Mindful Money

077: Chris Mamula - The Many Paths to Financial Independence

Oct 4, 2023

The podcast discusses topics such as the misconceptions around the FIRE movement, the importance of having a valuist mindset, and prioritizing saving money. Other topics include raising children in a wealthy family, changing perspectives on health and the medical system, and retirement readiness statistics. The speakers also talk about their backgrounds, discovering resources for financial independence, and transitioning from saving to spending in retirement.

43:32

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Quick takeaways

Tracking spending helps align expenses with values and move towards goals.

Avoid mindless spending and invest in what adds value and purpose to life.

Aim for a higher savings rate to achieve financial independence faster and make saving a sustainable habit.

Deep dives

The Importance of Tracking Spending and Aligning it with Values

One key point highlighted in the podcast is the significance of tracking one's spending and understanding where money is going. Many people are not aware of how much they are spending and may be surprised by the results. By tracking spending without judgment, individuals can evaluate whether their expenses align with their values and if their money is being used to move them towards their goals.

The Importance of Tracking Your Finances

01:43

How Financial Independence is About Lifestyle, Priorities, and Flexibility

01:39

Introduction

2min

Chris's Background and Upbringing

9min

Discovering Resources for Financial Independence

11min

Retirement Readiness Statistics and Transitioning from Saving to Spending

3min

Raising Children in a Wealthy Family

15min

Changing Perspectives on Health and the Medical System

2min

Reflections and Recommendations on Financial Independence

2min

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Chris Mamula documented his personal path to financial independence at Eat the Financial Elephant for several years before leaving his career as a physical therapist in 2017 at age 41. Shortly after, he joined Darrow Kirkpatrick at Can I Retire Yet?, where he continues to follow his calling of helping people live their best lives. He’s the co-author of the book, Choose FI, and his mission is to spread the life-changing message of financial independence to a broader audience.

Today, Chris joins the show to talk about common misconceptions around the FIRE Movement, what it means to have a valuist mindset, and why it’s imperative to prioritize saving money.

📺 Watch on YouTube

https://youtu.be/y86KdZNzscM

Key Takeaways

00:58 – Jonathan introduces today’s guest, Chris Mamula, who joins the show to talk about debt, helping people, and the decision to choose a path towards financial independence, retire early (FIRE)

11:20 – FIRE resources and common misconceptions about the FIRE Movement

15:48 – Having a ‘valuist’ mindset

18:08 – Valuing financial independence over retirement

21:45 – Statistics around retirement readiness and the vision of ‘Can I Retire Yet’

25:49 – How Chris is raising his children to think about money and finances

32:22 – The psychology of saving money

37:16 – One thing we can do to increase financial success and one thing to completely ignore

39:47 – The last thing Chris changed his mind about

41:59 – Jonathan thanks Chris for joining the show and lets listeners know where to connect with him

Tweetable Quotes

“Debt is a part of life for most people - at the very least a mortgage. Virtually no one can buy their first house with cash unless they’re getting a lot of parental support. That’s, unfortunately, a part of life for most people.” (04:50) (Chris)

“A ‘valuist’ just means you really line your spending up with your personal values. To me, that kinda just summed up exactly what we were doing.” (15:48) (Chris)

“There’s this Warren Buffet idea of giving your kids enough that they can do anything, but not enough that they can do nothing.” (28:58) (Chris)

“One of the bigger downsides of reaching financial independence is that I wish I had more impact. But, again, I’m trying to keep perspective of where I’m at in life.” (30:38) (Chris)

“If you really dive into the big things that move the needle - housing, cars, food - change those big things, get out of debt so you don’t have your money working against you, and start saving where your money is working for you and it’s surprising how things add up. But you have to make the change and you have to do those big things.” (35:18) (Chris)

“If you want to change your financial picture, you have to know where your money is going.” (37:56) (Chris)

Guest Resources

Chris’ LinkedIn

Can I Retire Yet

Eat The Financial Elephant

Abundo

Chris’ Book: Choose FI

FIRE Resources:

JL Collins

Choose FI Podcast

The Psychology of Saving Money

Books Mentioned: Outlive

Mindful Money Resources

For all the free stuff at Mindful Money: https://mindful.money/resources

To buy Jonathan’s first book - Mindful Money: https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369

To buy Jonathan’s second book – Mindful Investing: https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763

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For more complex, one on one financial planning and investing support with Jonathan or a member of Jonathan’s team: https://www.epwealth.com/our-team/berkeley/jonathan-deyoe/

Website: https://mindful.money

Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe

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