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024 | FI180 | Make A U-Turn And Choose FI

Today we have Joel and Alexis from on the podcast.  They changed their financial lives dramatically, going from spending over $100,000 per year to having an 85% savings rate and on the path to FI in just a few short years. Podcast Episode Summary
  • Joel and Alexis from tell their story of how they went from spending over $100,000 per year to having an 85% savings rate
  • FI can only be a few steps away and this story is the perfect example
  • They bought new cars, a new house and didn’t track their spending at all
  • In 2014 Alexis was in a terrible car accident and that led to the awakening that changed their financial lives. They took the $10,000 they received from the car and invested it in Vanguard
  • The costs (financial and health) and opportunity costs of a long commute
  • Every month they tried to make one change to improve their finances
  • Their savings rate was only 7% at their lowest and last year it went up to 85% (since lowered to about 75%-80% to add happiness)
  • Joel’s brother is also on a path to FI now and is “racing” them to FI
  • It isn’t a race though – it’s about enjoying the journey and finding happiness
  • Their happiness has increased after finding this path to FI. “Happiness is the goal”
  • “We were using our spending as a way to try to numb the effects of a workday”
  • They have learned how to cook at home and save money and eat better. Previously were going out to eat twice per day!
  • Line items from their ‘Our Savings Snowball’ article on what they were previously spending and what they are spending now
  • The awakening when they chose to pursue FI after the car accident in 2014
  • There are certain things that are in your control and others that aren’t. Focus on what is in your control
  • Hot Seat Questions
  • Favorite blogs: Mr. Money Mustache and The Wealthy Accountant
  • Favorite life hack: Alexis was not allowed to go shopping without a list and couldn’t buy anything not on the list. As well as not using a shopping cart or basket
  • Food shopping game called the “$3 rule” where they tried to see how many “luxury items” they had over $3 at Aldi each week
  • How to save big at Aldi on your food bill
  • Biggest financial mistake: The house they bought originally in Florida at the height of the housing bubble which almost immediately went down 60% in value
  • Their thoughts on investing in real estate
  • Is Alexis leaving her job next year or just Joel?
  • Joel’s advice to his younger self: Reading his post to his 22 year old self
Listen to Brad and Jonathan’s thoughts about this episode here. Links from the show: Books Mentioned in the Show:
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