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025R | Friday Roundup | Paul Case Study Part 4

In today’s Friday Roundup we discuss Episode 25 with Keith from the Wealthy Accountant, Part 4 of the case study with Paul including a look at his line-by-line expenses, plus questions and feedback from the audience.

Podcast Episode Summary

  • Friday Roundup after Episode 25 with Keith from The Wealthy Accountant
  • The firehose of information that Keith unleashed was incredible!
  • Feedback from the audience about Keith’s episode
  • The value of an S-corp election for small businesses
  • How to find a top tier accountant with passion for helping you
  • When should you form an LLC when starting a side business and are there any benefits of doing so?
  • Danielle’s feedback about our working of “taxable savings.” She used “post-tax savings” which we really like
  • Dominic’s feedback about reinvesting dividends
  • Careers that help you get to FI: Nursing and feedback from the audience on why this is such a positive career on the path to Financial Independence
  • Announcing the ChooseFI private facebook group!
  • Discussion of Camp Mustache
  • Brad’s FI conversation in real life with his friend Justin about $2 per person per meal for dinners
  • How to portion out dinners to save money
  • Laura is going to share her recipes in the new private Facebook group
  • Frugal wins of the week from Jake and Brad
  • Mark Resnick from Student Loan Freedom: Voicemail with a hack on saving money on student loans
  • Discussion of Mark’s voicemail and our request to get one audience member to work with Mark on student loan forgiveness programs
  • Voicemail from Bryce on hacking college
  • How Brad and Jonathan wish they had the knowledge Bryce passed along when they went to college
  • How to start planning early to apply for these scholarships
  • Case study update: Going through Paul’s expenses and analyzing them. What does his post-FI expenses look like?
  • Paul’s expenses drop significantly in his post-FI life
  • $23,000 of his $73,000 annual expenses were on vacations and this can drop significantly in a post-FI life by using travel rewards points and pursuing slow travel
  • Looking at Paul’s actual expenses and what else is “fluff” on top
  • Our update on future case studies: We can’t do these once per month.  More likely 3-5 per year.
  • Jason from Winning Williams is putting together a ‘crowdsourced FI plan’ excel sheet
  • Travel rewards question on how to save on cruises. You can use a ‘fixed value’ card to offset cruise expense
  • Itunes reviews of the week and book giveaway

Links from the show:

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What Are You Optimizing For? | Chris Hutchins | Ep 423

Sometimes on the journey to FI, we ask ourselves the following; do I really need to spend money on this? Do I really have the time and resources for that? These questions may be easy to dismiss by saying no in order to stay on track with your financial goals, but by dismissing them, you could be missing out on something that is beneficial to your personal journey! This week we are joined by friend of the podcast, Chris Hutchins, to talk about the hacks for optimizing your life, the differences between cheapness and frugality, and the importance of valuing your time and what it can lead to. Saving money is an important part of achieving FI, but you should never feel so restricted that you miss out on investing your time and money in things that bring joy and value into your life. While saving is important, it’s okay to spend money. Whether it’s on a trip or investing in something new, there are ways to make it work without feeling guilt or shame. Prioritizing and valuing your time can introduce new experiences and provide happiness as well as perspective while on this journey! 

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