Podcast: Play in new window | Download (Duration: 35:13 — 32.6MB) | Embed
In today's podcast 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 power to choose what you do
- You also have flexibility that would have been previously impossible
Links from the show:
- Dominick Quartuccio (plus Episode 33 of the ChooseFI podcast)
- The Shockingly Simple Math Behind Early Retirement
Books Mentioned in the Show:
9 thoughts on “038 | The Why of FI”
Your passion and conviction is so evident when you speak. I will be coming back for more.
Thank you Jacq, for the feedback and kind words 🙂 we are so appreciative!
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!
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.
haha – I’m not really sure how to respond to that 😉
…yes it’s true
Thanks for listening 🙂
Happy Thanksgiving
#TheFireisSpreading