FI Minded: Bridging Pre FI Discipline and Post FI Freedom in Financial Independence

Whether you consider yourself a writer or not, you’ve been asked to write before. This could be an essay for school, an email at work, or a caption for a post.  Sometimes when we are writing, we have a complete brain fart. No matter how hard we try, the words aren’t coming out. We write a sentence and delete it. We start writing another sentence, get halfway through it, and give up entirely.Then other times, we sit down to write and the words effortlessly flow onto the page. Your thoughts are coming together nicely and you feel so focused.You may have heard this term before but psychologists call this flow state. Signs of a flow state include focus, enjoyment, and persistence. You can be in flow while playing sports, reading, gardening, and many other activities.Flow can be beneficial whenever it comes to work. It can help you accomplish challenging tasks, accelerate learning, and experience fewer distractions. All of these characteristics are important for being a high performer.But can we put ourselves into a flow state rather than just relying on in-the-moment energy? Luckily there is and my friend Justine Elizabeth is here to share how we can do that. Justine is a Flow Coach who makes flow trainable so you can reach new heights without burning out.I was a little skeptical about flow training. Of course, I’ve experienced flow states in the past but I was unsure if it was truly trainable. But as someone who is always looking to step up my performance both with work and my hobbies, I had to dive in and learn more about it. I should have never doubted her but I was pleasantly surprised with what I learned from Justine and I’ve already implemented her tips to enter a flow state whenever I know I have an important task to finish.Justine is a student of this craft. I think she is a perfect teacher to introduce you to the power of Flow. Key Takeaways:What is flow?Benefits of flowThe flow cycleExamples of flow aids and ailmentsHow to more easily achieve a flow stateDifferentiating between a productive flow state and unhealthy overworkMore of Justine:Website: https://theflowcodes.com/Instagram: https://www.instagram.com/theflowcodes/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Humans are weird whenever it comes to money. We drive five miles out of the way to save a few cents on gas. We buy things we don’t need because they’re on sale. We don’t ask for a raise although we’ve been working hard at the same place for years.We all have irrational behaviors when it comes to money and a lot of this has to do with psychology. Common biases impact our ability to make logical decisions. You’ve probably heard of a couple of these biases before. Some examples include the sunk-cost fallacy, anchoring, mental accounting, the status quo, and the bandwagon effect.Although we’ll never be able to truly rid ourselves of these biases, there are practices that you can put into place to make more rational decisions.My friend Paco de Leon is on the show today to talk about some of the reasons why we do the things we do and she’ll share exercises you can do to recognize and recover from situations that are impacting how you think and behave when it comes to money.Paco is the perfect partner to have this conversation with because she is thinking and talking about this subject all of the time. She is the host of Weird Finance, a podcast for creatives who are looking for explanations of complex financial concepts in a friendly, approachable way. I know you’re really going to enjoy this one so buckle up. I hope you enjoy my conversation with the 1st gen immigrant, TED speaker, and founder of The Hell Yeah Group…Paco de Leon.Key Takeaways:Why we are built to pay attention to scarcity and how that impacts our relationship with moneyHow we can make better decisions by understanding our window of toleranceCurbing impulse buying with the $100 buy listEnjoying simplicityHow to get comfortable with moneyMine Yours and Ours budgetMore of Paco:Podcast - Weird Finance: https://thehellyeahgroup.com/weird-finance-listen-nowBook - Finance for the People: https://thehellyeahgroup.com/finance-for-the-peopleMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/

Work optionality is the idea that you work because you want to, not because you have to. As you’re listening to this in your 20s, this concept might seem like a pipe dream. That’s truly fair. Most of us don’t have this luxury. We are building wealth, along with just paying our bills, and it takes income to do that.But this idea might not be as far away as you think. Regardless of your timeline, as your wealth grows even before you hit financial independence, I think you should be itching closer to a life designed by you, not your employer or clients.This might include changing your hours, taking more time off work, participating in mini-retirements, pivoting careers, or starting a business.This is an idea that Rachael Camp, Founder of Camp Wealth, is routinely discussing both online and with her clients. And I asked her to come on the podcast to do the same. Rachael is a financial planner who helps young professionals maximize their money for financial freedom. She has also redesigned her life over the last few years and she told me it feels way more aligned.In this episode, we break down the nuance between traditional FIRE and work optionality. Rachael shares steps you can take to start progressing towards a work-optional life and she shares questions to ask yourself to uncover what that life would truly look like. Also at the end of the episode, I ask Rachael to break down some of her most popular tweets from the last month.This is a really fun, wide-ranging conversation and you can probably tell, I had a lot of blast getting to know Rachael.So if you’re ready to do the same, let’s get into it. I hope you enjoy my conversation with the former Hoosier turned Denverites…Rachael Camp.Key Takeaways:The difference between traditional FIRE and work optionalityImportant questions to ask yourself to get closer to your ideal lifeRules to help you spend moreWhy you should take more risks in your 20sHow to make a plan for your moneyMore of Rachael:YouTube: https://www.youtube.com/@CampWealth/videosWebsite: https://www.rachaelcampwealth.com/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Let’s not sugarcoat it, the path to financial independence is a grind. Even with an aggressive savings rate and an extended bull market run, you’re going to be at it for a while.Setting the hard work aside, we also have to ask ourselves, what are we racing towards? Yes, of course, financial independence and freedom, but what would you do with that newfound free time?This is where I’d like to insert the idea of mini-retirements. This intentional time off work can help us reenergize and explore what retirement life would look like. This is actually what our guest, Jillian Johnsrud, did. During her journey to financial independence, Jillian embraced 12 mini-retirements and now she coaches others on how to take a mini-retirement themselves.I love the idea of mini-retirements. I’ve already taken one in 2020 and plan to take many more throughout my life. Looking back, it was one of the best decisions I made in my 20s but it didn’t come with some doubts. Most notably, is this temporary time off worth delaying financial independence? This is a question I asked Jillian and what she told me surprised me….mini-retirements didn’t delay FI for her, they did the opposite. They expedited it. Stick around if you want to hear that story and more.I hope you enjoy my conversation with the master of retiring often…Jillian Johnsrud.Key Takeaways:The importance of taking breaks on your path to financial independenceWhat a mini-retirement is…and isn’tDifferent intentions for mini-retirementsHow to propose a mini-retirement to your managerHow to structure mini-retirements so they don’t feel wastedCrafting your mini-retirement storyReconciling embracing mini-retirements and delaying your path to financial independenceHow to reduce costs during a mini-retirementCreating your mini-retirement go-bagMore of Jillian:Website: www.RetireOften.comRetire Often podcast: www.retireoften.com/podcast/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

We always hear the importance of taking advantage of our 401K and IRA accounts. The tax advantages and employer match are too good to pass up on. But is this true for early retirees? If I’m planning on retiring in my 40s, should I be locking my money away in these accounts? How do I bridge the gap between early retirement and 59.5 - the age at which I can withdraw from these accounts penalty-free?Well, the good news is that isn’t 100% true. There are ways to withdraw from these retirement accounts early without paying a 10% penalty and some of these strategies are fairly simple.Sean Mullaney, President of Mullaney Financial & Tax and writer behind the informative blog, FITaxGuy.com, is here to share how to do this.In this episode, we deep dive into a couple of the strategies to ensure that your money can be accessible to you if you retire before 59.5. Sean also shares a tax-efficient strategy for which accounts you should withdraw from first.This is Sean’s 3rd appearance on the show. He also appeared in episodes 39 and 40 where we discussed what you need to know about taxes in your 20s and the mechanics of an HSA.Every time Sean comes on the show I learn something new. Through this conversation, he actually changed my mind about how I am currently funding my Roth and Traditional accounts. He’s such a wealth of knowledge whenever it comes to the tax code and tax planning.If you also want to learn from Sean, let’s get into it. I hope you enjoy my conversation with FI Tax Guy…Sean Mullaney.The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Justin and The Struggle is Real podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Key Takeaways:A tax-efficient ladder for funding your life post-FIHow to manage “uncontrolled income” in your brokerage accountLong-term vs short-term capital gains and how they’re taxedRoth basis: contributions and conversionsOther exceptions to withdrawing money penalty-free from your retirement accountsMentions:Accessing Retirement Accounts Prior to 59.5: https://fitaxguy.com/accessing-retirement-accounts-prior-to-age-59-%c2%bd/IRS Exceptions to tax on early distributions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-exceptions-to-tax-on-early-distributionsIRS Publication 502: https://www.irs.gov/forms-pubs/about-publication-502More of Sean:Blog: https://fitaxguy.com//YouTube: https://www.youtube.com/@SeanMullaneyVideosMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

I love playing with compound interest calculators and one equation I’m routinely calculating is the number of years until I reach financial independence. Using the 4% rule, I multiply my living expenses by 25 to get my FIRE number. I use that, my current net worth and various contribution rates to predict when I’ll reach FI.But then I started thinking about this equation. Instead of using my current expenses should I use an inflation-adjusted number that would more realistically match my future expenses? Also, now I’m second-guessing my average return rate. Does that include inflation or should I be adjusting that rate too?All of a sudden, I’m a little turned around. Not knowing if the number in front of me is an undershot or overshot. I don’t want to be so far off the mark that my calculation isn’t giving me a realistic path to financial independence.So what is the right way to account for inflation whenever running our numbers? Luckily Jesse Cramer is back so tell us the right way to go about this calculation.Jesse has a way of simplifying topics. He is routinely doing this through his podcast, The Best Interest. Jesse takes complex financial topics and puts them into layman's terms. Jesse is so good at doing this that this is the 3rd time I’ve invited him on The Struggle is Real.In this episode, we get straight into the topic of inflation and answer questions like why products get more expensive over time, 2 ways to correctly calculate your FI number, and how to protect your portfolio from inflation.So if you’re ready for that, let’s get into it. I hope you enjoy my conversation with TSIR’s most frequented guest (for now)...Jesse Cramer.Key Takeaways:How products and services get more expensive over timeHow inflation is measured2 ways to calculate your FI number without mistakenly leaving out or double counting inflationDoes the 4% rule account for inflation?How to inflation protect your portfolioHow concerned a 20-something should be about inflation whenever retirement planningMentions:Accounting for Inflation in Retirement and FIRE Planning: https://bestinterest.blog/accounting-for-inflation-in-retirement-and-fire-planning/More of Jesse:Podcast: https://bestinterest.blog/the-best-interest-podcast/Blog: https://bestinterest.blog/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

As someone pursuing early financial independence, it is almost guaranteed that over time, a lot of your wealth will come from investment growth but as we all know, it takes money to make money.The first $100,000 of your net worth is a lot of hard work: you need to make income, live below your means, and aggressively save. And through all of this, your career will be the backbone of this process.Improving the skills that will make you more valuable is an important journey throughout your 20s. If you put effort in the right places, you will quickly become a high performer and be paid accordingly.So with that in mind, what should you be focusing on? There are technical skills that will be in high demand in the future (think AI, cybersecurity, logistics) but these are industry-specific. There are also a set of skills that no matter what career path you pursue, will always pay dividends.Today, I’ll be talking about the latter with Dave Lamont. Dave knows a thing or two about this subject as he’s built an incredible career for himself and not slowing down anytime soon. Dave is the CEO of Renfrew Business Group and president of Renfrew Chrysler, Lloydminster Nissan, and Royalty RV. In this episode, Dave shares 6 essential skills that led him to his success with the hope that you’ll find career success as well no matter how you define that.So let’s get into it. I hope you enjoy my conversation with former hockey player, car enthusiast, and Author of Crank It!...Dave Lamont.Key Takeaways:Learning work ethic through role modelsHow hard work creates luckSimply strategies for effectively managing your timeHow to build rapport with colleagues twice your ageThe importance of learningEmbodying true confidenceWhy looking out for others will pay offMore of Dave:Crank It! A Playbook for Succeeding in Business and Life: https://www.amazon.com/Crank-Playbook-Succeeding-Business-Life-ebook/dp/B0CBL2J76JMore of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

You’ve been pouring into your personal finance education and you’re starting to feel more empowered to manage your investments. You might have even played around with online calculators and realized how much that 1% advisor fee is really costing you. But years ago, when you were less confident and didn’t know better, you hired someone to help you with this. They grew into someone you call a friend and although you know the math and feel capable of handling your investments on your own now, you’re having difficulty cutting ties.It’s not easy to break up with someone especially if they have treated you well, answered your phone calls, and have been sending you an annual Christmas card.But I help you with the hard things and it’s time. With this in mind,  how can we make this a smooth process, set ourselves up for success, and respectfully and professionally break up with our financial advisor? Well, that’s today’s conversation.To help me unpack this topic, I invited on Tess Waresmith. Tess is a financial coach that helps people feel confident with investing. But this wasn’t always the case. After socking away a ton of money working on cruise ships after she graduated, Tess hired a financial advisor to help her turn her savings into real wealth. But after some bad advice and other financial mishaps, Tess lost $80,000 and had to reset. Through a lot of self-education, she learned how to invest on her own through simple, yet effective methods.In this episode, Tess shares the math behind the real cost of a financial advisor. She shares an easy step-by-step process for breaking up with your advisor and how to handle objections if they push back. We also talk about when it might be appropriate to hire help and who might be the right person for that situation.Let’s get into it. I hope you enjoy my conversation with the aerial aerobatic and high diving financial coach…Tess Waresmith.Key Takeaways:How much a 1% advisor fee costs you over 40 yearsHow to compare your advisor’s performance against the averageA step-by-step process for breaking up with your advisorResponding to objections from your advisorFinancial situations that might require professional help and who to hireSimple definitions of common financial jargonMentions:Free Guide: 26 need-to-know investing terms: https://www.moneyconfidentcoach.com/optin1656350743725More of Tess:IG: WealthWithTess (https://www.instagram.com/wealthwithtess/)More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

Dating is expensive. There is no way to sugarcoat it. Between dinner, drinks, parking, entertainment, and more…the costs quickly add up. I was reading an article and they surveyed 2,000 Americans to find out the average person has spent $3,025 over the last year on dating. That’s a little more than $250 a month and it didn’t include indirect costs like new clothes, make-up, and haircuts.Even as someone in a long-term relationship where Gaby and I have similar financial goals, and the advantage of using coupons and hitting happy hours without social ridicule, we still spend a fair amount on dates.It is because creating shared memories is important to us…but so is financial independence. So whenever it comes to dating, how can we maximize fun without breaking the bank? Well, that’s what I have in store for you today.My friend Samantha Vigneau and I created a list of 5 affordable and fun date ideas. My challenge to her was each of these ideas had to be less than $50 for two people and she hit the mark with many ideas being little to no money at all.This was a fun episode to make. I know many of us are dating right now let it be you’re looking for someone or in a relationship and going out and making memories together is important. So how do we find the balance between that and our financial goals? This episode will answer that.I hope you enjoy my conversation with the Host of Single Status…Samantha VigneauKey Takeaways:Elements of bad first date ideas5 affordable yet fun date ideasHow do you discuss money with a new romantic interest?Signs to look for to understand someone’s money valuesWhat to do if you feel like you’re falling behind in lifeMore of Samantha:Website: https://www.singlestatuspodcast.com/Instagram: https://www.instagram.com/samanthavigneau/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/

If you’re interested in early retirement, you have to consider how you will afford life when a paycheck isn’t hitting your bank account every other Friday. Of course, my favorite method is investing in the stock market. This provides dividend income and the ability to sell your stocks when you need to but there is another obvious method out there - real estate.I don’t know how we’ve gone 135 episodes without extensively discussing investing in real estate. It may be because it isn’t something I currently participate in but it has my attention. When I think about my draw-down method, there is hesitation on what I would do if I felt like we were in a down market and I’m wondering if rental income would give me much-needed stability through my early FI years.So I’m putting some effort into learning about it and if you do the same, there is one educator you will likely run into: Dustin Heiner. Dustin is the Host of Master Passive Income and is on a quest to help one million people get started investing in real estate. He is of course a real estate investor himself and at the age of 37, was able to quit his job because he had enough passive income from his real estate investments.In this episode, we discuss three common mistakes that Dustin wants you to know about before you buy your first property. Our goal in this conversation is to prevent you from making mistakes that Dustin had to learn the hard way early on.So if you’re interested in real estate investing, let’s get into it. I hope you enjoy my conversation with the father of 5 and successfully unemployed…Dustin Heiner.Key Takeaways:What you should do first before worrying about finding or financing your first propertyRules you can set in place to make your real estate business more passiveHow to estimate the cost of common real estate expensesOne rule to put in place so your property makes you money no matter what happens with the property valueHow to negotiate your offerHow to create passive income through real estateMentions:Free Course: https://masterpassiveincome.com/freecourse/More of Dustin:Website: https://masterpassiveincome.com/dustin-heinerInstagram: https://www.instagram.com/thedustinheiner/More of The Struggle is Real:Find show notes and more at https://www.tsirpodcast.com/Follow us on Instagram at https://www.instagram.com/tsirpod/