039 | Millennial Path To FI | Fiery Millennial

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

In today’s podcast we have a conversation with Gwen from Fiery Millennials about her millennial path to FI plus some hacks that she used to save on college and increase her savings rate.


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

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

Links from the show:

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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