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Kicking off our FI Case Study Series | Kashia Palmer | Ep 212

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

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Lessons From a Young Entrepreneur | Ep 422

At least once in most of our FI journeys, we have pondered what our life would look like if we started earlier. Maybe you have even wondered what value could’ve been gained if you had started in your teenage years. Well, for some context into the possibilities decision that could provide, we decided to have 17 year old listener Devin on the podcast to discuss what life can look like when you go against the cultural norm of going to college, and instead opting for an entrepreneurial and FI friendly lifestyle. Oftentimes we mention that there are rewards that come with stepping out of your comfort zone, and the same can be said for going against the societal norm and carving out your own path! For our younger audience who may be interested in getting started with their FI journey, let this episode be a useful resource and reassurance that this journey can begin no matter your age!

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