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The Power of The Staycation | Ep 225

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 Chase Ultimate Rewards points over to Marriott to pay for their stay.
  • 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 The 4% rule of thumb states 4% of investments can be withdrawn each year with the expectation that the balance will last for the rest of your life.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

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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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