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.
Podcast Episode Summary
- 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
Discover the framework for success from dozens of people who have found their own path to financial independence. Learn how to spend less, earn more, and live a fulfilling life of abundance. Download your free sample chapter today!
Links from the show:
- Dominick Quartuccio
- Podcast Episode: Design Your Future
- The Shockingly Simple Math Behind Early Retirement
Books Mentioned in the Show: