ChooseFI 500 | Choose Financial Independence Today
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Jul 15, 2024 Exploring the path to financial independence, setting clear retirement goals, negotiating salary increases, building a supportive community, and reframing saving as buying security. The hosts celebrate 500 episodes by sharing practical advice and insightful financial strategies for achieving FI.
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Brad's FI Journey Begins
- Brad Barrett started his FI journey after losing his job when Arthur Andersen collapsed in 2001.
- The shock made him realize the importance of financial independence and controlling his life through savings.
Savings Reduce FI Target
- Every $100 you save monthly in expenses reduces your FI number by $30,000.
- Small changes like switching to a cheaper phone plan or eating out less can significantly lower your needed savings.
Calculate Your FI Number
- Calculate your FI number by multiplying your annual expenses by 25.
- This gives a clear target to achieve financial independence and control over your finances.