1 00:00:00,040 --> 00:00:03,120 Speaker 1: Welcome to How to Money. I'm Joel and I'm Matt, 2 00:00:03,200 --> 00:00:06,440 Speaker 1: and today we're discussing is financial independence a good goal 3 00:00:06,519 --> 00:00:27,160 Speaker 1: to have? All right, Matt? When we completely jump into 4 00:00:27,200 --> 00:00:30,920 Speaker 1: it word association. When you hear the word independence, what 5 00:00:30,960 --> 00:00:34,400 Speaker 1: do you think of? First? Uh? Fourth of America? Okay, yep, 6 00:00:34,920 --> 00:00:36,560 Speaker 1: some people call it that. Oh there's call it fourth 7 00:00:36,600 --> 00:00:41,880 Speaker 1: of July. What did I say? Fourth of America? Yeah, 8 00:00:42,840 --> 00:00:44,559 Speaker 1: that's just where my mind went. Man, I'm sorry, and 9 00:00:44,680 --> 00:00:46,320 Speaker 1: I think I was thinking that. And I was also 10 00:00:46,360 --> 00:00:49,360 Speaker 1: thinking about like in like independent music, Like I was 11 00:00:49,400 --> 00:00:52,000 Speaker 1: thinking like indie Americana or something like that. Yeah, America, 12 00:00:52,159 --> 00:00:55,120 Speaker 1: Maybe that was it. Yeah, something about never going way 13 00:00:55,120 --> 00:00:58,440 Speaker 1: down this word association. Bath hears for fears a horse 14 00:00:58,480 --> 00:01:01,560 Speaker 1: with no name for four or please, man, I don't 15 00:01:01,560 --> 00:01:04,280 Speaker 1: know where this is gone. I'll tell you where I go. 16 00:01:04,400 --> 00:01:06,000 Speaker 1: When I think I hear the word independence and I 17 00:01:06,000 --> 00:01:07,400 Speaker 1: want to I want to know if like we jib 18 00:01:07,440 --> 00:01:12,240 Speaker 1: on this, right, I think Will Smith Independence Day? Yeah? Nice? 19 00:01:12,360 --> 00:01:14,640 Speaker 1: So if any of you people listeners out there are 20 00:01:15,160 --> 00:01:19,120 Speaker 1: our age Will Smith Independence Day, that kind of I mean, 21 00:01:19,160 --> 00:01:21,840 Speaker 1: that is my rock center, the bedrock of independence in 22 00:01:21,880 --> 00:01:26,800 Speaker 1: my in my imagination, A kicking some alien but and 23 00:01:26,800 --> 00:01:29,520 Speaker 1: and saving the world from the potential destruction. Doesn't he 24 00:01:29,560 --> 00:01:31,880 Speaker 1: actually say that in the movie at some point? Oh yeah, 25 00:01:31,920 --> 00:01:34,400 Speaker 1: I'm sure it's been a long time. So why did 26 00:01:34,440 --> 00:01:36,000 Speaker 1: you even bring that up? Well, I'm just saying we're 27 00:01:36,040 --> 00:01:37,759 Speaker 1: talking I'm waiting for the tie in today, we're talking 28 00:01:37,760 --> 00:01:41,640 Speaker 1: about financial independence. Oh and so because of that, I'm like, well, 29 00:01:41,680 --> 00:01:43,600 Speaker 1: what word comes to my mind when I when I'm 30 00:01:43,600 --> 00:01:45,440 Speaker 1: talking about independence? And I just kind of want to 31 00:01:45,480 --> 00:01:48,400 Speaker 1: give people, you know, like, hey, when we're talking about 32 00:01:48,400 --> 00:01:50,840 Speaker 1: financial independence here, think about I don't know, kicking alien, 33 00:01:50,880 --> 00:01:54,200 Speaker 1: but maybe saving your own personal world. And maybe you 34 00:01:54,200 --> 00:01:55,600 Speaker 1: totally saw that in the movie theater when it came 35 00:01:55,600 --> 00:01:57,760 Speaker 1: out right at somebody did. Yeah, that was I mean, 36 00:01:57,760 --> 00:02:00,520 Speaker 1: that was the huge blockbuster of the summer, that hook. 37 00:02:00,680 --> 00:02:02,480 Speaker 1: Those were big, big in the theater when I was 38 00:02:02,480 --> 00:02:04,480 Speaker 1: a kid. I do remember Hook that that was a 39 00:02:04,520 --> 00:02:08,280 Speaker 1: long time ago. But Independence Day, I specifically remember going 40 00:02:08,320 --> 00:02:11,040 Speaker 1: to that with my cousin. It's kind of a long story. 41 00:02:11,080 --> 00:02:12,280 Speaker 1: I'm not gonna go into it, but yeah, he was 42 00:02:12,280 --> 00:02:13,720 Speaker 1: in town and me and him when I think it 43 00:02:13,760 --> 00:02:15,200 Speaker 1: was maybe one of the first movies I went to 44 00:02:15,400 --> 00:02:19,600 Speaker 1: without like a parent. Yeah, Independence day, Man, it was awesome. 45 00:02:19,720 --> 00:02:21,720 Speaker 1: I loved it. I think I loved it even more 46 00:02:21,760 --> 00:02:24,079 Speaker 1: because of that. So the worst movie I ever saw 47 00:02:24,200 --> 00:02:30,359 Speaker 1: with my parents was Titanic. Let me guess what obvious reasons. 48 00:02:30,600 --> 00:02:33,000 Speaker 1: Unfortunately for me, the movie theater was so fully had 49 00:02:33,040 --> 00:02:34,960 Speaker 1: to sit in different sections of the of the of 50 00:02:35,040 --> 00:02:37,799 Speaker 1: the theater. So yeah, all right, that's enough about it, 51 00:02:38,000 --> 00:02:42,240 Speaker 1: thank goodness, and not sitting next up my mom exactly exactly, 52 00:02:42,840 --> 00:02:44,840 Speaker 1: uh so quick on also on the top of your 53 00:02:44,840 --> 00:02:47,560 Speaker 1: financial independence financial independence, man, I wanted to mention something 54 00:02:47,600 --> 00:02:49,680 Speaker 1: that kind of came up, um, just a couple of 55 00:02:49,680 --> 00:02:52,040 Speaker 1: weeks ago that I saw an article on and I 56 00:02:52,040 --> 00:02:54,320 Speaker 1: thought it fitted in perfectly. A running back for the 57 00:02:54,320 --> 00:02:56,400 Speaker 1: New York Giants. So football is right around the corner. 58 00:02:56,600 --> 00:02:59,960 Speaker 1: This article came out about running back Sae Kwon Barkley, 59 00:02:59,840 --> 00:03:04,600 Speaker 1: and he said he plans to save his entire contract 60 00:03:04,639 --> 00:03:08,359 Speaker 1: earnings and live solely off of endorsements. Um. And he's 61 00:03:08,360 --> 00:03:10,919 Speaker 1: this twenty one year old kid who just got signed 62 00:03:10,919 --> 00:03:13,400 Speaker 1: to I Believe a thirty one million dollar deal, and 63 00:03:13,440 --> 00:03:15,880 Speaker 1: I love that he's already kind of thinking ahead right, 64 00:03:15,880 --> 00:03:17,959 Speaker 1: like he's going to save all thirty one million dollars 65 00:03:17,960 --> 00:03:21,160 Speaker 1: of that for the future, because he knows that his 66 00:03:21,720 --> 00:03:25,360 Speaker 1: NFL career could last a year, two years, one tackle, Yeah, 67 00:03:25,400 --> 00:03:27,799 Speaker 1: one tackle. You really don't know. So I love that 68 00:03:27,840 --> 00:03:30,360 Speaker 1: he's thinking ahead. That's yeah, that's that's pretty awesome. I wonder, 69 00:03:30,560 --> 00:03:32,200 Speaker 1: I wonder how much that has to do with sort 70 00:03:32,240 --> 00:03:35,240 Speaker 1: of him challenging himself to score those endorsement deals, or 71 00:03:35,280 --> 00:03:36,840 Speaker 1: if he's just sort of or if he had some 72 00:03:36,920 --> 00:03:39,880 Speaker 1: good financial training, you know, maybe neither it be through 73 00:03:39,960 --> 00:03:42,200 Speaker 1: school or because I know something. There's certain states now 74 00:03:42,240 --> 00:03:46,680 Speaker 1: that require financial education when it comes to graduating high school. 75 00:03:46,760 --> 00:03:48,760 Speaker 1: Not many at all, but we need to talk about 76 00:03:48,760 --> 00:03:50,400 Speaker 1: that at some point on the show, because yeah, I 77 00:03:50,440 --> 00:03:53,440 Speaker 1: would love to see financial education financial literacy in schools 78 00:03:53,520 --> 00:03:56,080 Speaker 1: considered to be much more important. So absolutely the one 79 00:03:56,120 --> 00:03:58,880 Speaker 1: thing sae Quon Barkley said that I gotta see. He's 80 00:03:58,880 --> 00:04:01,360 Speaker 1: gotta listen to one a couple of our episodes about 81 00:04:01,360 --> 00:04:04,120 Speaker 1: whether you need a financial advisor. He says, I don't 82 00:04:04,120 --> 00:04:06,080 Speaker 1: want to touch that salary. I'm going to invest it, 83 00:04:06,280 --> 00:04:08,400 Speaker 1: put it into the right people's hands. Learn as I 84 00:04:08,440 --> 00:04:11,320 Speaker 1: continue to make investments and live off endorsement deals. And 85 00:04:11,320 --> 00:04:13,800 Speaker 1: I think that's a cool mindset. But dude, don't put 86 00:04:13,800 --> 00:04:15,400 Speaker 1: it in other people's hands. There's also a lot of 87 00:04:15,400 --> 00:04:18,159 Speaker 1: people that get ripped off and their money stolen from them, 88 00:04:18,440 --> 00:04:22,200 Speaker 1: and especially NFL players they attract, you know, those those 89 00:04:22,200 --> 00:04:25,560 Speaker 1: blood sucking types that like literally, man, I mean, it's 90 00:04:25,560 --> 00:04:28,120 Speaker 1: just it happens. And so say Kwon, watch out man, 91 00:04:28,160 --> 00:04:30,880 Speaker 1: watch your back, because you don't need a financial advisor. 92 00:04:30,920 --> 00:04:33,159 Speaker 1: Go listen to that episode. If any of you out there, 93 00:04:33,240 --> 00:04:37,160 Speaker 1: no se Kwan, pass the word along. You keep saying, NFL, man, 94 00:04:37,160 --> 00:04:40,080 Speaker 1: what does NFL? National Football League? How do you NFL? 95 00:04:40,560 --> 00:04:42,599 Speaker 1: How does want NFL? Joel? I don't know. It's different 96 00:04:42,600 --> 00:04:46,640 Speaker 1: than fourth of America. I just watched soccer these days, 97 00:04:46,640 --> 00:04:48,880 Speaker 1: you know that. I know. I know it's it's you 98 00:04:48,880 --> 00:04:50,440 Speaker 1: know a lot of people in America watch it, so 99 00:04:50,480 --> 00:04:52,800 Speaker 1: I figured it was worth talking about. It's interesting speaking 100 00:04:52,800 --> 00:04:56,720 Speaker 1: of abbreviations, NFL BTC, that's bitcoin, right, and that that's 101 00:04:56,760 --> 00:04:58,640 Speaker 1: the abbreviation for bitcoin. That's a good question. I don't know. 102 00:04:58,640 --> 00:05:00,880 Speaker 1: I don't, I don't. I try not to fall. I 103 00:05:00,880 --> 00:05:02,640 Speaker 1: don't either, except that it forced this way into my 104 00:05:02,680 --> 00:05:05,359 Speaker 1: life because I was on the cash app recently and 105 00:05:05,360 --> 00:05:07,120 Speaker 1: it's got this new option, and I was like what 106 00:05:07,279 --> 00:05:10,000 Speaker 1: is BTC? And I clicked it and it was would 107 00:05:10,000 --> 00:05:12,039 Speaker 1: you like to buy some bitcoin? So yeah, on the 108 00:05:12,080 --> 00:05:15,039 Speaker 1: topic of those micro investing apps that we talked about recently, 109 00:05:15,279 --> 00:05:17,120 Speaker 1: cash app, man, they're kind of jumping in on that 110 00:05:17,160 --> 00:05:20,120 Speaker 1: craze and you click over to it and you're in 111 00:05:20,160 --> 00:05:22,840 Speaker 1: like this bitcoin sub menu and there's buy and sell 112 00:05:22,880 --> 00:05:25,160 Speaker 1: at the bottom. I could have bought some bitcoin right 113 00:05:25,200 --> 00:05:27,880 Speaker 1: there with with the eight dollars that um my buddies 114 00:05:27,920 --> 00:05:29,799 Speaker 1: sent me. And I will say there was a warning 115 00:05:29,800 --> 00:05:31,440 Speaker 1: there that popped up, and it was at nice warning 116 00:05:31,480 --> 00:05:33,839 Speaker 1: letting you know that, hey, you could lose all this money. 117 00:05:34,160 --> 00:05:36,359 Speaker 1: Is it essentially said I can't remember exactly what I said. Oh, 118 00:05:36,400 --> 00:05:37,919 Speaker 1: I wish I would have taken a screenshot. You'd call 119 00:05:37,960 --> 00:05:39,599 Speaker 1: it like speculation, because I would hope it would be 120 00:05:39,920 --> 00:05:44,240 Speaker 1: in more cash app friendly terms. It was basically like, hey, 121 00:05:44,240 --> 00:05:46,080 Speaker 1: heads up, you might lose all this money. Yeah, which 122 00:05:46,120 --> 00:05:48,839 Speaker 1: I totally appreciate them doing, because yes, this is not 123 00:05:49,720 --> 00:05:52,120 Speaker 1: f D. I c ensured if you switch your money 124 00:05:52,120 --> 00:05:57,040 Speaker 1: over from cash app, two bitcoin holdings, and it also 125 00:05:57,120 --> 00:05:58,840 Speaker 1: you could click sell, and I went When I went 126 00:05:58,920 --> 00:06:01,360 Speaker 1: to click sell, it said, uh, one cannot sell, but 127 00:06:01,440 --> 00:06:05,159 Speaker 1: one does not have, so I free. It was pretty funny. 128 00:06:05,440 --> 00:06:07,839 Speaker 1: But at the same time I find that very interesting 129 00:06:07,880 --> 00:06:11,559 Speaker 1: that I almost accidentally bought some bitcoin. I mean I didn't, 130 00:06:11,640 --> 00:06:14,240 Speaker 1: but good with two little clicks, dude, I could have. 131 00:06:14,360 --> 00:06:16,520 Speaker 1: It's incredible. Yeah, Like we talked about in the micro 132 00:06:16,640 --> 00:06:20,000 Speaker 1: investing apps episode, it's just getting so easy and it's 133 00:06:20,279 --> 00:06:22,440 Speaker 1: it's democratized to a point where you know, there's a 134 00:06:22,440 --> 00:06:24,400 Speaker 1: lot of a lot of good, a lot of benefit. 135 00:06:24,640 --> 00:06:26,680 Speaker 1: But then also you know, there's the flip side of 136 00:06:26,720 --> 00:06:30,520 Speaker 1: the bitcoin as you as you might say that people 137 00:06:30,600 --> 00:06:33,680 Speaker 1: can buy something terrible and sell something quickly that they 138 00:06:33,720 --> 00:06:35,719 Speaker 1: should be holding onto for the long term. So yeah, 139 00:06:35,720 --> 00:06:37,600 Speaker 1: there's a lot to be nervous about two kind of 140 00:06:37,680 --> 00:06:40,600 Speaker 1: in this where we're at with with these investing apps. 141 00:06:40,839 --> 00:06:42,760 Speaker 1: That's right, man. Oh one more thing I wanted to 142 00:06:42,760 --> 00:06:44,839 Speaker 1: share with you before we launched the Financial Independence I 143 00:06:44,880 --> 00:06:46,640 Speaker 1: know how much you love my hot tub. No, I 144 00:06:46,680 --> 00:06:49,320 Speaker 1: theoretically love your hot tub. It's never worked since you've 145 00:06:49,440 --> 00:06:51,560 Speaker 1: owned it. So we're starting to break ground on our 146 00:06:51,600 --> 00:06:54,760 Speaker 1: home motivation, which also means that we're one step closer 147 00:06:54,800 --> 00:06:57,120 Speaker 1: to having that extra space for the air bob. So 148 00:06:57,320 --> 00:06:59,240 Speaker 1: we're so long ways from that, But just a little 149 00:06:59,279 --> 00:07:01,840 Speaker 1: quick update for folks out there. We will certainly be 150 00:07:01,920 --> 00:07:04,680 Speaker 1: revisiting that soon, so you can look forward to that. Yeah, 151 00:07:04,720 --> 00:07:06,440 Speaker 1: and if you want to go kind of hear our 152 00:07:06,480 --> 00:07:08,720 Speaker 1: hair brained ideas about starting an airbnb. That was one 153 00:07:08,760 --> 00:07:11,480 Speaker 1: of our earliest episodes. Yeah, so check that back and 154 00:07:11,520 --> 00:07:14,680 Speaker 1: even listened to our episodes, No, I'd probably cringe too much. 155 00:07:14,680 --> 00:07:16,840 Speaker 1: Oh my gosh, me too, just like cringing all day. 156 00:07:16,960 --> 00:07:19,600 Speaker 1: It's it's been a steep learning curve, but I like it. Man. Yeah, 157 00:07:19,640 --> 00:07:22,920 Speaker 1: we're having fun all right. Today we are featuring a 158 00:07:22,960 --> 00:07:26,200 Speaker 1: listener beer on the show, and Mike from Minnesota sent 159 00:07:26,440 --> 00:07:28,960 Speaker 1: us a few awesome beers and by the way, we 160 00:07:29,000 --> 00:07:30,840 Speaker 1: have a few awesome as in he sent us four 161 00:07:30,880 --> 00:07:32,960 Speaker 1: of them and we cracked open two of them over 162 00:07:32,960 --> 00:07:35,000 Speaker 1: the weekend because we were just hanging out to I 163 00:07:35,080 --> 00:07:37,240 Speaker 1: p a s. And those were amazing. They were so good. 164 00:07:37,320 --> 00:07:40,120 Speaker 1: Both of those were really tasty, and we figured we 165 00:07:40,120 --> 00:07:42,200 Speaker 1: needed to try this one on the show from Wild 166 00:07:42,280 --> 00:07:45,480 Speaker 1: Mind Artists and Ales. It's called Wind in the Willows 167 00:07:45,760 --> 00:07:49,000 Speaker 1: and it's an American wildale. Yeah. So first of all, 168 00:07:49,000 --> 00:07:51,000 Speaker 1: I wanna just want to give a huge thanks to Mike, 169 00:07:51,360 --> 00:07:53,280 Speaker 1: Mike and Minnesota, do you thank you so much. We 170 00:07:53,320 --> 00:07:55,960 Speaker 1: really appreciate you listening, and especially thank you for sending 171 00:07:55,960 --> 00:07:58,120 Speaker 1: these beers in. And he listens intensely. I can tell 172 00:07:58,160 --> 00:08:00,679 Speaker 1: because he sent us literally our three favorite kinds of beers, 173 00:08:00,760 --> 00:08:03,080 Speaker 1: right like a bare leg sed out a while they'le 174 00:08:03,120 --> 00:08:06,240 Speaker 1: and then two amazing hazy I p as. So all right, 175 00:08:06,320 --> 00:08:09,640 Speaker 1: let's crack this. And first, man, we've actually gotten a 176 00:08:09,680 --> 00:08:13,120 Speaker 1: few messages about beer donations. Folks have asked if they 177 00:08:13,160 --> 00:08:15,240 Speaker 1: could send into some beers. Man, we would love that. 178 00:08:15,360 --> 00:08:17,400 Speaker 1: If if you've got some great breweries in your area, 179 00:08:17,680 --> 00:08:20,600 Speaker 1: especially ones that don't distribute, so there's essentially zero chains 180 00:08:20,600 --> 00:08:23,080 Speaker 1: of us getting their hands on that, we would love 181 00:08:23,120 --> 00:08:24,800 Speaker 1: if you sent those into us. Just send us a 182 00:08:24,840 --> 00:08:26,120 Speaker 1: message and we could let you know how to send 183 00:08:26,120 --> 00:08:28,960 Speaker 1: those in. Yeah, but only if you want to know pressure. Yeah, 184 00:08:28,960 --> 00:08:31,760 Speaker 1: we love all of our listeners equally. Nice porn this, Joel, 185 00:08:31,800 --> 00:08:34,520 Speaker 1: This looks great, dude. This looks like a peach. It's 186 00:08:34,520 --> 00:08:37,959 Speaker 1: like really fruit forward, uh, and but also super tart 187 00:08:38,280 --> 00:08:40,480 Speaker 1: and juicy at the same time. It's like, yeah, just 188 00:08:40,559 --> 00:08:43,400 Speaker 1: juicy and acidic, and I feel like the city levels 189 00:08:43,559 --> 00:08:45,640 Speaker 1: is really high. Which I love, but this one and 190 00:08:45,720 --> 00:08:47,800 Speaker 1: it feels good. It feels good on my tongue. It's 191 00:08:47,800 --> 00:08:50,920 Speaker 1: like I'm licking a nine voult. You do you ever 192 00:08:51,000 --> 00:08:52,280 Speaker 1: do that as a kid, You like put the nine 193 00:08:52,320 --> 00:08:54,040 Speaker 1: volt to your tongue. You kind of feel a tingle. Now, Man, 194 00:08:54,040 --> 00:08:56,080 Speaker 1: I didn't. I didn't get as crazy as you did. Man, 195 00:08:56,200 --> 00:08:58,840 Speaker 1: you haven't lived and so you were looking nine voltes 196 00:08:58,840 --> 00:09:00,160 Speaker 1: in the parking lot before you went in? Is the 197 00:09:00,160 --> 00:09:01,920 Speaker 1: Independence Day in the movie theater? I know what I'm 198 00:09:01,920 --> 00:09:05,240 Speaker 1: doing post podcast Now. This is a fantastic beer for 199 00:09:05,280 --> 00:09:07,800 Speaker 1: the summer. A nice fruit American wild, so it's got 200 00:09:07,800 --> 00:09:10,640 Speaker 1: those sort of wild um, you know, yeast and bacteries 201 00:09:10,640 --> 00:09:12,520 Speaker 1: in there. It gives a little bit of funk. This 202 00:09:12,600 --> 00:09:15,400 Speaker 1: is great summer drinking. Yeah, that's so good. Seriously, Mike, 203 00:09:15,440 --> 00:09:17,240 Speaker 1: thanks for sending that in. Man, dude, you rock. We 204 00:09:17,280 --> 00:09:18,880 Speaker 1: love it and we all right, man, let's just go 205 00:09:18,880 --> 00:09:20,600 Speaker 1: ahead and say that we'll crack open the fourth one 206 00:09:21,040 --> 00:09:24,040 Speaker 1: next week. You want to do that? Yeah? What is it? Wait, 207 00:09:24,120 --> 00:09:27,600 Speaker 1: stay tuned, you'll find out next week. Sounds good, all right, 208 00:09:27,640 --> 00:09:30,800 Speaker 1: Matt Onto The topic at hand is financial independence a 209 00:09:30,880 --> 00:09:33,640 Speaker 1: good goal to have? And really, you know, before we 210 00:09:33,640 --> 00:09:35,280 Speaker 1: get into it, we kind of have to define it. 211 00:09:35,480 --> 00:09:37,840 Speaker 1: And so I would say that financial independence is having 212 00:09:37,960 --> 00:09:41,560 Speaker 1: enough assets where you don't have to actively work in 213 00:09:41,679 --> 00:09:43,640 Speaker 1: order to pay your bills. And by the way, throughout 214 00:09:43,679 --> 00:09:47,079 Speaker 1: this episode will probably refer to financial independence as f 215 00:09:47,240 --> 00:09:49,640 Speaker 1: I or f I just because it shortens everything. F 216 00:09:49,800 --> 00:09:53,520 Speaker 1: I financial financial independence. That's seven syllables. Yeah, man, it's 217 00:09:53,559 --> 00:09:55,280 Speaker 1: too much, So let's like call it five a bunch. 218 00:09:55,880 --> 00:09:58,320 Speaker 1: That's kind of the common jargon that people use talking 219 00:09:58,320 --> 00:10:00,760 Speaker 1: about financial independence, So we'll call it five. Yeah, And actually, 220 00:10:00,760 --> 00:10:03,000 Speaker 1: I mean before we even move further into it, that's 221 00:10:03,000 --> 00:10:05,280 Speaker 1: something that's good to mention, is just talking about how 222 00:10:05,480 --> 00:10:08,079 Speaker 1: financial independence like five, it's sort of this new It's 223 00:10:08,080 --> 00:10:10,679 Speaker 1: not new, right, like people have had it and been 224 00:10:10,720 --> 00:10:13,520 Speaker 1: doing it for hundreds of years, yeah, like French kings. 225 00:10:15,160 --> 00:10:17,520 Speaker 1: But lately it's it's kind of been something that a 226 00:10:17,520 --> 00:10:19,679 Speaker 1: lot of folks have been jumping on and is kind 227 00:10:19,679 --> 00:10:22,520 Speaker 1: of gaining this momentum, is gaining steam. So they're they're 228 00:10:22,559 --> 00:10:25,040 Speaker 1: sort of like these different groups of folks that sort 229 00:10:25,040 --> 00:10:28,800 Speaker 1: of adhere to the financial independence principles and are working 230 00:10:28,800 --> 00:10:30,680 Speaker 1: really hard to achieve that, and they all kind of 231 00:10:30,679 --> 00:10:33,199 Speaker 1: talk to each other sort of like this cult almost, 232 00:10:33,240 --> 00:10:35,319 Speaker 1: but it's not like a good cult. Yeah, but like 233 00:10:35,360 --> 00:10:38,480 Speaker 1: a good kind everyone lives for the most part. Yeah, Yeah, 234 00:10:38,520 --> 00:10:41,080 Speaker 1: and I think too it part of it has centered 235 00:10:41,120 --> 00:10:45,440 Speaker 1: around a common way of being able to frame a topic. 236 00:10:45,800 --> 00:10:48,400 Speaker 1: And so it used to be just kind of personal finance, 237 00:10:48,440 --> 00:10:50,680 Speaker 1: and some people were kind of better at personal finance 238 00:10:50,720 --> 00:10:54,240 Speaker 1: than other people, And now FI has kind of become 239 00:10:54,240 --> 00:10:56,520 Speaker 1: a separate entity of personal finance, and there are people 240 00:10:56,559 --> 00:10:58,720 Speaker 1: that kind of need help with some of the basics 241 00:10:58,920 --> 00:11:01,200 Speaker 1: of personal finance, and Matt, you and I love talking 242 00:11:01,240 --> 00:11:04,520 Speaker 1: about that, but we also love talking about financial independence 243 00:11:04,559 --> 00:11:06,920 Speaker 1: and what that can bring to people. And that kind 244 00:11:06,920 --> 00:11:10,680 Speaker 1: of shift in the approach has kind of led to 245 00:11:10,720 --> 00:11:14,680 Speaker 1: this crop of people that are really actively engaging in 246 00:11:14,679 --> 00:11:18,880 Speaker 1: a discussion about, you know, essentially personal finance on steroids. 247 00:11:18,920 --> 00:11:22,120 Speaker 1: And there are some great podcasts and some great blogs 248 00:11:22,360 --> 00:11:25,240 Speaker 1: kind of surrounding the topic, kind of really honing in 249 00:11:25,280 --> 00:11:27,679 Speaker 1: on the topic of financial independence, and so we kind 250 00:11:27,720 --> 00:11:29,480 Speaker 1: of want to address it because it's something that is 251 00:11:29,559 --> 00:11:31,600 Speaker 1: near and dear to our hearts, but it's also not 252 00:11:31,720 --> 00:11:34,280 Speaker 1: kind of what we center this podcast around at the 253 00:11:34,320 --> 00:11:37,800 Speaker 1: same time. Yeah, and in general, financial independence is a status. Right, 254 00:11:37,800 --> 00:11:39,320 Speaker 1: It's it's when you get to a certain point in 255 00:11:39,320 --> 00:11:41,600 Speaker 1: your life, like you said, when your assets are able 256 00:11:41,600 --> 00:11:43,440 Speaker 1: to generate a nothing income for you to to cover 257 00:11:43,720 --> 00:11:46,800 Speaker 1: your expenses. And typically that means when you have enough 258 00:11:46,840 --> 00:11:49,559 Speaker 1: either in your retirement portfolio or either an ownership in 259 00:11:49,600 --> 00:11:51,920 Speaker 1: a business, or you have cash flow from real estate 260 00:11:52,000 --> 00:11:55,160 Speaker 1: and the equity growth there. It's it's a collection. It's 261 00:11:55,160 --> 00:11:57,199 Speaker 1: it's not just a certain thing where it's like, Okay, 262 00:11:57,200 --> 00:12:00,560 Speaker 1: your investment portfolio or or only your retirement account has 263 00:12:00,559 --> 00:12:02,800 Speaker 1: to be be that. It's it's a collection of all 264 00:12:02,840 --> 00:12:06,120 Speaker 1: of your assets altogether that that can generate that income 265 00:12:06,200 --> 00:12:08,080 Speaker 1: for you. Sure, and we could get into the weeds 266 00:12:08,120 --> 00:12:10,240 Speaker 1: on that, but we won't because we really want to 267 00:12:10,280 --> 00:12:12,760 Speaker 1: tackle the overall topic. Is it a good goal to 268 00:12:12,800 --> 00:12:15,880 Speaker 1: have and kind of give some explanations as to what 269 00:12:16,000 --> 00:12:19,680 Speaker 1: five is and then also kind of what the traditional 270 00:12:19,760 --> 00:12:21,200 Speaker 1: view is, and so let's get into that real late. 271 00:12:21,640 --> 00:12:25,559 Speaker 1: The traditional view of retirement. Really, if we could crystallize 272 00:12:25,559 --> 00:12:27,360 Speaker 1: it would be an old guy sitting on a front 273 00:12:27,440 --> 00:12:30,439 Speaker 1: porch in his rocker with a gold Company watch. That's 274 00:12:30,480 --> 00:12:32,240 Speaker 1: the kind of stage of life he's in, and he's 275 00:12:32,240 --> 00:12:36,280 Speaker 1: someone who has quote unquote retired. But unfortunately, even retirees 276 00:12:36,320 --> 00:12:38,600 Speaker 1: may not be financially independent. And there have been some 277 00:12:38,720 --> 00:12:40,840 Speaker 1: recent articles showing that. There was one of the New 278 00:12:40,920 --> 00:12:43,000 Speaker 1: York Times just a couple of weeks ago about how 279 00:12:43,040 --> 00:12:46,559 Speaker 1: retirees are declaring bankruptcy a don't even faster rate, about 280 00:12:46,559 --> 00:12:51,120 Speaker 1: how senior citizens their student loan debt is skyrocketing, which 281 00:12:51,160 --> 00:12:54,760 Speaker 1: is it's just that sounds crazy. It's crazy, Yeah, yes 282 00:12:54,880 --> 00:12:57,560 Speaker 1: it is. It's your citizens and student loan yep. Just 283 00:12:57,600 --> 00:13:00,880 Speaker 1: doesn't equate. I know, right, I know. And so they're there. Uh, 284 00:13:01,160 --> 00:13:05,000 Speaker 1: there's this picture of retirement that is actually changing as well, 285 00:13:05,040 --> 00:13:08,320 Speaker 1: and and retirement is harder to achieve in this day 286 00:13:08,320 --> 00:13:10,480 Speaker 1: and age, and it also looks different where people maybe 287 00:13:10,520 --> 00:13:13,120 Speaker 1: quit their job and so they're retired, right, but but 288 00:13:13,160 --> 00:13:15,520 Speaker 1: they're not actually financially independent. Well. I think a huge 289 00:13:15,520 --> 00:13:17,880 Speaker 1: part of that, too, man, is pensions. I think a 290 00:13:17,920 --> 00:13:20,160 Speaker 1: lot of that sort of early what we'd call old 291 00:13:20,160 --> 00:13:24,000 Speaker 1: school sort of mentality and outlook towards retirement has to 292 00:13:24,000 --> 00:13:26,360 Speaker 1: do with pensions where a company would offer that as 293 00:13:26,360 --> 00:13:28,400 Speaker 1: a benefit and you kind of pay into it and 294 00:13:28,440 --> 00:13:30,920 Speaker 1: you have this benefit and then when you are finished working, 295 00:13:31,320 --> 00:13:33,200 Speaker 1: you get that payout. You get that regular payout and 296 00:13:33,240 --> 00:13:35,960 Speaker 1: essentially that replaces your income. It's like a fourth method 297 00:13:36,000 --> 00:13:37,679 Speaker 1: of savings where you don't have to be the one 298 00:13:37,720 --> 00:13:40,920 Speaker 1: actively actively sucking it away for the future exactly. And 299 00:13:40,960 --> 00:13:42,920 Speaker 1: then you just have companies that are either doing away 300 00:13:42,920 --> 00:13:45,480 Speaker 1: with that or they go belly up and that the 301 00:13:45,520 --> 00:13:47,760 Speaker 1: pensions just aren't there anymore. And I think that has 302 00:13:47,760 --> 00:13:49,120 Speaker 1: a lot to do with it. It It was as well, 303 00:13:49,160 --> 00:13:50,560 Speaker 1: and that has a lot to do with that sort 304 00:13:50,559 --> 00:13:53,439 Speaker 1: of mentality of retirement. You know, you commit your your life, 305 00:13:53,480 --> 00:13:56,440 Speaker 1: your body to a specific company, expecting them to take 306 00:13:56,480 --> 00:13:59,040 Speaker 1: care of you when it's all said and done, and 307 00:13:59,440 --> 00:14:02,199 Speaker 1: the world change as companies change, there they're not companies 308 00:14:02,240 --> 00:14:04,400 Speaker 1: that were here aren't anymore. And I think that has 309 00:14:04,400 --> 00:14:08,360 Speaker 1: contributed a lot towards uh, like you said, senior citizens 310 00:14:08,400 --> 00:14:11,480 Speaker 1: that unfortunately are bankrupt. Yeah, and the younger generation sees 311 00:14:11,559 --> 00:14:14,600 Speaker 1: kind of the consumerism of their parents. And we'll get 312 00:14:14,640 --> 00:14:17,120 Speaker 1: into consumerism a little more. I think it ties closely 313 00:14:17,160 --> 00:14:20,600 Speaker 1: with financial independence. But we we've seen that and we've 314 00:14:20,640 --> 00:14:24,160 Speaker 1: seen also, you know, the way companies have started to 315 00:14:24,240 --> 00:14:27,160 Speaker 1: kind of change their promises really and that started with 316 00:14:27,240 --> 00:14:30,040 Speaker 1: the dual doing a way of the pension and companies 317 00:14:30,080 --> 00:14:34,400 Speaker 1: going bust, people jumping ship. The kind of social compact 318 00:14:34,480 --> 00:14:37,800 Speaker 1: that was in order for our parents generation no longer 319 00:14:37,880 --> 00:14:41,920 Speaker 1: holds true for people of our generation, and so we 320 00:14:42,040 --> 00:14:44,720 Speaker 1: expect that a company is not necessarily loyal to us, 321 00:14:45,080 --> 00:14:48,200 Speaker 1: and so we assume that we can't be too terribly 322 00:14:48,240 --> 00:14:50,720 Speaker 1: loyal to a company who knows, whether you know, will 323 00:14:50,760 --> 00:14:54,240 Speaker 1: be there ten years or two years or six months 324 00:14:54,280 --> 00:14:57,320 Speaker 1: even right, So that's definitely something to consider when you're 325 00:14:57,440 --> 00:15:00,520 Speaker 1: on your path to financial independence. Is that the workplace 326 00:15:00,600 --> 00:15:03,480 Speaker 1: benefits you received they are not going to provide for 327 00:15:03,520 --> 00:15:06,360 Speaker 1: you in retirement. Yeah, the burden is on you as 328 00:15:06,360 --> 00:15:09,960 Speaker 1: a worker more now than it has been in previous generations. 329 00:15:10,240 --> 00:15:12,840 Speaker 1: And certainly also too, we want to talk about how 330 00:15:12,920 --> 00:15:15,280 Speaker 1: financial independence is a little bit different too than the 331 00:15:15,280 --> 00:15:19,760 Speaker 1: growing early retirement movement, which is often abbreviated as fire. Again, 332 00:15:19,800 --> 00:15:22,400 Speaker 1: you'll see a lot of financial bloggers and podcasts out 333 00:15:22,400 --> 00:15:25,440 Speaker 1: there that are all about fire, and you're wondering, why 334 00:15:25,640 --> 00:15:30,840 Speaker 1: are these bloggers so obsessed with pyro and everything is 335 00:15:30,880 --> 00:15:33,560 Speaker 1: on fire and has fired this fire that? Um, Well, 336 00:15:33,720 --> 00:15:36,880 Speaker 1: it's because it's financial independence. Retire early and and to me, 337 00:15:36,920 --> 00:15:40,160 Speaker 1: at least the sort of mentality behind the early retirement 338 00:15:40,400 --> 00:15:43,640 Speaker 1: model is that they're gonna work crazy hard right now 339 00:15:43,680 --> 00:15:45,880 Speaker 1: and someonever and whatever job that they have that pays 340 00:15:45,920 --> 00:15:48,280 Speaker 1: the highest so they can earn the most sort of 341 00:15:48,600 --> 00:15:51,200 Speaker 1: ignore their life for a short period of time so 342 00:15:51,200 --> 00:15:53,360 Speaker 1: they can quit and then do whatever they want. Right 343 00:15:53,440 --> 00:15:56,920 Speaker 1: It's it's sort of like this completely delayed mentality where 344 00:15:57,000 --> 00:15:58,960 Speaker 1: you're not really enjoying much life at all right now 345 00:15:58,960 --> 00:16:00,720 Speaker 1: in order in order to work the hardest that you 346 00:16:00,760 --> 00:16:03,360 Speaker 1: possibly can for that sort of big payout at the 347 00:16:03,440 --> 00:16:05,000 Speaker 1: end and then you know, and then you can kind 348 00:16:05,000 --> 00:16:07,840 Speaker 1: of go on enjoy life. It's like stockpiling right for 349 00:16:07,880 --> 00:16:12,400 Speaker 1: the future. Yes, like preppers. Yeah they're like doom doomsday 350 00:16:12,400 --> 00:16:15,680 Speaker 1: preppers of but with their money, but with their money exactly. 351 00:16:16,200 --> 00:16:18,280 Speaker 1: So yeah, certainly that's not everyone that's in that community, 352 00:16:18,280 --> 00:16:20,120 Speaker 1: that's right, right. A lot of good folks that Matt 353 00:16:20,160 --> 00:16:21,800 Speaker 1: and I respect and are friends with that are that 354 00:16:21,840 --> 00:16:23,800 Speaker 1: are in this you know, fire community. And but it 355 00:16:23,800 --> 00:16:25,480 Speaker 1: takes on a lot of different forms. So we want 356 00:16:25,480 --> 00:16:27,520 Speaker 1: you to know that that that some people. You know, 357 00:16:27,560 --> 00:16:29,600 Speaker 1: it's a life optimization to the max. It's get the 358 00:16:30,040 --> 00:16:32,720 Speaker 1: best paying job that you can right now, even if 359 00:16:32,960 --> 00:16:35,360 Speaker 1: you know it. It's soul sucking and you hate it, 360 00:16:35,600 --> 00:16:37,640 Speaker 1: and you know, and Matt and I would disagree with that. Hopefully, 361 00:16:37,640 --> 00:16:39,120 Speaker 1: on an episode in the near future we'll kind of 362 00:16:39,120 --> 00:16:41,720 Speaker 1: talk about our philosophy of work and what it means, 363 00:16:42,000 --> 00:16:44,240 Speaker 1: you know, to have meaningful work, and we think that's 364 00:16:44,240 --> 00:16:46,920 Speaker 1: really important. But yeah, the fine mindset that we're talking 365 00:16:46,960 --> 00:16:49,720 Speaker 1: about doesn't involve working at a job that you hate 366 00:16:49,840 --> 00:16:51,760 Speaker 1: just to get paid more money so that you can 367 00:16:51,880 --> 00:16:53,880 Speaker 1: quit a couple of years earlier. And if you listen 368 00:16:53,920 --> 00:16:56,280 Speaker 1: to the episode with our wives, that specific question was 369 00:16:56,320 --> 00:16:59,200 Speaker 1: asked about financial independence, and that was something both of 370 00:16:59,200 --> 00:17:02,880 Speaker 1: our wives, I thought, stated really well that, you know, 371 00:17:02,920 --> 00:17:06,560 Speaker 1: we're all about being financially secure and not having to 372 00:17:06,600 --> 00:17:09,919 Speaker 1: work for a paycheck in the near future hopefully, but 373 00:17:10,000 --> 00:17:13,520 Speaker 1: not compromising how much we work and the actual work 374 00:17:13,520 --> 00:17:15,439 Speaker 1: that we're doing. And so for us, it's important to 375 00:17:15,440 --> 00:17:18,040 Speaker 1: still work at things that we love, even if they 376 00:17:18,119 --> 00:17:21,120 Speaker 1: pay less um than a job that we actually could 377 00:17:21,119 --> 00:17:22,840 Speaker 1: probably go out there on the open market and get, 378 00:17:23,119 --> 00:17:25,240 Speaker 1: because it it's the best for our family and the 379 00:17:25,240 --> 00:17:26,840 Speaker 1: best for the sake of our mind and our hearts. 380 00:17:26,960 --> 00:17:28,879 Speaker 1: Right as we try to enjoy the work that we 381 00:17:28,920 --> 00:17:30,840 Speaker 1: do and serve other people in that work. Yeah, it's 382 00:17:30,840 --> 00:17:34,199 Speaker 1: like it's a balance between finding work that is financially 383 00:17:34,320 --> 00:17:38,199 Speaker 1: satisfying but also yeah, emotionally and mentally satisfying where you 384 00:17:38,240 --> 00:17:40,960 Speaker 1: feel that you're truly helping somebody. And that's sort of 385 00:17:40,960 --> 00:17:43,359 Speaker 1: our sort of philosophy towards work in a nutshell, is 386 00:17:43,520 --> 00:17:46,280 Speaker 1: work or your job is a service? Right, you get 387 00:17:46,280 --> 00:17:48,399 Speaker 1: paid because you're doing something to help somebody and you 388 00:17:48,440 --> 00:17:51,639 Speaker 1: are rewarded by you know, getting paid. That has a 389 00:17:51,640 --> 00:17:53,320 Speaker 1: lot to do, like you said, with with our view 390 00:17:53,359 --> 00:17:57,040 Speaker 1: towards work, and not that we think that you shouldn't retire, 391 00:17:57,320 --> 00:18:01,040 Speaker 1: but that definitely informs our goals of not necessarily trying 392 00:18:01,040 --> 00:18:04,160 Speaker 1: to stop working as soon as possible, but instead find 393 00:18:04,200 --> 00:18:07,400 Speaker 1: areas that were more interested maybe in serving others. Yeah. 394 00:18:07,440 --> 00:18:09,800 Speaker 1: One more thing that real quick financial independence can be 395 00:18:09,840 --> 00:18:12,159 Speaker 1: achieved at almost any age. Right. It doesn't have to 396 00:18:12,160 --> 00:18:13,760 Speaker 1: do with the stage of your life, like we talked 397 00:18:13,760 --> 00:18:15,920 Speaker 1: about Dude to the rocking chair and the gold watch, 398 00:18:16,200 --> 00:18:18,960 Speaker 1: who's you know, got white hair? The financial independence you know, 399 00:18:19,040 --> 00:18:23,120 Speaker 1: if you're proactive and if you are a diligent saver 400 00:18:23,240 --> 00:18:25,680 Speaker 1: and investor and you're thoughtful about where your money goes. 401 00:18:26,280 --> 00:18:28,960 Speaker 1: You know, financial independence can be achieved at a relatively 402 00:18:28,960 --> 00:18:31,080 Speaker 1: young age and it doesn't even take working in a 403 00:18:31,160 --> 00:18:33,399 Speaker 1: job that you hate. And so I think, you know, 404 00:18:33,440 --> 00:18:35,080 Speaker 1: that's something that we want to stress in this episode, 405 00:18:35,080 --> 00:18:37,359 Speaker 1: and we're gonna get to right after the break, uh, 406 00:18:37,560 --> 00:18:40,520 Speaker 1: when we dive a little further into the topic of 407 00:18:40,760 --> 00:18:43,880 Speaker 1: is financial independence a worthwhile goal for you? Yeah, that's right, man, 408 00:18:43,880 --> 00:18:55,800 Speaker 1: But first let's take a break, so back to financial independence, 409 00:18:55,800 --> 00:18:58,240 Speaker 1: and specifically, we want to answer whether or not we 410 00:18:58,280 --> 00:19:00,919 Speaker 1: feel that financial independence is a worth while goal. And 411 00:19:00,920 --> 00:19:05,000 Speaker 1: in short, yes, absolutely, and it's because that achieving five 412 00:19:05,160 --> 00:19:07,440 Speaker 1: will allow us to not have to work for money. 413 00:19:07,840 --> 00:19:10,479 Speaker 1: Their chances are we still will because of our our 414 00:19:10,520 --> 00:19:13,440 Speaker 1: views towards work that we just talked about, but five 415 00:19:13,520 --> 00:19:16,600 Speaker 1: will allow us to pursue whatever sort of work we 416 00:19:16,640 --> 00:19:18,520 Speaker 1: want to, you know, and not be handcuffed to a 417 00:19:18,600 --> 00:19:21,160 Speaker 1: job just because of the salary or the benefits. Um. 418 00:19:21,200 --> 00:19:25,719 Speaker 1: It'll allow us to volunteer more or vacation more, you know, 419 00:19:25,800 --> 00:19:27,440 Speaker 1: like the kind of things that people think of when 420 00:19:27,440 --> 00:19:30,640 Speaker 1: when you think of financial independence or retiring early, the 421 00:19:30,720 --> 00:19:34,199 Speaker 1: quote unquote the fun things, right, good, Like there's a 422 00:19:34,240 --> 00:19:35,960 Speaker 1: reason too. While we're while we're trying to do this, 423 00:19:36,040 --> 00:19:38,680 Speaker 1: and there's sacrifices we make now so that hopefully there's 424 00:19:38,720 --> 00:19:40,280 Speaker 1: you know, maybe a little more on the other side 425 00:19:40,280 --> 00:19:42,400 Speaker 1: that we can enjoy. Yeah, but of course it is 426 00:19:42,480 --> 00:19:44,600 Speaker 1: a balance, right, just like anything in life. You could 427 00:19:44,600 --> 00:19:46,880 Speaker 1: go hog wild on five and decide that you want 428 00:19:46,880 --> 00:19:49,320 Speaker 1: to retire in two point five years and have the 429 00:19:49,359 --> 00:19:51,679 Speaker 1: next two point five years of your life be the 430 00:19:51,760 --> 00:19:54,720 Speaker 1: worst ones. Right, move back home with mom and dad, right, 431 00:19:54,920 --> 00:19:58,679 Speaker 1: sell everything literally ramen and drink water for every meal. Right, 432 00:19:58,680 --> 00:20:03,480 Speaker 1: there's only need vitamins. I got scurvy. Yeah, not a 433 00:20:03,480 --> 00:20:05,719 Speaker 1: good not a good plan. Right. So it is a balance. 434 00:20:05,760 --> 00:20:08,400 Speaker 1: And you could go crazy and attempt to be financially 435 00:20:08,440 --> 00:20:11,159 Speaker 1: independent as soon as humanly possible, But what are you 436 00:20:11,160 --> 00:20:15,679 Speaker 1: sacrificing in the interim and are you sacrificing relationships or 437 00:20:15,760 --> 00:20:19,040 Speaker 1: meaningful work in the meantime, And we would say that's 438 00:20:19,080 --> 00:20:21,320 Speaker 1: not a good idea. It's our goal here on poor 439 00:20:21,359 --> 00:20:23,640 Speaker 1: not poor, to live a rich life now and then 440 00:20:23,680 --> 00:20:27,280 Speaker 1: also to not be poor. Right, So we are thinking 441 00:20:27,320 --> 00:20:30,640 Speaker 1: about the future, that's our mindset. We we want to save, diligently, 442 00:20:30,680 --> 00:20:33,719 Speaker 1: invest well, uh, to have a robust future for our 443 00:20:33,760 --> 00:20:36,639 Speaker 1: families where we're not dependent on a job or a 444 00:20:36,680 --> 00:20:39,639 Speaker 1: boss um or or just you know, day to day, 445 00:20:39,760 --> 00:20:42,240 Speaker 1: nine to five work. But we also want to live 446 00:20:42,440 --> 00:20:46,640 Speaker 1: richly now, which includes meaningful work and not wearing ourselves 447 00:20:46,680 --> 00:20:50,680 Speaker 1: out for this future promise of of five right down 448 00:20:50,720 --> 00:20:53,480 Speaker 1: the that's right, yeah, I mean specifically, man, what I 449 00:20:53,520 --> 00:20:56,200 Speaker 1: think of are my girls are oldest daughters at the 450 00:20:56,240 --> 00:20:58,919 Speaker 1: same age, and any time I think of them and 451 00:20:58,920 --> 00:21:01,280 Speaker 1: I get super sentimental. I think about how the next 452 00:21:01,280 --> 00:21:03,560 Speaker 1: ten years are going to be the most formative years 453 00:21:04,119 --> 00:21:06,360 Speaker 1: for them, and how they see the world and their 454 00:21:06,400 --> 00:21:08,920 Speaker 1: relationship to money, and their relationship to to us and 455 00:21:09,080 --> 00:21:11,400 Speaker 1: in their community and those around them. And what's also 456 00:21:11,400 --> 00:21:13,520 Speaker 1: interesting to note is that in the next ten years 457 00:21:13,680 --> 00:21:17,000 Speaker 1: is also when I could achieve financial independence if I 458 00:21:17,080 --> 00:21:19,000 Speaker 1: kind of if I buckle down and really went after 459 00:21:19,040 --> 00:21:21,399 Speaker 1: it and stuff like that. And so I'm so torn, 460 00:21:21,800 --> 00:21:24,520 Speaker 1: and like you said, there's a balance, because that's something 461 00:21:24,520 --> 00:21:26,960 Speaker 1: that would be amazing to have, right to have those options, 462 00:21:26,960 --> 00:21:29,439 Speaker 1: to have that flexibility to to decide what kind of 463 00:21:29,440 --> 00:21:30,960 Speaker 1: work I want to do and what kind of hours 464 00:21:30,960 --> 00:21:33,439 Speaker 1: I have at the end of those ten years. But 465 00:21:33,480 --> 00:21:35,160 Speaker 1: in those ten years leading up to that, I don't 466 00:21:35,160 --> 00:21:38,280 Speaker 1: want to sacrifice so much that I've got a weird 467 00:21:38,320 --> 00:21:41,000 Speaker 1: relationship with my family or you know, or to where 468 00:21:41,000 --> 00:21:44,600 Speaker 1: I don't know them. Like, how disappointing would that be? 469 00:21:44,840 --> 00:21:47,040 Speaker 1: You know? If if I got to ten years from 470 00:21:47,040 --> 00:21:49,680 Speaker 1: now and I'm like, all right, five has been achieved. 471 00:21:49,800 --> 00:21:51,680 Speaker 1: It's been a bunch of time together now everyone, and 472 00:21:51,720 --> 00:21:53,680 Speaker 1: then everybody is kind of like, well what do we do? 473 00:21:53,880 --> 00:21:56,119 Speaker 1: Who are you? Yeah, it's like that promise of right, 474 00:21:56,200 --> 00:21:57,879 Speaker 1: the five pot of gold at the end of the rain, 475 00:21:58,920 --> 00:22:01,760 Speaker 1: and and it's just it's kind of a mirage in 476 00:22:01,800 --> 00:22:05,000 Speaker 1: some ways, because if you're losing out on the things 477 00:22:05,000 --> 00:22:07,640 Speaker 1: that are meaningful to you right now in this stage 478 00:22:07,920 --> 00:22:10,800 Speaker 1: and you're willing to sacrifice those things at this current 479 00:22:10,880 --> 00:22:13,760 Speaker 1: point for that future promise, that future promise won't be 480 00:22:13,800 --> 00:22:15,760 Speaker 1: nearly as meaningful. Man, you gotta you gotta keep that 481 00:22:15,840 --> 00:22:19,520 Speaker 1: level head. But here's another thing, Matt. Financial independence is 482 00:22:19,560 --> 00:22:22,360 Speaker 1: actually way easier than people think it is. And that 483 00:22:22,480 --> 00:22:26,400 Speaker 1: is because of our consumeristic culture, right, and we buy 484 00:22:26,440 --> 00:22:29,719 Speaker 1: into so many things without even really thinking about it. 485 00:22:29,880 --> 00:22:32,720 Speaker 1: And if we would just question our spending choices more, 486 00:22:33,040 --> 00:22:35,440 Speaker 1: question you know, the amount that we're actually able to 487 00:22:35,480 --> 00:22:39,119 Speaker 1: save and invest Then I think financial independence is really 488 00:22:39,160 --> 00:22:42,800 Speaker 1: achievable for a lot of people out there, uh that 489 00:22:42,920 --> 00:22:45,960 Speaker 1: currently think that it's this pipe dream and it's not possible, 490 00:22:46,080 --> 00:22:48,800 Speaker 1: and it doesn't require working seventy hour work weeks, right, 491 00:22:48,800 --> 00:22:51,199 Speaker 1: knows to the grindstone. But really it just kind of 492 00:22:51,240 --> 00:22:54,199 Speaker 1: takes some basic changes to your life and you can 493 00:22:54,240 --> 00:22:57,199 Speaker 1: implement those and you can achieve financial independence, you know 494 00:22:57,280 --> 00:23:02,000 Speaker 1: before you are gold watch, rocking chair, white hair age, right, 495 00:23:02,040 --> 00:23:04,199 Speaker 1: you really can do it. And then so we believe 496 00:23:04,280 --> 00:23:07,159 Speaker 1: that as well to our cores that this is that 497 00:23:07,280 --> 00:23:09,240 Speaker 1: you can make changes in your life that help you 498 00:23:09,280 --> 00:23:11,840 Speaker 1: get to this place where you're financially free and you 499 00:23:11,880 --> 00:23:13,679 Speaker 1: don't have to work for a paycheck every day, and 500 00:23:13,720 --> 00:23:16,960 Speaker 1: you can do that, you know, before you're getting hip surgery. Right. 501 00:23:19,160 --> 00:23:20,679 Speaker 1: We keep talking about like this old man on the 502 00:23:20,720 --> 00:23:22,359 Speaker 1: on the rocking porch, and we're talking about movies. So 503 00:23:22,400 --> 00:23:24,000 Speaker 1: who would you who would you get to play like 504 00:23:24,080 --> 00:23:27,200 Speaker 1: the old retiree on the front porch. Morgan Freeman probably, Okay, 505 00:23:27,240 --> 00:23:29,480 Speaker 1: I was gonna say Clint Eastwood, which is basically the 506 00:23:29,480 --> 00:23:33,359 Speaker 1: white version of Morgan Freeman, and vice versa. Everyone should 507 00:23:33,359 --> 00:23:35,199 Speaker 1: go watch unforgiven, a movie that they were both in 508 00:23:35,720 --> 00:23:37,760 Speaker 1: one of the best westerns of all time. I've never 509 00:23:37,800 --> 00:23:39,600 Speaker 1: seen that. Oh it's really good. It's really I know 510 00:23:39,640 --> 00:23:41,560 Speaker 1: that they've been they've been in movies together like as 511 00:23:41,640 --> 00:23:44,440 Speaker 1: of lately. But anyway, that one was probably ten years ago. 512 00:23:44,600 --> 00:23:46,919 Speaker 1: It was super solid. I mean ten years ago was 513 00:23:46,960 --> 00:23:49,959 Speaker 1: recently in my mind. Yeah. Yeah, And sort of going 514 00:23:50,000 --> 00:23:51,560 Speaker 1: back to what you're saying and how it doesn't mean 515 00:23:51,600 --> 00:23:53,919 Speaker 1: working seven hours. It doesn't mean notes to the grindstone, 516 00:23:54,119 --> 00:23:56,520 Speaker 1: it doesn't mean more of stuff. What it actually means 517 00:23:56,560 --> 00:23:58,960 Speaker 1: and the easiest way to achieve it is less. It's 518 00:23:59,040 --> 00:24:02,280 Speaker 1: less a specifically, it means less spending. There's so much 519 00:24:02,320 --> 00:24:04,359 Speaker 1: that we do, and there's so many little changes that 520 00:24:04,359 --> 00:24:06,240 Speaker 1: we can make in our lives and in regards the 521 00:24:06,280 --> 00:24:08,640 Speaker 1: specifically the things that take up the most money, which 522 00:24:08,680 --> 00:24:11,280 Speaker 1: are the first of all housing, UH, find ways that 523 00:24:11,320 --> 00:24:13,760 Speaker 1: you can cut back in your spending. UH, specifically in 524 00:24:13,800 --> 00:24:16,560 Speaker 1: regards to housing, live in a smaller or maybe a 525 00:24:16,600 --> 00:24:18,840 Speaker 1: cheaper house. Right. Second thing that we spend the most 526 00:24:18,840 --> 00:24:22,480 Speaker 1: money on is transportation. You've got to drive a used car. 527 00:24:23,440 --> 00:24:25,480 Speaker 1: I think about the book The Millionaire next Door and 528 00:24:25,560 --> 00:24:28,680 Speaker 1: one of the consistent things that they've found with almost 529 00:24:28,720 --> 00:24:31,080 Speaker 1: all of the millionaires that they interviewed where that they 530 00:24:31,119 --> 00:24:33,720 Speaker 1: just drove normal cars. They didn't drive you know, the 531 00:24:33,760 --> 00:24:37,920 Speaker 1: Maserati's or the Bugatti's whatever, all the fancy cars out there. 532 00:24:38,040 --> 00:24:40,719 Speaker 1: It wasn't happening. Ford Explorers. I think we're like on 533 00:24:40,720 --> 00:24:42,479 Speaker 1: the top of the list of these cars that just 534 00:24:42,520 --> 00:24:44,359 Speaker 1: these old, used vehicles that can kind of do anything. 535 00:24:44,640 --> 00:24:47,199 Speaker 1: But we would personally recommend like a Toyota Corola or 536 00:24:48,000 --> 00:24:51,600 Speaker 1: a dependable Honda, but by used. And then find other 537 00:24:51,600 --> 00:24:53,960 Speaker 1: ways that you can cut your spending. You know, you 538 00:24:53,960 --> 00:24:56,240 Speaker 1: could increase the amount you earn, and certainly that's a 539 00:24:56,240 --> 00:24:59,280 Speaker 1: way to be able to save more, but that doesn't 540 00:24:59,359 --> 00:25:01,960 Speaker 1: do much for if you're also increasing how much you're 541 00:25:02,359 --> 00:25:05,919 Speaker 1: spending every day and you're increasing your lifestyle, that raise 542 00:25:06,080 --> 00:25:08,200 Speaker 1: that bonus, that's not gonna get you anywhere. If you're 543 00:25:08,240 --> 00:25:11,800 Speaker 1: also putting that towards a little lifestyle increase, yea. So 544 00:25:11,880 --> 00:25:14,399 Speaker 1: really with these bigger things, you're kind of acting like 545 00:25:14,440 --> 00:25:16,560 Speaker 1: a salmon swimming upstream. Because if you look at the 546 00:25:17,119 --> 00:25:21,360 Speaker 1: recent history of you know, housing sizes, since the nineteen seventies, 547 00:25:21,600 --> 00:25:24,560 Speaker 1: the averageise of the house in America has more than 548 00:25:24,680 --> 00:25:27,320 Speaker 1: doubled yeah, so the average person around you is buying, 549 00:25:27,400 --> 00:25:31,200 Speaker 1: let's say, like a square foot house, right, but if 550 00:25:31,240 --> 00:25:34,119 Speaker 1: you will make that one decision, uh, to have a 551 00:25:34,119 --> 00:25:37,720 Speaker 1: smaller house, right to live in fourteen hundred square feet 552 00:25:37,960 --> 00:25:40,440 Speaker 1: as opposed to that thirty two d square foot house, 553 00:25:40,560 --> 00:25:43,359 Speaker 1: you're gonna save money every month, right on your mortgage payment. 554 00:25:43,520 --> 00:25:46,120 Speaker 1: Most likely you're gonna save on heating and cooling bills 555 00:25:46,119 --> 00:25:49,120 Speaker 1: and utilities. Right. There's just there's nurture costs. You ain't 556 00:25:49,119 --> 00:25:51,800 Speaker 1: gotta outfit the entire mansion where you don't even spend 557 00:25:51,800 --> 00:25:54,120 Speaker 1: time in any of those rooms completely some of them. 558 00:25:54,119 --> 00:25:56,520 Speaker 1: And that's the thing, right, Yeah, that and there's rooms 559 00:25:56,520 --> 00:25:57,960 Speaker 1: that you have to clean that you never set foot 560 00:25:57,960 --> 00:26:01,080 Speaker 1: in just because dusk accumulates. Right. So it really is 561 00:26:01,119 --> 00:26:04,560 Speaker 1: more deliberate living and not taking the route that is 562 00:26:04,960 --> 00:26:08,440 Speaker 1: most traveled, but choosing to live deliberately and taking that 563 00:26:08,520 --> 00:26:12,600 Speaker 1: route that that most people don't go. And so smaller housing, 564 00:26:12,920 --> 00:26:15,520 Speaker 1: driving an old car, you know, slashing your monthly expenses, 565 00:26:15,560 --> 00:26:17,120 Speaker 1: that's another way you can do it. And we did 566 00:26:17,119 --> 00:26:19,280 Speaker 1: it an episode about cutting your monthly bills. Go listen 567 00:26:19,320 --> 00:26:20,920 Speaker 1: to that one. If you haven't listened to it yet, 568 00:26:21,080 --> 00:26:23,440 Speaker 1: that should be kind of an inspiration to get started. 569 00:26:23,800 --> 00:26:25,520 Speaker 1: Um or those are the little small things that you 570 00:26:25,560 --> 00:26:28,960 Speaker 1: can do starting tonight. I mean, there's subscriptions that you 571 00:26:29,000 --> 00:26:33,600 Speaker 1: can cancel and really start taking action yourself. Yet another 572 00:26:33,680 --> 00:26:35,840 Speaker 1: change you need to make if you want to get 573 00:26:35,840 --> 00:26:39,080 Speaker 1: on the bandwagon towards financial independence in your life is 574 00:26:39,280 --> 00:26:43,240 Speaker 1: start investing in retirement accounts and or real estate right 575 00:26:43,359 --> 00:26:46,160 Speaker 1: in a third option also starting your own business. Right. 576 00:26:46,200 --> 00:26:48,800 Speaker 1: So those are the three main avenues that people take 577 00:26:48,960 --> 00:26:52,520 Speaker 1: towards financial independence. So it is cutting back right, housing cars, 578 00:26:52,760 --> 00:26:55,400 Speaker 1: monthly bills, cutting back in all those areas, but then 579 00:26:55,720 --> 00:26:58,119 Speaker 1: putting that money to work for you as opposed to 580 00:26:58,160 --> 00:27:01,960 Speaker 1: paying those monthly bills, that higher monthly mortgage payment, paying yourself, 581 00:27:02,280 --> 00:27:05,399 Speaker 1: putting it in investments, or towards you know, starting a 582 00:27:05,440 --> 00:27:07,239 Speaker 1: business that you're gonna be able to back away from 583 00:27:07,280 --> 00:27:09,440 Speaker 1: at some point and will kind of help run itself. 584 00:27:09,960 --> 00:27:12,240 Speaker 1: Those are the kind of options that you have when 585 00:27:12,320 --> 00:27:15,800 Speaker 1: you have a smaller outgoing amount every month. Uh, And 586 00:27:16,080 --> 00:27:19,240 Speaker 1: that's really the path towards five. You didn't mention, uh, 587 00:27:19,320 --> 00:27:23,080 Speaker 1: inheritances or like marrying rich. What about aren't those like 588 00:27:23,200 --> 00:27:26,600 Speaker 1: popular ways that you that they are? Yeah? No, I 589 00:27:26,600 --> 00:27:29,199 Speaker 1: mean you totally can do that. Um, you can you 590 00:27:29,240 --> 00:27:32,000 Speaker 1: know off a parent uh that has a great life 591 00:27:32,040 --> 00:27:35,639 Speaker 1: insurance probably just talked about the life insurance policy. So like, uh, 592 00:27:35,720 --> 00:27:38,520 Speaker 1: husbands or wives out there who are working, watch out. Yeah. 593 00:27:38,560 --> 00:27:40,560 Speaker 1: But yeah, I mean for real, that's what people think 594 00:27:40,560 --> 00:27:43,199 Speaker 1: though that hey man, and inheritance that's gonna set me 595 00:27:43,320 --> 00:27:47,119 Speaker 1: up for for retirement or um. People bank on the 596 00:27:47,160 --> 00:27:50,240 Speaker 1: future and they don't bank on themselves making these choices 597 00:27:50,280 --> 00:27:52,000 Speaker 1: in their own life. And I will say to man, 598 00:27:52,040 --> 00:27:54,000 Speaker 1: I think it's really important to note that when we 599 00:27:54,000 --> 00:27:56,840 Speaker 1: talk about swimming upstream, right, this is like a financial commitment, 600 00:27:56,880 --> 00:27:59,399 Speaker 1: right to swim upstream and be different and allocate your 601 00:27:59,400 --> 00:28:03,280 Speaker 1: finances to really but the fringe benefits that actually are 602 00:28:03,320 --> 00:28:07,399 Speaker 1: more than fringe benefits. Uh. This affects your entire life 603 00:28:07,560 --> 00:28:10,879 Speaker 1: in a positive way by living more deliberately, by cutting 604 00:28:10,880 --> 00:28:14,800 Speaker 1: out you know, unnecessary spending, living in smaller spaces, driving 605 00:28:14,840 --> 00:28:18,040 Speaker 1: older cars. Uh. The concept of what what we've discussed 606 00:28:18,040 --> 00:28:21,520 Speaker 1: as enough, right, having enough in your life and not yearning, 607 00:28:21,800 --> 00:28:24,640 Speaker 1: you know, for the next pair of jeans or new 608 00:28:24,680 --> 00:28:28,320 Speaker 1: pair of shoes or newest smartphone, Like there's something that 609 00:28:28,400 --> 00:28:31,480 Speaker 1: happens to you as a person, when you become content 610 00:28:32,000 --> 00:28:34,479 Speaker 1: and you are happy with the amount that you have, 611 00:28:34,880 --> 00:28:38,640 Speaker 1: like that is priceless. That's even more important in my 612 00:28:38,720 --> 00:28:41,520 Speaker 1: opinion than the money that you're building up and having 613 00:28:41,560 --> 00:28:44,040 Speaker 1: a half million dollars in your Vanguard IRA or whatever 614 00:28:44,120 --> 00:28:46,680 Speaker 1: it is. To me, that's the heart of five. Yeah, 615 00:28:46,680 --> 00:28:49,000 Speaker 1: it's working that muscle. This is something we've talked about 616 00:28:49,000 --> 00:28:51,640 Speaker 1: before where sort of saying no to yourself and and 617 00:28:51,960 --> 00:28:57,440 Speaker 1: resisting the urges, resisting the commercialism and the consumerism that's 618 00:28:57,440 --> 00:29:00,280 Speaker 1: sort of the force fed to us. It's some hustle 619 00:29:00,320 --> 00:29:01,640 Speaker 1: and the more you do it, the better you get 620 00:29:01,680 --> 00:29:03,840 Speaker 1: at it, no doubt, Matt. And so a lot of 621 00:29:03,880 --> 00:29:06,400 Speaker 1: people that are five minded, right, they have kind of 622 00:29:06,440 --> 00:29:09,000 Speaker 1: a number in mind, like, Hey, when I hit this 623 00:29:09,120 --> 00:29:11,960 Speaker 1: number in my retirement account, when I hit this many 624 00:29:12,520 --> 00:29:16,080 Speaker 1: houses in my real estate portfolio that provide this much 625 00:29:16,120 --> 00:29:18,720 Speaker 1: passive income, that's when I've kind of hit my fine 626 00:29:18,800 --> 00:29:22,400 Speaker 1: number and I can quit my day job. I'm ready 627 00:29:22,440 --> 00:29:25,520 Speaker 1: to go, right, And I think that is a useful tool, 628 00:29:25,600 --> 00:29:27,200 Speaker 1: right in the easiest way to do that. Hey, how 629 00:29:27,280 --> 00:29:30,120 Speaker 1: much do I spend annually? You know, what's my outgoing? 630 00:29:30,440 --> 00:29:32,760 Speaker 1: You know, let's say it's forty dollars a year. That's 631 00:29:32,760 --> 00:29:36,040 Speaker 1: your outgoing your fine number would be a million dollars. 632 00:29:36,200 --> 00:29:39,000 Speaker 1: So a million dollars in assets. Uh, let's say in 633 00:29:39,040 --> 00:29:41,960 Speaker 1: a retirement account, because you know, with the four percent 634 00:29:42,040 --> 00:29:44,520 Speaker 1: withdrawal rule, you're gonna be taking four percent of that amount, 635 00:29:44,560 --> 00:29:47,040 Speaker 1: which is forty dollars every year, and you should hopefully 636 00:29:47,080 --> 00:29:49,600 Speaker 1: never run out of money. That was a super simple explanation. 637 00:29:50,000 --> 00:29:51,640 Speaker 1: But I want to say that Matt and I don't 638 00:29:51,680 --> 00:29:54,120 Speaker 1: have a fine number. Like I haven't sat down to 639 00:29:54,160 --> 00:29:56,320 Speaker 1: calculate what my fine number is. We both have a 640 00:29:56,360 --> 00:29:59,640 Speaker 1: strong financial independence mindset that this is, you know, definitely 641 00:29:59,720 --> 00:30:02,080 Speaker 1: a goal of ours and like we said, we think 642 00:30:02,080 --> 00:30:04,440 Speaker 1: it's easier to achieve than a lot of people say. 643 00:30:04,640 --> 00:30:06,640 Speaker 1: And for us, it is more about, you know, cutting 644 00:30:06,640 --> 00:30:10,320 Speaker 1: consumerism out of our lives, living intentionally, and so that 645 00:30:10,400 --> 00:30:12,880 Speaker 1: fine number, it's just not you know, registering on my 646 00:30:12,960 --> 00:30:14,880 Speaker 1: radar that I gotta figure out all my fine number is. 647 00:30:14,920 --> 00:30:17,960 Speaker 1: And um also because you know what, I enjoy all 648 00:30:18,000 --> 00:30:19,680 Speaker 1: the work that I do, and I know that that 649 00:30:19,680 --> 00:30:22,960 Speaker 1: can change, right, Things can change. Bosses can change. And 650 00:30:23,000 --> 00:30:25,640 Speaker 1: that's another reason I think that fine is important because 651 00:30:25,680 --> 00:30:27,680 Speaker 1: what you love to do today can change tomorrow. But 652 00:30:27,720 --> 00:30:30,479 Speaker 1: because I'm choosing meaningful work and I've got options at 653 00:30:30,480 --> 00:30:33,320 Speaker 1: this point because of the way that I've saved and 654 00:30:33,400 --> 00:30:35,880 Speaker 1: the investments that I've made, Um, I don't really kind 655 00:30:35,880 --> 00:30:38,760 Speaker 1: of feel the need to carve out a fine number 656 00:30:38,840 --> 00:30:41,280 Speaker 1: that I'm working towards. And so, yeah, I think it 657 00:30:41,280 --> 00:30:43,440 Speaker 1: could be helpful for you and having that meaningful goal 658 00:30:43,480 --> 00:30:46,000 Speaker 1: maybe will help you, you know, kind of attack those 659 00:30:46,080 --> 00:30:48,720 Speaker 1: that saving and investing to to get there quicker. Um. 660 00:30:48,720 --> 00:30:50,520 Speaker 1: But but for us, yeah, it's not something that we 661 00:30:50,640 --> 00:30:53,480 Speaker 1: think is crucial for us reaching that end goal. You 662 00:30:53,520 --> 00:30:56,800 Speaker 1: talked about the twenty five times your your expensive thing there, 663 00:30:56,800 --> 00:30:58,680 Speaker 1: But that's a good rule of thumb. If you don't 664 00:30:58,720 --> 00:31:00,960 Speaker 1: say you're if you're driving right now or exercising and 665 00:31:01,000 --> 00:31:03,280 Speaker 1: you don't have like easy access to a calculator, just 666 00:31:03,320 --> 00:31:07,560 Speaker 1: think twenty five times your annual expenses. Typically that's a 667 00:31:07,640 --> 00:31:10,480 Speaker 1: really conservative estimate as to how much you need to 668 00:31:10,520 --> 00:31:13,000 Speaker 1: have set aside and your assets to draw on in 669 00:31:13,080 --> 00:31:16,600 Speaker 1: order to live financially independent and independent of work that 670 00:31:16,640 --> 00:31:19,640 Speaker 1: you have to pursue. Again, that changes, and it depends 671 00:31:19,680 --> 00:31:22,040 Speaker 1: on the market and depends on a lot of things. Uh, 672 00:31:22,160 --> 00:31:26,120 Speaker 1: That assumes that your expenses typically stay the same, and 673 00:31:26,160 --> 00:31:27,600 Speaker 1: a lot of people will say that a lot of 674 00:31:27,600 --> 00:31:30,080 Speaker 1: times they go down because your life changes. But yeah, 675 00:31:30,080 --> 00:31:33,320 Speaker 1: in general, twenty five times your annual expenses, that's how 676 00:31:33,400 --> 00:31:35,280 Speaker 1: much you do want to have set aside. If you 677 00:31:35,320 --> 00:31:37,560 Speaker 1: are trying to figure out what that number is, to 678 00:31:37,640 --> 00:31:38,960 Speaker 1: sort of set a goal and kind of put a 679 00:31:39,040 --> 00:31:40,840 Speaker 1: number out there, that's the number you want to keep 680 00:31:40,880 --> 00:31:44,040 Speaker 1: in mind. Yeah, Matton, Right, the lower you're able to 681 00:31:44,080 --> 00:31:46,640 Speaker 1: get your spending right, the lower your fine number can be. 682 00:31:46,800 --> 00:31:49,080 Speaker 1: That's right, which is super cool. So that gives you 683 00:31:49,120 --> 00:31:52,880 Speaker 1: really this strong motivation to slash spending, right, to drive 684 00:31:52,920 --> 00:31:55,400 Speaker 1: a hused car, to live in a smaller space, whatever 685 00:31:55,440 --> 00:31:57,440 Speaker 1: it takes, you know, cut your spending. And there are 686 00:31:57,440 --> 00:31:59,160 Speaker 1: a lot of episodes of our show that we kind 687 00:31:59,160 --> 00:32:01,520 Speaker 1: of help you tackle the individual problems. This is kind 688 00:32:01,560 --> 00:32:04,480 Speaker 1: of a bigger picture. Oh yeah, you know, mindset shift 689 00:32:04,560 --> 00:32:07,680 Speaker 1: to thinking about the not this eventual retirement when you're 690 00:32:07,680 --> 00:32:11,880 Speaker 1: sixty or seventy, but seeing that financial independence is at reach, 691 00:32:12,120 --> 00:32:13,720 Speaker 1: you know, much sooner if you would make some small 692 00:32:13,800 --> 00:32:15,400 Speaker 1: changes now, well, I mean that's like that's all we 693 00:32:15,440 --> 00:32:19,200 Speaker 1: talk about. It. It's either it's either somehow to either 694 00:32:19,320 --> 00:32:21,920 Speaker 1: make more money, or to save money, or or or 695 00:32:21,920 --> 00:32:26,360 Speaker 1: to invest in. Those three ways are the essence of 696 00:32:26,440 --> 00:32:29,560 Speaker 1: financial independence. Like, there's no shortcut, right, There's no sort 697 00:32:29,560 --> 00:32:32,320 Speaker 1: of magic pill that you can take to achieve financial independence. 698 00:32:32,920 --> 00:32:36,120 Speaker 1: It takes doing one of those three things. And hopefully, 699 00:32:36,120 --> 00:32:38,560 Speaker 1: but that's listening. Isn't getting discouraged because it seems like 700 00:32:38,640 --> 00:32:41,920 Speaker 1: that what we're saying is hard, and it's because it is. There. 701 00:32:42,040 --> 00:32:44,680 Speaker 1: There's no sort of shortcut. It takes doing those three things, 702 00:32:44,680 --> 00:32:49,640 Speaker 1: either earning more, cutting your expenses, and investing. And honestly, 703 00:32:49,680 --> 00:32:51,280 Speaker 1: it doesn't take one of those things. It takes all 704 00:32:51,320 --> 00:32:53,360 Speaker 1: three of those things. Yeah, it takes the combo. Right, 705 00:32:53,560 --> 00:32:55,640 Speaker 1: And Matt, you wanted to share a tool that you've 706 00:32:55,760 --> 00:32:58,520 Speaker 1: used to help crunch the numbers, But first let's take 707 00:32:58,520 --> 00:33:10,040 Speaker 1: a quick break in another sort of helpful tool that 708 00:33:10,520 --> 00:33:13,000 Speaker 1: I have found incredibly helpful as well. Because I'm with you, man, 709 00:33:13,040 --> 00:33:15,720 Speaker 1: I've got meaningful work. I love it. I'm not I 710 00:33:15,760 --> 00:33:18,200 Speaker 1: don't have a number sort of like written on like 711 00:33:18,240 --> 00:33:20,360 Speaker 1: my corkboard where I'm trying to achieve this number by 712 00:33:20,360 --> 00:33:22,280 Speaker 1: a certain date or anything like that, but I do 713 00:33:22,360 --> 00:33:25,400 Speaker 1: like looking at numbers and because for me, seeing I 714 00:33:25,400 --> 00:33:27,320 Speaker 1: don't know hard numbers for me, just kind of clicks. 715 00:33:28,440 --> 00:33:29,880 Speaker 1: You know, we've we've talked about this on the show. 716 00:33:29,920 --> 00:33:32,160 Speaker 1: I'm more of a gut guy, so I'll know what 717 00:33:32,160 --> 00:33:36,840 Speaker 1: when I get there, absolutely. But a tool that I 718 00:33:36,840 --> 00:33:39,520 Speaker 1: have found is this amazing calculator that will link to 719 00:33:39,600 --> 00:33:41,600 Speaker 1: in our show notes um and it crunches the number 720 00:33:41,640 --> 00:33:43,160 Speaker 1: for you. But all you need to know is how 721 00:33:43,240 --> 00:33:46,520 Speaker 1: much you make, how much you spend, and then it'll 722 00:33:46,520 --> 00:33:49,440 Speaker 1: tell you how long it will be before you achieve five. 723 00:33:49,480 --> 00:33:50,760 Speaker 1: Because if you know how much you make and how 724 00:33:50,800 --> 00:33:53,120 Speaker 1: much you spend, and if you're investing the rest, like 725 00:33:53,200 --> 00:33:56,000 Speaker 1: that's the default, right either you're in a bunch and 726 00:33:56,400 --> 00:33:58,440 Speaker 1: off of that you live, and then what you don't 727 00:33:58,480 --> 00:34:00,440 Speaker 1: live off of you should be investing. Yeah, and it 728 00:34:00,480 --> 00:34:02,920 Speaker 1: also takes into account like your current portfolio size, and 729 00:34:02,920 --> 00:34:05,120 Speaker 1: you can adjust that depending on what you've got going on. 730 00:34:05,480 --> 00:34:07,400 Speaker 1: But if you're starting from scratch, you know those three 731 00:34:07,400 --> 00:34:08,960 Speaker 1: things are all you need to know. It will help 732 00:34:08,960 --> 00:34:10,440 Speaker 1: sort of shift your paradigm and the way you look 733 00:34:10,480 --> 00:34:12,360 Speaker 1: at money, which is what it did for me. And 734 00:34:12,400 --> 00:34:13,960 Speaker 1: so yeah, man, I wanted to. I actually ran a 735 00:34:14,040 --> 00:34:16,400 Speaker 1: quick example and a lot of folks will say that 736 00:34:16,440 --> 00:34:19,160 Speaker 1: sixty thousand is sort of the average or maybe median 737 00:34:19,520 --> 00:34:24,520 Speaker 1: American household income. But sixty dollars if you are have 738 00:34:24,719 --> 00:34:28,400 Speaker 1: living expenses of fifty four thousand, which thousand five funder, 739 00:34:28,440 --> 00:34:30,520 Speaker 1: which is a lot of people, which means you're setting 740 00:34:30,520 --> 00:34:34,040 Speaker 1: aside maybe in your wrath like max that kind of 741 00:34:34,080 --> 00:34:36,000 Speaker 1: sounds like a lot, right, fifty five maxing out my 742 00:34:36,080 --> 00:34:38,920 Speaker 1: broth ira A Yeah, yeah, traditional uh, you know, retirement 743 00:34:38,920 --> 00:34:41,800 Speaker 1: experts will say you're a great saver. Yeah, that's a 744 00:34:41,840 --> 00:34:44,000 Speaker 1: ten percent savings right, Like that's pretty huge at yourself 745 00:34:44,040 --> 00:34:45,920 Speaker 1: on the back exactly. So let's just say though that 746 00:34:45,960 --> 00:34:47,480 Speaker 1: you just got your job, so you don't have anything 747 00:34:47,480 --> 00:34:49,399 Speaker 1: in savings yet, Like, you don't have a portfolio built 748 00:34:49,480 --> 00:34:53,880 Speaker 1: up yet. It'll be fifty years before you're financially independent. 749 00:34:54,600 --> 00:34:57,319 Speaker 1: It's tough the stomach, man, dude, fifty years. So you know, 750 00:34:57,400 --> 00:34:59,799 Speaker 1: if you are straight out of college and you're twenty two, 751 00:34:59,800 --> 00:35:02,239 Speaker 1: tw you three years old. Yeah, that's seventy three years old. 752 00:35:02,440 --> 00:35:04,600 Speaker 1: I mean, I'm not striving for earlier tirement. But you 753 00:35:04,600 --> 00:35:07,719 Speaker 1: hear seventy three and that just sounds so far away. Yeah, 754 00:35:07,760 --> 00:35:11,880 Speaker 1: that sounds scary. Especially you know when when your options 755 00:35:11,880 --> 00:35:14,160 Speaker 1: are really limited to me too. This is and we 756 00:35:14,200 --> 00:35:16,320 Speaker 1: talked about, you know, when the frugality gives you options. 757 00:35:16,560 --> 00:35:19,080 Speaker 1: That's kind of a part and parcel of this financial 758 00:35:19,080 --> 00:35:21,920 Speaker 1: independence movement. And what we're talking about today is you know, 759 00:35:22,080 --> 00:35:24,800 Speaker 1: cutting back and being frugal and living you know, developing 760 00:35:24,800 --> 00:35:26,880 Speaker 1: a frugal mindset and then you're living that out and 761 00:35:26,880 --> 00:35:29,160 Speaker 1: where your money goes every month, like that gives you 762 00:35:29,200 --> 00:35:32,560 Speaker 1: so many options, and you know, working towards financial independence 763 00:35:32,920 --> 00:35:37,279 Speaker 1: through a mindset of frugality, even more options, right, more 764 00:35:37,320 --> 00:35:39,680 Speaker 1: options are open to you. But if you're even you know, 765 00:35:39,719 --> 00:35:41,880 Speaker 1: what a lot of financial experts would say is a 766 00:35:41,920 --> 00:35:45,600 Speaker 1: good saver ten percent of what you make. You hear 767 00:35:45,640 --> 00:35:47,319 Speaker 1: that growing up. You hear, Oh, if you sit aside 768 00:35:47,320 --> 00:35:49,600 Speaker 1: timber Cent, you're doing great. Keep it up. You'll you'll 769 00:35:49,680 --> 00:35:51,959 Speaker 1: you'll do well. And we would say, like, that's that's 770 00:35:52,040 --> 00:35:53,920 Speaker 1: not a great goal. You know. We had someone a 771 00:35:53,920 --> 00:35:56,040 Speaker 1: listener right in recently and said, you know, he was 772 00:35:56,040 --> 00:35:58,839 Speaker 1: asking about which retirement account they should be funneling their 773 00:35:58,840 --> 00:36:00,719 Speaker 1: money towards. And they said, well, if I did too, 774 00:36:00,760 --> 00:36:03,080 Speaker 1: that might be overkill. Right, she hasked some great questions, 775 00:36:03,120 --> 00:36:04,719 Speaker 1: and we actually want to address that question on the 776 00:36:04,760 --> 00:36:07,759 Speaker 1: show soon. But ultimately, yeah, that last line, I you know, 777 00:36:07,800 --> 00:36:11,399 Speaker 1: short answer. She said, if I started contributing to both, 778 00:36:11,440 --> 00:36:13,480 Speaker 1: that would be overkill, right, And I want to say, no, no, 779 00:36:13,560 --> 00:36:16,080 Speaker 1: not overkill at all. Go for it. Yeah, the the 780 00:36:16,080 --> 00:36:19,120 Speaker 1: the more that you reduce expenses and you can start 781 00:36:19,120 --> 00:36:24,080 Speaker 1: contributing to these retirement accounts or real estate or a 782 00:36:24,120 --> 00:36:25,800 Speaker 1: business that is going to set you up for a 783 00:36:25,840 --> 00:36:29,359 Speaker 1: financial independence in the future, don't spend it, right, Like, 784 00:36:29,440 --> 00:36:30,840 Speaker 1: that's the easy thing is to say, I would be 785 00:36:30,880 --> 00:36:33,840 Speaker 1: overkill if I contribute to retirement accounts, So I'm going 786 00:36:33,880 --> 00:36:36,080 Speaker 1: to spend the rest and just you know, max out 787 00:36:36,120 --> 00:36:38,520 Speaker 1: one or just just do good at saving in my 788 00:36:38,560 --> 00:36:41,520 Speaker 1: wrath I array and then that will be good enough. Well, sure, 789 00:36:41,560 --> 00:36:43,640 Speaker 1: that'll get you retired by the age of seventy three, 790 00:36:44,040 --> 00:36:46,800 Speaker 1: and that's good average, right, Yeah, Like, yeah, that's what 791 00:36:46,840 --> 00:36:49,000 Speaker 1: the average American is doing, and we're here to say that, 792 00:36:49,040 --> 00:36:50,759 Speaker 1: like you don't want to be average. I think this 793 00:36:50,880 --> 00:36:52,680 Speaker 1: might be tough to hear us say because it sounds 794 00:36:52,680 --> 00:36:54,279 Speaker 1: like maybe we're talking out of both sides of her mouth. 795 00:36:54,400 --> 00:36:56,480 Speaker 1: On one side, we're saying, oh, don't go so crazy 796 00:36:56,840 --> 00:36:59,680 Speaker 1: crazy financial early retirement extreme that you're not living the 797 00:36:59,680 --> 00:37:02,040 Speaker 1: life out. But at the same time we're also saying, well, 798 00:37:02,040 --> 00:37:03,919 Speaker 1: you don't want to wait until you're seventies something years 799 00:37:03,920 --> 00:37:06,279 Speaker 1: old before you retire. There's a balance and that's what's 800 00:37:06,280 --> 00:37:08,760 Speaker 1: so hard to find. And that's why you know, money 801 00:37:08,800 --> 00:37:11,319 Speaker 1: is so personal. It's personal finance. It comes down so 802 00:37:11,400 --> 00:37:14,319 Speaker 1: much to your preferences, I think, and what it is 803 00:37:14,360 --> 00:37:16,600 Speaker 1: that you have set for goals. We we didn't talk 804 00:37:16,600 --> 00:37:19,480 Speaker 1: about this early on, but I think a good starting 805 00:37:19,480 --> 00:37:21,759 Speaker 1: point is we we did an episode called The Why 806 00:37:21,840 --> 00:37:25,600 Speaker 1: Behind Money, and for me in the way, I think 807 00:37:25,920 --> 00:37:27,920 Speaker 1: you've got to start there. You have to decide what 808 00:37:27,960 --> 00:37:30,720 Speaker 1: it is that you want to achieve, what are your goals, 809 00:37:30,920 --> 00:37:32,920 Speaker 1: what do you want to strive after? And that informs 810 00:37:32,960 --> 00:37:36,240 Speaker 1: everything else you do. If you know why you're doing something, 811 00:37:36,280 --> 00:37:38,560 Speaker 1: then the rest are just details. You can figure that out. 812 00:37:38,640 --> 00:37:40,920 Speaker 1: You can google, you can listen to podcasts, you can 813 00:37:40,960 --> 00:37:43,799 Speaker 1: read articles. But if you don't have that motivation and 814 00:37:43,840 --> 00:37:45,719 Speaker 1: you don't know why you're doing something, well, then you're 815 00:37:45,719 --> 00:37:47,120 Speaker 1: just kind of going along with the flow. You know, 816 00:37:47,160 --> 00:37:49,480 Speaker 1: you're you're that same and just getting swept down downstream. 817 00:37:49,520 --> 00:37:52,000 Speaker 1: With the current of with consumerism and just what everybody 818 00:37:52,000 --> 00:37:54,080 Speaker 1: else is doing around you. So yeah, if you haven't 819 00:37:54,080 --> 00:37:56,120 Speaker 1: listened to that episode yet, man, go back and listen 820 00:37:56,160 --> 00:37:58,560 Speaker 1: to that one right after this one wraps up Episode twelve. 821 00:37:58,800 --> 00:38:02,080 Speaker 1: The why behind for me that was you know, that's 822 00:38:02,120 --> 00:38:04,320 Speaker 1: that's kind of the starting point and that informs everything 823 00:38:04,360 --> 00:38:06,680 Speaker 1: else that you do. Yeah. So, if you're looking for 824 00:38:06,719 --> 00:38:09,239 Speaker 1: more on the specifics that we talked about, like the 825 00:38:09,280 --> 00:38:12,719 Speaker 1: biggest changes that you can make in your life now, uh, 826 00:38:12,880 --> 00:38:16,200 Speaker 1: to achieve financial independence more quickly, you know, go back 827 00:38:16,200 --> 00:38:19,239 Speaker 1: down through our history of podcast episodes and you'll you'll 828 00:38:19,280 --> 00:38:21,759 Speaker 1: see some great stuff there to kind of help you 829 00:38:21,800 --> 00:38:25,120 Speaker 1: implement these these changes. But today we just kind of 830 00:38:25,120 --> 00:38:28,920 Speaker 1: wanted to talk about, you know, the idea behind financial independence, 831 00:38:29,560 --> 00:38:32,680 Speaker 1: help you understand how achievable it is and how it's 832 00:38:32,719 --> 00:38:35,959 Speaker 1: achievable with really small changes and it doesn't even take 833 00:38:36,600 --> 00:38:39,600 Speaker 1: living an unbalanced life, right, which I think some people 834 00:38:39,640 --> 00:38:41,919 Speaker 1: in that five community can kind of veer off into 835 00:38:41,960 --> 00:38:44,719 Speaker 1: that lane that might have more extreme personalities as well, 836 00:38:44,760 --> 00:38:47,759 Speaker 1: you know, like yeah, right, yeah, if you're gonna buy 837 00:38:47,800 --> 00:38:50,399 Speaker 1: into this, sometimes you do have that like that, Yeah, 838 00:38:50,400 --> 00:38:52,040 Speaker 1: they're going all in and they say, you know, if 839 00:38:52,080 --> 00:38:54,480 Speaker 1: I live this chief of a life, I'm retired now, 840 00:38:54,800 --> 00:38:58,080 Speaker 1: like I'm financially independent, if I live my van exactly, 841 00:38:58,120 --> 00:38:59,560 Speaker 1: there's a lot of that which is some people do. 842 00:38:59,640 --> 00:39:02,480 Speaker 1: It's just it's just a subset of five. But that's 843 00:39:02,480 --> 00:39:04,919 Speaker 1: not what we're that's not what we're after completely. Yeah, 844 00:39:04,960 --> 00:39:07,200 Speaker 1: So we want to help you to understand that it's achievable, 845 00:39:07,239 --> 00:39:09,759 Speaker 1: and it's achievable sooner than you think. And money is 846 00:39:09,800 --> 00:39:11,840 Speaker 1: involved in this, right. Money is a huge part of this, 847 00:39:12,080 --> 00:39:16,440 Speaker 1: but also kicking consumerism to the curb and approaching your 848 00:39:16,480 --> 00:39:21,800 Speaker 1: life differently can actually provide tangible benefits that in addition 849 00:39:21,840 --> 00:39:24,640 Speaker 1: to just that that savings and investing that you'll accrue 850 00:39:24,680 --> 00:39:27,920 Speaker 1: over time. It will provide options in your life. But 851 00:39:28,040 --> 00:39:30,920 Speaker 1: changing the way that you approach money overall and thinking 852 00:39:30,920 --> 00:39:33,799 Speaker 1: with more of a five mindset will help you live 853 00:39:33,960 --> 00:39:36,640 Speaker 1: kind of a more deliberate life, which I think ultimately 854 00:39:36,719 --> 00:39:41,239 Speaker 1: leads to a lot more happiness. Dude, I'd have to agree, alright, Matt, 855 00:39:41,239 --> 00:39:44,400 Speaker 1: back to the beer wind in the Willows American wild 856 00:39:44,440 --> 00:39:47,440 Speaker 1: Ale with Apricots. Yeah, this is something you said kind 857 00:39:47,440 --> 00:39:49,960 Speaker 1: of off Mike a second ago. Was that the label 858 00:39:50,000 --> 00:39:52,439 Speaker 1: of this looks like the color of the beer because 859 00:39:52,440 --> 00:39:54,080 Speaker 1: it kind of has that fade and like that gradient 860 00:39:54,120 --> 00:39:57,080 Speaker 1: you mentioned. Dude, I totally, I totally get that I 861 00:39:57,160 --> 00:40:01,160 Speaker 1: missed it. I'm insightful sometimes, aren't I. But we have 862 00:40:01,239 --> 00:40:04,560 Speaker 1: thoroughly enjoyed this beer. This is very delicious. It's very 863 00:40:04,600 --> 00:40:07,640 Speaker 1: acidic and aggressive. Yes, So thanks to Mike from Minnesota 864 00:40:07,680 --> 00:40:09,840 Speaker 1: for sending those beers our way and the wind of 865 00:40:09,880 --> 00:40:12,920 Speaker 1: the willows. Dude, it's gorgeous. I love it. Thank you. YEA, 866 00:40:13,000 --> 00:40:14,640 Speaker 1: let us know next time you were down in Atlanta, 867 00:40:14,719 --> 00:40:16,880 Speaker 1: we'll have to meet up and uh hang out one 868 00:40:16,920 --> 00:40:20,080 Speaker 1: of our favorite breweries. Yeah, we'll treat you to a beer. Alright, man, 869 00:40:20,160 --> 00:40:23,319 Speaker 1: kind of insummation. The financial independence, we think is a 870 00:40:23,360 --> 00:40:27,879 Speaker 1: fantastic goal for you to have, and it's so antithetical 871 00:40:27,920 --> 00:40:30,759 Speaker 1: to that kind of traditional retirement mindset where you work 872 00:40:30,800 --> 00:40:32,880 Speaker 1: for fifty years and then you enjoy, you know, the 873 00:40:33,160 --> 00:40:36,320 Speaker 1: fruit of your labor for you know, the next decade 874 00:40:36,400 --> 00:40:40,440 Speaker 1: until you pass away and you're really too Yeah. I know, right, 875 00:40:40,480 --> 00:40:43,720 Speaker 1: that's terrible, but that's kind of been the traditional retirement mindset. 876 00:40:43,960 --> 00:40:46,279 Speaker 1: And I think what we're trying to infuse and we 877 00:40:46,360 --> 00:40:48,680 Speaker 1: want to encourage is to think with a five mindset. 878 00:40:49,000 --> 00:40:51,839 Speaker 1: And that isn't just the idea of socking away as 879 00:40:51,880 --> 00:40:54,080 Speaker 1: much money as you can right now so that you 880 00:40:54,080 --> 00:40:56,719 Speaker 1: can eventually quit your job and stick it to the 881 00:40:56,719 --> 00:40:59,680 Speaker 1: man right. No, it is living a balanced life now. 882 00:41:00,440 --> 00:41:03,239 Speaker 1: But we think of balanced life is kicking consumerism into 883 00:41:03,239 --> 00:41:05,920 Speaker 1: the curb, living more intentionally. And we think if you 884 00:41:06,000 --> 00:41:07,920 Speaker 1: do that and cut back in some of those major 885 00:41:07,960 --> 00:41:10,200 Speaker 1: areas that we talked about, and don't listen to what 886 00:41:10,239 --> 00:41:13,240 Speaker 1: the retirement experts say about saving temperas into your income, 887 00:41:13,440 --> 00:41:15,160 Speaker 1: you can do way better than that any more, and 888 00:41:15,200 --> 00:41:17,279 Speaker 1: you can get to a place of financial independence, you know, 889 00:41:17,320 --> 00:41:19,719 Speaker 1: way sooner than you really thought you could. All right, man, 890 00:41:19,719 --> 00:41:22,200 Speaker 1: final thoughts then on what to do next. You know, 891 00:41:22,239 --> 00:41:24,640 Speaker 1: we are talking about financial independence, which is this very 892 00:41:24,640 --> 00:41:27,240 Speaker 1: sort of big, broad topic, and it may not feel 893 00:41:27,320 --> 00:41:29,520 Speaker 1: like that. There are some hard, tangible things to do. 894 00:41:29,719 --> 00:41:31,120 Speaker 1: I think the first thing that you need to do 895 00:41:31,320 --> 00:41:34,560 Speaker 1: is go to our show notes. Check out that retirement 896 00:41:34,600 --> 00:41:37,279 Speaker 1: calculator that we have posted there. For me, the first 897 00:41:37,280 --> 00:41:39,480 Speaker 1: time I entered our family's numbers in there, and to 898 00:41:39,560 --> 00:41:43,560 Speaker 1: see what our sort of average American lifestyle was doing 899 00:41:43,600 --> 00:41:47,120 Speaker 1: for us, that was a huge eye opener, and from there, 900 00:41:47,160 --> 00:41:48,680 Speaker 1: I think a lot of times that's the kind of 901 00:41:48,760 --> 00:41:50,680 Speaker 1: kick in the pants that you need to sort of 902 00:41:50,719 --> 00:41:52,759 Speaker 1: open your eyes and to take the next steps and 903 00:41:52,800 --> 00:41:56,040 Speaker 1: to start making those changes in your life. Check that out. Yea. 904 00:41:56,160 --> 00:41:59,040 Speaker 1: Sometimes you have to kind of eyes wide open, see 905 00:41:59,160 --> 00:42:02,240 Speaker 1: the actual clear your picture of where you're at, and 906 00:42:02,520 --> 00:42:05,440 Speaker 1: that can be the motivating factors to make a change. Yeah. Absolutely. 907 00:42:05,480 --> 00:42:07,040 Speaker 1: It's sort of the same thing with budgets, right like 908 00:42:07,080 --> 00:42:08,960 Speaker 1: to see what you're actually spending and you be in 909 00:42:08,960 --> 00:42:11,200 Speaker 1: your shocked You're like, oh, my gosh, had no clue 910 00:42:11,239 --> 00:42:12,960 Speaker 1: that's how much we're spending. It's the same thing with 911 00:42:13,000 --> 00:42:15,000 Speaker 1: this It's like, oh, I had no clue that was 912 00:42:15,040 --> 00:42:17,120 Speaker 1: gonna be forty five years before we had a chance 913 00:42:17,160 --> 00:42:20,440 Speaker 1: to potentially retire um to do that. And then the 914 00:42:20,480 --> 00:42:22,400 Speaker 1: next thing is just to know that everything we talk 915 00:42:22,480 --> 00:42:25,240 Speaker 1: about on this show is pointing you in the direction 916 00:42:25,280 --> 00:42:28,240 Speaker 1: of financial independence, where either talking about increasing your income 917 00:42:28,400 --> 00:42:31,399 Speaker 1: right side hustles, ways to make additional money here there, 918 00:42:32,120 --> 00:42:34,160 Speaker 1: or we're either talking about ways to cut your expenses. 919 00:42:34,160 --> 00:42:36,440 Speaker 1: We're talking a lot about that, ways to you know, 920 00:42:36,480 --> 00:42:39,000 Speaker 1: cut your monthly bills, ways to to live on less 921 00:42:39,040 --> 00:42:41,960 Speaker 1: and like Joel said, have that mentality of living on 922 00:42:42,080 --> 00:42:44,480 Speaker 1: less and being satisfied with what you have. And then 923 00:42:44,480 --> 00:42:46,719 Speaker 1: thirdly we're talking about what to do with that additional money. 924 00:42:46,719 --> 00:42:49,600 Speaker 1: We're talking about investing it. And those three things are 925 00:42:49,680 --> 00:42:53,399 Speaker 1: sort of the keys to financial independence and managing your 926 00:42:53,400 --> 00:42:55,960 Speaker 1: money well and being in charge of your life. Yeah, 927 00:42:55,960 --> 00:42:57,399 Speaker 1: and so those are the three things that you need 928 00:42:57,440 --> 00:42:59,040 Speaker 1: to do, and just know that these are all things 929 00:42:59,040 --> 00:43:00,720 Speaker 1: that we're all doing, Like we're all kind of working 930 00:43:00,760 --> 00:43:03,719 Speaker 1: on this together. Uh, there's no sort of there's no shortcut, 931 00:43:04,440 --> 00:43:06,560 Speaker 1: and just being encouraged that we're we're all kind of 932 00:43:06,560 --> 00:43:08,960 Speaker 1: in this together, and hopefully through this podcast and the 933 00:43:08,960 --> 00:43:12,400 Speaker 1: website and just our our online presence we can encourage 934 00:43:12,400 --> 00:43:14,040 Speaker 1: each other and just kind of know that you can 935 00:43:14,080 --> 00:43:16,360 Speaker 1: do it. I know that there are a lot of people, 936 00:43:16,680 --> 00:43:19,279 Speaker 1: you know, in our Facebook group that are all in 937 00:43:19,320 --> 00:43:21,840 Speaker 1: on that bandwagon already, you know, and that's awesome. And 938 00:43:21,840 --> 00:43:23,600 Speaker 1: then there are other people in our Facebook group that 939 00:43:23,760 --> 00:43:25,600 Speaker 1: you know, can kind of more like beginners when it 940 00:43:25,640 --> 00:43:27,480 Speaker 1: comes to money, and so maybe they've never even heard 941 00:43:27,480 --> 00:43:29,360 Speaker 1: the term. Yeah, So where where are you at? What 942 00:43:29,440 --> 00:43:32,560 Speaker 1: did this episode do for you? And what does financial 943 00:43:32,640 --> 00:43:34,760 Speaker 1: independence mean to you. Is it something that you strive 944 00:43:34,800 --> 00:43:37,200 Speaker 1: for and what do you think about you know, financial 945 00:43:37,200 --> 00:43:39,880 Speaker 1: independence kind of being that goal for you, for you know, 946 00:43:39,960 --> 00:43:43,000 Speaker 1: ultimate financial security, but then also kind of for an 947 00:43:43,000 --> 00:43:46,799 Speaker 1: intelligent and well designed way to kind of live life now. Yeah, 948 00:43:46,800 --> 00:43:49,840 Speaker 1: So leave a comment on our Facebook group on this post, 949 00:43:50,040 --> 00:43:52,160 Speaker 1: and we'd love to hear kind of what financial independence 950 00:43:52,200 --> 00:43:55,240 Speaker 1: means to you and how you're striking that balance of 951 00:43:55,800 --> 00:43:58,920 Speaker 1: saving for the future but living a meaningful life right 952 00:43:58,960 --> 00:44:01,319 Speaker 1: now in the present as well. That's right, man, I 953 00:44:01,360 --> 00:44:04,120 Speaker 1: love that. That's that's what we're all about, that that balance. So, 954 00:44:04,200 --> 00:44:06,640 Speaker 1: as always, thank you to all of our listeners out there. 955 00:44:06,640 --> 00:44:09,080 Speaker 1: Are home on the web is how to money dot com. 956 00:44:09,280 --> 00:44:11,440 Speaker 1: We'll have our show notes up there for you, including 957 00:44:11,600 --> 00:44:14,440 Speaker 1: that awesome early retirement calculator. Yeah, and if you like 958 00:44:14,480 --> 00:44:16,719 Speaker 1: what you here, let us know if you find this 959 00:44:16,760 --> 00:44:19,920 Speaker 1: podcast helpful, leave a review. Every time you leave a review, 960 00:44:19,960 --> 00:44:23,160 Speaker 1: and Angel gets its wings. It's true. That's what I heard, 961 00:44:23,200 --> 00:44:26,480 Speaker 1: and I believe it. So so many movie references this episode. Man, 962 00:44:26,520 --> 00:44:28,200 Speaker 1: I love it, I know, So we'd love to hear 963 00:44:28,239 --> 00:44:31,239 Speaker 1: from you, and be sure to also subscribe wherever you're 964 00:44:31,239 --> 00:44:34,040 Speaker 1: finding this podcast. It helps us out and helps get 965 00:44:34,080 --> 00:44:37,560 Speaker 1: the word out to other like minded folks that want 966 00:44:37,560 --> 00:44:40,000 Speaker 1: to find a community of people that care about stuff 967 00:44:40,000 --> 00:44:43,399 Speaker 1: like five. That's right, man. Until next time, best friends out, 968 00:44:43,680 --> 00:44:44,479 Speaker 1: Best Friends Out,