Michael Peterson, owner of a bacon-themed concession stand in California, talks about downsizing his family expenses, spending 8 months of the year managing a non-profit in El Salvador, and why generous giving is important to him.
- Mike worked in his grandfather’s concession business during college summers, then bought the business after graduation.
- Getting his products into the media requires doing something new and innovative, and something that media outlets will be excited to share with consumers.
- How do Mike and his wife talk to their children about their family’s finances?
- Mike’s family lives in El Salvador for several months of the year, so opted to rent their family home in California and have built out a shed and some sea containers in which their family lives when they’re at home in the U.S.
- Downsized from 2,700sq ft with pool and 4 acres, to 20’ x 20’ storage shed with two 20’ sea containers.
- Current living expenses are about $100 a month.
- What put Mike into the mindset to get creative about how his family would live?
- Ultimately, seeking adventure might be just as unfulfilling as seeking material things.
- What really makes life fulfilling is finding purpose and living in the community.
- Mike no longer needs to work – he’s financially independent – but he’s continuing to work so that he can be generous with his resources and time.
- Mike’s family lives and works in the U.S. from May through August, so they can volunteer and manage an organization in El Salvador during the rest of the year.
- What does day-to-day life look like for Mike’s family in El Salvador?
- Overseas, most of a person’s life happens within walking distance of their home, which changes the understanding of community.
- Generosity was a value Mike learned in his youth and has continued to develop.
- There is never buyer’s remorse when you’re generous.
- Does generous giving slow your path to FI?
- Living a FI lifestyle gives you more financial margin in your life, so you can be that much more generous.
- Life doesn’t change when you hit FI: If generous giving isn’t a habit on your journey, it won’t be a habit when you arrive.
- You can’t guarantee you’ll have those opportunities once you reach FI.
- Generous giving doesn’t have to be funneled through an organization.
- People who give are happier.
- Mike thinks the U.S. is the cheapest place in the world to live.
- How did an overdue library book cost Mike $10k?
Resources shared in this episode:
The Molecule of More – Daniel Lieberman & Michael Long