In this episode: FI in your 20s, the boring middle, compounding, fat FI, compounding, checkpoints, and building a life.
This week we are joined by Doug and Carl from the Mile High FI podcast to talk about their respective FI journeys and answer a listener question about pursuing FI in your 20s; as well share some tips for enjoying the experience and navigating times in the journey that can feel a bit slow. While figuring out your FI goal requires you to do some work to figure out your FI number, that number and the steps you take to reach that goal are all unique to the individual. That being said, it can be tricky at times to know if you are on the right track when the journey to FI is different for everyone. Remember, although this journey is about reaching financial independence, it’s also about changing and creating the life you want and joining a community that will always inspire you when times feel slow.
Mile High FI:
- Podcast: milehighfi.com
- Newsletter: Join the Mile High FI Club
Timestamps:
- 1:13 - Introduction
- 2:41 - Analyzing Finances In Your 20s
- 9:31 - Compounding Power
- 13:25 - The Boring Middle
- 21:01 - FI Role Models
- 26:41 - Building A Life On The Journey
- 35:01 - Fat FI
- 45:37 - Saving Versus Life Enhancement
- 54:21 - FI Checkpoints
- 57:52 - Conclusion
Resources Mentioned In Today’s Episode:
- The Cure for the Boring Middle | Fioneers | ChooseFI Ep 472
- Mr Money Mustache
- JL Collins
- "Die With Zero: Getting All You Can from Your Money and Your Life" by Bill Perkins
- The Spectrum of Financial Independence and Tools to Track Your Progress with Brad Barrett
- Mini-Retirements to Accelerate Your Path to FI | Jillian Johnsrud | ChooseFI Ep 451
- The Stages and Checkpoints of FI | ChooseFI Ep 324
- 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)
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