484 | A Family Journey From Debt to Early Retirement in a Decade | Joel and Emily Allen

In this episode: wants vs needs, side hustles, tax planning, college hacking, travel rewards, mindset, and living your values.

This week we are joined by Joel and Emily Allen, a married couple with children based out of Iowa who truly embody what the FI movement is all about! Not only have they seized control of their life and finances, but have also managed to start a successful side hustle, provide incredible resources to the community around them, travel the world, and so much more! While the FI movement is about financially freeing yourself and your family, it is also important to remember why we want that freedom. Not stressing about money is just one piece of a fulfilling life, once you have that freedom, take advantage of it like the Allen’s have!

Timestamps:

• 1:25 – Introduction/The FI Mindset
• 9:02 – Budgeting/Wants and Needs
• 14:59 – Side Hustles
• 21:02 – Financial Literacy to FI
• 23:29 – Tax Planning/Travel Rewards
• 29:11 – College Hacking
• 42:05 – Living Your Values and Taking Time Off
• 48:39 – The Importance of Knowing the Rules
• 53:48 – Traveling Like a Pro
• 69:25 – Conclusion

Resources Mentioned In Today’s Episode:

• Dave Ramsey
• Travel Rewards | ChooseFI
• Preparing for the Cost of College | Brian Eufinger | ChooseFI Ep 460
• The 10 Pillars Of FI
• Modern States
• The $100K Glorified Sleepaway Camp | Millionaire Educator | ChooseFI Ep 386
• All the Hacks
• Subscribe to The FI Weekly!

More Helpful Links and FI Resources:

• Top 10 Recommended Travel Rewards Credit Cards
• Empower: Free Dashboard to Track Your Finances
• CIT Bank Platinum Savings Account
• M1 Finance: Commission-Free Investing, 1-click rebalancing
• CashFreely: Maximize Your Cash Back Rewards
• Travel Freely: Track all your rewards cards and points
• Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
• Student Loan Planner: Custom Consult (with $100 Discount)
• Get a cheaper phone plan with Mint Mobile