The Financial Independence Show

Today's episode features Rob from The Simple Startup. Rob had an interesting childhood were he got most of his early education in Ireland. This gave him an opportunity to be exposed to unique learning environments that don't typically exist in the United States. Now Rob is leading by example and teaching his own students these valuable lessons of personal finance and entrepreneurship. He has also taken it one step further by creating a workbook that can spread these lessons to everyone. Listen, learn, and let us know what you think about Rob's amazing lessons. Episode Summary Rob's Upbringing Rob feels like he had a lot of great influences early but didn't bite on the advice In his elementary school in Ireland, he was involved in some saving focused programs About two years ago he started getting involved with teaching financial literacy with younger kids Rob was born in the United States but was in Ireland most of his life until age 21 He comments that you don't see the drive for FI in Ireland that he's seen here We discuss differences in pension systems and wages between Ireland and America How Rob Became a Teacher He had several options to choose from between sports medicine, architecture, and teaching Rob mostly went with teaching because he got the summer off and he loves getting outdoors Even the subject he was going to teach just sort of fell into place Rob actually started teaching in 2014 Taking Money to the Next Level Rob admits his wife was better with money when they first met That gap he was noticing drove him to take money more seriously Within 12 months of marriage, they paid off all of their $20k of debt After his debt was paid off, he started focusing more on financial independence Origins of Rob's Love for Entrepreneurship Rob's high school in Ireland offered him a gap year that is all around self-development His business teacher made them actually start their own businesses The kids were in charge of the full cycle Rob says it was basically the Lean Startup Model Finding something that can be started with resources you already have on hand That first business was selling baked goods which sold at school They profited about 500 Euros The group actually had their own custom stall and custom aprons Educating the Next Generation of Financially Literate Citizens Rob asks his students on a skill they'd like to learn but never have Then he challenges them to learn that skill without his help and prove their mastery of it Something like changing the oil in a car and creating a YouTube video teaching others to do the same Then he started a club called The Millionaires Club This club is fully self-funded without fundraising They get their money via business they run themselves and can keep 10% of the earnings As he started building out resources and structures for this he decided he should build a workbook This workbook is an actionable workbook that's very interactive and not just something you read He calls it a how-to guide around starting your first business It's really targeting teens and young adults This workbook covers the full lifecycle  Finding a need, building the business, handling the finances, and pitching it to others   Key Takeaways The Lessons are versatile: Whether it's business, personal finance, or responsibility -- these type of lessons can apply and improve lives in many areas Think outside the box: Rob didn't let what a teacher normally does define what he was going to do with his students and is seeing the results Call to Action If there is a young person in your sphere of influence that you can encourage to try a project or a small business, then help push and guide them through that experience. If not, try a self inspection and consider starting up a trial run of a business with extremely low startup costs to see if it's something yo...

Today's episode features Gina from The Frugal Convert. Gina has a powerful story of being alone and broke at age 19 with a child to take care of. She didn't let her circumstances define her and took control of her life. Then over time, things began to slip again and she realized she needed to change at a more conscious level. Now she's a full-fledged frugal convert and closing in on financial independence. Listen, learn, and let us know what you think about Gina's wild ride. Episode Summary Gina's "Jar of Pickles" Moment Gina found herself 19, newly married, and pregnant and totally broke. Her then-husband took her phone, car, credit cards...everything She was hungry and alone in her home and had nothing to eat but pickles Then she found herself on the floor crying Gina then started going through all the bad decisions she'd made in her life that led to this But then she decided she could take control She divorced him and life moved on Now she's married to the man of her dreams Gina takes steps back again Things were going well for a while after her wake-up moment Then Gina got comfortable and started racking up credit card debt She and her husband were happy and well employed but her habits hadn't changed Then they found themselves in over $100k in debt Earlier in life, she had racked up debt She had done this because her rent was $1150, she was going to college, had a kid, and only earned $1200 per month Gina would get a loan to consolidate her debt but then keep racking up more with the new limit Making Habits Stick Gina realized that she would have to really change her habits to turn her life around Her first step was to start really tracking her spending It wasn't cold turkey, she just lowered the frequency of disposable spending Eating out once a week instead of three times a week, etc She admits she tried to make a budget before she tracked her spending That is generally a big mistake and leads to failure Without a point in time, it is hard to make reasonable projections She also says that a budget should be a living document It can't be something you set and never adjust Gina utilizes an excel spreadsheet and breaks it into four categories The first is survival - food, utilities, rent The second is debt The third is extras - Netflix, eating out, etc The fourth is fun money - even if you still have some debt to pay off Redefining Frugality It's not about deprivation, it's about reprioritization It is fun and rewarding to be frugal You become picky about what you spend your money on and only focus it on things you're excited about She also began to realize that she was actually just buying things because it was a habit It wasn't that she needed them or even wanted them long term Now she's much more into decluttering and keeping things simple Finally, Gina walks us through how this is all possible in Los Angeles She also shares budgeting with her kids They don't feel deprived, they are just getting educated and comfortable with money Leaving A Legacy She really wants to follow her passions full time and step away from traditional work Gina also wants to get more into real estate and having extra streams of income In 2007 they had bought a condo, then the 2009 crash happened Her husband lost his job because it was tied to the mortgage industry She was furloughed due to the turndown So her focus will be on diversifying their income streams Her real passion is going out and being hands-on with moms in the welfare She wants to develop programs they can use to take control of their finances   Key Takeaways When Life Hands you Lemons: Gina had every right to be down on life and never crawl out of her low spots, but she always learned and improved herself. Behind Every Paycheck is a Passion: Gina acknowledges that her day to day job isn't he...

Today's episode features Robert from Stop Ironing Shirts. Robert worked his way up the sales career path. Then in 2019, he retired with over 28x his annual expenses. Fast forward to today and he saw that shrink to 18x his expenses. People often always wonder what it would be like if they retired just before a crash. Now you have the opportunity to see how that looks first hand. Listen, learn, and let us know what you think about Robert's wild ride. Episode Summary Robert's Journey to FI Robert didn't have much money growing up He started noticing the people around him who did Then he tried to reverse engineer how they got there He contrasts how his grandparents had a structured career path and his parents didn't His dad did end up in sales which is where Robert first found the career path Robert Finds His Career He graduated high school in 2000 Robert thought he'd go into computer programming That quickly changed when he hated programming Then he got a department store job celling cell phones This made him realize sales was for him Robert goes over how sales have no politics or ambiguity in pay It also means that you can make as much as you can perform Robert Experiences His First Crash Robert talks about his experience with the 2008 crash He talks about how his 401k was less than his contributions even with company match Then he talks about how you just have to keep plugging away when it's dropping Your earnings in a savings account simply can't keep up with inflation Robert Discovers FI He talks about the life decisions he made once he discovered the FI movement in 2013 The canceled fancy hotels and tried to do some of their own home renovations Some of those changes didn't pan out but the overall path was clear for them They looked and felt like they could retire around 5 years from that moment In 2015 he had a good job opportunity and it locked him into three more years The timing worked out pretty well but pulling the trigger was still scary Crash Take 2 Robert now talks us through what life has been like during this latest crash He went from Fat FIRE to Lean Fire in one month Robert had also taken on a little side gig but was let go because of the turndown He says at this point you just have to give up control By this he means, just stay the course and don't do anything rash Robert also gives us insight into which individual stocks may or may not be favorable as we come out of this crash Especially focusing on companies that are getting bailouts which hinder investors And rest easy, Robert says he's nowhere near considering full-time work   Key Takeaways Sell Your Salary: Robert walks us through the high earning potential that sales brings Trust the Process: Losing 10x your annual expenses in a month can be disturbing but Robert isn't giving up on the process Call to Action Research some companies you're interested in, you don't have to make any individual stock purchases but it can be a fun exercise to vet companies that you may be interested in. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your...

Today's episode features Dustin Mathews from WealthFit. Dustin worked for and built several businesses. Some of these businesses had huge incomes and expenses but Dustin found himself without a ton to show for it. Then Dustin discovers FI and starts radically changing how he lived and starts spreading financial advice himself. Listen, learn, and let us know what you think about Dustin's amazing turnaround. Episode Summary Dustin's Journey to FI He attributes Rich Dad Poor Dad as his entry into FI Most of his work / finance life was around building a business and selling it He started out with some startups but then decided to create his own business Dustin admits he didn't mind racking up debt for these businesses He attributes his entrepreneur spirit from his mom Dustin's First Business As part of a mastermind, he found someone who could use some marketing help The business was selling courses around lines of credit for businesses  A big recommendation Dustin give is doing lots of small changes and testing along the way. After Discovering FI He walks us through the tough conversations with his wife Dustin also said that for tracking expenses, a google sheet stuck with him where fancy apps didn't Then Dustin got the opportunity to go work for Wealthfit Stepping Back to His Six-Figure Courses He starts getting involved in product launches which were very profitable Then he starts a seminar business around teaching others to do product launches These seminars could bring in over $1M a year That would be over $250k over three days It's important to remember that was gross income The business kept sprawling with more expenses On top of that, Dustin was spending all his money without worrying about saving Teaching Others From His Mistakes When Dustin got the opportunity to work at Wealthfit he was excited Excited to help others avoid mistakes he made with his businesses and personally grow He calls Wealthfit the Netflix of personal finance They have courses and materials around both personal finance and entrepreneurship/side hustles We wrap up with Dustin sharing how he landed Dennis Rodman on his podcast   Key Takeaways Easy Come, Easy Go: It's awesome to grow your income but you need both intentional spending and income in order to make progress Lift others with your mistakes: We loved how Dustin brings his knowledge and opens up about his failures in a way to help others People can change: Dustin has felt what it's like to live a life full of expenses and huge incomes but the FI message still resonated eventually Call to Action Slow down a little if you still haven't found your purpose and re-evaluate that your money and effort are aligned with your goals. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Dustin's Information

In today's episode, you'll hear from your hosts only. Hopefully, you find some comfort in today's episode during this uncertain time. This episode is covering the Coronavirus, how it impacts us mentally, physically, and financially even if we're lucky enough to avoid getting sick. These are certainly tough times but we hope there are some bright spots you can use as motivation to get through this. We don't know how long this could last, so let's get through this prepared and together. Listen, learn, and let us know what you think. Episode Summary Topics Covered in Todays Podcast Focusing on Coronavirus and FI We start off covering  current correction We’re currently at late 2016 levels Then talk through scenarios if you pulled out of the market in 2008 and stayed out for X number of years Even if you invested at the height of the market (September 2008), your annualized, inflation-adjusted return as of March 2020 is 4.5% Federal tax filing deadlines and payments extended to July 15 (including estimated quarterly payments) Cover importance of  having an emergency fund Briefly touch on unemployment benefits Share our thoughts on if we get stimulus checks, what you could do with it  Go over side hustling / extra income ideas We look at how you can support local businesses and yourself Do you have tech skills? Help companies go digital as a consultant Share our opinions on stopping the spread of the virus (incubation period, social distancing, etc.) Give insight into our own personal impacts with travel etc Brainstorm some low cost/ free hobbies you can do online Help you see how Zoom/Skype tech can replace happy hours and social events  Emphasize fitness while quarantined  Try to highlight the money you'll be saving during a quarantine  Then look to share some potential escapes you can still do that are quarantine friendly Running  Camping  Biking  Photography  Road trips  We go into over-preparing, mentally and financially, for the potential that life remains in an altered state for many months Finally, we remind you that now is the perfect time for projects you've been putting off, now is the perfect time to accomplish   Key Takeaways This could take time: We have to plan both mentally and financially for uncertain times to consider for many months. Silver Linings: It's certainly not a situation any of us want to be in, but what can we do to come out of this as strong as possible? FI is here to stay: There are voices out there calling for the end of FI, but there will never be a reason to stop aligning your spending to your values, living responsibly, and educating yourself on finances. Call to Action Really think through and put together a plan for how you can last 8+ months living in this way that covers you financially, emotionally, and physically Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus,

Today's episode features Christine Hughey who owns A Little Local Flavor food tour business. Christine navigated several cities and years to land her dream job in Nashville. Then shortly after, Christine would be celebrating a new marriage and devastated by their household income dropping from $120k to $35k. At the bottom, she took a challenge to start her own business and in no time had created a six-figure food tour company that is growing at leaps and bounds. Listen, learn, and let us know what you think about Christine's amazing turnaround. Episode Summary Christine's background She feels like she had a better than average financial understanding growing up Christine would go visit who are Grandmother who tasked them with tracking stock prices Her Grandmother would also buy them small stocks in companies they understood It gave them something to chat about over their times apart Christine admits that she took all those lessons for granted until much later When it was time to go to college, Christine wanted to get into the print industry This ended up requiring her to get an engineering degree at the college she was at From there she moved to Colorado and got a job she did not enjoy Journey Towards FI In 2006 she is making around $35k per year and saving around $200 per month She also realized a true engineering job wasn't going to be there for her in Denver From there she moved to a small town in Texas for a few years Then her dream job opened up in Nashville, TN Things Begin to Fall Apart We're now entering 2013 on the journey and Christine is hitting her groove Until she is shocked to find out that she'll be losing that dream job quickly after starting Leading up to this, they had tried to push more and more work on her with no increased pay Christine's husband helped her through this down period Then she got a new contract for a dream job as an engineer and things were looking up Then six weeks after their honeymoon, that new contract got pulled and she was unemployed On top of this, her husband lost his largest income-generating gig Six weeks after their honeymoon they saw their pay get cut from $120k to $35k They started cutting all expenses and downsizing their house Christine admits that the whole experience was crushing She vowed to never let one company be the source of her income The turnaround Christine finally finds work at a food tour company in Nashville The hours are long and the pay had gotten cut in half Then January 2018 happened and her life completely changed This was when she attended her first financial independence event Christine attended CampFI down in Florida At the conference, she was challenged to start her own food tour company When she got home, she quit her job and started her own business that May This was the start of A Little Local Flavor Building a Six-Figure Business Christine admits she was out of her comfort zone What got her through was just taking one small step every day Most of her education came from podcasts It took some time for her to shed being an engineer as her identity As she built her team she had several keys she wanted to hit Some things she wanted was to fair pay, have strong values, and a good work environment She then layers in lots of bonuses into her employees' pay This small step really incentivizes them to do great work By the end of 2018, they had over $60k in sales But then 2019 grew like crazy She grew her team to include 8 employees They also saw the number of visitors grow to 4400 and sales to $330k With that, they took home 23% as profit Christine expects to grow that margin and increase tour types and locations Her 2020 goal is $500k for the company She also hopes to be able to scale back her involvement   Key Takeaways Social Currency: Christine talks about how to put ou...

Today's episode features Tyson Koska from OnTrajectory. Tyson joined the Army when he didn't have enough money to go to the college he wanted. Later, he would end up with an English and Philosophy degree which didn't land him a job. He fell back on an old skill of programming and up-skilled his way into eventually making six figures. Listen, learn, and let us know what you think about Tyson's amazing turnaround. Episode Summary Tyson's background From a young age, he had jobs and tried to make his own money His goal has always been to be independent When it was time to go to college his parents offered to help But for them to do so he would have to live at home Instead, he decided to join the Army and became a helicopter pilot Tyson admitted he made a lot of missteps when he first started working He blew all his money and racked up credit cards Reinventing and Up-Skilling He left the military in 1992 In the end, he would end up in that little local college after all Tyson decided to study English and philosophy Those majors didn't provide any job prospects Tyson fell back on his old skill of programming that he learned at age 13 This spun into a job and a pipeline for up-skilling Over that stint, he would climb from $30k income to over $100k His income was increasing but so was his spending Tyson says that was largely due to marrying the wrong person Then we discussed what really flipped the switch for him He recalls a friend who wanted to open a McDonald's His friend said he needed $100k to do so That sounded like a ridiculous amount of money to him but inspired him Creating OnTrajectory Another big turning point was when his second kid was on the way There was so much unknown and he couldn't find a tool to help him plan for them This need led him to build OnTrajectory Now he sees both individuals and advisory firms using the tool It's also available for a free 30-day trial with no credit card needed to sign up Then Tyson walks us through all the incredible detail you can get from the app There are walkthroughs on YouTube as well as several guides It's a really cool tool that allows you to insert tons of complicated life events into your projections   Key Takeaways Mistakes Happen: Tyson calls out several missteps but he learns from them instead of dwelling on them Life is Complicated: OnTrajectory was born out of this idea to model all the crazy life events we can run into Call to Action Head on over to OnTrajectory to start your 30-day free trial and see what your plan looks like with all those important life moments. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after...

Today's episode features Josh Overmyer from JoshOvermyer.com Josh lost his job and a major chunk of his home value in 2009. That would force him back under his parents' roof for two years. Luckily he turned things around and discovered FI but it wasn't all roses. Josh takes us through that whole journey including bouncing back from failures with precious metals, penny stocks and peer to peer lending. Listen, learn, and let us know what you think. Episode Summary Josh's background Grew up in small-town Indiana Dad worked in a factory, Mom works as HR manager both 20+ year careers First in his family with a 4-year degree He majored in Urban development Moved down to Fort Myers Florida in 2005 The Great Recession Hits Then the recession hit and work came to a halt Then in July 2009, he lost his job Josh then moved back home to stay above water He had bought a house that saw its value get severely lowered Josh had to keep up a low-cost lifestyle for two years He averaged $19k in spending Josh would move out of his parents' house in 2011 Bumpy Path to FI Then he started finding FI/RE bloggers like J Money Josh eventually found a job in grant administration Then Josh starts talking about the failures he’s learned from These include investing in precious metals, penny stocks, and peer to peer lending Hitting His Stride Josh would land a new job back down in Florida At the exact same time, he would start driving for Uber He just kept saving and saving July of 2017 he started maxing out his 457 Over his 3.5 years working in Florida he would start at  30% and ramp-up Josh then covers all the activities he takes place in the FI community In his day to day life, he doesn’t have people to talk about Finance with But through FinCon and CampFI he has found his people  He has also credited Travel Rewards as the biggest game-changer for him The whole 3.5 years he worked he didn’t have vacation so he saved points Now he’s utilizing those points and recommends the Capital One credit card Josh then talks about how to hit those minimum spends   Key Takeaways Life hits hard: Josh never could have seen his world flipped upside down from the recession, but it did and he wasn't prepared Learning from mistakes: Josh tried several different angles at investing before finding his groove Stay Positive: Josh is so upbeat about his story and now in a great place and will be ready for the next market challenge Call to Action Head over to our Facebook Group and let us know a failure you've had and what you learned from it. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account...

In today's episode, you'll hear from just your Hosts! That's right, no guests today, but plenty of voices will be heard. This episode is covering the 2020 goals we sourced from our Community Facebook Page. In today's episode, the guys share with you the powerful goals The FI Show group set for 2020. As always the Community Facebook Page has set the bar high and brought us some impressive ambitions that we can't wait to follow and help motivate! As always the hosts will also be transparent with their financial goals for 2020. Hopefully, you enjoy this special episode! Listen, learn, and let us know what you think. Episode Summary Goals from various community members 345 bench / 445 squat / 515 deadlift Add $100k to their net-worth Visit 15 new countries Publish a second book Finalize estate plan Quit jobs and fix up Air BnBs Pay off student loans Buy first house hack Positive net-worth Attend 2020 FinCon Complete triathlon Make $35k from rentals Buy replacement commuter car Put extra $12k towards mortgage Payoff house Zero consumer debt Max out IRAs The Hosts Share Their 2020 Goals Justin Finish a half marathon length spartan race Put $100k into the stock market Make $1800 selling blood / blood cells Link To Learn More - Tell them Justin sent you! Finish 2012 Ford Transit camper-van conversion Have an 80%+ savings rate Hit his FI Number ($550k)   Cody Get to his lowest body fat % of his life Buy a house hack Invest $50k into retirement accounts Take one memorable trip every month Volunteer more Push himself and take a risk   Podcast Get an A-list celebrity / athlete on the show Double listeners and community members Hit the road and meet the community in person   Key Takeaway This community is ambitious: We were amazed to see how strong some of these goals were but based on the 2019 progress, we know they are going to hit them. Call to Action Join the FI Show Community Page and share your goals with someone! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today's episode features Rebecca from My Fat Purse. She breaks down how she and her husband paid down his $180k student loan debt in just 2 years. Rebecca and her husband gave up pensions from the military and are poised to hit FI in 5 years. She talks about how powerful tracking their spending and avoiding lifestyle inflation was to this journey. Listen, learn, and let us know what you think. Episode Summary Rebecca's background She started taking her finances seriously after marriage Rebecca's husband came into the marriage with $180k of debt They paid that debt off in 2 years Rebecca graduated without any student loan debt thanks to the military She studied mathematics for her bachelors Then she got paid by the Air Force to get her masters Paying Down $180k Debt Rebecca attributes tracking expenses as the most powerful force to paying off debt They put all of one salary completely towards debt She also calls out how important it was to avoid lifestyle inflation That refers to slowly spending more money over time Rebecca's husband was also in the Air Force He was supposed to be on scholarship but ended up losing on it She covers that tough decision on giving up a pension and chasing FI Life After the Military Her husband took a slight hit in income and she saw a raise Rebecca stuck with working for the military as a contractor Her husband decided to completely change up his job They now have control over where they live but decided to stay in Colorado This was mostly due to her husband's job and ease for her to find a good job Path to FI They have purchased two homes One is their primary residence The other was for renting out on Air BnB That experiment didn't turn out well so they sold it Outside of their primary residence, they keep it simple with a three-fund portfolio Rebecca feels they are five years away from financial independence Next Rebecca walks through why and how they combined finances They do keep separate accounts for some flexible spending Budget Tracking Rebecca really emphasized tracking spending and how she does it She started with Mint Recently she transitioned to an app called EveryDollar She also has built a very robust tracker you can download   Key Takeaways True Partnerships: Rebecca didn't put all the debt payoff on her husband, she knew that their goals were tied together and decided to help Tracking not budgeting: People often think you have to set limits on yourself when in reality, simply knowing where your money goes is the first step Not all real estate is gold: Just a nice reminder that while real estate is extremely powerful, it's not foolproof as Rebecca found out Call to Action Take some time and completely track your expenses for 1-3 months even if you've done so in the past. This can help make sure you fully understand where all your money is headed. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal!