinic
* She got the idea after going through a lice outbreak in a school she was working at as a school nurse
* Her clinic utilizes a machine that is leased through a University program that dehydrates the eggs of the lice
* You purchase rights to a region for the clinics and now the business is moving to a franchise model
* Lice Clinics of America is the organization she utilized to get started
* She also mentioned that there is a mobile version of the business people can get involved in now
* In her first year, the business made over $100k of revenue
* She continues her personal growth by starting a blog, podcast, and even taking coding classes
* Her tangible tip is to always look at a problem creatively and deliberately and realize that your journey to financial independence is a marathon and not a sprint

Key Takeaways

* Paths aren't always marked: She ended up with three degrees which led to debt but it was part of the process for her to find her path. Some people are lucky enough to have a calling from the time they can talk and others need a little more exploration. Don't compare yourself to others, just focus on finding your path.
50 min

About The Financial Independence Show

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Cody Berman and Justin Taylor believe in the concept of “Financial Independence For All”. The Financial Independence Show focuses on REAL stories of individuals on their journey to financial…