324 | The Stages and Checkpoints of FI

They guys discuss the different stages and checkpoints of FI!
Where are you at on your journey to FI?
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Everything we do, we do to help you slash your expenses, crush debt, and build ways to earn a living remotely by starting online businesses. Then we help you invest in the safest way we know how, despite the ups and downs of the stock market.
Every video is packed with content and actionable tips, and we get you from how to wow in 3 minutes. That's right - give us 3 minutes, and you'll get the step-by-step inside scoop on how to make and save more money, then make that new money go to work for you.
We take the hits, so you don't have to, because ultimately, we want you to become financially resilient during these trying times, and get you started on the path towards Financial Independence.
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[@traveltomoney]

At the beginning of 2020 I was almost $50,000 in debt. I locked in and focused during the pandemic and now am debt free and have $100k net worth. I feel like I have steamrolled through a lot of stages very quickly and have adjusted some of my goals after listening to you all. I'm focused less on early retirement and more on financial independence. I've become very passionate about helping others to do the same. Thanks for making an impact!

[@Jill04211]

found this to be motivational, need goals for the next level

[@ClaxtonBay123]

Y'all really need KZbin Chapters

[@drewxxx1671]

I was just hoping for this type of episode. You guys truly are amazing. Thank You

[@alexschwartz1483]

The concept of half fi is new to me. I just realized with that concept, we are 10% to our 1/2 Fi number!!!! We are 10% to having myself or my future fiancé be able to have the true power of choice! Now the goal is for both of us to be Fi and we have a ways to go but just the paradigm shift makes me feel our momentum we’ve been working so hard to get the ball rolling on! She’s 23 and I’m 26 and this just feels damn motivating. Thank you.

[@idontwantachannelimjustcom7745]

I went the other way when assessing my first number. I lived for a whole year, without credit and without touching my savings, spending whatever I wanted. Then I looked back, and said "how much did that cost?" Turns out that my natural number is very very low.

[@onanothernote]

That's a great idea

[@nomadicvibesofelle]

I like this idea

[@dineshbhalerao1388]

One of a great video on Financial independence. I have been a keen follower on this topic but never came across such rich info. Keep up the good work.

[@vulpixelful]

The only thing I disagree with is training 18-year-olds to be Salesforce engineers or whatever. You're only that young once and it's great to have time freedom then to enjoy yourself! Pursue career goals at a healthy pace, don't be too much in a rush to lock yourself down in obligation 😔

[@michaelswami]

A budget will set you free.

[@liveXfromX215]

I appreciate the information that you are sharing! It has truly changed my way of thinking. When calculating net worth, should I count the value of my home as an asset event though I still have a mortgage?

[@vernlivingthefloridadream7370]

Question, My FI number is about 1.5M, Is this 1.5M my net worth or the amount needed in cash/investments? I assume its not net worth as my paid off house doesn't generate income.

[@kurtjohnson99]

If your house is already paid off and your yearly expenses are about $60k, using the 4% safe withdrawal rule your investments would need to be $1.5M. Good point on thinking about including house equity in net worth and how that could affect your calculations. Imagine you have a paid-off house worth $1.5M and no other debt. If your FI number is $1.5M and you include the house in your calculation then ask yourself how your house is going to get you $60k per year to pay for your expenses.

[@Kthx881]

Got my phone calls from personal capital but haven’t picked up or called back yet… haha

[@Wesley-wg2qi]

I think half FI should be when you're halfway there timewise, which will happen much sooner than getting to half the net worth of FI.

[@99leadpencils]

I agree. I have heard that about $350k is actually halfway to $1M timewise.

[@Wesley-wg2qi]

@@99leadpencils I think it'll vary from person to person based on savings rate, how it's invested, how their savings rate is expected to change in the coming years etc. But 350k sounds like it'd be about right for most people.

[@DanielaLopez-wt4hy]

Hi There, I have a quick question. You constantly mentioned about maxing out your 401K, What are your thoughts when your employer doesnt have a 401 match contributions, but instead have stock programs at 15% discount?

[@lisadowling6047]

Gami-FI! Ha ha!

[@michaelswami]

I thought hair on fire was a top of mind priority to get something done. My hair’s on fire to max out my Roth IRA.

[@Rajathon]

I spent 10 years in lukewarm mediocrity. I could be so much farther along.

[@serialmigrant]

Yeah but 40000$ now wont have the same purchasing power in 10 yrs. ..40k now is 50k in 10 years

[@idiocracyishere4531]

Why didn’t you guys take 10 minutes and write it down and show it, you are on videos for Jesus sakes!

[@michaelswami]

Non tax advantaged account.