Fixing a Toxic Walk Toward Financial Independence (with the FIoneers)
Oct 30, 2023
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Jess and Corey, the FIoneers, share their a-ha moment of rejecting the march toward early retirement. Chuck Jaffe discusses his Halloween cash or candy game teaching financial choices. They discuss toxic jobs and strategies for early payments. The impact of financial independence on mindset is explored. The importance of asset allocation and diversification in investment portfolios is emphasized.
Prioritizing well-being over early retirement is crucial for a fulfilling and remarkable life.
Taking care of mental and physical health can significantly impact financial success.
Leaving toxic jobs can lead to new opportunities and the discovery of true passions.
Deep dives
Finding a New Path: Escaping the Grind of a Toxic Job
Jess and Corey, known as the Fioneers, decided to leave their toxic nine-to-five jobs after experiencing burnout. They realized that their well-being and happiness were more important than grinding for early retirement. They took a trip to Maine, where they had deep conversations about their life goals and what they wanted to achieve. Jess experienced a panic attack and decided to quit her job. They reevaluated their priorities and realized that they were spending money on convenience and escapism to cope with their toxic work environment. They made significant lifestyle changes and reduced their spending by $17,000 in the first year. Jess started working part-time, which resulted in better health and improved mental energy. With her newfound time and energy, she started coaching others and finding her purpose. The Fioneers' journey taught them the importance of creating a remarkable life every step of the way, rather than just focusing on the end goal of financial independence.
Redefining Success: The Fusion of Health and Money
The Fioneers' journey showed them that success isn't just about financial independence, but also about prioritizing their health and well-being. They realized that their toxic jobs were negatively impacting their mental and physical health. By reducing stress and taking care of themselves, they found that they could save significantly more money. This shift in perspective allowed them to enjoy the journey and prioritize what truly matters. Their experience taught them that money alone does not guarantee happiness and that true wellness comes from finding a balance between health, purpose, and financial goals.
Embracing Change and Finding Purpose
Leaving their toxic jobs opened up new opportunities for the Fioneers. Jess took time to experiment and discover her true passion, leading her to coaching and facilitation. This shift allowed her to use her skills and experiences to help others navigate their own journeys towards financial independence and a fulfilling life. By embracing change and focusing on their values, the Fioneers found a new path that aligned with their goals and brought them more joy and fulfillment than they ever thought possible.
The Importance of Self-Care and Well-Being
The Fioneers' story highlights the importance of prioritizing self-care and well-being. They realized that their burnout and toxic work environment were negatively impacting their mental and physical health. Taking time to rest, recharge, and focus on their well-being allowed them to make better decisions, reevaluate their priorities, and create a life that aligns with their values. By embracing a healthier and more balanced approach to life, they found greater happiness, purpose, and financial success.
Transitioning from a traditional job to pursuing personal passions
In this podcast episode, the hosts discuss the journey of transitioning from a traditional job to pursuing personal passions. One of the hosts shares their experience of quitting their job to start a coaching program and how it exceeded expectations. The other host describes how their interests shifted over time, making them less interested in their current job. Both hosts emphasize the importance of following one's purpose and taking calculated risks to achieve financial independence.
The significance of asset allocation and diversification in investing
Another topic discussed in this podcast episode is the significance of asset allocation and diversification in investing. The hosts address a question about whether it is necessary to have asset allocation when equity mutual funds offer higher returns. They explain that while 100% equity investments may work well in the short term, diversification among different asset classes and regions provides a more balanced and resilient portfolio. They emphasize the benefits of diversifying within the equity segment, such as investing in different countries, sizes of companies, and sectors. This approach helps mitigate risk and allows for smart rebalancing and buying opportunities.
Financial independence. It's often presented by writers as the place dreams are made of. You've reached this magical place called "enough" and now life is all unicorns and rainbows. But what happens when you realize that the march toward shoveling everything toward an uncertain future is creating a horrible existence TODAY? That's what happened to Jess, one half of the Plutus Award winning coaching team The FIoneers. Jess and Corey came by Joe's mom's basement to tell the tale of their "a-ha" moment that led them to reject shoveling tons of cash from a hated job toward an early retirement...and maybe an early grave.
Before that we celebrate our Halloween-kickoff episode with a visit from financial columnist and the host of the Money Life podcast, Chuck Jaffe. Chuck orchestrates an awesome, interesting, and always-changing economics game every Halloween with the trick-or-treat'ers who come by his home. What's the game this year? He'll share what he's planning, and hopefully inspire you to find clever ways to teach kids some money or economic lessons.
Of course we also throw out the Haven Life line (this time all the way to India!), and Doug regales us with his mind-bending trivia.
It's a Halloween party in the basement! Hope you can join us.
