The Financial Independence Show

Today’s episode features a real Money Nerd, Whitney Hansen. Whitney paid off $30k of debt in 10 months. She also bought a house at 19 and got her MBA for $472. She started out life with some hardships but that fueled her interest in personal finance. Now she’s taking her lessons and empowering others through financial coaching. Listen, learn, and let us know what you think about Whitney’s awesome insights. Episode Summary Whitney’s Background Whitney’s parents separated after an abusive relationship They then moved to Boise in a two-bedroom apartment Her mom was supporting them with $7.25 of income This was all to support a family with six children Whitney tells a story of how excited she was to get a mattress out of the trash This was when she was 18 Helping Others Save Some people think they can out-earn bad spending Whitney’s #1 point is to find the values and “why” of the person you’re trying to help Not all tactics are going to resonate with people but leading by example is a great start She also talks about being relatable If you only share the wins, it can seem unobtainable Start of Financial Coaching Whitney was $30k in debt but working two jobs She focused and paid off all her debt in 10 months After that people started hitting her up for advice That’s when she discovered financial coaching Money Coach vs Financial Advisor Money Coach’s can’t tell someone what type of insurance they should buy They shouldn’t tell a client to buy a specific stock They also shouldn’t try to give specific tax advice Instead, a Money coach should focus on saving, philosophy, and just holding them accountable. Tips to Becoming a Money Coach It’s important to understand how hard a client is willing to work It can change how you work with them or if you should work with them at all You also should start coaching for free or heavily discounted That way you can see if you really want to do this before getting too invested   Key Takeaways Pressure makes diamonds: We loved how Whitney took her circumstances and used them as motivation Speak their language: Whitney talks about resonating with people about money. You have to meet them where they are and not just try to force them into doing things that worked for you. Call to Action Take and share financial tips with someone. Try some of the tips Whitney mentioned and really try to resonate with the person. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Whitney’s Information Her Website: Whitney Hansen Her Podcast: The Money Nerds   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features the star of the Playing With Fire documentary, Scott Rieckens. Scott found himself saving 8% an heading towards a lifestyle that seemed unsustainable. The FIRE movement showed him that his value/happiness was not aligned with his spending. Scott and his wife made an amazing transformation and shared it with the world. Listen, learn, and let us know what you think about Scott’s amazing journey. Episode Summary Scott’s Background His Dad was in the Navy so he picked up and move many times. His Mom would always try to pick up a job at the new location She also handled the bills and investing outside the pension At a certain point, Scott realized his lifestyle wasn’t sustainable He was trying to take on more and his spending was also increasing Then he found the FIRE community That took his focus just from income streams to also include responsible spending Entrepreneur Focus Scott found himself laid off three years after college He and a friend spent three months to put together a business plan They raised a couple hundred thousand dollars to build an indoor golf center But as they worked the projections, they ended up scrapping the idea Then he goes back to the drawing board and back to the small business center for help When Scott goes there for advice, the advisor realizes Scott has social media experience In 2009, very few people had this experience and the advisor encouraged him to pursue that route From then on, he’s been an entrepreneur Scott recommends the book The War of Art for entrepreneurs Embracing FIRE Scott recalls the Chautauqua trip in Ecuador with people from the FIRE movement There he learned that if this didn’t work, he’d just be going back to work like everyone else That realization made him feel much more comfortable with the attempt at hitting FIRE Scott then breaks down why everyone doesn’t embrace a journey of financial independence Not being in the right place in life or being afraid of what they could uncover We also talk about the taboo around money Playing With Fire Scott’s original idea was to go around interviewing people about the movement Then it swapped to him actually going through the journey and transformation He talks about how difficult and invasive the documentary Scott also the moments the camera missed Now Scott is taking the Playing With FIRE brand into a Podcast   Key Takeaways Awakening: It’s so cool to listen to someone explain the process of totally shifting your outlook on life as Scott did with his spending Strong Minds: We love all the parallels Jed draws between his mindset and process in the NFL to be successful on the outside Call to Action Make a list of the 5 things that you value the most and that brings you the most happiness. Then reflect on what percentage of your budget is spent on items from this list. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Scott’s Information His Website: Playing With Fire His Book: Playing With Fire Their Podcast: Playing With Fire   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features the former #1 NFL Fullback and author of Your Money Vehicle, Jed Collins. Jed had realized his dream of reaching the NFL but with that first big check, came a lot of fear. Since that point, Jed now embraces fear and shares the lessons he learned with young players and people all over the country on how to take control of their finances. Listen, learn, and let us know what you think about Jed’s amazing ride. Episode Summary Jed Collin’s Entry to the NFL Jed talks about his first big check He knew he’d already spent it all before he even opened it The money had gone towards an engagement ring for his now-wife Jed entered the league as an Undrafted Free Agent so the NFL wasn’t a given But Jed had an accounting major so he had a fallback He talks about how having a fall back plan is actually looked down upon He also admits that he understood corporate finances but didn’t resonate on a personal level Helping With Rookies Jed goes to sessions around the combine to educate rookies on personal finance Some of these rookies struggle with peer pressure around luxuries like cars and jewelry But a lot of pressure is actually from families that they’re now supporting There are also things like rookie dinners were these young kids are dropping $27k on dinner And that’s for veterans who don’t need anyone to buy them a thing The Rookie minimum is almost $600k now NFL Members Don’t Comprehend What They Make Players don’t comprehend the difference between contract value and take-home pay The money coming to you is heavily taxed You also are not guaranteed a spot on the team for the full contract either There is a pension system for those that make it three years in the league But this doesn’t kick in until 55 It equates to about $500 per month for every year in the league Mindset Comparisons: Money and Football Jed was actually cut 13 times And later in his career, he was named the #1 Fullback in the league That just shows how unstable it can be for a player in the league He feels that there are a lot of parallels between someone being successful and life and sports He also shares stories about Drew Brees that just shows how dedication and process can lead to success 5 associations of money Jed talks about automating what you do with your money He breaks it down to 5 money areas or associations These (not in order) are: Society aka Taxes Past Decisions – Rent / Bills / etc Present Day Actions – Day to day choices Future Choices – Investing / Saving Compassion – Donations / Giving   Key Takeaways Peer Pressure: Jed talks about how powerful peer pressure is and it’s obviously not just a concern for kids in school Strong Minds: We love all the parallels Jed draws between his mindset and process in the NFL to be successful on the outside Call to Action Divide your spending up into the 5 associations that Jed discussed and automate where your money goes Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Jed’s Information His Website: JedidiahCollins.com His Book: Your Money Vehicle LinkedIn: Jedidiah Collins   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Harry from The Rideshare Guy Harry started down a very traditional path — an engineer in a cubicle. Then in 2014, he started moonlighting as an Uber & Lyft driver. He started a blog and began sharing real data that helped drivers know the Do’s / Don’ts and ultimately how to make more money. Today, his blog has an insanely large following and it continues to expand into more and more areas. He’s also launched a course, Maximum Ridesharing Profits, to teach new side hustlers how to take advantage of the rideshare economy. Listen, learn, and let us know what you think about Harry’s amazing ride. Episode Summary Harry’s Journey to Side Hustling Harry remembers when he realized he could sell chips from his lunch as a kid His lesson was that when people want to pay for something you need to find a way to accept it Harry took a fairly traditional route career-wise He got an engineering job and worked the cubicle environment But Harry was used to entrepreneurial ventures From selling chips to doing laundry, and then driving Uber / Lyft on the side in 2014 Harry then goes over the moment he realized traditional employment just wasn’t enough It was realizing a fellow employee had been working in the same building for 40 years He was also having a lot of fun driving for Uber / Lyft and making $35-$30 per hour The pay was higher back then as fewer drivers were available Finding a Career Via Uber / Lyft Harry never really wanted to drive for a living but enjoyed the process So he started The Rideshare Guy Here he would lay out very clearly and thoroughly all the things you should consider as a driver The blog started growing and surpassing the money he made in his regular job It also didn’t seem scary because his boss left the door open to return Frugality and Lifestyle inflation Harry talks about how he is reasonably frugal but not extremely He also talks about how some lifestyle inflation is positive Nothing over the top but things that make his life more comfortable and less stressful Deeper info on Uber / Lyft and Rideshare Guy It’s important to keep in mind the pros/cons One big benefit over a similar paying job is the flexibility It also gives you good practice to balancing accounts for running a business At the end of the day, all the things on the sites are just logistics Getting something from point A to point B He also talks about some of the locally specific gigs These may pay more and even come with more traditional benefits Getting the most out of being an Uber/Lyft driver Harry recommends a used fuel-efficient car, imagine a ~2014 Prius Then he talks about options that allow you to only do pickup/drop-offs along your route So you could add this into your normal day Then Harry talks about liabilities Different insurances and protections to keep customers from coming after your assets It’s not worth ruining your life over a side hustle if you have a lot of assets If you don’t have much to your name, it’s a little less stressful Another good tip is driving weekend nights and workday commutes It’s also important to keep up with miles to deduct those expenses from your taxes Check out his course, Maximum Ridesharing Profits, if you’re looking for an all-in-one resource to crush the rideshare side hustle game Beyond Uber / Lyft Harry notes that most people only drive temporarily He wanted to start focusing on the jobs these drivers are transitioning to He’s done a lot of coverage on transportation jobs like truck driving/taxi drivers Then other demand-based  jobs that have similar setups But these are in completely different fields than transportation like a notary of the public These are all covered under the “Thinking Beyond Rideshare” category     Key Takeaways Provide Value: Harry was successful because he gave a ton of value to readers and not just fluff that anyone could talk about but actual data It’s all logistics: Harry highlights all the ways you can get in on the rideshare movement and the areas it is still growing into Call to Action Find one of these logistics based apps that suits you and give it a try. There’s Uber, Lyft, Postmates, DoorDash, Grubhub, Uber Eats, Instacart and on and on. Some don’t even require a car! Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Harry’s Information Harry’s Website: The Rideshare Guy Harry’s Rideshare Course: Maximum Ridesharing Profits Harry’s Youtube Channel: The Rideshare Guy   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Rob from The Simple Startup. Rob had an interesting childhood were he got most of his early education in Ireland. This gave him an opportunity to be exposed to unique learning environments that don’t typically exist in the United States. Now Rob is leading by example and teaching his own students these valuable lessons of personal finance and entrepreneurship. He has also taken it one step further by creating a workbook that can spread these lessons to everyone. Listen, learn, and let us know what you think about Rob’s amazing lessons. Episode Summary Rob’s Upbringing Rob feels like he had a lot of great influences early but didn’t bite on the advice In his elementary school in Ireland, he was involved in some saving focused programs About two years ago he started getting involved with teaching financial literacy with younger kids Rob was born in the United States but was in Ireland most of his life until age 21 He comments that you don’t see the drive for FI in Ireland that he’s seen here We discuss differences in pension systems and wages between Ireland and America How Rob Became a Teacher He had several options to choose from between sports medicine, architecture, and teaching Rob mostly went with teaching because he got the summer off and he loves getting outdoors Even the subject he was going to teach just sort of fell into place Rob actually started teaching in 2014 Taking Money to the Next Level Rob admits his wife was better with money when they first met That gap he was noticing drove him to take money more seriously Within 12 months of marriage, they paid off all of their $20k of debt After his debt was paid off, he started focusing more on financial independence Origins of Rob’s Love for Entrepreneurship Rob’s high school in Ireland offered him a gap year that is all around self-development His business teacher made them actually start their own businesses The kids were in charge of the full cycle Rob says it was basically the Lean Startup Model Finding something that can be started with resources you already have on hand That first business was selling baked goods which sold at school They profited about 500 Euros The group actually had their own custom stall and custom aprons Educating the Next Generation of Financially Literate Citizens Rob asks his students on a skill they’d like to learn but never have Then he challenges them to learn that skill without his help and prove their mastery of it Something like changing the oil in a car and creating a YouTube video teaching others to do the same Then he started a club called The Millionaires Club This club is fully self-funded without fundraising They get their money via business they run themselves and can keep 10% of the earnings As he started building out resources and structures for this he decided he should build a workbook This workbook is an actionable workbook that’s very interactive and not just something you read He calls it a how-to guide around starting your first business It’s really targeting teens and young adults This workbook covers the full lifecycle  Finding a need, building the business, handling the finances, and pitching it to others   Key Takeaways The Lessons are versatile: Whether it’s business, personal finance, or responsibility — these type of lessons can apply and improve lives in many areas Think outside the box: Rob didn’t let what a teacher normally does define what he was going to do with his students and is seeing the results Call to Action If there is a young person in your sphere of influence that you can encourage to try a project or a small business, then help push and guide them through that experience. If not, try a self inspection and consider starting up a trial run of a business with extremely low startup costs to see if it’s something you’d like to take further Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Rob’s Information Robs Website: The Simple Startup Rob’s Book: The Simple Startup Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Gina from The Frugal Convert. Gina has a powerful story of being alone and broke at age 19 with a child to take care of. She didn’t let her circumstances define her and took control of her life. Then over time, things began to slip again and she realized she needed to change at a more conscious level. Now she’s a full-fledged frugal convert and closing in on financial independence. Listen, learn, and let us know what you think about Gina’s wild ride. Episode Summary Gina’s “Jar of Pickles” Moment Gina found herself 19, newly married, and pregnant and totally broke. Her then-husband took her phone, car, credit cards…everything She was hungry and alone in her home and had nothing to eat but pickles Then she found herself on the floor crying Gina then started going through all the bad decisions she’d made in her life that led to this But then she decided she could take control She divorced him and life moved on Now she’s married to the man of her dreams Gina takes steps back again Things were going well for a while after her wake-up moment Then Gina got comfortable and started racking up credit card debt She and her husband were happy and well employed but her habits hadn’t changed Then they found themselves in over $100k in debt Earlier in life, she had racked up debt She had done this because her rent was $1150, she was going to college, had a kid, and only earned $1200 per month Gina would get a loan to consolidate her debt but then keep racking up more with the new limit Making Habits Stick Gina realized that she would have to really change her habits to turn her life around Her first step was to start really tracking her spending It wasn’t cold turkey, she just lowered the frequency of disposable spending Eating out once a week instead of three times a week, etc She admits she tried to make a budget before she tracked her spending That is generally a big mistake and leads to failure Without a point in time, it is hard to make reasonable projections She also says that a budget should be a living document It can’t be something you set and never adjust Gina utilizes an excel spreadsheet and breaks it into four categories The first is survival – food, utilities, rent The second is debt The third is extras – Netflix, eating out, etc The fourth is fun money – even if you still have some debt to pay off Redefining Frugality It’s not about deprivation, it’s about reprioritization It is fun and rewarding to be frugal You become picky about what you spend your money on and only focus it on things you’re excited about She also began to realize that she was actually just buying things because it was a habit It wasn’t that she needed them or even wanted them long term Now she’s much more into decluttering and keeping things simple Finally, Gina walks us through how this is all possible in Los Angeles She also shares budgeting with her kids They don’t feel deprived, they are just getting educated and comfortable with money Leaving A Legacy She really wants to follow her passions full time and step away from traditional work Gina also wants to get more into real estate and having extra streams of income In 2007 they had bought a condo, then the 2009 crash happened Her husband lost his job because it was tied to the mortgage industry She was furloughed due to the turndown So her focus will be on diversifying their income streams Her real passion is going out and being hands-on with moms in the welfare She wants to develop programs they can use to take control of their finances   Key Takeaways When Life Hands you Lemons: Gina had every right to be down on life and never crawl out of her low spots, but she always learned and improved herself. Behind Every Paycheck is a Passion: Gina acknowledges that her day to day job isn’t her passion, but she has a plan to make that passion come to life Call to Action We often talk about what we NEED to retire, as an exercise, calculate out what your Survival portion of your budget is (Rent, food, utilities, etc). It will help you identify your trade space when working towards financial independence Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Gina’s Information Gina’s Website: The Frugal Convert Instagram: @TheFrugalConvert Twitter: @FrugalConvert Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Robert from Stop Ironing Shirts. Robert worked his way up the sales career path. Then in 2019, he retired with over 28x his annual expenses. Fast forward to today and he saw that shrink to 18x his expenses. People often always wonder what it would be like if they retired just before a crash. Now you have the opportunity to see how that looks first hand. Listen, learn, and let us know what you think about Robert’s wild ride. Episode Summary Robert’s Journey to FI Robert didn’t have much money growing up He started noticing the people around him who did Then he tried to reverse engineer how they got there He contrasts how his grandparents had a structured career path and his parents didn’t His dad did end up in sales which is where Robert first found the career path Robert Finds His Career He graduated high school in 2000 Robert thought he’d go into computer programming That quickly changed when he hated programming Then he got a department store job celling cell phones This made him realize sales was for him Robert goes over how sales have no politics or ambiguity in pay It also means that you can make as much as you can perform Robert Experiences His First Crash Robert talks about his experience with the 2008 crash He talks about how his 401k was less than his contributions even with company match Then he talks about how you just have to keep plugging away when it’s dropping Your earnings in a savings account simply can’t keep up with inflation Robert Discovers FI He talks about the life decisions he made once he discovered the FI movement in 2013 The canceled fancy hotels and tried to do some of their own home renovations Some of those changes didn’t pan out but the overall path was clear for them They looked and felt like they could retire around 5 years from that moment In 2015 he had a good job opportunity and it locked him into three more years The timing worked out pretty well but pulling the trigger was still scary Crash Take 2 Robert now talks us through what life has been like during this latest crash He went from Fat FIRE to Lean Fire in one month Robert had also taken on a little side gig but was let go because of the turndown He says at this point you just have to give up control By this he means, just stay the course and don’t do anything rash Robert also gives us insight into which individual stocks may or may not be favorable as we come out of this crash Especially focusing on companies that are getting bailouts which hinder investors And rest easy, Robert says he’s nowhere near considering full-time work   Key Takeaways Sell Your Salary: Robert walks us through the high earning potential that sales brings Trust the Process: Losing 10x your annual expenses in a month can be disturbing but Robert isn’t giving up on the process Call to Action Research some companies you’re interested in, you don’t have to make any individual stock purchases but it can be a fun exercise to vet companies that you may be interested in. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Robert’s Information Robert’s Website: Stop Ironing Shirts Twitter: @StIroningShirts Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Dustin Mathews from WealthFit. Dustin worked for and built several businesses. Some of these businesses had huge incomes and expenses but Dustin found himself without a ton to show for it. Then Dustin discovers FI and starts radically changing how he lived and starts spreading financial advice himself. Listen, learn, and let us know what you think about Dustin’s amazing turnaround. Episode Summary Dustin’s Journey to FI He attributes Rich Dad Poor Dad as his entry into FI Most of his work / finance life was around building a business and selling it He started out with some startups but then decided to create his own business Dustin admits he didn’t mind racking up debt for these businesses He attributes his entrepreneur spirit from his mom Dustin’s First Business As part of a mastermind, he found someone who could use some marketing help The business was selling courses around lines of credit for businesses  A big recommendation Dustin give is doing lots of small changes and testing along the way. After Discovering FI He walks us through the tough conversations with his wife Dustin also said that for tracking expenses, a google sheet stuck with him where fancy apps didn’t Then Dustin got the opportunity to go work for Wealthfit Stepping Back to His Six-Figure Courses He starts getting involved in product launches which were very profitable Then he starts a seminar business around teaching others to do product launches These seminars could bring in over $1M a year That would be over $250k over three days It’s important to remember that was gross income The business kept sprawling with more expenses On top of that, Dustin was spending all his money without worrying about saving Teaching Others From His Mistakes When Dustin got the opportunity to work at Wealthfit he was excited Excited to help others avoid mistakes he made with his businesses and personally grow He calls Wealthfit the Netflix of personal finance They have courses and materials around both personal finance and entrepreneurship/side hustles We wrap up with Dustin sharing how he landed Dennis Rodman on his podcast   Key Takeaways Easy Come, Easy Go: It’s awesome to grow your income but you need both intentional spending and income in order to make progress Lift others with your mistakes: We loved how Dustin brings his knowledge and opens up about his failures in a way to help others People can change: Dustin has felt what it’s like to live a life full of expenses and huge incomes but the FI message still resonated eventually Call to Action Slow down a little if you still haven’t found your purpose and re-evaluate that your money and effort are aligned with your goals. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Partners We are completely obsessed with tracking our net worth to understand our current financial positions (you should be too). Instead of spending dozens of hours adding up all our assets and subtracting our debts, we use a free service called Personal Capital. This free, easy-to-use portfolio management tool aggregates all of your financial data and helps to track your spending, net worth, and investment accounts. Keeping track of your money has never been easier. With 1.6 million users and growing, this platform is becoming a leader in its industry. We have both been using Personal Capital for years and highly recommend it. Sign up for your free account here!   Dustin’s Information His Own Podcast: Get Wealthfit Twitter: @DustinMatthews Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

In today’s episode, you’ll hear from your hosts only. Hopefully, you find some comfort in today’s episode during this uncertain time. This episode is covering the Coronavirus, how it impacts us mentally, physically, and financially even if we’re lucky enough to avoid getting sick. These are certainly tough times but we hope there are some bright spots you can use as motivation to get through this. We don’t know how long this could last, so let’s get through this prepared and together. Listen, learn, and let us know what you think. Episode Summary Topics Covered in Todays Podcast Focusing on Coronavirus and FI We start off covering  current correction We’re currently at late 2016 levels Then talk through scenarios if you pulled out of the market in 2008 and stayed out for X number of years Even if you invested at the height of the market (September 2008), your annualized, inflation-adjusted return as of March 2020 is 4.5% Federal tax filing deadlines and payments extended to July 15 (including estimated quarterly payments) Cover importance of  having an emergency fund Briefly touch on unemployment benefits Share our thoughts on if we get stimulus checks, what you could do with it  Go over side hustling / extra income ideas We look at how you can support local businesses and yourself Do you have tech skills? Help companies go digital as a consultant Share our opinions on stopping the spread of the virus (incubation period, social distancing, etc.) Give insight into our own personal impacts with travel etc Brainstorm some low cost/ free hobbies you can do online Help you see how Zoom/Skype tech can replace happy hours and social events  Emphasize fitness while quarantined  Try to highlight the money you’ll be saving during a quarantine  Then look to share some potential escapes you can still do that are quarantine friendly Running  Camping  Biking  Photography  Road trips  We go into over-preparing, mentally and financially, for the potential that life remains in an altered state for many months Finally, we remind you that now is the perfect time for projects you’ve been putting off, now is the perfect time to accomplish   Key Takeaways This could take time: We have to plan both mentally and financially for uncertain times to consider for many months. Silver Linings: It’s certainly not a situation any of us want to be in, but what can we do to come out of this as strong as possible? FI is here to stay: There are voices out there calling for the end of FI, but there will never be a reason to stop aligning your spending to your values, living responsibly, and educating yourself on finances. Call to Action Really think through and put together a plan for how you can last 8+ months living in this way that covers you financially, emotionally, and physically Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)

Today’s episode features Christine Hughey who owns A Little Local Flavor food tour business. Christine navigated several cities and years to land her dream job in Nashville. Then shortly after, Christine would be celebrating a new marriage and devastated by their household income dropping from $120k to $35k. At the bottom, she took a challenge to start her own business and in no time had created a six-figure food tour company that is growing at leaps and bounds. Listen, learn, and let us know what you think about Christine’s amazing turnaround. Episode Summary Christine’s background She feels like she had a better than average financial understanding growing up Christine would go visit who are Grandmother who tasked them with tracking stock prices Her Grandmother would also buy them small stocks in companies they understood It gave them something to chat about over their times apart Christine admits that she took all those lessons for granted until much later When it was time to go to college, Christine wanted to get into the print industry This ended up requiring her to get an engineering degree at the college she was at From there she moved to Colorado and got a job she did not enjoy Journey Towards FI In 2006 she is making around $35k per year and saving around $200 per month She also realized a true engineering job wasn’t going to be there for her in Denver From there she moved to a small town in Texas for a few years Then her dream job opened up in Nashville, TN Things Begin to Fall Apart We’re now entering 2013 on the journey and Christine is hitting her groove Until she is shocked to find out that she’ll be losing that dream job quickly after starting Leading up to this, they had tried to push more and more work on her with no increased pay Christine’s husband helped her through this down period Then she got a new contract for a dream job as an engineer and things were looking up Then six weeks after their honeymoon, that new contract got pulled and she was unemployed On top of this, her husband lost his largest income-generating gig Six weeks after their honeymoon they saw their pay get cut from $120k to $35k They started cutting all expenses and downsizing their house Christine admits that the whole experience was crushing She vowed to never let one company be the source of her income The turnaround Christine finally finds work at a food tour company in Nashville The hours are long and the pay had gotten cut in half Then January 2018 happened and her life completely changed This was when she attended her first financial independence event Christine attended CampFI down in Florida At the conference, she was challenged to start her own food tour company When she got home, she quit her job and started her own business that May This was the start of A Little Local Flavor Building a Six-Figure Business Christine admits she was out of her comfort zone What got her through was just taking one small step every day Most of her education came from podcasts It took some time for her to shed being an engineer as her identity As she built her team she had several keys she wanted to hit Some things she wanted was to fair pay, have strong values, and a good work environment She then layers in lots of bonuses into her employees’ pay This small step really incentivizes them to do great work By the end of 2018, they had over $60k in sales But then 2019 grew like crazy She grew her team to include 8 employees They also saw the number of visitors grow to 4400 and sales to $330k With that, they took home 23% as profit Christine expects to grow that margin and increase tour types and locations Her 2020 goal is $500k for the company She also hopes to be able to scale back her involvement   Key Takeaways Social Currency: Christine talks about how to put out goodwill and fair pay and that’ll come back in multiples Taking a leap of faith: She took a leap in a smart way with a company that needed a low investment to start Call to Action Go out and build your social currency. Just give back and find a way you can collaborate with someone to make a positive change. You’d be surprised the good you can accomplish and the influence it can have on your own success. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review! The FI show on iTunes The FI show on Android Check out our Sponsors Empower is a mobile app that makes managing your money the easiest thing you do all day. How? Automated saving. Painless budgeting and spend tracking. Human coaches ready to share personalized recommendations on how to pay down debt, uncover extra savings, and tackle any other finance question on your mind. Proactive tips and up-to-the-minute alerts to help you make better financial choices in real-time. Make sure to use offer code FISHOW when you sign up to earn a $5 bonus when you reach your savings goal! To be eligible to receive the $5 bonus, (a) you must enter offer code FISHOW at signup, (b) you must be an active Empower subscriber, (c) you must open your Empower AutoSave account no later than 4/30/20, and (d) your Empower AutoSave account must have reached a balance milestone of $100 or more 30 days after opening the account. The bonus will be paid into your Empower AutoSave account on or around the 4th of the month following the achievement of the balance milestone. Must be a new Empower customer to qualify.   T’s Information Her Company’s Facebook: A Little Local Flavor Email via: Info@alittlelocalflavor.com   Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)