The Why Of FI

038 | The Why Of FI

In today's episode, we discuss one of our most important topics: The Why of FI. Why we pursue this path, why we think it's a life ‘superpower' and how it can help you escape the hamster wheel of life decades earlier than most people could ever dream.

Not a good time for a podcast? You can read the article inspired by this episode here.

In Today’s Podcast we cover:

  • Discussion of the Why of FI as an introduction to the concept of Financial Independence and why we’ve chosen this path and this community
  • Jonathan’s explanation of the “hamster wheel” and what the normal ‘American dream’ looks like and why this will keep you chained to this treadmill for decades to come
  • This is not a pursuit of freedom, but a pursuit of “stuff”
  • You’re working full-time to afford these things that you can’t use because you’re working all the time
  • The important thing to focus on is what makes you happy
  • Time is your most important resource
  • This is not about liking or hating your job. This is about freedom and taking the power back in your life
  • The concept of drifting and Jonathan’s questions that can help you highlight this feeling in your life
  • It is so hard for most people to find a way out of this life because they don’t have the time, energy or resources to figure a way out. But FI is the path out!
  • FI is a truly optimistic message where everyone can make a difference going forward in their lives
  • Instead of buying stuff, we’re looking to buy our magic ‘perpetual money-making machine’
  • We try to keep our savings rate as high as possible and investing in low-cost index funds
  • This is not a get rich quick scheme.
  • You need to learn what you don’t know to get on the path to Financial Independence
  • FI is about math and your savings rate
  • FI is not about deprivation through frugality, but about making smart choices and optimizing things in life
  • How Brad saves a significant amount of money by being smart about a handful of things like house, car, cell phone, cable and food
  • Jonathan is a ‘reluctant frugalist’ but he has seen the value in pursuing FI
  • FI gives you the power to choose what you do with your time and if you intend to work going forward
  • You can start tomorrow to save money and pursue this path
  • Now you can focus on what you actually want to do with your time in the future
  • Most people’s lives would collapse within 3 months if they lost their jobs, but pursuing FI changes that entirely and gives you the power to choose what you do
  • You also have flexibility that would have been previously impossible

Listen to Brad and Jonathan's thoughts about this episode here.

Links from the show:

Books Mentioned in the Show:

The Why Of FI

Your Financial Resilience Toolkit

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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.

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9 thoughts on “038 | The Why Of FI”

  1. When I am first suggesting Choose FI to friends, this is the episode that I recommend to listen to friends. This episode is so inspiring and exciting. I am a fan!

  2. Great podcast. Good summary of why achieving FI enables one to focus on what really matters in life. I look forward to listening to more of your podcasts.

    In your closing, did you really say that “this podcast has been downloaded over 1 million times in the last 6 months?” That’s seems like a really high number given and if inaccurate should be corrected as it undermines your credibility. If it’s true you’re killing it.

  3. Hi Guys, just want to let you know that this has been a really inspiring episode. I have been thinking for a long time about starting a blog and other income streams that are independent of time and location and the avenues this will open up. This episode pretty much exactly sums up how I think and feel about this and after many years of procrastinating I have eventually started my blog Very early days but I want to explore and share my personal journey on making this lifestyle possible. I am 36 years old and always thought it is too late but better late than never!

    My main goal is to free up time to be able to spend with my family and not miss all the important moments in my kids’ lives.

    Just want to say thanks for an awesome show and this was really inspiring.

  4. Pingback: Story Time August 2018 - See what I've been up to - Make time today!
  5. Is there a podcast/article that shares the grocery shopping & cooking expertise of your wife? You had me at “Easy…gourmet…healthy” 😉

  6. Ok, so, I JUST found your podcast last night. I’ve already listened to “The Pillars of FI” and this episode. I am just sorry I didn’t find you sooner…I’m soo behind the ball! Haha! Having just started my FIRE journey, I really appreciated both episodes. I didn’t think I needed to define “WHY” I’m doing this, but your elevator speech blew me away…I want that FI life badly. There is so much I want to do that I can’t right now. I’m out of here, gotta go listen to every other episode now 🙂

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