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032R | The Friday Roundup

In today’s Friday Roundup we discuss Episode 32 with Joel from FI 180 on the ‘Milestones of FI’, plus a life hack voicemail from Noah and Frugal Wins of the Week from our Facebook community.

Podcast Episode Summary

  • The Friday Roundup after the Milestones of FI episode with Joel from FI 180
  • We’re having a FI get together in Richmond and hope to expand beyond Richmond
  • The gamification aspect of personal finance and the milestones
  • When your ‘financial freedom clock’ starts and discussion of where certain types of debt plays into the calculation
  • Financial freedom clock equals positive net worth and all junk debt is paid off
  • Milestone two is when you have a $100,000 net worth (when Personal Capital starts calling you for a personal consultation)
  • The next milestone is ‘FU Money’ and there is discussion on where this fits into the continuum as the concept is nebulous
  • Should there be a milestone before $100k net worth and FU money?
  • Adding in ‘checkpoints’ along the way on the journey to FI in addition to milestones
  • Milestone four is ‘Half FI’ which means you have 12.5x your annual expenses saved up
  • Milestone five is ‘Lean FI’ which means you have enough to cover all your core expenses for life (not including your discretionary expenses)
  • The discussion surrounding the math and psychology of paying off your mortgage or not paying it off
  • The next milestone is the “crossover point” where your investments earned more than you did from working in a given month
  • The many catchphrases of Brad and Jonathan
  • Milestone 7 is Flex FI, followed by Financial Independence as Milestone 8 and Milestone 9 is Fat FI
  • The power of the concept of Flex FI and how you have an 82% chance of succeeding even at this milestone
  • The conversation surrounding where Brad is on the path to Financial Independence and where the side hustle factors into the calculation
  • Our ask that the community helps us refine the milestones and checkpoints
  • How Joel’s FI journey and drawdown strategies can be a case study going forward
  • Voicemail from Noah from Money Metagame on hacks to save on utilities
  • Take action and make the calls to compare prices on auto insurance, utilities, etc.
  • Frugal win of the week from Michelle about unclaimed property
  • Frugal win of the week from Vicki about Magical Iced Coffee
  • Input from Don and Scott about buying cards and gift giving
  • Focus on our discussion about gift giving from a prior episode and the Five Love Languages
  • Itunes reviews winners
Links from the show: Books Mentioned in the Show:
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