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The Power of The Staycation | Ep 225

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser. Disclosures.

As the country begins to open up, people are looking to get out of their own homes. Sure, you can go on vacation, but before going out of state, it’s worth considering spending in your local community and small business who are still struggling.

What You’ll Get Out Of Today’s Show

  • Jonathan and his wife recently celebrated their anniversary with a staycation in the Richmond area by transferring rewards points.
  • Brad’s brother, Scott, and his wife, Kristen, took a sabbatical from their international’s teaching jobs and have been slow traveling for the past year, visiting over 20 countries and traveling more than 40,000 miles. By using travel rewards and Trusted Housesitters, they kept their expenses under $40 a day, including health insurance.
  • Keeping money on the sidelines and holding on to cash rather than investing locks in losses due to inflation. Over time, the market always trends up, averaging 10% per year. The 4% rule of thumb states 4% of investments can be withdrawn each year with the expectation that the balance will last for the rest of your life.
  • JL Collins will be joining Brad and Jen for a Facebook Live event on Saturday, June 27.
  • Small changes in really do monthly expenses add up and have a significant impact on your FI number. Cutting just $100 in expenses is $30,000 less that is needed to reach financial independence. Getting rid of $1,500 in random purchases is $450,000 less required for financial independence.
  • Listener Chris wrote in to share about saving on prescription medication using the GoodRX app. This app frequently provides discounts that may make cost lower than the co-pays and compares costs across pharmacies.

Resources Mentioned In Today’s Conversation

Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. American Express is a ChooseFI advertiser. Disclosures.
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