The Financial Independence Show

In today’s episode, Cody and Justin bring you an incredible story that starts in poverty but ultimately dismisses a strict following of frugality. Dom was raised in unfortunate circumstances but quickly started latching onto mentors at a young age. He even had a pretty successful business selling candy bars at school as a young kid. Since those days Dom has continued to sharpen his skill and has outlined a method for gaining promotions and raises at a high degree of success. He now brings in over $300k per year and is ahead of schedule on his amazing goal of $10M! He also gives an interesting take on becoming an “Intrepreneur” where you still work for someone else but with the autonomy and compensation you desire. Episode Summary Grew up on welfare Parents were drug addicts His dad spent a lot of time in jail for producing meth He gained sight of the FI movement through “Rich Dad Poor Dad” Finds his motivation from people who are more successful than himself In 6th grade, he found out about a place that gave you free pizza if you folded boxes He got to know the owner who was his first mentor At the pizza place, he learned about inventories and staffing That little job also helped him understand the correlation between the amount of work you put in and your reward He started selling candy in elementary school and was making 60-100 dollars per week just selling candy Around 2014 he started noticing extreme frugality wasn’t working for him and he went to a 50/50 model where he saved 50% of his income and spent the other 50% guilt free regardless of income They now spend $110-120k per year He interned with a company in college and would eventually take a job with them as a financial analyst He really focused on outworking his coworkers and worked 80-90 hours a week for his first 7 years out of college Some of those hours were on the side learning new skills and not just on his job He talks about the importance of marketing whatever your skill is Knowing what you’re good also means being very self-aware A great quote he had was “failure isn’t because you didn’t have the resources, it’s because you didn’t have the resourcefulness” He also talks about how important “Luck” is but refers more to being prepared when these seemingly random opportunities come along The skill he learned was being the translator between the Financial and IT sections of the company To help find your own skills you should hone in on, ask other people what they think you’re best at, what are you getting complimented on. He gives tips on getting pay raises and when it’s time to just jump ship He actually recommends sitting down with management and agreeing to what it would take for a raise or promotion and what your pay increase would be and have them sign off on it, email it to them, and track throughout the year sign, scan and email it to them and then come in at review time with evidence that you met it and asking when the raise is happening? I mean I love that but never heard of it and secondly when you’re swapping jobs, do you have a time frame like X number of months prior to leaving that you start scouring linkedIn, are these contacts from your current business, how does finding that next job look? He used this method at one point to gain a $60k a year pay increase and promotion Dom was able to make this deal by implementing a strategy that would save the business 60k every year indefinitely He also recommends staying in touch with recruiters to check in with periodically to see what other people are making at a position similar to yours This also leads into a term he calls “Intrapreneur” where he’s more than an employee and has earned a lot of autonomy He has since negotiated a stake in the company and bonuses so he has the best of both worlds While he has to work a lot and across a lot of time zones he’s able to work from anywhere and at any time so he blends work into his life instead of simply balancing the two He and his wife intentionally waited until 32 to have their first child so they had the flexibility and wealth to be able to go down to a single income if they needed The 10M dollar plan he made was a 20-year plan he started in 2015 Key Takeaways Practice the work-life blend: Dom doesn’t believe in the work-life balance. Instead, he practices what he calls the work-life blend. The time he spends working on his day job is indistinguishable from the time he spends working on his other tasks since each individual task is a separate fulfilling job in itself. Mentors are everywhere: Who would have thought that Dom would learn some of his most valuable lessons from the owner of the pizza shop he worked at? Never underestimate people and absorb as much information as you can. Frugality is relative: Although Dom spends between $110,000 and $120,000 per year, he still is able to save between 57 and 60% of his income. Financial independence definitely isn’t all about deprivation and frugality and personal finance is personal. Find a level of spending that makes you happy while you save as much as you can. Call to Action Figure out how to earn a raise and create a concrete plan to get there. Draft a clear strategy with tangible checkpoints and check in with your boss at the end of the year once you’ve met them. 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 Links from the Episode Dom’s Blog   Contact GenY: Twitter: @GenYFinanceGuy   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you an awesome episode full of philosophical discussion to go along with the background of Grant Sabatier who went from $2.26 in his checking account to $1.25M in 5 years! Our main hope is you come away with a little more insight into Grant’s brain as we tackle some interesting questions like Do people optimize too much? Can a journey to FI be harmful? Does someone need to know their why? Is becoming an entrepreneur the answer? If you enjoyed this episode or want to get to know more about Grant, we encourage you to pick up his new book Financial Freedom today! Episode Summary Graduated with philosophy degree Bounced around 4 jobs after college Was laid off twice Spent what money he had going on a big trip to Africa Ended up back at his parents with $2.26 at age 24 He was also carrying credit card debt His parents gave him a 3 month time limit to figure things out This was during 2010 He started googling for books about money and landed on Your Money Or Your Life as well as Automatic Millionaire Grant realized if he was going to be trading life for money, he became focused on how he could make as much as possible He sat a goal to make $1M and retire as soon as possible A few weeks later he discovered Google Mobile Ads as well as a free certification course He was immediately hired upon completion He started making $50k It was until 2.5 years later that he found others on the path to financial independence at a young age He working extremely hard working 7 days a week most of the time He started building websites plus flipping VW vans and mopeds, and flipping domains Today he still has over 800 domains He began to gain a lot of traction with his main job of managing Google campaigns He attributes this to understanding how he’s perceived, knowing what value he brings, and understanding what his clients need to do to impress their boss One tactic he had was actually writing messages for the client to express how this deal would be good for them Then he talks about how easy it is to see the difference between someone just putting in a lot of hours and those they put out quality work The discussion then swaps to skills which Grant refers to as the future currency Also to make sure that you learn skills that may not tie together at surface level like analytics, sales, and coding Great quote I don’t know how to do that is no longer an excuse in this digital age He talks about how at 18 when graduating from high school, you simply don’t know what you want to be so a structured plan can be tough but you have a huge opportunity to take risks He argues that too much personality finance writing is about cutting out things that we enjoy or being too afraid of debt To worry more about making more money vs stressing about something like student loans He talks about knowing where you want to go and then focusing on how much you need to make to get there instead of settling on what you think you’re worth Grant talks about knowing where you want to go and then focusing on how much you need to make to get there instead of settling on what you think you’re worth He also talks about the risks of climbing the corporate ladder and what that can do to your life and family Then we talk about over optimizing our lives and our budgets This ties into how much of our life we miss by not living in the moment and how Americans struggle with this more than some countries He also admits that he gave up to much life and experiences by being so hyoerfocused on retiring You can be just as addicted to saving money as someone who is addicted to spending it and both are dangerous His wish is that everyone who finds themselves in a job they didn’t love would take 6 months off without a concrete plan to discover your passions Becoming FI in 5 years was extremely stressful for Grant His hope is that FI helps more people help others He talks about getting to level 3 of finances being so important which he calls breathing room Breathing room is 6 months to 1 year of expenses saved and you should focus on that before big trips and experiences and then start exploring life Then he discusses what worry him even more which are people who are happy enough, that make decent pay but aren’t truly fulfilled After, we get into a really interesting discussion on how we perceive time differently at different ages because at age 7 we’ve already experienced half of life’s new experiences Then again at age 26 we find time flying by because we’re at 80% of life experience and how we fill so much more alive when traveling to new destinations We then swap to the topic of the importance of existing and soaking in life and true happiness while we’re working so hard towards financial freedom We end our episode talking about working with our spouses and selves to understand what a truly perfect life would look like beyond the number Key Takeaways Skills are future currency: Grant speculates that, in the future, our economy will operate in such a fashion where each of us represents our own little “island” of talent. Our skill sets and capabilities will determine how much we earn and succeed. Start learning some new skills and building your future currency net worth! Take a step back and breathe: After Grant set his goal of accumulating $1.25M, he turned his engine on hyperdrive. If he could turn back time, he says that he would have taken a step back to breathe and to realize all of the freedom he had already created at that moment in time. Enjoy the journey! Budgets Shouldn’t Restrict You: If you feel extremely deprived on a budget like Grant did, it might not be a great option for you. Instead, get the big things right (housing, transportation, and food) and then spend your money on the things that truly bring you joy. You don’t have to cut out your Starbucks! Call to Action Take a step back and look at your life from the outside: Is this the life that you want to be living? If not, what steps can you take to move in the right direction? 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 Links from the Episode Financial Freedom: A Proven Path to All the Money You’ll Ever Need Millennial Money – Grant’s Blog   Contact Grant: Twitter: @millennialmoney Instagram: @financialfreedom   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you the boss we all strive to be. She realized being a lawyer wasn’t in her future and swapped career paths to the tech industry and never looked back. While she makes a hefty income with her day job, she maintains a dedication to side hustles. We also loved J’s alternate take on Financial Independence by not rushing it. She loves her jobs and wants to be very stable. Just another great example of the many paths to FI. Episode Summary Studied political science in college She thought she would become a lawyer Became a legal assistant at age 22 She was in Boston and then moved back in with her parents Some of her friends started blogging She started her own blog about studying abroad to help students figure out where they should study She finds an internship for the U.S. Olympic committee for digital marketing Started working at USOC in 2012 All the experimenting with her blog directly translated with her new internship at the USOC She turned that internship into a full time position where she would work with the field hockey team She still uses a lot of the same strategies she did with her first blog including hiring out some posts on areas she isn’t as familiar with and  using keyword planning tools One strategy she uses is to write content that’s funny and slightly controversial She talks about the power of pintrest as the “Google of Pictures” and allows for tons of free advertising J talks about how important it is to experiment with posts and pictures early on when your readership is low to figure out what works She felt like the USOC job was great but wanted to learn from a bigger company Her focus was on tech jobs in a fortune 500 company She landed a job with an insurance company in Colorado as a project manager She cited her management of a website that she helped a startup create with $15k as project management experience which allowed her to land the job Her job was working with engineers to develop internal software She got her Master’s reimbursed and got it in Information systems Worked there for 3.5 years She networked at the Grace Harper celebration There she interviewed at a Silicon Valley tech company and made the move to California 9 months later She received the AnitaB.org scholarship to Grace Hopper Celebration She got a pay bump from the move to California Although the standard of living there is more expensive she actually lowered her expenses in Colorado by living in a tiny 1 bedroom At that time they were in debt from student loans and other various debt They became debt free in 2016 After a year of living in Silicon Valley she realized it was not for her She moved to the pacific northwest where she feels she can get the best of both worlds She loves her job so much now that she’s not hyper-focused on the retire early portion of FIRE There is a desire to spend more time with family but she worked a deal with her current job to work remotely from time to time in an office near them J’s list of best side hustles: Air BnB, Turo, and her new favorite — Etsy digital downloads Key Takeaways You can never learn too many skills: J went to college for political science and now earns a majority of her money through tech and blogging. She was able to increase her perceived value by constantly gaining new skills! Design your lifestyle: Taking “risks” yields rewards. J was never afraid to take a leap at a new opportunity. Whether it was moving across states, trying new jobs, or finding a new role, her ability to take these risks vastly improved the trajectory of her life. Don’t be afraid to take calculated risks! Enjoy the FI journey: You don’t have to hit your FI number or reach your cash flow goals as fast as possible. J explains how she is enjoying her journey and soaking up as much as possible along the way. Call to Action How can you design your ideal career? Work to maximize your perceived value and leverage it to gain options. 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 Links from the Episode Millennial Boss FIRE drill podcast Grace Hopper celebration Airbnb Turo Etsy Rover Pinterest   Contact Millennial Boss: Twitter: @MillennialBoss Instagram: @MillennialBoss   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you the creator of what we believe will be the future gold standard of Credit Card rewards accumulation, tracking, and redemption. Anik Khan started creating businesses at age 14 where he would redesign websites for thousands of dollars. He would go on to college to pick up management skills and work a few years as a management consultant before starting the rewards app called Max Rewards. The app is currently in beta but should be ready in March 2019. You can gain early access by going over to Max Rewards and hitting download. Make sure you let them know the FI Show sent you! Episode Summary Came to the U.S. when he was four through a lottery program his dad earned He grew up in New York on a low income He started looking for ways he could help contribute to the family When he was 12 he started learning HTML He actually ended up redesigning his middle school website At 14 he started up a website to launch his own business Some of these jobs would pay up to 19k for a project His mom was worried he was up to something illegal Throughout high school he got paid around $50k and $30k of that was profit This business started around 2005 He goes to his mentor to try and borrow $50k to really kick his business off but his mentor knew he wasn’t ready because he didn’t know management So he goes to college and interns with some medical offices He looked into starting a business to replace college learning management systems but realized it would be a very long time before it could become profitable After college, he got into management consulting Through his consulting at Accenture he started traveling a lot With a recommendation from his boss, he started looking into travel rewards From there he built models to track the best cards to use He’s earned over $20k in travel rewards Sometimes he would even check in and out of hotels around a town while traveling to get more bonuses He also talks about stacking discounts and rewards This led him to his current venture called MaxRewards This app provides a much deeper analysis of which credit card is best for you than any currently offered Then the app helps you track which cards to get next, how to get the bonuses, what rewards you have left to use, and which card is best to use when He talks about the false information about opening up credit cards having sucha negative impact to credit scores In reality, it will probably help you or stay the same Anik starts talking about future phases of the apps that focus more on redemption instead of just accumulation This app is shaping up to combine many different applications into one extremely powerful rewards application They are starting to open the app up for beta testers currently The app is set to launch sometime in March You can get priority access to the app by going to Max Rewards and using The FI Show as a note when signing up The app is also completely free In the future, the reward redemption portion will be a premium feature This app has a bright future which started by winning the FinTech competition at FinCon this year Key Takeaways You may not be ready: Anik wanted to jump in head first for his first business but a mentor let him know that he needed to learn more first. There’s a fine line between taking that first step and overextending ourselves. It’s ok to stop and prepare so that our first big venture is a success. Listen, Learn, Iterate: I love how Anik talks about where Max Rewards is going after getting the basics solid and getting feedback. Just like agile software development, our lives should be a steady improvement with tangible outputs. Convenience is coming: One of the biggest reasons people shy away from tactics that are often associated with FI is because it’s not convenient. While we could argue for and against that idea all day, what is obvious is that life is getting more convenient on its own through apps like Max Rewards. I think it’s better to do what it takes to get our finances right now so that we can enjoy the life of convenience that I believe the future will bring. Call to Action Go sign up for Max Rewards today and become a part of the newest travel rewards tool on the market 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 Links from the Episode Max Rewards Cody and Justin’s Recommended Cards Southwest Companion Pass   Contact Anik: E-mail: anik.khan@maxrewards.co Twitter: @MaxRewardsCo   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you the dynamic duo of Mike and Lauren. You may know them from their fantastic DIY YouTube videos or hearing about their huge European travels. These two have had some interesting jobs: experimental marketing, gemologist, commercial real estate, and YouTube guru to name a few. They’ve never had a typical desk-job but that hasn’t stopped them from being retired by age 30! Oh, and did I forget to mention they have two kids which they gave birth to in Costa Rica? Trust me there’s a lot to unfold her so you’ll want to listen for sure. Episode Summary Met when 12 Dated at 15 Married at 19 and 21 Never had a desk job but have been employed a couple times Started a commercial cleaning company in college in 2007 Got successful so he dropped out of college She moved to New York City and became a gemologist They lived with family while she was getting her gemologist certification She now stays home with her two kids She started making $50k after her 6 months of schooling He then got into this experiential marketing gig where one of his jobs was to create a mobile quicksand booth He talks about the hardest part of starting his cleaning his business was going door to door and getting told no so many times as he tried to get the word out They got their first big contract was through word of mouth but they underbid by a large margin They initially bid $10k per month and then quickly realized they needed to increase to $24k per month  and their client was totally cool with it She worked at Saks 5th Avenue and Tiffany’s They loved NYC but it was just too cold for them after 3 years there He did some lighting and production for a church and she worked at a friends Jewelry store when they moved back to Florida They both worked at those for 4 years and quit She quit to have their first son and he quit to go full time on YouTube in 2016 His first year on YouTube he made $20k His second year that jumped to $68k They did a 10 week trip for two across Europe for $10k which spurred the idea of doing YouTube travel videos They jump into how they still continue to travel even with kids including a 7-week backpacking trip to Europe They recommend traveling a little slower with kids and not bouncing from city to city every couple days but maybe every week After seeing some success from their YouTube channel they started making online courses They gave birth to both kids in Costa Rica They did so to get dual citizenship and avoid a lot of health care costs U.S. healthcare wouldn’t give them exact quotes while Costa Rica gave them a specific menu They gained full citizenship and their children gained dual citizenship to Costa Rica They had the affordable care act plans which allowed them to have really low cost of insurance due to their low income when covered They pay $50 per month to be a part of Costa Rica’s universal health care system as a fall back plan They retired when he was 30 and now just blog, YouTube and travel They’re cash flow FI vs the traditional large nest egg FI They completed the purchase of a warehouse were the cash-flow comes from through owner financing The warehouse needed a good bit of work that Mike was able to do mostly himself outside of some plumbing and electrical Key Takeaways Stability isn’t necessary:  We often stay focused on building careers and working our way up ladders. They showed that we can keep things fresh and do a wide variety of jobs and still make perfect progress towards early retirement. Don’t assume America is the answer: They chose to go outside of the U.S. for healthcare and it was only partly to save money. They also appreciated the transparency and stated that the level of care was beyond what they would have gotten at a local hospital anyways. Challenge assumptions such as the U.S. being your option for healthcare. Passion meets proficiency: They discovered something they were good at. Skills that they could pass on to others and that they were passionate about. This is the perfect recipe for success when brainstorming money making ideas. Find where your passion meets proficiency. Call to Action Survey your life and find one unique skill or passion you have and develop a plan to monetize 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 Links from the Episode Mike and Lauren’s Blog Mike and Lauren’s YouTube channel   Contact Mike & Lauren: Twitter: @MikeAndLauren   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you a truly optimistic outlook on getting fired. Rob from Getting Canned walks us through his story of losing his job at one of the worst times in history, in 2008 during The Great Recession. Rob’s struggles lead to finding an amazing income source and international travel opportunity all in one. Rob moves to Taiwan where he would teach English for three years and make some fantastic memories while the economy recovered. Tune in this week to see yet another showcase at how financial independence is possible for all. Episode Summary Recently lost his job after working there 4 years He was placed on a performance improvement plan prior to getting fired Started a blog to be a resource for people who had lost their job Created a checklist of all the things to do when you find out you may be getting fired He talks about filing for unemployment and rolling over your 401k as really important parts of the checklist Had gotten fired in 2008 and went unemployed for 2 years Decided to go to Taiwan to teach English It was an amazing experience for him and feels that it’s a great option for “Barista Fire” He was paid $20/hr working 20 hours per week His first job actually came with free room and board He stayed in Taiwan for 3 years with one 6 month break in between 2008-2010, during his unemployment, he met a lot of frustrations with applying for jobs He talks about how unemployment can prepare you for your FI lifestyle He got in the best shape of his life during that period Rob got the idea of moving to Asia to teach came from meeting someone randomly who had done it. He considered Japan, China, and Taiwan He did a Skype interview where he had to do a practice teaching session The main requirements were to speak with an American accent and a college degree He got a tourism VISA for 60 days that the employer then helped them change it to a work VISA which was good for a year His first apartment was a studio in new and in a nice neighborhood for under $400/mo He used their great public transportation system The medical care was what he found to be the biggest savings At one point he to go to the emergency room to get stitches with anesthesia was $30 He mentions the odd type of side jobs that are possible in those unique situations One was being approached to be an actor in a short because he stood out so much in Taiwan The primary language there is Chinese He learned a little bit just to “survive” He talks about how knowing English opens you up so much for travel One certification he recommended was TEFL which helps with getting some of these jobs He also recommends Upwork and Fiverr, and Wyzant as good resources for gig economy especially in times of unemployment Rob also implores people to diversify their income streams and go through the thought process of what it would be like if you lost your job tomorrow Key Takeaways Resourcefulness is a superpower: We see this all the time. Whether it’s keeping grocery bills low, finding free furniture, or finding work. Resourcefulness and flexibility are these amazing superpowers that make financial independence almost unstoppable. It is ok to ask for help: I thought it was really humbling to hear Rob talk about taking unemployment. It can feel like you have failed but everyone has moments that they need help and it’s likely you paid your fair share into programs like unemployment anyways. The world isn’t so scary: This is the biggest takeaway for sure. The world can seem massive and scary but if you can read this, then you probably know English and as English speakers, we often take for granted just how accessible this world is to us. Rob barely learned any of the language and still survived just fine. He worked there for several years and even made a trip to the ER. So what’s stopping you from stepping out into some unfamiliar territory? Call to Action  Consider what it would be like if you were fired tomorrow and create a game plan. 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 Links from the Episode Dave’s ESL Cafe Upwork, Fiverr, and Wyzant Getting Fired Checklist International TEFL academy with location and earning matrix Contact Rob: Getting Canned Twitter: @GettingCanned   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you one of their favorite episodes to date. Paula Pant is always conducting great interviews herself but today she’s the one answering questions. She walks us through her amazing story of only three traditional years of employment, traveling the world, and the steps she took to secure her financial independence. There is something for everyone in this episode. You’ve got philosophy, entrepreneurship, freelancing, and even some great real-estate tips. This discussion also gets into focusing also on increasing income and not just being consumed by minimizing expenses. Paula calls this “The gap” or the delta between your earnings and expenses. Go check out the episode for yourself and let us know what you took away from the show. Episode Summary Grew up in a normal middle-class family where they weren’t rich but didn’t have to worry about money Paula had a desire to study abroad in college but the prices were too high She decided instead to work for a few years to save money and then travel Graduated college in 2005 and started at a newspaper making $25k per year She worked there 3 years topping out at $31k per year On the side, she was freelancing and earned an additional $25k on the side in a travel fund Quit her job and left her lease in 2008 She backpacked around Egypt, Cambodia, and other countries on a budget of $1k per month When she returned from her trip she decided to go full-time freelancing After 18 months, her freelancing was making over $100k per year She began taking her excess income and investing in real estate The rental properties are now netting over $40k She talks about how achieving in life drives her to continue to work consistently vs just doing the gig economy and bouncing around We discuss how important it is to find a job you love to do because any skill can be spun into a high paying job She talks about the pressures of growing up in a Nepalese culture and how you’re expected to either be a doctor or an engineer in order to escape We discuss how so much of the FIRE movement revolves around spending what seems like extremely frugal lifestyles when in reality it’s just normal life for so many people in America and across the world She also discusses how more of the focus should be on the income side of the equation vs the spending part of the equation This led us to the discussion of “The Gap” or the difference between earning and spending not necessarily just one side of the equation The conversation then swaps over to an overview of Paula’s real estate investing It’s clear that Paula has a passion to read and to learn and talks about how the internet has now democratized learning She gets into what she looks for in a house from both the location and physical attributes of the home and how she’s purchasing houses from a distance In 2019 she will be launching her own real estate course She talks about how financial independence gives her time to be with others and volunteer She continues to travel and was actually out of the country when the Suze Orman interview went viral We discuss her hitting $1M net worth around 30 and the changes she would make if she had to do it over again Key Takeaways What do you want? Paula describes how no matter what your passion is, it can be profitable enough to become wealthy and find financial independence. Her work at a newspaper was low paying but she took that same skill and passion and became her own boss and increased her salary by 500%. The gap. We loved this explanation. Instead of debating whether you should increase your income or decrease your spending, just focus on the gap between the two. Both are very important so don’t let either of them become the center of attention. Just focus on the gap. What FI can bring. The examples Paula gave with what she is doing with her flexible time were so important to think about when you’re going after these goals. It’s so much more than sippin’ margs on the beach. She has the opportunity to be there for her friend and she becomes a new mother and she has time to volunteer to things that are important to her. Imagine how much more rewarding life can be when you’re in control. Call to Action Increase your income! Whether it’s picking up a side hustle or figuring out a way to maximize your main hustle, there is some way for you to increase your income in 2019. 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 Links from the Episode Paula’s Free E-book Contact Paula Pant: Twitter: @AffordAnything Instagram: @PaulaPant   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

We have an extra special gift for you today that requires no wrapping paper. This Holiday special Justin and Cody go at it alone with no guest to discuss their perspectives on materialistic Christmas, a brief recap of 2018 and their goals for 2019. We think you’ll really enjoy getting to hear a little more from your hosts this week and see a little more behind the curtain on their personal lives. At the end of the episode, we asked that you start writing out your goals and sharing them with us so we can keep you accountable. You can drop those goals in a voicemail at TheFIshow.com/voicemail or look out for a thread on the facebook page at TheFIshow.com/community. Episode Summary Here’s a breakdown of what we cover in this episode. Materialistic Christmas Discussion Justin and Cody discuss how their families viewed Christmas and gift-giving growing up They also discuss how the Financial Independence community has changed their own views on it Justin makes a case for a materialistic Christmas being a positive thing in households where some family members never buy themselves anything absolutely necessary, thus giving them one chance per year to have something simply for enjoyment. They both discuss their most memorable Christmas gift which actually both turned out to be the thin PlayStation 2. It’s also very clear though that they both value experiences over these items today Review of 2018 2018 was a packed year for both of the guys Cody started the year off with 5 months in Australia…wow this whole FI lifestyle sure is restrictive Justin kicked the year off with a trip to Iceland and kept the traveling going with 2 trips to Mexico with some scuba diving, three trips to Denver, the Grand Canyon, countless concerts, trip to the Hamptons, Vermont ski trips, and attended a UFC title fight This year is also the year Cody got deep into the FI movement and began Flytofi.com and this podcast Justin spent 5 months in a hotel due to a house fire but came out of it with 2.4 million Hilton points as a concession Cody got a chance to practice his speaking chops down at CampFI south Speaking of CampFI South, that’s where Justin and Cody actually first met back in September. Justin then joined Cody as the new co-host of this podcast when T.J. had to step away. So far they’ve seen 20k downloads but feel like they’re just now gaining traction and getting their systems set up to be more efficient with their time Just has also continued his work on his own blog Saving-Sherpa.com where he gives extreme transparency into his expenses and investing The hopes behind this are to try and show people you can still live a really exciting and rewarding life while on this journey He is also proud to still maintain his $60/month grocery bill for the 4th straight year Justin’s savings rate is over 75% while paying rent and living in Boston which works out to be about $24k in annual expenses His net worth grew $68k this year even with the rough markets Cody is able to save 85% of his income while living at home. This gap between his income and expenses gives him amazing flexibility! Goals for 2019 Cody is starting the year off with a bang by stepping away from his job and going on a nationwide book tour with Grant from Millennial Money Justin looks to continue his savings rate success and build more upon his blog They are both very passionate about growing the podcast and increasing their reach You can tell they go big on goals when they set the mission for 1 million downloads before the end of 2019 They think they can do so with a mix of fantastic headliners like Paula Pant and stories that had previously never been told like Jimmy the mailman from Arkansas who is already FI at 28 through real estate The guys also want everyone to share their 2019 goals with them and keep everyone accountable Key Takeaways Materialism can have a place.  When you’re in an environment where the whole family is so un-materialistic either out of principle or necessity, it can be useful to have one day a year where everyone gets to be spoiled with some items that they really want but would never buy themselves. It also allows each person to get the reward of giving something special which is pretty rewarding on its own. You never know what a year will hold. Cody got thrust into the financial independence space and hit the ground running and now in 2019, he’ll be walking away from corporate America because of it. In this space, we love to plan, which is never a bad thing, but we also need to understand that life is stranger than fiction and there can always be a life-changing surprise around the corner. Make big goals. What’s the worst that happens if you make a big goal? You either make it or you try as hard as you can but you don’t settle. The FI Show is going with a bold goal of 1M downloads before 2020 starts. What will your big goal be? Call to Action Go make some big bold goals for 2019 and share them with us so we can keep you accountable! 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 Links from the Episode Justin’s house fire recap How money can buy happiness Example of Justin’s transparent posts and how he spends $60 a month on groceries Cody’s 5-Month Adventure in Australia Travel Hacking for Beginners The Un-Budget Financial Freedom Book Tour   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you a story that’s just beginning. This interview with The Incredible Cash Dummy steps through a life quickly changed by having a child in high school and joining the Navy soon after. He then went for years with no financial direction. A recent military move was compounded with his wife getting pregnant again and her losing her job, he had a major light-bulb moment. A little over a year ago he discovered the financial independence space and has become hooked. Tune in to see how he is correcting his path and taking ownership of his finances. Episode Summary Grew up in normal middle class family where they weren’t rich but didn’t have to worry about money Then during his junior year of high school he gets his girlfriend pregnant and had his son at 17 At this point all he knew about finances was trying to avoid impulse purchases He continued living with his parents and graduated high school and working part-time at a steak house The Cash Dummy realized college wasn’t for him so he decided to enlist in the Navy He was clearing $800 per month and paying $155 per month of child support His housing and food was covered through the military and he lived on base so he was able to save His first investing was through the Thrift Savings Plan which is the military’s version of a 401k where he put in 7% of his check monthly Realized he should take his finances more serous  around 2010 when he heard everyone complaining about their stocks and the recession He then noticed he had been investing unknowingly into nothing but the G fund which is government bonds that are basically just a shelter against inflation He mentions being lucky that he worked with other sailors who talked to him about finances and walked him through how all the funds work Gets stationed in Japan and where he receives some extra location pay and benefits from the yen conversion At this point he is more conscious about investing but still not a great saver He mentions how the military culture and surroundings of the base can be troublesome for young enlisted and their finances He talks about the need for military services to make financial training an annual requirement At 20 he started using credit cards which he struggled to use responsibly While he struggled with credit cards he never fell into the fancy car trap He ended up with $10k in credit card debt He got married in 2013 after 8.5 years in the military and was now an E-6 When the finances got combined their total debt was $15k They blew all their extra money on eating out and travel and only saved the 7% TSP He got promoted to E7 and had to move for his next military assignment His wife was pregnant with his third child and she was going to have to quit her job All of this led to his light-bulb moment in 2017 She took unemployment for 9 months His child support has now increased to $900 per month A coworker introduced bigger-pockets to him and showed him the quad chart video from Brandon Turner He dove in hard to bigger-pockets including the forums and podcasts That led him to all the other members of the financial independence space He sat back for a couple months trying to understand everything before he acted It then took a few more months before him and his wife were both on the same page At this point he went from 7% to TSP to 10% He borrowed against his 401k to pay off high interest credit card loans He also took on a second job for a while at $16/hr to pay off loans doing janitorial work There was a fear that all of this would negatively impact their lifestyle but they didn’t notice that at all He tried YNAB but that didn’t stick Instead he went to the Anti-budget which fit much better Now he’s started his own blog, TheCashDummy.com, to help people who found themselves in the same situation and mistakes he did His number one tip is education, there are so many resources so go find someone who has a path that fits yours You’ll also want to listen in to hear his accounts of his first FinCon experience where he met all his financial heroes Key Takeaways Surprise! You never know what is going to happen in life and it could be a massive financial change. Don’t simply plan for what your plan is, plan for what happens when that plan gets flipped upside down. Kids, divorce, sickness, job sector changes, these can all be devastating if you’re not prepared. Today is better than tomorrow. It can be intimidating reading about young people who have it figured out. It might sometimes feel like there’s no point but the reality is that you can make massive changes in such a short period of time. There’s nothing you can do about the time past but you can take control of your future. Check your pride. The Cash Dummy explains how he picked up side jobs as a janitor to help pay off debt. That’s commitment. It can be easy to turn down opportunities that seem beneath us but when it helps you get to your goal, nothing is off limits. Call to Action Part 1: If you’re a military member reading this prior to Jan 1, 2019, take a serious look at the new Blended Retirement System. Many dismiss it without giving it a serious look. It can be a great option if you put in the work. Part 2: Continuously educate yourself and find that person who has made it from a starting point similar to your own. 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 Links from the Episode TheCashDummy.com Brandon Turner’s Real Estate Quad Chart Military Guide Blended Retirement System Info   Contact Cash Dummy: Facebook Twitter: @TheCashDummy   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, Cody and Justin bring you a really interesting story full of dynamics different than their own lives. Jamila is a mother and an immigrant and both of those parts of her story helped shaped her unique path to financial independence. She was heavily inspired by the strong women in her life who passed down the qualities of saving and hard work. Jamila also has a natural gravitation towards entrepreneurship. Whether it was previous companies she has attempted, venturing into investment real estate at 22 in New York City, or stepping away from a safe corporate job to pursue Journey to launch, it’s clear that she has a passion to be different and take control of her own path. Episode Summary Immigrated to the US at 18 months from Jamaica She had a happy childhood in Brooklyn Her mom had a large emphasis on education and reading She also gained a lot of inspiration from her grandmother Her mom didn’t really pass down investing but she did pass down the importance of saving She talks about the importance of passing down grit and making her kids financially responsible even though they’re growing up in a more privileged upbringing Fresh out of college she made an incredible real estate investment She put down a down payment on a new condo build in the DUMBO district of Brooklyn The unit she got was $338k and required a $30k down She lived with her mom for 2 years while the unit was built so she was able to save up the rest of the money she needed to close on the property The unit is now valued closer to $680k She tried starting a couple of small businesses including a magazine company Then she started a standard job that came with a really long commute Having children made her realize how important financial independence is to her She had a little breakdown on the way home stuck in traffic which was her “Ah-ha” moment After having three children she decided to step away from the standard workforce and go full-time entrepreneur through Journey To Launch She started Journey to Launch as a way to keep herself accountable Her recommendation for entrepreneurs is to just start because she learned so much from her early business failures For her early retirement doesn’t mean not working just not making it through the corporate world She is married and her husband still works which provides healthcare and the flexibility for her to build up her business Her plan is to really focus on Journey To Launch and if it doesn’t work out after two years she would be willing to go back into her corporate work She also thinks you should focus on increasing income and looking at your career to see if it’s better to avoid side hustles and spend that time to make promotions and bonuses or if side hustles are the better option Drake’s plan “God’s Plan” was the answer to the wildcard question but you’ll have to just listen to understand why! Key Takeaways Learn from, improve on. We are often surrounded by people who influence us whether we know it or not. Some may be more obvious like parents but it may be a more obscure co-worker. It’s important to always learn from them but then try to take it one step further and evolve their idea. Learn from them, but improve on their ideas. Strengthen your “Side-Hustle Muscle”. Jamila hasn’t had every entrepreneurship venture succeed and she hasn’t had everyone fail, but she has refined her skills with each attempt. It’s like any skill or muscle, it needs practice and work. Find something low risk and just start practicing your side hustle muscle and see what you need to work on for success. Keep your motivation front and center. Jamila had that breakdown on the way home as she was stuck in traffic because it was keeping her from her kids. Too often we get stuck in a daze of the grind. We forget why we’re doing it, what we’re missing, or what we’d rather be doing. Don’t obsess on the future so hard that you don’t enjoy the journey, but always have a motivation to help point your efforts. Call to Action Take account of those people and places that your corporate job is keeping from you and keep that motivation front and center! 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 Links from the Episode Journey to Launch Still curious about DUMBO?   Contact Jamila: Facebook Instagram: @JourneytoLaunch Twitter: @JourneytoLaunch   Learn More About Your Hosts: Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)