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027 | Slowly Sipping Coffee | FI vs Risk Tolerance

Today we welcome Jay from Slowly Sipping Coffee to the podcast to talk about his reluctant path to FI, the amazing Mrs. SSC and a Fully Funded Lifestyle Change.

Podcast Episode Summary

  • Our interview with Jay from Slowly Sipping Coffee
  • How they came up with the name of their blog and how they’d enjoy ‘slowly sipping coffee’ in a more relaxed and free Friday morning
  • The origin story of their Financial Independence journey: SSC googled and found Mr. Money Mustache
  • SSC already had a spreadsheet where she tracked everything and believed they could retire at 45 before finding the concept of FI
  • How Jay resisted the concept of financial independence because he thought living off $25,000 would be absolute deprivation
  • The Lightbulb Moment where Jay finally saw the light and started believing in the spreadsheet
  • They set up challenges to cut credit card spending and they reduced spending just by being intentional
  • Eating food at restaurants was a huge portion of their prior budget that they were able to cut
  • Costco can be a great way to save money or it can be an expensive indulgence
  • How Mrs. SSC is the CFO of their household and the ‘best financial decision’ Jay has ever made
  • How the possibility of layoffs made them consider their lifestyle and what that would look like in FFLC
  • The psychological value of knowing they will ‘come out on top’ even if something bad does happen
  • Have they spoken about Financial Independence and their blog in their real lives?
  • How their friends, family and coworkers react to their FI plans
  • Jay’s mentees and how he is trying to educate them on all things financial
  • How to balance risk with a safe withdrawal rate – Mrs. SSC’s thought process as compared with Jay’s
  • How you can always keep working due to fear and wanting to pile on your nest egg, but Mrs. SSC’s rebuttal to that
  • You can get to FI without having a six-figure salary
  • Hot Seat questions
  • Favorite life hack: Roasting his own coffee
  • Biggest financial mistake: Cashing out a 401k for absolutely no reason
  • Advice to your younger self: Don’t spend more than you earn and don’t use student loans for additional expenses
Links from the show:
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