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.

In Today’s Podcast we cover:

  • 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:

Your Financial Resilience Toolkit

Affiliate Disclaimer

ChooseFI seeks to uncover helpful services that help you be financially resilient. However, we may receive compensation, at no cost to you, from the issuers of some products mentioned in this article, including from CardRatings for our coverage of credit card products. Opinions are the author’s alone, and this content has not been provided by, reviewed, approved or endorsed by any of these entities. See our disclosures for more info.

We've updated our Top Cashback Card! Check it out!

Save on Existing Loans

Save On Living Expenses

Save & Invest

Financial Emergency Prep

5 thoughts on “032R | The Friday Roundup”

  1. Hey guys – what about a check point at first VTSAX purchase ($10k) and possibly another one at Net worth greater than Life Earnings (as in, your net worth has grown larger than you had ever earned during your working years). I’m quite excited to hit that second check point someday!

  2. I think you guys have miss-characterized “cross-over”. You described it as when your portfolio contributes more to your networth than you earned in a month. That actually describes FI. The better way to describe cross-over is when your portfolio contributes more to your net worth than you contribute with your monthly *savings*.

  3. To reiterate my point (above), listen to episode 32 starting at about 28:45. Quote: “the point at which your returns of your portfolio is actually more than what you are contributing to your investment vehicles” close quote.

  4. Hello, thanks for all that you guys do. I’ve been on this journey for a while now but am just catching up on your episodes. Another milestone I have is an expat milestone. For me, I have a number for living in my current US city, but I also have a milestone for living in countries abroad. It’s super rewarding to know that I could bounce and live in Antigua, Guatemala; Costa Rica; or even Portugal. It’s just another rewarding milestone to have.

Leave a Comment