6 Steps for Becoming FINANCIALLY FREE (Honest UNCOMFORTABLE Advice)

[@pricilla2076]

Living below your means is key especially when you're making more money... Tracking your money flow was very illuminating and empowering.

[@HappyonMonday]

Yes! I agree 100%! 😁

[@Ethan-bu2zy]

You are spot-on. Lowering one’s expenses and debt are probably the most important things that one can do to facilitate being able to retire.

[@HappyonMonday]

Thank you! I completely agree! 😁

[@CourtneyRobinson]

I shared this video on my social media. It’s so good Julie. You are doing great work with these videos. We are FI, took 12 years of lots of work, living frugal, getting to comfortable middle class and quit trying to move up. Save, invest and save more.

[@HappyonMonday]

Thank you so much!! Yes! Quit trying to move up!! 👍

[@azteca6695]

When there's a will. There's a way!

[@HappyonMonday]

Yes!! ☺

[@FIRE_DrNinjaTurtle]

I gave myself a raise by moving to a low cost area

[@anthonybutler3157]

Love how you model how financial discipline leads to a freeing lifestyle

[@HappyonMonday]

Thank you! ☺

[@HeatherCampbell-kc7fx]

Because of you, I opened up a few CD accounts and a high yield account. Thanks!!

[@HappyonMonday]

I love that! You're welcome! ☺

[@murrayhaven]

A similar quote that resonates with me, “Grow where you are planted.” Thanks for the reality check. Have a great weekend. Oh, wait. Everyday is a great weekend! 😊

[@HappyonMonday]

That's a great quote!! Thank you I will! 😁

[@kimwieczorek1879]

We paid off 2 of our homes. One way we did(I) stayed home Mon. - Thurs. and didnt even spend a penny. And sometimes Fridays too. " It's not how much you make, but how much you keep".

[@HopeToProsper]

Very well said Julie. We did it as a single income family, in a very expensive place to live. Almost anyone can choose to save, but most people won't.

[@HappyonMonday]

Thank you! Good for you and I agree! 😁

[@ellieraggs]

I've opted not to pay my mortgage down because it's a 3% interest loan and I can make more than that with the money elsewhere right now. Expenses truly are where it's at! And it helps to be married and have that second income. Retiring in 3 months!

[@HappyonMonday]

Awesome!! That's coming up soon! 😃

[@maha77]

Brilliant message and very important. Financial Freedom is within reach. I once heard a story about a man who was always complaining how he didn't have enough money and was struggling so much. His friend who was listening to him compassionately said _'I can loan you $50'._ The man said _'I need a lot more than $50.'_ his friend said: _'If you don't need $50 right now then you have enough for today'_

[@HappyonMonday]

Great story - thanks for sharing! ☺

[@mrimprez555]

Love the quote. Thrive where planted. 😊

[@HappyonMonday]

I like that one too!! 🙂

[@FIRE_DrNinjaTurtle]

I really want to give my spin on this video. You have the most fabulous ideas and information

[@HappyonMonday]

You should do that!! Thank you! ☺

[@jackiebowen6239]

Great quote, Julie 💜

[@MARK-hc5qm]

Income is very important. I work for 42 years and for the first 30 it was a low income. The last 12 I was able to get a job that paid 75k a year. This was almost double what I was earning before and that is how I bought and paid off a 200k house.

[@HappyonMonday]

That's awesome! 😃

[@TrishGroves]

I just love your videos, Julie. Your presentation style is unique in this space and you are a powerful educator. 😊

[@HappyonMonday]

Thank you so much! ☺

[@danncorbit3623]

A good idea (I think) is to invest automatically. If your company has retirement funds of any kind (and especially if they contribute something when you contribute) then put a big chunk into that. Now, you are investing without having to remember or do anything special. Some companies have a 50% match or even higher on investment into these types of funds. Another one is investing in HSA accounts or other medical funds like that. My company matches my investment up to a certain level. So you get a huge boost. Also, I have two HSA accounts, and one of them automatically reinvests the funds as I choose to distribute them. I really like these kinds of things because it is regular and steady and you don't have to remember to take action all the time. You get used to the smaller paycheck and it becomes normal to have less each pay period. After a while you do not even notice it. So it is a way to bite on the other side of the apple. Instead of focusing on spending less, it is automatically saving more.

[@HappyonMonday]

Fantastic suggestions!! I completely agree and thanks for sharing! 😁

[@ibenglish]

Great advice. Never ever accumulate credit card debt and every extra dollar towards your house debt principal will swing the pendulum from interest and save you a huge amount of money on the loan. One of my OCD things is constantly checking these ever shifting set of numbers because it helps to keep me motivated to get to zero house debt. Make math fun for you. Thanks Julie 🌹👍🏻

[@HappyonMonday]

Thanks! I agree - thanks for sharing!! 😁

[@gretchenwheelock1079]

Great video, love your quotes. It is hard to save but you’re giving a lot of motivation and ideas.

[@HappyonMonday]

Thank you! It IS hard to save, for sure! 👍

[@gatewayz75]

It took me from 1997 to 2022 to become mortgage free on a single income from the hotel industry, I finally did it, I also drove boring used cars and bought a modest condo BUT I have enough to go on cruises and fly in a premium cabin every 2 years, time for some fun now, I retire in 4 years after working so hard since I was 18. I also put myself through college when I was 29, it took 6 years studying part time while working full time. Glad that’s over but it did result in eventually increasing my income making me eligible for promotions.

[@HappyonMonday]

Wow good for you!! You worked hard and now you can reap the rewards!! ☺

[@heartyoddment]

We are reviewing tax rates in various states - income tax, sales tax, property tax, etc. Some sites rank states. For instance, if you don't own property, then that particular tax won't apply. Also, some states tax Social Security payment income while other states don't tax that.

[@HappyonMonday]

Yes this is true! It makes a difference! ☺

[@geraldinegranger9186]

Another super topic! I’m just one year behind you on my retirement journey and have a similar financial situation so I watch your posts regularly. One thing I’m worried about is how to guard my precious hard-won free time once I retire. I’m afraid of being seen as a free on call babysitter. I’m also afraid of frittering time away on social media and starting happy hour much too early! Just curious how you handle all that.

[@HappyonMonday]

Thank you!! I read the book Boundaries: When to Say Yes, How to Say No To Take Control of Your Life by Henry Cloud & John Townsend. I learned to say no! I also make to do lists for myself each day and won't let myself do social media or TV until all my tasks are done. 😁

[@tammy9964]

Thank you for this great information and insight ❤

[@HappyonMonday]

You are welcome - thank you! ☺

[@johnj4094]

Thank you for your shows as always. I'm curious if you can do one about being able to let go and let go of work when specially you can comfortably retire but you're still younger you don't really need the money but because of the habit of working or for some the fear of running out of money in retirement Do you have a hard time letting go and stop working

[@HappyonMonday]

You're welcome! I have several videos where I touch on that. I also have a couple coming up about just exactly that!! Thanks!

[@CurtisRetiredLife]

I always thought the grass was greener over the septic tank. 😏 Thanks for another good video, six solid steps that will help you get to FI if you follow them. FYI an older video of yours is why I am tracking my expenses now, thank you, although I will admit that I don't budget. 😬

[@HappyonMonday]

😆It probably is! Oh I love that! I love hearing that. ☺

[@Green-jl9yh]

Julie I decide to buy house in cash Yes you’re absolutely right It doesn’t matter how much you make It matters how much you spend I make very little money But I’m a saver so I can retire Comfortably Always enjoying your video Thank you again

[@HappyonMonday]

Good for you - that's awesome!! I agree & thanks! 😁

[@kevinsmith9899]

I have been very fortunate through life, which combined with reasonable decisions, have left me in a good position. I see family members who just aren't willing to scrimp when they should. Cut that subscription. Buy generic products. Wait a couple more months before replacing that bedding. If I were in a bind, I like to think that I would make massive sacrifices to turn things around. Living above your means, at any level, is not going to end well.

[@HappyonMonday]

I agree 100%!! 😃

[@jdollar5852]

We are 100% financially independent. We both retired at 58 from modest income jobs. I was a sales manager, and my wife was an Rn. We both had previously been married. My wife passed away in 2012, and my "new" wife got divorced in 2014. We were both heavily in debt with our spouses. Telling people how to gain financial independence is the exact same as telling an addict how to stop using, an alcoholic how to stop drinking, or a morbidly obese person how to lose weight. Until they decide it's the top priority, they will just keep making excuses. I know people who made $500k who can't retire at 65, and I know people who made $50k and retired by 60.

[@HappyonMonday]

You are so right. You have to make the decision that you want it bad enough. Good or you and your wife!! ☺

[@themonogrammom]

Thanks for the video, Julie. I’m almost comfortable enough to ‘retire’ but my biggest financial hurdle are my 2 college kids who haven’t become financially independent yet. Soon, I hope. Then I plan to downsize by moving to an area with a lower cost of living and invest the equity I gain. I am planning to do this within the next 5 years.

[@HappyonMonday]

You're welcome! Sounds like a well thought out plan!! 😁

[@managingmonasmoula9811]

Thank you for your advice and videos. I’m paying off my mortgage by the end of this calendar year, 2024 after years and years of planning. My emergency fund is in tact and set aside. 401 k is growing. I have no other debt. My future is looking bright 🍂🧡🍁🧡. I live below my means for sure so that I don’t have to work forever. I will retire at 60 and I can hardly wait. I’m enjoying life now and always. Cutting out debt is critical to achieve financial freedom. 🧡

[@HappyonMonday]

You are welcome!! Sounds like you are doing all the right things - good job! 😃

[@miguelmarquez6206]

I am at flamingo FI or half FI. Seeing already good returns is very motivating.

[@HappyonMonday]

That's awesome!! Yay! ☺

[@StephsHealthMatters]

Thanks Julie

[@HappyonMonday]

You're welcome! 🙂

[@Kish-wm8tu]

You forgot to mention that our expenses always increase as well. For instance we a raise but my all my insurances went up and we had to start paying extra local taxes, the raise did not cover all of that.

[@HappyonMonday]

Yes, you're right. There's always inflation!! 😬

[@monikaw1369]

It took us a while to start seeing the growth in our investments, but what a motivator when you see it grow with money you didn’t have to add to it. Go Compounding! 😄

[@HappyonMonday]

Yes! It is a GREAT motivator!! 😃

[@FIRE_DrNinjaTurtle]

At motorcycle rally. Wait for tonight’s video ❤😊

[@flaca1433]

Great information! What was your savings rate?

[@HappyonMonday]

I had around 25% of my income pulled pretax and put into my retirement accounts and invested around 25% in after tax accounts and paying off my mortgage. ☺

[@wildfoodietours]

Financial freedom is possible for everyone but it requires sacrifice, something most people do not want to do.

[@HappyonMonday]

That is very true! ☺

[@woodsparker7902]

My advice to young investors just getting started is to open up a robo account and designate a certain amount of money each week ($10 for example) to be pulled automatically from your bank account. Dollar Cost Averaging + time will do wonders!

[@HappyonMonday]

That's great advice!! That's how I started!! 😃

[@markritacco270]

Liquidity is king. Unless you can pay off your mortgage in full don't prepay. Invest and build that investment to the point where you can pay off the mortgage in full if you choose to. You never know when an unexpected expense could (and will) fall on you. Having that liquid investment will make life so much easier than sitting on a bunch of home equity. That is just my thought.

[@kevinsmith9899]

I am inclined to agree, IF you have the discipline to actually save. If you own your home outright, a bank might not give you a reasonable loan against your home equity when you need it. But you also have to consider your mortgage rate vs. what return you could get on that money. If you're paying a high rate, it can be worth paying that down, at least somewhat.

[@markritacco270]

​@@kevinsmith9899 I completely agree. On a personal note, I do not have a mortgage or debt, and I live off of SS alone now. I do not buy into consumerism anymore and have no-buy months (since last Nov) whereas I pay fixed expenses and prop/school/local taxes. My small investment portfolio pays 10k interest/dividends a year, which pays the fixed expenses and allows me not to really have to touch the principle.

[@markritacco270]

Often, an unused high tax advantage is to max out your HSA. I use it to pay my Medicare Part B, which I have taken out of my SS each month, so I am not losing money from my feeble SS benefit each month.

[@HappyonMonday]

Yes I agree! An HSA is a great option! ☺

[@grahamstewart615]

My life changed when I got into pharmaceuticals.

[@kwaichangcaine8234]

I've gotten used to going without to fund my SEP and Roth accounts , actually I've gone without for most of my life. I'm going to be hitting it hard until January 2026 . Then I'll take it easier and only work as needed 🤔

[@HappyonMonday]

Good for you!! You'll be so glad you did this! ☺

[@FIRE_DrNinjaTurtle]

I have a sub 3% mortgage. I pay extra each month so that it is 0% loan. I am gaming the system 🙂

[@HappyonMonday]

Nice!! Smart thinking! 😁

[@golt4576]

Dollars counts towards retirement, if you ca only invest a little then fo it. The key is to add consistently.

[@HappyonMonday]

Yes! I agree 100%! 😃

[@SammyNdlovu1212]

How does building an emergency fund be step 3???? How does a person pay off mortgage before building an emergency fund? That will take 20years for most! Without emergency fund, lm confused with all this

[@HappyonMonday]

Step 1 is reducing debt. I just mentioned paying off your mortgage here because it was related. You would of course want an emergency fund before you pay off your mortgage! 🙂

[@CB-sx8xh]

Charles Dickens, in 1849, on the relationship between money and happiness: "Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."

[@HappyonMonday]

I love that quote!! 😃

[@CB-sx8xh]

@@HappyonMonday wealth isn't what you earn, it is what you save.

[@Kris_where_are_you]

❤

[@HappyonMonday]

☺

[@ThomasReedy-j6u]

People probably fall into one or two categories: 1) Spend more than they reasonably need to. 2) Lack the confidence to switch to higher paying jobs or employers. You need to exercise the five minute rule when it comes to ruminating on why something is impossible: Focus your time and energy on change.

[@HappyonMonday]

Excellent advice! 😁

[@iczemi]

❤

[@HappyonMonday]

☺