In this engaging discussion, Meghan Walker, a personal finance writer and financial coach, shares her journey from journalism to the FIRE movement. She delves into strategies for achieving financial independence, including mindful spending and travel hacking. Meghan emphasizes the importance of open conversations about finances, offers savvy tips on credit card rewards, and discusses tools for effective budgeting. Listeners will discover how to balance enjoying life while building a secure financial future, making financial empowerment feel attainable.
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insights INSIGHT
Financial Literacy
People are often uneducated about investing, retirement, and spending.
Learning about finances is empowering and helps create a more desirable life.
question_answer ANECDOTE
Nealey's FI Journey
Nealey's financial restructuring inspired this episode.
She and her husband were inspired by friends who achieved financial independence early.
question_answer ANECDOTE
Megan's Early Finances
Megan prioritized time over money, working in sprints and taking mini-retirements.
Living in a van highlighted the unsustainability of her financial approach.
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In 'The Simple Path to Wealth,' JL Collins provides a clear and accessible roadmap to financial independence. The book, written in a conversational style, emphasizes the importance of living below your means, avoiding debt, and investing in broad-based index funds, such as Vanguard's Total Stock Market Index Fund. Collins discusses key financial principles like the 'F-You Money' concept, the 4% rule, and the dangers of engaging investment advisors. He shares his personal journey and investment mistakes, making the book relatable and inspiring. Although the book is heavily focused on the U.S. market, its underlying principles are applicable to a wide range of investors.
Quit Like a Millionaire
Christy Shan
Bryce Long
The millionaire next door
William D. Danko
Thomas J. Stanley
The book challenges the common perception that millionaires live in affluent neighborhoods and instead shows that many wealthy individuals live modestly in middle-class and blue-collar areas. The authors identify seven common traits among these millionaires, including being dedicated to a vision, making appropriate career decisions, valuing financial security over social standing, and efficiently spending time and money. The book also distinguishes between 'Under Accumulators of Wealth' (UAWs) and 'Prodigious Accumulators of Wealth' (PAWs), emphasizing the differences in their spending and saving habits.
Die with Zero
Bill Perkins
Die with Zero presents a provocative philosophy and practical guide on how to get the most out of your money and your life. Bill Perkins argues against over-saving and under-living, advocating for investing in experiences early and maximizing positive life experiences. The book introduces concepts like 'time-bucketing,' 'net worth curve,' and 'fulfillment curve' to help readers optimize their life stages and make the most of their resources. Drawing from his own life experiences and insights from psychological science and behavioral finance, Perkins makes a compelling case for living large and accumulating memorable experiences rather than wealth.
Meghan Walker is a very good friend of mine who is also somewhat of an expert in the FIRE (Financial Independence Retire Early) world. I asked her to be on the show to educate you about how you can make changes to your spending and investing/saving habits in order to have financial freedom in a lot less time than you think it’s going to take.
In a recent episode, I talked about how my husband and I started working towards an earlier retirement this past year and how amazing it’s been to see the results of our hard work. We can see the light at the end of the tunnel, and that is what I want for everyone who wants to take back their time and freedom from their employers. That is what the FIRE movement is all about.
In the past few years, Meghan has learned a LOT about investing, travel hacking, and saving money and is on her way to “coast FI” (we’ll explain in the interview) in the near future. Prior to learning about the FIRE movement, Meghan was enjoying “mini-retirements” throughout her 20’s and 30’s in which she’d work hard for several months to save up for extended cross-globe adventures until the bank account ran dry. It wasn’t until Meghan was in her mid-30s that she learned about the true meaning of financial independence and finally started her journey to FI.
As a side gig (which you’ll hear more about in the interview), Meghan and our friend Jeff started a website www.awaytofi.com where she’s written articles and offers consults to people like you who want to learn more. Meghan lives with her husband Callan and dogs Wiley and Pepper in Boulder, Colorado.
What We Talked About
What is FIRE / FI?
Why did Meghan get into it?
What she did to make progress toward her goal of coast FI
The different kinds of FI
How this all could change your life and give you more time to climb and pursue other passions
What you should know about investing
Things you can do to decrease spending
Travel hacking so your flights and hotels are paid for by credit card points
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