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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.

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

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

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Books Mentioned in the Show:

The Why Of FI

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