An evaluation of the long-term savings that result from driving old cars, a review of how Naseema McElroy has optimized her finances and reversed lifestyle creep, and a series of voicemails and messages from the ChooseFI community.
- Planned obsolescence is the idea that a company makes something knowing that you will have to replace it in a relatively short time period.
- ChooseFI started a new DIY Facebook group to help the community tackle DIY projects.
- Brad explains how economically efficient it is for Brad to keep driving his 2003 Honda Civic:
- Brad aims to use his car for 15 years, and chooses to invest the money he would’ve used for car payments, anticipating that he’ll need 3 cars in his adult life.
- Total that he’ll invest, instead of spending on a car payment: $742k.
- When we optimize housing, transportation and food it makes the difference of hundreds of thousands in savings over a lifetime.
- Naseema, from Monday’s episode, choose to optimize her finances and resist lifestyle creep.
- Do you really value what you’re spending your money on?
- Naseema’s $200k+ income as a nurse is not uncommon for her location.
- Even if you’ve taken a specific career path, if you want to make a change, you are never stuck.
- Having options is a hallmark of financial independence.
- Naseema is making the most of geoarbitrage by living in Nevada and working in California.
- A message from Kim, excited to prioritize her quality of life and incorporate lessons learned from Naseema.
- Voicemail from Ryan, who explains how the U.S. government shutdown has given him the opportunity to practice a “pre retirement” and explore new side hustle and hobby opportunities.
- Jill shares how she got her spouse fully on board with FI: sent him to CampFI using the power of a “tired parent” and 4 days away as a vacation.
- In order to bring your spouse on board with pursuing financial independence, a good starting point is to start talking about what truly brings you joy.
From the Mail Bag:
- Are you allowed to use your company match when calculating your savings rate?
- Brad includes the company match in his savings rate.