FI after 40 Podcast

About FI after 40 Podcast

This is a show where I dive into the FIRE movement to see what financial independence is all about. I’ll share the steps I’ve taken to start my journey towards becoming financially independent. And along the way I’ll bring in others who are on a path of their own. You’ll hear stories and advice from people who have reached their version of FI, and from those like me, who are still finding their way. This is a show for anyone who wants to learn, grow and connect with others. This is FI after 40.

Publisher

Ben Reeder

Category

business

Language

en

Explicit

No

First episode

14 Apr 2020

Latest episode

6 Aug 2020

Latest episodes

20 episodes in the feed.

1. 

   6 Aug 2020

   Prioritizing Experiences Over Stuff with Greg from The Suburban Folk 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 (https://suburbanfolk.com/), 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/ (https://suburbanfolk.com/) Email: Greg@suburbanfolk.com (mailto:Greg@suburbanfolk.com) Phone: 717-856-5709 Offering free consultations as a financial coach

2. 

   30 Jul 2020

   The Downside of Trying to be Like Everyone Else

   People tend to want to fit in. To be accepted. To be normal. I've spent much of my life in pursuit of this. But I've finally realized the downside of trying to be like everyone else. Following the path others have laid out can have negative consequences, both personally and financially. From accumulating debt, to adopting unhealthy lifestyle habits, it's easy to fall into the same patterns as everyone else. It feels normal, so it seems acceptable. But you have the ability to determine what's valuable in your life and to make your own decisions. I outline several areas where I've tried to adjust my habits in order to improve my financial situation as well as my personal life. See full show notes (https://fiafter40.com/podcast/the-downside-of-trying-to-be-like-everyone-else/) My story 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 Areas where being normal can have negative consequences: 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

3. 

   23 Jul 2020

   The Relentless Pursuit of Debt Freedom with Derek from Life and My Finances

   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 (https://lifeandmyfinances.com/) 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/ (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/ (https://lifeandmyfinances.com/) Twitter: https://twitter.com/lamfinances (https://twitter.com/lamfinances) Facebook: https://www.facebook.com/LifeAndMyFinances/ (https://www.facebook.com/LifeAndMyFinances/)

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Apple Podcasts (US)

4.9 / 5

18 ratings

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Guest appearances

Books guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.