In Today’s Episode
What You’ll Get Out Of Today’s Show
- One of the biggest things holding people back from getting started on FI is the fear of putting down all their financial obligations and living expenses on a sheet and finally seeing what their lives costs. Kashia had the same anxiety, but the desire to get her family’s finances in order helped her push past that fear.
- The top three living expenses for most people are housing, transportation, and food. Kashia already had her housing down to around $800, and $500 for transportation. But it’s her food expenses that really impressed Brad and Jonathan – she slashed it down to less than $350 a month for her family of 4 by eating in and controlling portions.
- Less great was her mobile subscription expenses, which was at $160/month with Verizon. Brad helped Kashia look at lower cost services that would cost less than $20 a month.
- By maxing out retirement plans in low cost index funds to take advantage of tax savings, and with her family’s combined income of $90-100k a year, Kashia and her husband are well on their way to FI in their early 40s in about 11 years if they can continue to keep their expenses in check.
Resources Mentioned In Today’s Conversation