The Financial Independence Show

By Cody Berman and Justin TaylorBusiness Entrepreneurship Investing Careers

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The Financial Independence Show episodes

January 15, 2019 Full-Time YouTubing, Medical Tourism, and Retired by 30 | Mike and Lauren
In today’s episode, Cody and Justin bring you the dynamic duo of Mike and Lauren. You may know them from their fantastic DIY YouTube videos or hearing about their huge European travels.
These two have had some interesting jobs: experimental marketing, gemologist, commercial real estate, and YouTube guru to name a few. They've never had a typical desk-job but that hasn't stopped them from being retired by age 30!
Oh, and did I forget to mention they have two kids which they gave birth to in Costa Rica? Trust me there's a lot to unfold her so you'll want to listen for sure.
Episode Summary
Met when 12
Dated at 15
Married at 19 and 21
Never had a desk job but have been employed a couple times
Started a commercial cleaning company in college in 2007
Got successful so he dropped out of college
She moved to New York City and became a gemologist
They lived with family while she was getting her gemologist certification
She now stays home with her two kids
She started making $50k after her 6 months of schooling
He then got into this experiential marketing gig where one of his jobs was to create a mobile quicksand booth
He talks about the hardest part of starting his cleaning his business was going door to door and getting told no so many times as he tried to get the word out
They got their first big contract was through word of mouth but they underbid by a large margin
They initially bid $10k per month and then quickly realized they needed to increase to $24k per month and their client was totally cool with it
She worked at Saks 5th Avenue and Tiffany's
They loved NYC but it was just too cold for them after 3 years there
He did some lighting and production for a church and she worked at a friends Jewelry store when they moved back to Florida
They both worked at those for 4 years and quit
She quit to have their first son and he quit to go full time on YouTube in 2016
His first year on YouTube he made $20k
His second year that jumped to $68k
They did a 10 week trip for two across Europe for $10k which spurred the idea of doing YouTube travel videos
They jump into how they still continue to travel even with kids including a 7-week backpacking trip to Europe
They recommend traveling a little slower with kids and not bouncing from city to city every couple days but maybe every week
After seeing some success from their YouTube channel they started making online courses
They gave birth to both kids in Costa Rica
They did so to get dual citizenship and avoid a lot of health care costs
U.S. healthcare wouldn’t give them exact quotes while Costa Rica gave them a specific menu
They gained full citizenship and their children gained dual citizenship to Costa Rica
They had the affordable care act plans which allowed them to have really low cost of insurance due to their low income when covered
They pay $50 per month to be a part of Costa Rica’s universal health care system as a fall back plan
They retired when he was 30 and now just blog, YouTube and travel
They’re cash flow FI vs the traditional large nest egg FI
They completed the purchase of a warehouse were the cash-flow comes from through owner financing
The warehouse needed a good bit of work that Mike was able to do mostly himself outside of some plumbing and electrical
Key Takeaways
Stability isn't necessary: We often stay focused on building careers and working our way up ladders. They showed that we can keep things fresh and do a wide variety of jobs and still make perfect progress towards early retirement.
Don't assume America is the answer: They chose to go outside of the U.S. for healthcare and it was only partly to save money. They also appreciated the transparency and stated that the level of care was beyond what they would have gotten at a local hospital anyways. Challenge assumptions such as the U.S. being your option for healthcare.
Passion meets proficiency: They discovered something they were good at. Skills that they could pass on to others and that they were passionate about. This is the perfect recipe for success when brainstorming money making ideas. Find where your passion meets proficiency.
Call to Action
Survey your life and find one unique skill or passion you have and develop a plan to monetize it
Join the Community
We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community!
Sign up for our exclusive newsletter
Join our Facebook Group
Leave us a voicemail
Send an email to contact [at] TheFIshow [dot] com
If you like what you hear, please leave a rating/review!
The FI show on iTunes
The FI show on Android
Links from the Episode
Mike and Lauren's Blog
Mike and Lauren's YouTube channel

Contact Mike & Lauren:
Twitter: @MikeAndLauren

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
43 min
January 15, 2019 Full-Time YouTubing, Medical Tourism, and Retired by 30 | Mike and Lauren
In today’s episode, Cody and Justin bring you the dynamic duo of Mike and Lauren. You may know them from their fantastic DIY YouTube videos or hearing about their huge European travels.

These two have had some interesting jobs: experimental marketing, gemologist, commercial real estate, and YouTube guru to name a few. They've never had a typical desk-job but that hasn't stopped them from being retired by age 30!

Oh, and did I forget to mention they have two kids which they gave birth to in Costa Rica? Trust me there's a lot to unfold her so you'll want to listen for sure.
Episode Summary

Met when 12
Dated at 15
Married at 19 and 21
Never had a desk job but have been employed a couple times
Started a commercial cleaning company in college in 2007
Got successful so he dropped out of college
She moved to New York City and became a gemologist
They lived with family while she was getting her gemologist certification
She now stays home with her two kids
She started making $50k after her 6 months of schooling
He then got into this experiential marketing gig where one of his jobs was to create a mobile quicksand booth
He talks about the hardest part of starting his cleaning his business was going door to door and getting told no so many times as he tried to get the word out
They got their first big contract was through word of mouth but they underbid by a large margin
They initially bid $10k per month and then quickly realized they needed to increase to $24k per month and their client was totally cool with it
She worked at Saks 5th Avenue and Tiffany's
They loved NYC but it was just too cold for them after 3 years there
He did some lighting and production for a church and she worked at a friends Jewelry store when they moved back to Florida
They both worked at those for 4 years and quit
She quit to have their first son and he quit to go full time on YouTube in 2016
His first year on YouTube he made $20k
His second year that jumped to $68k
They did a 10 week trip for two across Europe for $10k which spurred the idea of doing YouTube travel videos
They jump into how they still continue to travel even with kids including a 7-week backpacking trip to Europe
They recommend traveling a little slower with kids and not bouncing from city to city every couple days but maybe every week
After seeing some success from their YouTube channel they started making online courses
They gave birth to both kids in Costa Rica
They did so to get dual citizenship and avoid a lot of health care costs
U.S. healthcare wouldn’t give them exact quotes while Costa Rica gave them a specific menu
They gained full citizenship and their children gained dual citizenship to Costa Rica
They had the affordable care act plans which allowed them to have really low cost of insurance due to their low income when covered
They pay $50 per month to be a part of Costa Rica’s universal health care system as a fall back plan
They retired when he was 30 and now just blog, YouTube and travel
They’re cash flow FI vs the traditional large nest egg FI
They completed the purchase of a warehouse were the cash-flow comes from through owner financing
The warehouse needed a good bit of work that Mike was able to do mostly himself outside of some plumbing and electrical

Key Takeaways

* Stability isn't necessary: We often stay focused on building careers and working our way up ladders. They showed that we can keep things fresh and do a wide variety of jobs and still make perfect progress towards early retirement.
43 min
January 08, 2019 From Unemployment to Geoarbitrage | Rob from Getting Canned
In today’s episode, Cody and Justin bring you a truly optimistic outlook on getting fired. Rob from Getting Canned walks us through his story of losing his job at one of the worst times in history, in 2008 during The Great Recession.
Rob's struggles lead to finding an amazing income source and international travel opportunity all in one. Rob moves to Taiwan where he would teach English for three years and make some fantastic memories while the economy recovered.
Tune in this week to see yet another showcase at how financial independence is possible for all.
Episode Summary
Recently lost his job after working there 4 years
He was placed on a performance improvement plan prior to getting fired
Started a blog to be a resource for people who had lost their job
Created a checklist of all the things to do when you find out you may be getting fired
He talks about filing for unemployment and rolling over your 401k as really important parts of the checklist
Had gotten fired in 2008 and went unemployed for 2 years
Decided to go to Taiwan to teach English
It was an amazing experience for him and feels that it’s a great option for “Barista Fire”
He was paid $20/hr working 20 hours per week
His first job actually came with free room and board
He stayed in Taiwan for 3 years with one 6 month break in between
2008-2010, during his unemployment, he met a lot of frustrations with applying for jobs
He talks about how unemployment can prepare you for your FI lifestyle
He got in the best shape of his life during that period
Rob got the idea of moving to Asia to teach came from meeting someone randomly who had done it.
He considered Japan, China, and Taiwan
He did a Skype interview where he had to do a practice teaching session
The main requirements were to speak with an American accent and a college degree
He got a tourism VISA for 60 days that the employer then helped them change it to a work VISA which was good for a year
His first apartment was a studio in new and in a nice neighborhood for under $400/mo
He used their great public transportation system
The medical care was what he found to be the biggest savings
At one point he to go to the emergency room to get stitches with anesthesia was $30
He mentions the odd type of side jobs that are possible in those unique situations
One was being approached to be an actor in a short because he stood out so much in Taiwan
The primary language there is Chinese
He learned a little bit just to “survive”
He talks about how knowing English opens you up so much for travel
One certification he recommended was TEFL which helps with getting some of these jobs
He also recommends Upwork and Fiverr, and Wyzant as good resources for gig economy especially in times of unemployment
Rob also implores people to diversify their income streams and go through the thought process of what it would be like if you lost your job tomorrow
Key Takeaways
Resourcefulness is a superpower: We see this all the time. Whether it's keeping grocery bills low, finding free furniture, or finding work. Resourcefulness and flexibility are these amazing superpowers that make financial independence almost unstoppable.
It is ok to ask for help: I thought it was really humbling to hear Rob talk about taking unemployment. It can feel like you have failed but everyone has moments that they need help and it's likely you paid your fair share into programs like unemployment anyways.
The world isn't so scary: This is the biggest takeaway for sure. The world can seem massive and scary but if you can read this, then you probably know English and as English speakers, we often take for granted just how accessible this world is to us. Rob barely learned any of the language and still survived just fine. He worked there for several years and even made a trip to the ER. So what's stopping you from stepping out into some unfamiliar territory?
Call to Action
Consider what it would be like if you were fired tomorrow and create a game plan.
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
Dave's ESL Cafe
Upwork, Fiverr, and Wyzant
Getting Fired Checklist
International TEFL academy with location and earning matrix
Contact Rob:
Getting Canned
Twitter: @GettingCanned

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
40 min
January 08, 2019 From Unemployment to Geoarbitrage | Rob from Getting Canned
In today’s episode, Cody and Justin bring you a truly optimistic outlook on getting fired. Rob from Getting Canned walks us through his story of losing his job at one of the worst times in history, in 2008 during The Great Recession.

Rob's struggles lead to finding an amazing income source and international travel opportunity all in one. Rob moves to Taiwan where he would teach English for three years and make some fantastic memories while the economy recovered.

Tune in this week to see yet another showcase at how financial independence is possible for all.
Episode Summary

* Recently lost his job after working there 4 years
* He was placed on a performance improvement plan prior to getting fired
* Started a blog to be a resource for people who had lost their job
* Created a checklist of all the things to do when you find out you may be getting fired
* He talks about filing for unemployment and rolling over your 401k as really important parts of the checklist
* Had gotten fired in 2008 and went unemployed for 2 years
* Decided to go to Taiwan to teach English
* It was an amazing experience for him and feels that it’s a great option for “Barista Fire”
* He was paid $20/hr working 20 hours per week
* His first job actually came with free room and board
* He stayed in Taiwan for 3 years with one 6 month break in between
* 2008-2010, during his unemployment, he met a lot of frustrations with applying for jobs
* He talks about how unemployment can prepare you for your FI lifestyle
* He got in the best shape of his life during that period
* Rob got the idea of moving to Asia to teach came from meeting someone randomly who had done it.
* He considered Japan, China, and Taiwan
* He did a Skype interview where he had to do a practice teaching session
* The main requirements were to speak with an American accent and a college degree
* He got a tourism VISA for 60 days that the employer then helped them change it to a work VISA which was good for a year
* His first apartment was a studio in new and in a nice neighborhood for under $400/mo
* He used their great public transportation system
* The medical care was what he found to be the biggest savings
* At one point he to go to the emergency room to get stitches with anesthesia was $30
* He mentions the odd type of side jobs that are possible in those unique situations
* One was being approached to be an actor in a short because he stood out so much in Taiwan
* The primary language there is Chinese
* He learned a little bit just to “survive”
* He talks about how knowing English opens you up so much for travel
* One certification he recommended was TEFL which helps with getting some of these jobs
* He also recommends Upwork and Fiverr, and Wyzant as good resources for gig economy especially in times of unemployment
* Rob also implores people to diversify their income streams and go through the thought process of what it would be like if you lost your job tomorrow

Key Takeaways

* Resourcefulness is a superpower: We see this all the time. Whether it's keeping grocery bills low, finding free furniture, or finding work. Resourcefulness and flexibility are these amazing superpowers that make financial independence almost unstoppable.
* It is ok to ask for help: I thought it was really humbling to hear Rob talk about taking unemployment. It can feel like you have failed but everyone has moments that they need help and it's likely you paid your fair share into programs like unemployment anyways.
* The world isn't so scary: This is the biggest takeaway for sure. The world can seem massive and scary but if you can read this,
40 min
January 01, 2019 Financial Independence Philosophy and Origin Story | Paula Pant from Afford Anything
In today’s episode, Cody and Justin bring you one of their favorite episodes to date. Paula Pant is always conducting great interviews herself but today she's the one answering questions. She walks us through her amazing story of only three traditional years of employment, traveling the world, and the steps she took to secure her financial independence.
There is something for everyone in this episode. You've got philosophy, entrepreneurship, freelancing, and even some great real-estate tips. This discussion also gets into focusing also on increasing income and not just being consumed by minimizing expenses. Paula calls this "The gap" or the delta between your earnings and expenses. Go check out the episode for yourself and let us know what you took away from the show.
Episode Summary
Grew up in a normal middle-class family where they weren’t rich but didn’t have to worry about money
Paula had a desire to study abroad in college but the prices were too high
She decided instead to work for a few years to save money and then travel
Graduated college in 2005 and started at a newspaper making $25k per year
She worked there 3 years topping out at $31k per year
On the side, she was freelancing and earned an additional $25k on the side in a travel fund
Quit her job and left her lease in 2008
She backpacked around Egypt, Cambodia, and other countries on a budget of $1k per month
When she returned from her trip she decided to go full-time freelancing
After 18 months, her freelancing was making over $100k per year
She began taking her excess income and investing in real estate
The rental properties are now netting over $40k
She talks about how achieving in life drives her to continue to work consistently vs just doing the gig economy and bouncing around
We discuss how important it is to find a job you love to do because any skill can be spun into a high paying job
She talks about the pressures of growing up in a Nepalese culture and how you’re expected to either be a doctor or an engineer in order to escape
We discuss how so much of the FIRE movement revolves around spending what seems like extremely frugal lifestyles when in reality it’s just normal life for so many people in America and across the world
She also discusses how more of the focus should be on the income side of the equation vs the spending part of the equation
This led us to the discussion of “The Gap” or the difference between earning and spending not necessarily just one side of the equation
The conversation then swaps over to an overview of Paula’s real estate investing
It’s clear that Paula has a passion to read and to learn and talks about how the internet has now democratized learning
She gets into what she looks for in a house from both the location and physical attributes of the home and how she’s purchasing houses from a distance
In 2019 she will be launching her own real estate course
She talks about how financial independence gives her time to be with others and volunteer
She continues to travel and was actually out of the country when the Suze Orman interview went viral
We discuss her hitting $1M net worth around 30 and the changes she would make if she had to do it over again
Key Takeaways
What do you want? Paula describes how no matter what your passion is, it can be profitable enough to become wealthy and find financial independence. Her work at a newspaper was low paying but she took that same skill and passion and became her own boss and increased her salary by 500%.
The gap. We loved this explanation. Instead of debating whether you should increase your income or decrease your spending, just focus on the gap between the two. Both are very important so don't let either of them become the center of attention. Just focus on the gap.
What FI can bring. The examples Paula gave with what she is doing with her flexible time were so important to think about when you're going after these goals. It's so much more than sippin' margs on the beach. She has the opportunity to be there for her friend and she becomes a new mother and she has time to volunteer to things that are important to her. Imagine how much more rewarding life can be when you're in control.
Call to Action
Increase your income! Whether it's picking up a side hustle or figuring out a way to maximize your main hustle, there is some way for you to increase your income in 2019.
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
Paula's Free E-book
Contact Paula Pant:
Twitter: @AffordAnything
Instagram: @PaulaPant

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
56 min
January 01, 2019 Financial Independence Philosophy and Origin Story | Paula Pant from Afford Anything
In today’s episode, Cody and Justin bring you one of their favorite episodes to date. Paula Pant is always conducting great interviews herself but today she's the one answering questions. She walks us through her amazing story of only three traditional years of employment, traveling the world, and the steps she took to secure her financial independence.

There is something for everyone in this episode. You've got philosophy, entrepreneurship, freelancing, and even some great real-estate tips. This discussion also gets into focusing also on increasing income and not just being consumed by minimizing expenses. Paula calls this "The gap" or the delta between your earnings and expenses. Go check out the episode for yourself and let us know what you took away from the show.
Episode Summary

* Grew up in a normal middle-class family where they weren’t rich but didn’t have to worry about money
* Paula had a desire to study abroad in college but the prices were too high
* She decided instead to work for a few years to save money and then travel
* Graduated college in 2005 and started at a newspaper making $25k per year
* She worked there 3 years topping out at $31k per year
* On the side, she was freelancing and earned an additional $25k on the side in a travel fund
* Quit her job and left her lease in 2008
* She backpacked around Egypt, Cambodia, and other countries on a budget of $1k per month
* When she returned from her trip she decided to go full-time freelancing
* After 18 months, her freelancing was making over $100k per year
* She began taking her excess income and investing in real estate
* The rental properties are now netting over $40k
* She talks about how achieving in life drives her to continue to work consistently vs just doing the gig economy and bouncing around
* We discuss how important it is to find a job you love to do because any skill can be spun into a high paying job
* She talks about the pressures of growing up in a Nepalese culture and how you’re expected to either be a doctor or an engineer in order to escape
* We discuss how so much of the FIRE movement revolves around spending what seems like extremely frugal lifestyles when in reality it’s just normal life for so many people in America and across the world
* She also discusses how more of the focus should be on the income side of the equation vs the spending part of the equation
* This led us to the discussion of “The Gap” or the difference between earning and spending not necessarily just one side of the equation
* The conversation then swaps over to an overview of Paula’s real estate investing
* It’s clear that Paula has a passion to read and to learn and talks about how the internet has now democratized learning
* She gets into what she looks for in a house from both the location and physical attributes of the home and how she’s purchasing houses from a distance
* In 2019 she will be launching her own real estate course
* She talks about how financial independence gives her time to be with others and volunteer
* She continues to travel and was actually out of the country when the Suze Orman interview went viral
* We discuss her hitting $1M net worth around 30 and the changes she would make if she had to do it over again

Key Takeaways

* What do you want? Paula describes how no matter what your passion is, it can be profitable enough to become wealthy and find financial independence. Her work at a newspaper was low paying but she took that same skill and passion and became her own boss and increased her salary by 500%.
* The gap. We loved this explanation. Instead of debating whether you should increase your income or decrease your spending,
56 min
December 25, 2018 Christmas Thoughts, 2018 Reflection, 2019 Goals
We have an extra special gift for you today that requires no wrapping paper. This Holiday special Justin and Cody go at it alone with no guest to discuss their perspectives on materialistic Christmas, a brief recap of 2018 and their goals for 2019.
We think you'll really enjoy getting to hear a little more from your hosts this week and see a little more behind the curtain on their personal lives. At the end of the episode, we asked that you start writing out your goals and sharing them with us so we can keep you accountable. You can drop those goals in a voicemail at TheFIshow.com/voicemail or look out for a thread on the facebook page at TheFIshow.com/community.
Episode Summary
Here's a breakdown of what we cover in this episode.
Materialistic Christmas Discussion
Justin and Cody discuss how their families viewed Christmas and gift-giving growing up
They also discuss how the Financial Independence community has changed their own views on it
Justin makes a case for a materialistic Christmas being a positive thing in households where some family members never buy themselves anything absolutely necessary, thus giving them one chance per year to have something simply for enjoyment.
They both discuss their most memorable Christmas gift which actually both turned out to be the thin PlayStation 2.
It's also very clear though that they both value experiences over these items today
Review of 2018
2018 was a packed year for both of the guys
Cody started the year off with 5 months in Australia...wow this whole FI lifestyle sure is restrictive
Justin kicked the year off with a trip to Iceland and kept the traveling going with 2 trips to Mexico with some scuba diving, three trips to Denver, the Grand Canyon, countless concerts, trip to the Hamptons, Vermont ski trips, and attended a UFC title fight
This year is also the year Cody got deep into the FI movement and began Flytofi.com and this podcast
Justin spent 5 months in a hotel due to a house fire but came out of it with 2.4 million Hilton points as a concession
Cody got a chance to practice his speaking chops down at CampFI south
Speaking of CampFI South, that's where Justin and Cody actually first met back in September.
Justin then joined Cody as the new co-host of this podcast when T.J. had to step away.
So far they've seen 20k downloads but feel like they're just now gaining traction and getting their systems set up to be more efficient with their time
Just has also continued his work on his own blog Saving-Sherpa.com where he gives extreme transparency into his expenses and investing
The hopes behind this are to try and show people you can still live a really exciting and rewarding life while on this journey
He is also proud to still maintain his $60/month grocery bill for the 4th straight year
Justin's savings rate is over 75% while paying rent and living in Boston which works out to be about $24k in annual expenses
His net worth grew $68k this year even with the rough markets
Cody is able to save 85% of his income while living at home. This gap between his income and expenses gives him amazing flexibility!
Goals for 2019
Cody is starting the year off with a bang by stepping away from his job and going on a nationwide book tour with Grant from Millennial Money
Justin looks to continue his savings rate success and build more upon his blog
They are both very passionate about growing the podcast and increasing their reach
You can tell they go big on goals when they set the mission for 1 million downloads before the end of 2019
They think they can do so with a mix of fantastic headliners like Paula Pant and stories that had previously never been told like Jimmy the mailman from Arkansas who is already FI at 28 through real estate
The guys also want everyone to share their 2019 goals with them and keep everyone accountable
Key Takeaways
Materialism can have a place. When you're in an environment where the whole family is so un-materialistic either out of principle or necessity, it can be useful to have one day a year where everyone gets to be spoiled with some items that they really want but would never buy themselves. It also allows each person to get the reward of giving something special which is pretty rewarding on its own.
You never know what a year will hold. Cody got thrust into the financial independence space and hit the ground running and now in 2019, he'll be walking away from corporate America because of it. In this space, we love to plan, which is never a bad thing, but we also need to understand that life is stranger than fiction and there can always be a life-changing surprise around the corner.
Make big goals. What's the worst that happens if you make a big goal? You either make it or you try as hard as you can but you don't settle. The FI Show is going with a bold goal of 1M downloads before 2020 starts. What will your big goal be?
Call to Action
Go make some big bold goals for 2019 and share them with us so we can keep you accountable!
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
Justin's house fire recap
How money can buy happiness
Example of Justin's transparent posts and how he spends $60 a month on groceries
Cody's 5-Month Adventure in Australia
Travel Hacking for Beginners
The Un-Budget
Financial Freedom Book Tour

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
41 min
December 25, 2018 Christmas Thoughts, 2018 Reflection, 2019 Goals
We have an extra special gift for you today that requires no wrapping paper. This Holiday special Justin and Cody go at it alone with no guest to discuss their perspectives on materialistic Christmas, a brief recap of 2018 and their goals for 2019.

We think you'll really enjoy getting to hear a little more from your hosts this week and see a little more behind the curtain on their personal lives. At the end of the episode, we asked that you start writing out your goals and sharing them with us so we can keep you accountable. You can drop those goals in a voicemail at TheFIshow.com/voicemail or look out for a thread on the facebook page at TheFIshow.com/community.
Episode Summary

*
Materialistic Christmas Discussion

* Justin and Cody discuss how their families viewed Christmas and gift giving growing up
* They also discuss how the Financial Independence community has changed their own views on it
* Justin makes a case for a materialistic Christmas being a positive thing in households where some family members never buy themselves anything that's not absolutely necessary and thus giving them the one chance per year to have something simply for enjoyment.
* They both discuss their most memorable Christmas gift which actually both turned out to be the thin playstation 2.
* It's also very clear though that they both value experiences over these items today
*
Review of 2018

* 2018 was a packed year for both of the guys
* Cody started the year off with 5 months in Australia...wow this whole FI lifestyle sure is restrictive
* Justin kicked the year off with a trip to Iceland and kept the traveling going with 2 trips to Mexico with some scuba diving, three trips to Denver, the Grand Canyon, countless concerts, trip to the Hamptons, Vermont ski trips, and attended a UFC title fight
* This year is also the year Cody got deep into the FI movement and began Flytofi.com and this podcast
* Justin spent 5 months in a hotel due to a house fire but came out of it with 2.4 million Hilton points as a concession
* Cody got a chance to practice his speaking chops down at CampFI south
* Speaking of CampFI south, that's where Justin and Cody actually first met back in September.
* Justin then joined Cody as the new co-host of this podcast when T.J. had to step away.
* So far they've seen 20k downloads but feel like they're just now gaining traction and getting their systems set up to be more efficient with their time
* Just has also continued his work on his own blog Saving-Sherpa.com where he gives extreme transparency into his expenses and investing
* The hopes behind this are to try and show people you can still live a really exciting and rewarding life while on this journey
* He is also proud to still maintain his $60/month grocery bill for the 4th straight year
* Justin's savings rate is over 75% while paying rent and living in Boston which works out to be about $24k in annual expenses
* His net worth grew $68k this year even with the rough markets
* Cody is able to save 85% of his income while living at home. This gap between his income and expenses gives him amazing flexibility!

*
Goals for 2019

* Cody is starting the year off with a bang by stepping away from...
38 min
December 18, 2018 A Military Member with a Massive Financial Turnaround | The Incredible Cash Dummy
In today’s episode, Cody and Justin bring you a story that's just beginning. This interview with The Incredible Cash Dummy steps through a life quickly changed by having a child in high school and joining the Navy soon after. He then went for years with no financial direction.
A recent military move was compounded with his wife getting pregnant again and her losing her job, he had a major light-bulb moment. A little over a year ago he discovered the financial independence space and has become hooked. Tune in to see how he is correcting his path and taking ownership of his finances.
Episode Summary
Grew up in normal middle class family where they weren’t rich but didn’t have to worry about money
Then during his junior year of high school he gets his girlfriend pregnant and had his son at 17
At this point all he knew about finances was trying to avoid impulse purchases
He continued living with his parents and graduated high school and working part-time at a steak house
The Cash Dummy realized college wasn’t for him so he decided to enlist in the Navy
He was clearing $800 per month and paying $155 per month of child support
His housing and food was covered through the military and he lived on base so he was able to save
His first investing was through the Thrift Savings Plan which is the military’s version of a 401k where he put in 7% of his check monthly
Realized he should take his finances more serous around 2010 when he heard everyone complaining about their stocks and the recession
He then noticed he had been investing unknowingly into nothing but the G fund which is government bonds that are basically just a shelter against inflation
He mentions being lucky that he worked with other sailors who talked to him about finances and walked him through how all the funds work
Gets stationed in Japan and where he receives some extra location pay and benefits from the yen conversion
At this point he is more conscious about investing but still not a great saver
He mentions how the military culture and surroundings of the base can be troublesome for young enlisted and their finances
He talks about the need for military services to make financial training an annual requirement
At 20 he started using credit cards which he struggled to use responsibly
While he struggled with credit cards he never fell into the fancy car trap
He ended up with $10k in credit card debt
He got married in 2013 after 8.5 years in the military and was now an E-6
When the finances got combined their total debt was $15k
They blew all their extra money on eating out and travel and only saved the 7% TSP
He got promoted to E7 and had to move for his next military assignment
His wife was pregnant with his third child and she was going to have to quit her job
All of this led to his light-bulb moment in 2017
She took unemployment for 9 months
His child support has now increased to $900 per month
A coworker introduced bigger-pockets to him and showed him the quad chart video from Brandon Turner
He dove in hard to bigger-pockets including the forums and podcasts
That led him to all the other members of the financial independence space
He sat back for a couple months trying to understand everything before he acted
It then took a few more months before him and his wife were both on the same page
At this point he went from 7% to TSP to 10%
He borrowed against his 401k to pay off high interest credit card loans
He also took on a second job for a while at $16/hr to pay off loans doing janitorial work
There was a fear that all of this would negatively impact their lifestyle but they didn’t notice that at all
He tried YNAB but that didn’t stick
Instead he went to the Anti-budget which fit much better
Now he’s started his own blog, TheCashDummy.com, to help people who found themselves in the same situation and mistakes he did
His number one tip is education, there are so many resources so go find someone who has a path that fits yours
You’ll also want to listen in to hear his accounts of his first FinCon experience where he met all his financial heroes
Key Takeaways
Surprise! You never know what is going to happen in life and it could be a massive financial change. Don't simply plan for what your plan is, plan for what happens when that plan gets flipped upside down. Kids, divorce, sickness, job sector changes, these can all be devastating if you're not prepared.
Today is better than tomorrow. It can be intimidating reading about young people who have it figured out. It might sometimes feel like there's no point but the reality is that you can make massive changes in such a short period of time. There's nothing you can do about the time past but you can take control of your future.
Check your pride. The Cash Dummy explains how he picked up side jobs as a janitor to help pay off debt. That's commitment. It can be easy to turn down opportunities that seem beneath us but when it helps you get to your goal, nothing is off limits.
Call to Action
Part 1: If you're a military member reading this prior to Jan 1, 2019, take a serious look at the new Blended Retirement System. Many dismiss it without giving it a serious look. It can be a great option if you put in the work.
Part 2: Continuously educate yourself and find that person who has made it from a starting point similar to your own.
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Links from the Episode
TheCashDummy.com
Brandon Turner's Real Estate Quad Chart
Military Guide Blended Retirement System Info

Contact Cash Dummy:
Facebook
Twitter: @TheCashDummy

Learn More About Your Hosts:
Fly to FI (Cody’s Blog)
Saving-Sherpa (Justin’s blog)
46 min
December 18, 2018 A Military Member with a Massive Financial Turnaround | The Incredible Cash Dummy
In today’s episode, Cody and Justin bring you a story that's just beginning. This interview with The Incredible Cash Dummy steps through a life quickly changed by having a child in high school and joining the Navy soon after. He then went for years with no financial direction.

A recent military move was compounded with his wife getting pregnant again and her losing her job, he had a major light-bulb moment. A little over a year ago he discovered the financial independence space and has become hooked. Tune in to see how he is correcting his path and taking ownership of his finances.
Episode Summary

* Grew up in normal middle class family where they weren’t rich but didn’t have to worry about money
* Then during his junior year of high school he gets his girlfriend pregnant and had his son at 17
* At this point all he knew about finances was trying to avoid impulse purchases
* He continued living with his parents and graduated high school and working part-time at a steak house
* The Cash Dummy realized college wasn’t for him so he decided to enlist in the Navy
* He was clearing $800 per month and paying $155 per month of child support
* His housing and food was covered through the military and he lived on base so he was able to save
* His first investing was through the Thrift Savings Plan which is the military’s version of a 401k where he put in 7% of his check monthly
* Realized he should take his finances more serous around 2010 when he heard everyone complaining about their stocks and the recession
* He then noticed he had been investing unknowingly into nothing but the G fund which is government bonds that are basically just a shelter against inflation
* He mentions being lucky that he worked with other sailors who talked to him about finances and walked him through how all the funds work
* Gets stationed in Japan and where he receives some extra location pay and benefits from the yen conversion
* At this point he is more conscious about investing but still not a great saver
* He mentions how the military culture and surroundings of the base can be troublesome for young enlisted and their finances
* He talks about the need for military services to make financial training an annual requirement
* At 20 he started using credit cards which he struggled to use responsibly
* While he struggled with credit cards he never fell into the fancy car trap
* He ended up with $10k in credit card debt
* He got married in 2013 after 8.5 years in the military and was now an E-6
* When the finances got combined their total debt was $15k
* They blew all their extra money on eating out and travel and only saved the 7% TSP
* He got promoted to E7 and had to move for his next military assignment
* His wife was pregnant with his third child and she was going to have to quit her job
* All of this led to his light-bulb moment in 2017
* She took unemployment for 9 months
* His child support has now increased to $900 per month
* A coworker introduced bigger-pockets to him and showed him the quad chart video from Brandon Turner
* He dove in hard to bigger-pockets including the forums and podcasts
* That led him to all the other members of the financial independence space
* He sat back for a couple months trying to understand everything before he acted
* It then took a few more months before him and his wife were both on the same page
* At this point he went from 7% to TSP to 10%
* He borrowed against his 401k to pay off high interest credit card loans
* He also took on a second job for a while at $16/hr to pay off loans doing janitorial work
* There was a fear that all of this would negatively impact their lif...
46 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…