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479 | Are You on Track to FI? | FI Roundtable

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 4 March 2024

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: FI in your 20s, the boring middle, compounding, fat FI, compounding, checkpoints, and building a life.

This week we are joined by Doug and Carl from the Mile High FI podcast to talk about their respective FI journeys and answer a listener question about pursuing FI in your 20s; as well share some tips for enjoying the experience and navigating times in the journey that can feel a bit slow. While figuring out your FI goal requires you to do some work to figure out your FI number, that number and the steps you take to reach that goal are all unique to the individual. That being said, it can be tricky at times to know if you are on the right track when the journey to FI is different for everyone. Remember, although this journey is about reaching financial independence, it’s also about changing and creating the life you want and joining a community that will always inspire you when times feel slow.

Mile High FI:

Timestamps:

  • 1:13 - Introduction
  • 2:41 - Analyzing Finances In Your 20s
  • 9:31 - Compounding Power
  • 13:25 - The Boring Middle
  • 21:01 - FI Role Models
  • 26:41 - Building A Life On The Journey
  • 35:01 - Fat FI
  • 45:37 - Saving Versus Life Enhancement
  • 54:21 - FI Checkpoints
  • 57:52 - Conclusion

Resources Mentioned In Today’s Episode:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Choose a FI.

0:01.8

Today on the show I have my good friends Doug and Carl from Mile High-Fi

0:05.5

podcast and they actually joined me about six months ago and we just had such a fun time

0:11.8

that I knew they'd be the perfect people to invite back for

0:14.4

this specific episode and I actually since this is as we've always called it the

0:19.0

ultimate crowdsource personal finance show I got this email from Maggie that I just thought was really,

0:25.1

really interesting and insightful where she basically was curious. She's in her

0:29.4

20s, her and her husband, and they're wondering are they on track for FI and what were you thinking about?

0:36.1

What were you thinking when you were my age?

0:38.3

So Doug, Carl, and I are all three of us in our 40s and we're able to look back on our fairly short

0:46.5

time to Fai, albeit from Maggie's standpoint, it's probably a significant point, and maybe look back at those checkpoints, look back at what we were thinking at each

0:55.7

stage and are you on track? I think this should be a really, really fun conversation and an interesting

1:01.8

perspective for the community.

1:03.4

So with that, welcome to Choose Up Bye.

1:05.6

All right, Doug and Carl, my friends, thank you for being here.

1:16.2

Thanks a lot.

1:17.2

Thanks for inviting us and it's always a blast catching up with you, Brad.

1:20.4

Yeah, Brad, thank you so much for having us.

1:22.4

Yeah, you bet guys. This should be fun. So Maggie followed up and I will read the first email, but she followed up with basically 11 questions that she had and we'll go through a bunch of them but I think it's really an

1:34.3

interesting perspective of like she said are you on track for five because I mean frankly

1:39.2

guys it's such an interesting journey to fight right like I think we all know that this is the antithesis of Get Rich Quick,

1:46.7

and there's great comfort in that, right?

...

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