Love, Money, and FIRE With Shang Saavedra
Love & other assets
Journey to Financial Independence
This chapter explores the path to achieving financial independence and early retirement, focusing on disciplined budgeting and frugality. It highlights the speaker's experiences with minimalism and strategic savings while living in New York City, emphasizing the importance of living within one's means and the support of a spouse in reaching financial goals.
This week on Love & other assets, we had the pleasure of speaking with Shang Saavedra, founder and CEO of Save My Cents, a financial coaching business focused on the intersection of mental health and financial well-being. Shang, along with her husband, achieved financial independence and retired early (FIRE) by the age of 31, a feat she attributes to a combination of frugal living and strategic investing. Their journey wasn't always smooth sailing; Shang openly discussed the challenges of balancing her desire for a comfortable lifestyle with her husband's more extreme frugal approach. This highlights a common struggle for many couples: navigating differing financial philosophies.
Shang shared insightful anecdotes about their early days, from living in a tiny, rent-stabilized apartment in New York City to making strategic use of credit card points and miles for travel. She emphasizes that extreme frugality wasn't their initial plan, but rather a result of a conscious decision to live off a single income to mitigate the potential career impacts of motherhood. This led to their unexpected early retirement.
The conversation then shifted to identifying red flags in relationships, particularly concerning financial transparency. Shang noted that a reluctance to discuss finances openly can be a significant warning sign, emphasizing the importance of open communication about money, a topic often avoided but crucial for a successful partnership. She suggested a clever way to gauge a partner's financial habits: planning a vacation together. This seemingly simple activity reveals much about budgeting, spending habits, and decision-making styles.
Shang also discussed the evolving nature of their financial partnership, highlighting the importance of compromise and trust. Initially using separate "no questions asked" budgets, they gradually developed a deeper understanding and trust, leading to shared financial decisions. This evolution highlights that financial harmony in a relationship is an ongoing process, not a destination. The episode concludes with practical advice for couples on setting shared goals, prioritizing childcare and schooling plans, and navigating potential career adjustments after having children. Shang's emphasis on self-worth and combating the pressure of societal comparisons adds another layer of crucial mental support needed for successful financial planning.
Curious to learn more? This episode delves into:
- The surprisingly attainable FIRE lifestyle. Could it be your next adventure?
- The hidden secrets of extreme frugality (without sacrificing all the fun).
- Spotting financial red flags in relationships before they become dealbreakers. Think you've got a keen eye? Find out!
- Navigating the ever-evolving dance between individual and shared finances. Are you in sync with your partner?
- The art of the compromise: blending different financial styles into a winning team.
- Conquering the "Am I behind?" feeling and embracing a mindset of abundance. It’s about your worth, not just your net worth!
Listen to this episode to learn the secrets to a happier, wealthier, and more fulfilling relationship!
Listen to the full episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Brought to you by Plenty. Plenty is an wealth platform designed specifically for couples to build wealth, together. We go beyond budgeting, making it simple to invest, save and grow towards your future goals by unlocking access to the financial strategies of the wealthy.
SELECTED LINKS FROM THE EPISODE
Connect with Shang Saavedra: Website| LinkedIn |Instagram
Connect with Emily Luke: Website | LinkedIn | Twitter
Plenty: Website | Instagram | Facebook | YouTube | Twitter/X
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