In this Friday Roundup we discuss Episode 41 with Paige and Sam on extreme frugality, radical insourcing and the high cost of living path to FI plus a voicemail from Big Ern and members of our community.
In Today’s Podcast we cover:
The discussion of Episode 41 with Paige and Sam about reaching early retirement through extreme frugality and radical insourcing in a high cost of living city like Los Angeles
Jonathan’s story about visiting his childhood library and trying to find old computer games
Book recommendations from the ChooseFI Facebook group
The list of obstacles that could have stopped Paige from reaching financial independence, but she overcame anyway
It’s easy to make excuses, but your journey almost invariably will be easier than Paige’s
The aspects of high cost of living that would be universal to other people: Defraying the costs of housing by sharing an apartment
“The alley will provide” as a perfect quote for ChooseFI and a way to think about not buying new items
Making a fun game out of buying “new” items (new to you) at a garage sale
The important of collecting skills instead of stuff plus a list of random skills you can pick up
Don’t be complacent with the knowledge and skills you have. Always look to learn.
There are so many free ways to get entertainment in a big city
A big takeaway was that Sam’s parents cut the friction and helped him get started investing
The hardest part is to take action, so helping other family members can help their lives dramatically. Jonathan thinks about this with his siblings
Don’t let the perceived complexity of task overwhelm you and cause you to not take action. Just break it down into steps and take action.
Andrew shared how he and his wife break down the ChooseFI podcast every Monday where they discuss with their kids in a fun way
How Brad setup a Vanguard investment account for his kids in 2017
Are there tax implications for investing for your children?
Discussion of Paige and Sam’s housing situation
Paige’s “mistake” that was right for her
You have many levers to potentially pull and not everyone needs to make the same choices, but you need to not make excuses
Cutting expenses is the low hanging fruit of the path to FI. Changing your income is not as immediate
Buying used takes the mental anguish out of purchasing and perfection
Jonathan’s life hack for purchasing at Amazon: Camel Camel Camel
Case study for how to use Camel Camel Camel
Don’s call that he officially reached financial independence!
Call from our in-house expert Big Ern about how to mitigate sequence of returns risk
Winner of the side-hustle competition: Tallis who is providing dance classes to those with Parkinson’s Disease
Call from Dave about the business he created
Itunes review book winner
Links from the show:
Classic Reload video games
Freecycle
Frugalwoods
Camel Camel Camel
Early Retirement Now Case Study in Part 11 of the Safe Withdrawal Series
The Stock Series at JL Collins NH
PopUp Business School
Books Mentioned in the Show:
The Lies of Locke Lamora
Tools of Titans by Tim Ferriss
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