Today we welcome Jay from Slowly Sipping Coffee to the podcast to talk about his reluctant path to FI, the amazing Mrs. SSC and a Fully Funded Lifestyle Change.
In Today’s Podcast we cover:
Our interview with Jay from Slowly Sipping Coffee
How they came up with the name of their blog and how they’d enjoy ‘slowly sipping coffee’ in a more relaxed and free Friday morning
The origin story of their Financial Independence journey: SSC googled and found Mr. Money Mustache
SSC already had a spreadsheet where she tracked everything and believed they could retire at 45 before finding the concept of FI
How Jay resisted the concept of financial independence because he thought living off $25,000 would be absolute deprivation
The Lightbulb Moment where Jay finally saw the light and started believing in the spreadsheet
They set up challenges to cut credit card spending and they reduced spending just by being intentional
Eating food at restaurants was a huge portion of their prior budget that they were able to cut
Costco can be a great way to save money or it can be an expensive indulgence
How Mrs. SSC is the CFO of their household and the ‘best financial decision’ Jay has ever made
How the possibility of layoffs made them consider their lifestyle and what that would look like in FFLC
The psychological value of knowing they will ‘come out on top’ even if something bad does happen
Have they spoken about Financial Independence and their blog in their real lives?
How their friends, family and coworkers react to their FI plans
Jay’s mentees and how he is trying to educate them on all things financial
How to balance risk with a safe withdrawal rate – Mrs. SSC’s thought process as compared with Jay’s
How you can always keep working due to fear and wanting to pile on your nest egg, but Mrs. SSC’s rebuttal to that
You can get to FI without having a six-figure salary
Hot Seat questions
Favorite life hack: Roasting his own coffee
Biggest financial mistake: Cashing out a 401k for absolutely no reason
Advice to your younger self: Don’t spend more than you earn and don’t use student loans for additional expenses
Links from the show:
Slowly Sipping Coffee
Mr. Money Mustache
The SSC Excel Tracking Spreadsheet
The Lightbulb Emails at Slowly Sipping Coffee
Goodbye Fire, Hello FFLC article on SSC
Jay’s word document that he sent out to his mentee
I don’t know how to invest and I’m afraid of making expensive mistakes by Paul Pant at Afford Anything
Favorite blogs
1500 Days
Our Next Life
Favorite article: Paula Pant’s article referenced above
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