In this Friday Roundup we discuss Episode 41 with Paige and Sam on extreme frugality, radical insourcing and the high cost of living path to FI plus a voicemail from Big Ern and members of our community.
Podcast Episode Summary
- The discussion of Episode 41 with Paige and Sam about reaching early retirement through extreme frugality and radical insourcing in a high cost of living city like Los Angeles
- Jonathan’s story about visiting his childhood library and trying to find old computer games
- Book recommendations from the ChooseFI Facebook group
- The list of obstacles that could have stopped Paige from reaching financial independence, but she overcame anyway
- It’s easy to make excuses, but your journey almost invariably will be easier than Paige’s
- The aspects of high cost of living that would be universal to other people: Defraying the costs of housing by sharing an apartment
- “The alley will provide” as a perfect quote for ChooseFI and a way to think about not buying new items
- Making a fun game out of buying “new” items (new to you) at a garage sale
- The important of collecting skills instead of stuff plus a list of random skills you can pick up
- Don’t be complacent with the knowledge and skills you have. Always look to learn.
- There are so many free ways to get entertainment in a big city
- A big takeaway was that Sam’s parents cut the friction and helped him get started investing
- The hardest part is to take action, so helping other family members can help their lives dramatically. Jonathan thinks about this with his siblings
- Don’t let the perceived complexity of task overwhelm you and cause you to not take action. Just break it down into steps and take action.
- Andrew shared how he and his wife break down the ChooseFI podcast every Monday where they discuss with their kids in a fun way
- How Brad setup a Vanguard investment account for his kids in 2017
- Are there tax implications for investing for your children?
- Discussion of Paige and Sam’s housing situation
- Paige’s “mistake” that was right for her
- You have many levers to potentially pull and not everyone needs to make the same choices, but you need to not make excuses
- Cutting expenses is the low hanging fruit of the path to FI. Changing your income is not as immediate
- Buying used takes the mental anguish out of purchasing and perfection
- Jonathan’s life hack for purchasing at Amazon: Camel Camel Camel
- Case study for how to use Camel Camel Camel
- Don’s call that he officially reached financial independence!
- Call from our in-house expert Big Ern about how to mitigate sequence of returns risk
- Winner of the side-hustle competition: Tallis who is providing dance classes to those with Parkinson’s Disease
- Call from Dave about the business he created
- Itunes review book winner
Links from the show:
- Classic Reload video games
- Camel Camel Camel
- Early Retirement Now Case Study in Part 11 of the Safe Withdrawal Series
- The Stock Series at JL Collins NH
- PopUp Business School
Books Mentioned in the Show: