039 | Millennial Path To FI | Fiery Millennial

Podcast Episode Summary

Our guest on Episode 39 is Gwen from Fiery Millennials

Was Gwen from the generation that grew up with electronics from day 1?

A background on Gwen’s story saving money when she was younger. She saved 50% of her income

Gwen pursued dual enrollment classes and entered college with 23 college credits

Gwen did the research with the college first to determine what credits would count

Brad’s example of programs that exist in Virginia and likely other states where you can attend a community college and transfer to a state university

Gwen joined the Air Force in the Air National Guard to pay for college, but actually got a merit scholarship from her college

Gwen still has 8 semesters of free college remaining for the future due to these dual scholarships

How did Gwen find the concept of Financial Independence?

Finding FI helped Gwen keep on the path and be conscious of her consumerism and save more

Gwen’s search for an internship via job hiring boards or job fairs

What’s the difference between searching on the job board and the job fairs?

How to look professional and make a positive impression at a job fair

Your FI path is dramatically easier when you do things right from the beginning

Gwen was maxing out her retirement contributions

How you can be on cruise control if you do the right things the first 10-15 years of your career

Gwen had a roommate when she got out of college so she was only paying $450 per month in rent

Gwen pursued rental real estate after attending the Chautauqua

She landed on the idea of ‘house hacking’ for her rental property

She bought a triplex and the rental from the 2 other units more than pays for her rent, so she is paying $0 out of pocket for living expenses

Gwen feels she may have rushed into buying a property since she bought the second property she looked at

Gwen is maxing out her 401k, HSA and Roth IRA and then additional savings go towards future down payments

Gwen’s savings rate should be around 80%, but extraordinary expenses on her rental home bring it down around 50%

Gwen still has her car from college and she intends to hold it for years to come

What are Gwen’s plans for the future?

Hot seat questions

Links from the show:

Life Optimization

FI Frugal Hobbies | Chris Terrell | Ep 429

Whether you’re years into your FI journey or just beginning, evaluating your finances and spending, you may feel like you have to make some cuts into your favorite hobbies in order to reach your goal quicker. However, deprivation and cutting out the things that bring enjoyment into your life should never be the only option. This week we are joined by friend of the podcast Chris Terell to talk frugal hobbies, new experiences, and the parallels between strategies in board games and the strategies employed while on the journey to FI. While trying to optimize your experiences may mean changing hobbies and evolving, while doing so you may find new enjoyment, new communities, and values that come with these changes. Not everyone may have the same approach to a game, just as not everyone will have the same approach to achieving FI, but as long as you remember that being open to changes will allow you to not only optimize your experiences on that journey but optimize your FI.

Life Optimization

Fees, Frugality, and 401K Fears | Ep 428

On what is considered a very personal journey, how do you handle changes that feel like setbacks? Whether its spending more when you feel you should be saving, or re-evaluating goals based on what needs immediate attention, do you feel equipped to handle it with confidence? This week we are having a weekly roundup, and are re-joined by Ginger to not only answer listener’s questions, but discuss travel rewards, retirement accounts, and breaking away from the ultra frugal caricature often depicted alongside FI. While saving is an important factor on this journey, the main purpose of FI is to learn and live your life with intention as it relates to your money, goals, and values. Remember that it’s okay if some of your goals and values will change along the way! Allowing yourself to be flexible as it relates to external factors, like market volatility and your investments, will give you more power and control to continue ahead with confidence and optimism!