FI after 40 Podcast

Life in the suburbs can look like a cliché to some. But Greg has managed to avoid the “McMansion” lifestyle and learned from an early age that investing in experiences is a better path than spending on the flashier things in life. His podcast, Suburban Folk, touches on all things suburbia, from parenting, to home improvements, to personal finance. In this episode, we dig into his story and identify a number of ways to help save you money and optimize your life.

Podcast

• Wanted to discuss his varying interests related to growing up in suburbia
• Enjoys travel, health/fitness, DIY, finance, parenting
• Finances have an impact on each of those areas

Lifestyle and background

• Has always been an aggressive saver of money
• His father retired early at 52
• Has tried to manage his debt and minimize expenses
• Learned to prioritize travel and time with family from his parents

Dave Ramsey

• Appealed to his competitive side, comparing progress to others
• The emotional side vs the math side
• Learned about the baby steps
• Attended a seminar to learn more and learned about coaching courses
• Will complete coursework soon and is excited to help people with their finances
• Coaching will be based on the client’s goals, from paying down debt, to earning more money

Financial Independence

• Has always been debt averse, took out minimal school loans
• His perspective on FI is allowing flexibility to raise his family they way he sees fit
• Wife had med school debt (six figures) and focused on paying that off before they allowed any lifestyle inflation
• Having kids also triggered a desire to pursue FI
• Missed the birth of his daughter while traveling for work
• Wants to be around to experience his kids’ lives

Paying off your home early

• People become comfortable with the idea of a 30-year mortgage
• It doesn’t have to be that way if you re-prioritize paying it off early
• Can’t rely on home appreciation, using 2008 market crash as an example
• Increasing your income with side hustles and networking
• Earned a scholarship in college based on volunteering for theater program
• Attempted to sign a recording contract in college and learned about evaluating legal documents and being aware of being scammed
• Earned money giving guitar lessons, refereeing soccer games, built websites on WordPress, earned form a rental property, runs a small consulting business and has also earned money from editing podcasts
• Likes having additional sources of income as a backup and to supplement his primary income
• Extra money can go right towards savings, or can cover daily expenses and allow your primary income to fund savings and retirement

General advice

• Believes it’s never too late
• Has learned a lot from reading, loves using the local library to learn for free
• Don’t make excuses, if you are motivated you can make a plan that works

Travel goals

• Top destination is Australia, loves the band Silverchair which is from Australia
• Would like to return to Europe to explore more
• Stretch goal is to visit all the continents
• Finds that the best travel experiences are when you step away from the standard tourist destinations

Follow Greg

• Website/Podcast: https://suburbanfolk.com/
• Email: Greg@suburbanfolk.com
• Phone: 717-856-5709
• Offering free consultations as a financial coach

See full show notes

• Most of my life I’ve wanted nothing more than to be normal.
• I’ve realized as I’ve gotten older that being normal isn’t always a good thing.

What is normal?

• “Conforming to a standard; usual, typical, or expected.”

Why do people want to be normal?

• Acceptance, fitting in

Downside

• Avoid taking risks
• Without risks you can’t grow
• It hides your uniqueness

Debt

• Student loans
• Mortgage
• Credit cards

Buying and leasing new cars

• Don't get into the habit of getting a new car every 5 years
• Used cars are more affordable

Updating your house

• HGTV generation
• Lowes and Home Depot commercials
• There’s always another upgrade
• Some things are necessary, you don’t want to neglect your home
• But many are purely aesthetic – bathrooms, kitchens, new TVs
• Would you rather spend $15-20k on a new kitchen or keep that as an emergency fund or take a family trip and invest the rest
• If you have the money, go for it
• But don’t sink further into debt

Eating low quality food

• Fast and easy
• Often cheap
• We see it in commercials and it normalizes the behavior

Watching too much television

• I am by no means anti-television
• But Netflix has really changed things
• It’s now normal to binge watch
• YouTube is another example

Getting married and having kids

• Marriage can be a wonderful thing
• Having kids is an amazing experience
• But do it when you are ready – not because you're approaching a deadline
• Or don’t do it at all

Being on your phone constantly

• It’s a terrible habit and we all know it
• You see it everywhere so it feels normal
• “What grade were you in…” from 12-yr old

Takeaways

• Be intentional with your choices
• Identify what is valuable – time, experiences – not stuff
• Remember the value of patience and discipline – something we teach kids

Facing a mountain of debt may seem overwhelming, but with the right plan of attack, that debt can be cleared more quickly than you think. Derek Sall from Life and My Finances was able to become debt-free (multiple times) through tremendous focus and hard work. His journey is one of highs and lows, but he has stayed determined over the years and is now well on his way to being financially independent.

Derek's story:

• Started his debt journey with student loans
• Realized he and his wife were sinking further into debt and decided to tackle the debt of face bankruptcy
• Looked for side-hustles to make extra money and became very focused on paying down debt
• Was able to pay off $18,000 in debt in 14 months and became debt-free

Relationship challenges:

• Moved from Florida to Michigan and marriage problems escalated
• Bought a house for $75k and paid it down and had some equity
• They had very different spending habits (she was a spender, he was a saver)
• Divorce pushed him back into debt and he was emotionally focused on clearing that and cutting ties with his ex
• Found a way to pay her $21k in six months to clear his commitment to her
• One unusual way he made money was flipping cars

Getting back out of debt:

• Shifted his debt reduction focus to the house that was now in his name
• Paid off the remaining $55k of his house debt in under a year
• Along the way had trimmed many of his expenses (phone, food, etc.)
• Article: Living on Only $460 a Month? Really? https://lifeandmyfinances.com/2014/09/less-500-expenses-month/
• Felt that paying off house was worthwhile, rather than putting more into investing and saving
• The main reason was the emotional lift that comes with becoming debt free

On the path to FI:

• Has since remarried and is on the same page with her when it comes to finances
• Pooled their money to buy a rental property for $90k
• Property has appreciated in value and has monthly cash-flow from rental income
• Bought another property and flipped it for a $27k profit
• Sold his original home and used the profits from that along with the flipped house to buy a new primary residence 
• Relationship with current wife has been very open and healthy when it comes to money
• Currently working towards saving for kids to go to private school
• Would like to cover half the cost of college for kids
• Want to reach financial independence to allow options, may or may not retire early
• Would like to purchase additional rental properties in the future

Benefits of hosting a blog:

• Has maintained his blog over the last 10 years
• It has been a way for him to write about his life and get his thoughts on paper
• Has been a source of income as well, anywhere from $7k-$30k per year
• Has connected with other finance bloggers and has benefited through that network

Advice for late starters:

• Keep it simple and don’t overwhelm yourself with finding the perfect method
• He’s a fan of Dave Ramsey’s approach
• Prefers the debt snowball method to provide emotional motivation
• Start with $1,000 in savings for emergencies

Where to follow Derek:

Website: https://lifeandmyfinances.com/

Twitter: https://twitter.com/lamfinances

Facebook: https://www.facebook.com/LifeAndMyFinances/

Expanded show notes

Back story

• Claire worked for 30 years in corporate finance, retired in her early 50s
• Their interest in FIRE is partially driven by an interest in increasing financial literacy in America
• Ted came from a blue collar family and always had an interest in savings and the stock market
• After college moved into the tech industry and eventually met Claire
• Learned they had similar money habits, both owned real estate, had good spending habits and saved
• The retired early together 10 years ago, mostly because Claire wanted to retire early
• Goal was to retire so they could spend more time together

Advice for couples navigating their finances

• Compromise is important, come to an understanding and identify financial goals
• Transparency and communication, identify each person’s strengths in order to identify roles
• They chose to keep accounts separate, but were open with each other about their balances
• They consider their investments to be combined even though they are managed individually
• Even if one person in the relationship primarily manages the money, the other person should learn and participate as well

Philosophy on FIRE and the benefits of retiring

• Retirement is less of the focus, it’s more about having options
• They look at it as retiring earlier, rather than as early as possible
• Being able to retire early has removed a lot of stress from their lives
• They have more time to spend together and time is priceless
• Not having to work has allowed them to focus on other experiences and projects

Core Principles of FIRE

• There is a difference between a principle and a practice, they focus on principles
• More of a foundation to allow people to open their minds to seeking financial independence
• Important to have a growth mindset rather than a fixed mindset and be open to change
• Need to have a healthy relationship with money, live below their means and focus on saving
• Take your time before making large purchases, think it over and research
• Travel has been an expense that they value, rather than material possessions
• Understanding your “why” will help get you through the difficult part of the journey
• Identify the problems you want to solve and decide if you are willing to do things differently than others
• Later2FIRE episode 12: The Principles of Later to FIRE

Where to follow Ted and Claire

Twitter: @retirehoppy

Website: https://firewalkers.co/

Podcast: https://firewalkers.co/podcasts/

A recent Twitter thread started with a simple question: What are your top 3 money rules? I highlight ten of these responses and add my thoughts.

• Discovered the podcast and has found inspiration and motivation from the stories
• It’s important for people to hear that others are coming from the same place
• I love that she’s looking to live with intention
• One of the best parts of this is the community and the support

1. @partnersinfire: Pay yourself first (invest & save)
2. @HannahHakodesh: Cancel any subscription that you don’t use like kindle app
3. @matthewlee7: 3 month liquid, non-invested emergency fund minimum
4. @IQbySusieQ: Always pay off my credit card bill.
5. @KUWTBulls: Prioritize increasing your income over cutting spending
6. @alifeonadime: ALWAYS take the employer match on retirement!
7. @fightToFIRE1: Think about price/quality, don't just blindly go for the cheapest
8. @joneytalks: Health before wealth
9. @MichLovesMoney: Never, ever have debt. None of it is "good"
10. @adimesaved: Budget. Budget. Budget

Blog post: 51 eye-opening money rules to live by

The four key points I make in that piece are commitments I make to myself and to my audience.

• I know where you’re coming from. I might not share your exact story, but I know the feeling of not quite living up to the potential you know is inside yourself. I’m not your guide. I’m your partner on the journey.
• I am determined to move forward and make gradual progress. I will share that progress so you can see that it works.
• I will continue to fail. But I will do so while trying to improve my life and I will learn and grow. I will stop failing through inactivity and toxic avoidance.
• I will share successes and motivation. I want to hear from others who have learned and are making progress in life. That message will be broadcast loud and clear.

Blog post: The FI After 40 Manifesto

• Has always been frugal and wanted to retire early
• Wrote a book about personal finance: Your New Relationship with Money
• Approaches spending in a disciplined way, values travel over other expenses

Maggie

• Grew up fairly frugal, appreciated earning money on her own at a young age
• Parents encouraged her to save money, paid many of her own expenses at a young age
• Learned about the FIRE movement as she got older and connected with the message
• Has avoided lifestyle inflation, enjoys finding ways to save money

Frugality – is it a learned behavior?

• What you’re exposed to can influence you growing up
• Developing a “why” with your savings makes it rewarding since there’s a purpose behind the behavior
• Maggie considers herself more of a minimalist
• Frugality is more focused on value over lowest price

Joining forces to start the Friends on FIRE Podcast

• Work together as finance partners at the same company
• Started to discuss taxes and saving for retirement and realized they had a common interest in finance
• Decided to work together and opted to develop a podcast
• They feel talking openly about money allows a deeper connection between people
• People’s spending habits tell a story about what they value in life
• There’s also value in hearing other perspectives and being challenged on spending choices

Working in corporate America

• The earnings potential actually allows for a better work-life balance if managed correctly
• Increased financial flexibility also opens up time for passion projects and other meaningful life experiences
• The Fioneers have a good message that has helped guide Maggie recently
• “The journey should be as remarkable as the destination.”
• Developing good financial habits in your personal life can help increase your confidence in your career
• Having that cushion alleviates the stress of going after every promotion and the stress that goes with that
• Maggie feels like having financial freedom means she doesn’t need to operate from a place of fear with her job
• There are many intangible benefits of pursuing financial independence

Advice for others

• Important to not be too hard on yourself and realize it’s never too late to make changes
• All of the same concepts apply later in life when it comes to good habits
• If you’re starting later it’s important to be aggressive and make big changes
• Don’t ease into changes, you need to make up ground in a shorter period of time
• Make sure you have a vision for what you’re trying to achieve to keep yourself motivated

Podcast website: https://friendsonfire.org/

Instagram: https://www.instagram.com/friends.onfire/

Blake and Allanah moved across the globe to pursue their next adventure in life. But when a family emergency forced the family of four to travel from Canada back to Australia, their financial problems became crystal clear. They were in debt, with no savings and needed to borrow money to travel. That's when they decided to educate themselves and get their finances on track. Now, they have a solid net worth, a savings rate approaching 50% and a full emergency fund saved. They have since launched the blog FIRE with a Family and Blake joined me for this week's episode to discuss their story.

This episode is brought to you by WalletHacks.com.

Family background

• Their focus on financial independence started in the fall of 2019
• They have been together for 16+ years and have two young kids
• Moved from Australia to Canada for work opportunities

Childhood

• Growing up didn’t have tons of money, as he started making money wanted to spend it
• Allannah grew up having what she needed, but family used credit cards when they needed
• Got in the habit of using cards based on what they witnessed, thought it was normal

Turning point

• Needed to travel to Australia for family emergency and needed to borrow money to travel
• Decided to turn things around and started to learn on YouTube: Marko at WhiteBoard Finance

Their relationship

• They had different approaches with finances but have come together to get on the same page with spending, balance each other out
• She had previously spent a lot on online shopping, several hundred dollars at a time, but her habits have changed slowly over time
• She listens to the Slow Home Podcast, living below your means concept
• They decided that they couldn’t continue to live in debt and worked out a plan over several months
• Started their blog and it helps hold them accountable, post new content each week

Started to learn about net worth

• Most of his net worth has been based on retirement funds through work
• Back-calculated to $230k in November 2019
• Now in March it’s increased to $300k
• Most of the gain is based on debt reduction
• Use high yield savings accounts for emergency fund

Savings rate focus

• Started to get close to 50% savings rate
• Would like to get to 60% and beyond in the next few years
• Have an full emergency fund and have saved for travel
• Looking to eventually focus on investing in ETFs

Budget changes

• Small adjustments have added up
• Focus on planning meals to save on groceries
• Travel has been scaled back, were spending a lot on weekend trips
• Going camping instead of going to hotels
• Try to wait 24 hours+ on purchases

Frugal vs cheap

• Has become more on the frugal end of the spectrum in recent months
• Frugal is focused on finding the best value
• Cheap is focused on spending as little as possible

Advice to people starting the path late

• Learn as much as possible, read books, listen to podcasts and audio books
• Investments can still compound and make a difference, you might just need to invest more
• Understanding your “why” is important
• Educating your kids about money is also something to focus on

Follow Blake and Allanah

FIRE with a Family blog: https://www.firewithafamily.com/

Instagram: @firewithafamily

Show intro: Email from fellow blogger Steven from https://www.frugalwander.com/

Andrew's background: 

Started career in mortgage banking industry and purchased his first home at 20

Was making good money but wasn’t happy in his career, shifted over to non-profit sector but made less money

Identified REI (real estate investing) as a wealth building tool and got to “Lean FIRE” at a young age

Experienced a wide range of REI options and landed on “buy and hold” as the preferred method, rather than flipping houses

Found that he was able to keep his job in non-profit while making cash flow from real estate

Has set aggressive goals for his own life:

• Big Hairy Audacious Goals by Jim Collins helped him set high goals: https://www.jimcollins.com/concepts/bhag.html
• Leveraged sales skills to work in fundraising, targeting $25 million for charity
• Rental property goal evolved from 100-1,000 units to a more modest goal that would allow him enough cash-flow to reach “Fat FIRE”
• Wants to be part of the Travelers Century Club, visiting 100 countries

Basics of house hacking:

• Concept is to adjust your housing situation to reduce or eliminate housing expenses
• Average person in the US spends 30% of their income on housing
• Allows you to put more money into savings and investments
• Blog post: https://fibyrei.com/house-hacking-ultimate-guide/

Six house hacking styles:

• Room rental: renting out a room in your primary residence
• Small multifamily: 2, 3 and 4 unit homes, live in one and rent the others
• ADU (accessory dwelling unit): create an additional detached living space to rent
• Income suite: converting a basement or other space into an apartment
• Work provided housing: work for an employer that provides housing
• Live-in flip: renovate a house while living there and then flip it

Resources to learn more about REI:

• Bigger Pockets is major player in REI resources (forums, blog, podcast): https://www.biggerpockets.com/
• From Military to Millionaire with David Pere podcast if you’re military: https://www.frommilitarytomillionaire.com/
• The House Hacking Podcast Andrew’s show: https://fibyrei.com/the-house-hacking-podcast/

Website: https://fibyrei.com/

Podcast: https://fibyrei.com/the-house-hacking-podcast/

Instagram: @fibyrei and @thehousehackingpodcast

Heard interview with Jemal King, https://www.instagram.com/9to5millionaire/, and that was an inflection point to pursue passive income

Books/audio books have been a significant source of education (50+ books)

• Rich Dad Poor Dad – Robert Kiyosaki
• Set for Life – Scott Trench
• Millionaire Real Estate Investor - Gary Keller
• Book on Rental Property Investing – Brandon Turner
• Long Distance Real Estate Investing – David Greene
• Total Money Makeover – Dave Ramsey
• Retire Before Mom and Dad – Rob Berger
• Little Book of Common Sense Investing - John Bogle
• Simple Path to Wealth - JL Collins
• The 10X Rule – Grant Cardone
• Start with Why – Simon Sinek
• You Are a Bad Ass – Jen Sincero

These have helped with mindset shifts as well as learning about investing and real estate

Much more educated now with how to invest in index funds

Discusses the importance of getting on the same page with your partner

Started to find savings in their monthly budget, increased savings rate from 5% to 50% in a few years

Increased net worth from $150k to $315k

Has outlined long term goals: to become financially independent, getting his time back, own 12 rentals, give back to the community, have $1 million in retirement savings

Has become comfortable with setting lofty goals and not settling

Real Estate Investing:

• Looking to build a portfolio as a way to accumulate wealth rapidly
• Considered a range of options, ultimately found a cash flowing property within an hour
• Went with a SFH (single family home) to rent out as a safer option
• Works with a realtor who also invests in real estate
• Uses a few simple rules to quickly evaluate deals: 1% rule, 50% rule, cash-on-cash ROI
• Blog post: https://whatthefi.com/3-simple-rules-to-quickly-calculate-rental-deals/

Need to forgive yourself for past mistakes, starting at 40 or older is not too late

You can make up a lot of ground by changing your habits

Blog: https://whatthefi.com/

Instagram: https://www.instagram.com/whatthefiguy/

Today we have Jessica from The Fioneers. She’s a co-founder of https://thefioneers.com/ along with her husband Corey. Their financial independence blog was a 2019 Plutus Award Winner for Best New Personal Finance Blog. We discuss a wide range of topics, including an overview of the Slow FI concept she developed with her husband. We also dive into how she overcame several limiting beliefs in order to become an entrepreneur and launch a new business. Finally, Jessica shares why Slow FI is an ideal option for people pursuing financial freedom later in life.

• Jessica lives in Boston and works in nonprofit, in her mid-30s, learned about FI when she was 30
• Husband had learned about FI but didn’t feel like it applied to their situation
• She started to feel burned out in her job, toxic environment, but had doubled her income
• Felt like she needed to stay in her job for 10+ years to reach FI, traditional FIRE path didn’t fit
• Ended up taking a 6-month leave due to anxiety and ultimately left her job
• Decided to work part-time, which was an option based on their savings
• Was able to focus on passion projects and find a work/life balance
• Came up with the concept of Slow FI: https://thefioneers.com/slow-fi-yolo/
• “The journey to financial independence should be as remarkable as the destination.”
• Even with her pay cut they were able to maintain close to a 60% savings rate
• Read the book Work Optional by Tanja Hester, https://ournextlife.com/work-optional/, and was introduced to the concept of mini, or semi-retirement
• Decided to start a Slow FI Interview series: https://thefioneers.com/slow-fi-interview-series/
• Found examples of people pursuing financial freedom while still living their lives

Seven Limiting Beliefs blog post: https://thefioneers.com/limiting-beliefs-entrepreneur/

• Started a coaching business to help people design an ideal life
• Ran into internal challenges and barriers that held her back and felt it was important to share these challenges with others
• Belief #1: I should be able to figure all of this out by myself.
• Belief #2: I should know that something will be successful before trying it.
• Growth mindset vs a fixed mindset
• Belief #5: I need to feel totally confident before moving forward.
• Why people struggle with overcoming fears to face a challenge

How imposter syndrome holds people back

• Challenges that I’ve faced with my blog and podcast
• The importance of people sharing their stories and inspiring others
• The challenges of sharing FI concepts with people who are not pursuing FI

Advice for people starting to pursue FI later in life: slow FI makes a lot of sense for people in their 40s

Where to follow The Fioneers:

• Twitter: https://twitter.com/thefioneers
• Instagram: https://www.instagram.com/thefioneers/
• Facebook group: https://thefioneers.com/fb 

• Frugality and Freedom weekly roundup connection: https://www.frugalityandfreedom.com/australian-fi-weekly-36-with-highway-to-retirement/
• Located in Australia – central Queensland, north of Brisbane
• Dealing with corona virus pandemic lock-down, easing restrictions
• Initial interest in investing to generate passive income
• Learned about FI community and retiring early
• Started his FI journey before age 21
• Aiming for $1.25M in portfolio, yielding 4% dividends, or $40-$50K per year
• Should take 12-13 years based on current income
• Earning close to minimum wage currently
• Even if the market under performs for 15 years, should hit that target
• Doesn’t spend a lot on misc expenses, keeps expenses low
• Finds free and cheap activities to socialize and stay active
• Expects to continue traveling when he retires
• Recently went to Vietnam, very affordable trip, great cost value
• Also visited Lord of the Rings sets in New Zealand
• Investing focus on ASX (Australian Securities Exchange)
• Likes After Pay and Push Pay as stocks
• Focus on Healthcare stocks, minimal ETFs, reliable dividends
• Holdings have bounced back after recent dips with COVD-19 impact on market
• Real estate investing extremely expensive in Australia, hoping to afford a duplex within a couple of years in order to house hack
• After reading other blogs for 6 months decided to start writing his own
• FI community has been supportive and allowed connections that spread across the globe

Website: http://highwaytoretirement.net/

Twitter: @highway2retire, https://twitter.com/highway2retire

Facebook: @highwaytoretire, https://www.facebook.com/Highwaytoretire

21 pieces of advice – Part 2 (11 through 21): https://fiafter40.com/21-pieces-of-advice-part2/

• 11) Credit cards are dangerous.
• 12) People like you more than you realize.
• 13) Stay in touch with your friends.
• 14) Go to the gym.
• 15) Spend less time on fantasy sports.
• 16) Get an investment property as soon as you can.
• 17) Start saving for retirement as soon as you can.
• 18) Host a podcast.
• 19) Keep skiing. You live in NH, dummy.
• 20) Don’t become addicted to your smart phone.
• 21) Just because you’re thin doesn’t mean you’re healthy.

The F*ck it checklist for buying stuff

I’ve been super focused on paying off my debt

I have a rule in pace that I won’t spend money on discretionary items until I have my CC paid off

Considering buying kayaks since last summer

I live on a river and I've seen a steady stream of kayakers floating by

Recently opted to order kayaks for each other as birthday presents

I had an initial feeling of guilt – feeling like I was doing something bad

Instead of paying off my debt, I splurged on an expensive purchase

I thought about it for a bit and came to the conclusion that I’m ok with this decision

Here is a checklist you can run through to decide

Assumption – this is not a mandatory purchase and it’s not an emergency

• Is it an impulse buy?
• Will it improve your quality of life? Health, goals, experiences
• Will you enjoy it with others?
• Is it adding new functionality to your life?
• Is this the most affordable option? (In other words there a cheaper alternative?) Used, shop around

If you can answer yes to these questions, you can say “F it” and feel good about spending the money.

Examples that are “No” for me: new iPhone, new car, new bed

Examples that are “Yes”: new kayak

• This was not an impulse buy
• It’s something that will improve my quality of life – physical activity, gets me into nature
• It will be an activity I can enjoy with my girlfriend and my kids
• I did not have one prior
• Could have looked for used kayaks – but I did look around online and wasn’t seeing much

It was a compromise within my relationship

I asked this question online and most people responded with Travel opportunities.

For people who budget for travel, that’s really the best approach.

I’m still not good at saving for things. I expect that to come after my debt is gone.

Twitter: https://twitter.com/FIafter40

Instagram: https://www.instagram.com/fiafter40/

Website: https://fiafter40.com/

• Story about applying for another job
• Rekindling my inner fire
• Taking action breeds action, regardless of the result
• “Something I’ve realized while stepping onto this path towards financial independence is this: there is no right way to do it all. There’s no perfect road ahead. We’re supposed to fail and trip and fall down. It one of life’s great lessons.”
• Blog post: https://fiafter40.com/eight-ways-to-turn-failure-into-rocket-fuel/

3) 21 things for 21 yr old me 21 yrs later:

• You are as talented as your mom says you are.
• That feeling you get is called anxiety – it goes away and it won’t kill you.
• Keep writing. Never stop writing.
• You will make more money than you think. Plan accordingly.
• You don’t have to get married.
• Being a dad is harder than you think.
• Stop worrying about letting people down. They will get over it.
• Please shake your procrastination habit.
• Take advantage of every opportunity to travel.
• Read books.
• Blog post: https://fiafter40.com/21-pieces-of-advice-part1/

Twitter: https://twitter.com/FIafter40

Instagram: https://www.instagram.com/fiafter40/

Facebook: https://www.facebook.com/fiafter40/

I post new episodes every Thursday. So head over to FIafter40.com for all the details and to read my blog.

You can also follow me here:

Twitter: https://twitter.com/FIafter40

Instagram: https://www.instagram.com/fiafter40/

Facebook: https://www.facebook.com/fiafter40/

YouTube: https://www.youtube.com/channel/UCFQkFacttqin787WNmDzqmg/

• https://www.campfirefinance.com/
• https://personalfinanceblogs.com/
• https://www.frugalityandfreedom.com/australian-fi-weekly-36-with-highway-to-retirement/

My recent blog posts:

• Revealing my WhyFI password
• Four Steps to FI – Part 3: Attack your Expenses
• Both found at https://fiafter40.com/

Why having low expenses sets you up for success

• Establish good habits for your future
• Identify your FI goal with 4% rule
• Work backwards to calculate required annual and monthly savings
• Lower expenses helps in two ways
• Increases cash flow to save
• Target number is lower
• Example: two guys making $75k, 35 years old, zero saved (8% return)
• Guy 1: $4k expenses will take 39 years
• Guy 2: $3k expenses will 21 years
• Lower expenses gets you to FI faster and provides options
• Run your own numbers, educate yourself

Why am I pursuing FI?

• My kids
• To afford dream scenario stuff, like a lake house
• Turned 40 and woke up
• My parents retired
• To find the best version of me

One month of blogging/podcasting

• Glad I finally started
• Learned a lot about layout, formatting, page design
• Reconnected me with social media
• Bringing me back to my Comm major roots
• Made a lot of amazing connections with the FI community

• @late_bloomer_baby_boomer recommends @thechrispeach (https://www.moneypeach.com/)
• @thefrugalog (https://www.thefrugalog.com/)
• @melannialmoney recommends @apurplelife (https://apurplelife.com/)
• @prescriptions_and_paychecks recommends @inspire.to.fire (https://www.inspiretofire.com/), @thefioneers (https://thefioneers.com/), @modernfimily (https://modernfimily.com/)

Podcasts recommendations:

• @Sabsphils recommends @journeytolaunch, @hisandhermoney (http://www.hisandhermoney.com/instagram/), @choosefiradio (https://www.choosefi.com/all-podcast-episodes/), and @meaningfulmoney.tv (https://linkin.bio/meaningfulmoney-tv)

Main topics covered in episode:

• What colleges are doing now to deal with this: changes to classes and costs?
• Short-term plans once it subsides: what is the plan to re-open this fall?
• What it means in the long term for colleges: how will we see college change in the future?
• Advice for parents and students during this unprecedented time

Link to: Survey results from SimpsonScarborough

Follow me on social media: @fiafter40 on Instagram, Twitter, and Facebook

Read more online at https://fiafter40.com

Read more at https://fiafter40.com/

Read more at https://fiafter40.com/

- Excerpt from Financial Times article written by novelist Arundhati Roy: https://www.ft.com/content/10d8f5e8-74eb-11ea-95fe-fcd274e920ca

- My five outcomes I hope to take away from this pandemic experience

- My thoughts on how people change

- Perspective on taking the good out of a bad situation

Read  more at https://fiafter40.com/

Visit https://fiafter40.com/ for more.